Bangkok--Nov 12--SET
Executive Vice President of The Stock Exchange of Thailand (SET) Ms. Sopawadee Lertmanaschai reported that as rated by the Thai Rating and Information Services Co., Ltd. (TRIS), PTT Exploration & Production Pcl. (PTTEP) had earned a ‘very good’ corporate governance (CG) score, with 8.14 points (on a 10 point scale). This shows that PTTEP has consistently been developing its good CG, as PTTEP had previously been honored as having the Best Corporate Governance Report from the SET Awards 2002/2003.
“PTTEP is an excellent role model for other companies that wish to successfully implement good CG principles. The SET continues to actively support good CG amongst its listed companies. Thus, we will grant a 50% discount to PTTEP on its annual fee for two consecutive years to honor its achievement in receiving a ‘very good’ CG rating,” Ms. Sopawadee said.
Moreover, PTTEP will also receive a discount on its securities offering fee from the Securities and Exchange Commission (SEC), plus additional services and facilities from the SEC, the Department of Business Development and the Revenue Department,” the SET EVP added.
PTTEP received its highest score in the Information Disclosure area, with 8.53/10 points. The company has consistently disclosed its information completely and in a timely manner. It has also distributed its information through various channels that has enabled equitable access by all investors.
Its second-best rated characteristic was its achievements on the Shareholder’s Rights criterion, where PTTEP received 8.44 points. The company deserved this outstanding rating, as it provides a system that can closely examine and prevent insider trading at all levels from the director clear down to the employee level. It has also put in place a system that prevents any transaction that may cause a conflict of interests. The connected transactions between the company and its affiliates, subsidiaries and major shareholders have all been approved by the voting of committee members who had no stakes in such transactions.
For its Corporate Governance Culture, PTTEP received a high 8.36/10 point score. It is noteworthy that PTTEP included good CG as one of its seven key performance indicators at the corporate level. It has appointed a committee to continuously improve its employees’ understanding of the principles underlying CG.
PTTEP earned a very noteworthy 7.68/10 points on the Composition and Roles of the Board of Directors and Management criterion. Of its total 15 board members, 14 are non-executives and seven, or half of these non-executives, are independent directors. Therefore, this composition creates a very good system of checks-and-balances.
For more details on PTT Exploration & Production Pcl., please browse www.pttep.com. For information on good CG, please browse www.cgthailand.org End.