Corporate governance, or good governance, is defined by SET as a set of structures and processes of the relationships between a company’s board of directors, management and shareholders to enhance the company’s competitiveness, growth and long-term shareholder value, by taking into account the interests of other stakeholders of the company.
The principles of good corporate governance for listed companies consist of the principles themselves and the recommended best practices. Nonetheless, the issues concerning good corporate governance that have already been clearly specified in laws and regulations are not included. The principles and the recommended best practices are presented in 5 sections, namely:
1. Rights of Shareholders
2. Equitable Treatment of Shareholders
3. Roles of Stakeholders
4. Disclosure and Transparency
5. Responsibilities of the Board of Directors
Each section is divided into 2 parts, as follows:
1. The principles: cover all important issues concerning good corporate governance that listed companies should comply with; and
2. The recommended best practices: offer supplementary descriptions or means to enable companies to implement the principles stated in the first part.
The International Engineering Public Company Limited (IEC) is a publicly listed company in the Stock Exchange of Thailand (SET). We have prolonged experience in business operations and continue our longstanding commitment to taking into account the benefits of all stakeholders. In order to reach the sustainable and graceful accomplishment, IEC, including all staff members, must be valued and trusted by all stakeholders, based on the good corporate governance principle.
The Company, therefore, makes every effort to ensure the establishment and implementation of the good corporate governance with the aim to enable the Board of Directors, executives and employees, to comprehend and conduct their business in accord with their roles and responsibilities as well as to comply with the code of business ethics and policies stated in IEC’s Good Corporate Governance Handbook.
To achieve the above objective, IEC personnel at all levels shall sign to acknowledge and demonstrate a mutual commitment to compliance with IEC’s good corporate governance.
IEC expects that it is the duty and responsibility of all directors, executives and employees to acknowledge and abide by the policies and code of conducts stated in IEC’s Good Corporate Governance Handbook. The management at all levels must take responsibility and keep in mind that it is important to encourage employees under supervision to understand and adhere to IEC’s Good Corporate Governance Handbook strictly.
IEC will not take any action that is illegal or in conflict with IEC’s good corporate governance. Should a director, executive or employee be found to violate IEC’s good corporate governance as stated herein, IEC shall take disciplinary action firmly. In addition, should there be any action that is believed to be the violation of law, rules and regulations of the government, IEC shall refer the matter to the authorities for further action as appropriate as follows:
1) Is such action against the law?
2) Is such action against IEC’s policies and code of business ethics? Does it adversely affect the image of IEC?
3) Does it severely and adversely affect IEC’s stakeholders?