Compliance
Compliance
Significance & Commitment
The Company operates within a regulatory framework that includes various permits, licenses, laws, and regulations. A failure to comply with such requirements could lead to substantial fines, non-monetary sanctions, or loss of license to operate. Monitoring compliance is therefore part of day-to-day business operations.
Management Approach
The corporate compliance management system has been developed based on ISO19600 with 4 key measures as follows:
1. Identify compliance risks by monitoring relevant laws and regulations at all countries where the Company operates
2. Conduct compliance self-assessment whether there are any risks in regards to non-compliance at each business unit
3. Provide support to business units to ensure compliance status
4. Report compliance status to the management and the Audit Committee regularly
To ensure the effectiveness of compliance management system, the Company enhances compliance awareness of the employees through various communication channels, including monthly e-newsletters and in-house training sessions. Moreover, compliance development has been established at each business unit as a directly responsible function. The examples of key risks which may lead to a non-compliance are described as follows:
Aspect
Example of laws and regulations
Business ethics
· The securities and exchange act
· The code of best practices of directors of listed companies
· The principle of good corporate governance
Employment
· Labor law
· Occupational health and safety law
Community
· National heritage and culture law
· Indigenous protection law
Year in Review
In 2023, the Company enhanced the quality of compliance efforts to meet the requirements of ISO 37301:2021. This involved a thorough review and timely update of the COLs. The annual compliance verification has been conducted as planned. With a robust governance system, the Company incurred neither significant fines nor non-monetary sanctions.
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