Bangkok--14 Jun--IR network
PDI was honored to be a member of the Private Sector Collective Action Coalition Against Corruption (CAC) after the company is determined to run business with good corporate governance to build consistent return on investment to shareholders.
Mr. Francis Vanbellen, managing director of Padaeng Industry Plc, said the company was very honored to become a member of CAC, which has the Institute of Directors (IOD) as its secretariat to drive the anti-corruption project in Thailand. Being the CAC member is in line with PDI's corporate governance policy, which has been determined to build consistent and sustainable returns on investment to the company's shareholders.
"During the past few years, PDI saw importance and had an intention to declare its stance to jointly solve the corruption problem, which is deep rooted in Thailand for a long time. The anti-corruption participation in the private sector's movement will encourage Thai companies to do business with more transparency," Mr. Francis said.
He continued that PDI has followed the good governance practices by the Stock Exchange of Thailand Act for the CG standard and company administration, so that shareholders, investors and stakeholders will be confident in the company's management standard.
An audit committee was set up to oversee and monitor PDI's financial reports, internal management and corporate governance, which will be in line with its vision, corporate value and business policy. The internal audit committee is used as a mechanism to push for the company's CG practices.
PDI also announced its code of conduct and anti-corruption policy as its practice guidelines for internal organization, management executives and employees. The company also set up a selection and remuneration committee to oversee the selection of directors and propose the remuneration policy for the company's directors and members of all committees as well as top management executives.
To ensure that PDI can function properly in line with its major policy, a strategic committee was established to oversee business strategies before endorsing them to the company's board of directors.
"With all work procedures mentioned above, the company has its good corporate governance practices widely accepted among investors and stakeholders. Its good corporate governance system is established in accordance with the policy set by the Stock Exchange of Thailand," Mr. Francis said.