Governance, Risk Management and Compliance

Compliance Oversight

The Corporate and Legal Compliance Unit is a division under the Company Secretary and Corporate Governance Department and operates in accordance with the Corporate Procedure: Compliance Process. The unit is responsible for compiling and keeping track of laws relevant to GSPC’s business operations and reviewing relevance and compliance in order to ensure all personnel strictly comply with applicable laws and regulations. The unit oversees annual audits and reports any inconsistencies detected to the President and Chief Executive Officer of the unit for acknowledgment so that they can establish rectification measures and timeframes suitable for the risk level. In addition, all audit results and rectification outcomes are reported to executives and board of directors for acknowledgment and oversight. The procedure applies to all personnel, and any non-compliance or ensuing damage will result in disciplinary action in accordance with GPSC group’s regulations.

Currently, the Corporate and Legal Compliance Unit uses a compliance monitoring system (CMS) to ensure legal and regulatory compliance. All laws and regulations applicable to GPSC are registered in CMS, along with the details and processes that must be carried out in accordance with such laws and regulations. Through CMS, the Corporate and Legal Compliance Unit checks with relevant units and ensures compliance with relevant laws and regulations.

In 2024, GPSC continued to take action regarding compliance with the Personal Data Protection Act B.E. 2019 (PDPA) and closely monitored the issuance of relevant secondary legislation. The Corporate and Legal Compliance Unit conducted a PDPA compliance review within all relevant units. It was found that GPSC operated in full compliance with the law and sought consent from data owners in all data processing activities where consent was required and following up on reports of various breaches.

In addition, the Corporate and Legal Compliance Unit has organized email communications and E-learning training for employees on compliance with the corporate procedure, procedures for compliance with relevant laws and regulations and the management of personal data under the PDPA.

Corporate Governance & Code of Conduct

All the Company's personnel are obliged to operate in accordance with the guidelines in the Corporate Governance Manual and Code of Conduct under the supervision of the Corporate Governance Manual and Code of Conduct under the supervision of the Corporate Governance Committee. In order to ensure sustainability in accordance with the Company's good corporate governance principles, which are equivalent to international practices, the Company promotes and cultivates a culture of ethical business practices by designating it as one of the corporate values and integrity, by promoting it through activities and channels regularly. The Company has designated the Board of Directors, Executives, and all employees to sign the acknowledgment of GPSC's Guide to Good Corporate Governance and Business Ethics. In addition, the Company has prepared a report revealing the Company's conflicts of interest, in which its personnel is obliged to report conflicts of interest at least once a year and report every time in case of change, which is specified in the Code of Conduct on Conflicts of Interest and Interest in order to ensure that the Company's business operations are transparent and fair.

All employees are required to comply with the company code of conduct, as such compliance is part of performance appraisal that link with consideration of employee remuneration. GPSC’s employee performance appraisal systems integrates with compliance system and codes of conduct through the Measuring Employee Performance represented by Performance Management System (PMS) as shown below:

In order for the operation of the Company, its subsidiaries, and associates to be effective in accordance with laws, rules, and regulations. The Company's Good Corporate Governance Policy and Code of Conduct for Conducting the Company's Business In a transparent, fair, and auditable manner. The Company has issued a policy of complaints and protection (Whistleblowing and Complaints Handling Policy) and announced the process for receiving complaints and providing protection to complainants and related parties, along with mechanisms for monitoring and auditing in order to prevent risks and damages that may occur to all stakeholders. This includes providing protection to those who make whistleblowers or complain in good faith and provides the disciplinary action for those are the non-compliance.

As a result of the disciplinary actions with respect to any actions that do not comply with the policy, whether directly or indirectly, will receive disciplinary consideration in accordance with regulations set by GPSC (zero tolerance policy) or punishable by law. Penalties for non-compliance personnel also include termination of employment.

Anti-Corruption

The Company adheres to business operations and management with integrity, transparency, and fairness. Responsible for society and all stakeholders in accordance with the Principles of Good Corporate Governance and Business Ethics, the Company does not accept all forms of corruption directly or indirectly by clearly declaring its intentions. GPSC secured three-year recertification as member of the Thai Private Sector Collective Action against Corruption (CAC) with effect from June 7, 2018, and have to date maintained that certification. It has been a CAC re-certified company since March 31, 2024, in 2024 the Company has established the Anti-Fraud and Corruption Policy and anti-corruption policy regarding receiving and offering gifts, raising or other benefits or No Gift Policy to assign to the Company's personnel to strictly adhere to the policy. In addition, the corporate governance and compliance division has provided training on the matter to employees in the form of E-learning.

Additionally, the compliance system of GPSC has been certified/audited/verified by third party (KPMG Phoomchai Audit Ltd.) with conducting the evaluation procedures for the accuracy of the Company’s Business Principles for Countering Bribery. The tool in evaluating is so-called Self-Evaluation Tool (SET), which comprises self-evaluation questionnaire, performing comparison of the aforesaid reference materials to the core indicators in SET, enquiring and discussing with the GPSC’s coordination team, and developing the report to submit to the CAC. These procedures had conducted together with the core indicators in each particular point i.e. the principles, development of the programme for countering bribery, specific forms of bribery, and programme implementation requirement.

For more information on CAC membership, please visit: Link