Business ethics are a key part of enabling business growth,
stability, sustainability, and social acceptance. ThaiBev has
established its Code of Business Conduct with the intention of integrity, legal compliance, and the observance of morality and
ethics. The executives, managers, and employees all have the
responsibility to adhere to the Code of Business Conduct, so that
ThaiBev achieves its objective of upholding ethical conduct and
maintaining ethical standards.
ThaiBev has a duty to maintain transparency in its operations and protect the interests of its shareholders by considering market conditions and risk factors, both present and future. The company must act correctly towards employees, customers and all its trading partners. ThaiBev is committed that its employees truly understand the content and meaning of the Code of Business Conduct; at every level, ThaiBev personnel are bound to accept and follow the code.
If every person connected with the company accepts and practices the Code of Business Conduct under the policy of good governance, the results shall be as follows:
ThaiBev recognizes the importance of transparency and morality, and adheres to the principles of fairness and compliance with the Code of Business Conduct, while striving to provide maximum benefits for all stakeholders in its business operations, in Thailand and abroad. ThaiBev’s anti-corruption policy has established practices to protect against corruption, and to serve as a guideline for promoting business sustainability and stability in the future.
In the case of changes to the business, regulations, standards, and the law, the President and CEO is responsible to monitor and implement an efficient anti-corruption system, report to the Chair of the Board of Directors and the Audit Committee; and review and revise policies to ensure they are up-to-date and responsive to any changes. The company has specified the roles and duties of all parties as follows:
Failure to act in accordance with this policy is a severe disciplinary
offense; it is a violation of the ThaiBev employment contract and
a criminal offense. Furthermore, violating this policy may cause
severe damage to the company’s reputation and status. If corruption
is discovered, it should be reported to the employee’s line manager.
If a person is discovered to commit an offense, they will be punished according to ThaiBev’s regulations and prosecuted under the law.
ThaiBev has a policy that all employees are obligated to file a complaint if they discover an act that may be considered wrongdoing.
When an employee files a complaint, ThaiBev will decide how to proceed. If it is found afterwards that the complaint was false, corrupt, malicious, careless, or for personal benefit, this will be considered a disciplinary offense as stated in the ThaiBev Employee Handbook. Channels for filing complaints are publicized through the company’s internal media.
ThaiBev requires that all employees comply with its rules and
regulations, and the laws of countries that ThaiBev operates in.
Any breach of applicable regulations in terms of ethics,
organizational standards of excellence, or violations of human
rights on the business premises must be stopped immediately and
appropriate measures taken. In 2019, some minor cases were
reported. Breaches were categorized by the monetary value of
the action. Major cases involve a monetary value of 300,000
baht or more; minor cases involve less than 300,000 baht.
To prevent breaches of the regulations, ThaiBev has implemented the following procedures to prevent corruption:
Last year, the government revised laws concerning water regulations and strengthened protections for employees, among others. These changes may affect ThaiBev’s exposure to risks, or could lead to the loss of certain business opportunities.ThaiBev therefore will conduct a complete review of its policies and operations to abide by the aforementioned laws, as follows:
This Act is a law related to the allocation, consumption, development, management, restoration, and conservation of water resources, and water rights, effective January 27, 2019. The sections of the law related to water allocation and consumption, water usage permit requests and issuance, and the collection of water fees will come into effect on January 27, 2021. Obtaining a water usage permit requires a water management plan. ThaiBev Group has drafted water management plans that use the principle of the 3Rs to reduce water usage, reuse and recycle water, by taking the following actions:
This Act is a measure to prevent the unethical fixing of transfer prices between related companies or juristic partnerships. This law is not effective until the 2020 accounting period. But in order to ensure maximum transparency, ThaiBev Group has hired a consultant to examine these transactions between ThaiBev-related entities to certify that the prices agreed upon are based on the ‘Arm’s Length Price principle’. (The Arm’s-Length Principle of transfer pricing states that the amount charged by one related party to another for a product must be the same as if the parties were not related, e.g., the same price that would be charged on the open market). ThaiBev has already prepared transfer pricing documents for the whole group and each subsidiary company, starting with the non-alcoholic beverage business group.
This Act specifies that employees are entitled to take up to three paid days per year for personal business leave. Furthermore, it states that a pregnant employee may take up to 98 days of maternity leave for each pregnancy (including leave for prenatal screenings), with wages paid for no more than 45 days. New compensation rates for employees who have worked continuously for more than 20 years have also been set. The Act also amended the rules for relocating an enterprise to include a relocation to a new location or other location owned by the employer. ThaiBev has amended the Group’s work regulations to comply with the law and offer more benefits to employees. In order to comply with the amended labor law, the Group has provided additional benefits to employees as follows:
This Act came into effect on March 13, 2019. However,
taxes on land and buildings will be collected in 2020.
ThaiBev is aware of the changes in the taxation of land
and buildings and has a policy to manage the land and
buildings owned to meet the conditions of the law and to
generate economic value for the company, employees,
communities, and the country. ThaiBev provides an
opportunity for employees or their families to rent areas
owned by the company to increase their income and to
build a stronger relationship with the Group. It also
encourages the villagers in the communities around the
Group’s facilities to rent agricultural land for farming.
The Group already has provided 14 employees and their families, 23 villagers around the operational facilities, and one other person, with a rental contract covering a total area of 624 rai of land.
This Act came into effect on May 28, 2019. However,
the rules regulating the protection of personal data, the
rights of personal data owners, complaints, civil liability,
and penalties will come into effect on May 28, 2020.
The law defines the duties of personal data controllers,
such as data security, and granting rights to inspect, edit
and delete information for personal data owners.
ThaiBev is committed to conducting its business according
to the principles of good governance, by focusing on
integrity and transparency, with a framework of fairness
and accountability. ThaiBev coordinates with and supports
various governmental organizations with the aim to increase
competitiveness, strengthen its partnership network, and
enhance opportunities for growth.
The agencies that ThaiBev has made major contributions to in the past year include the Chamber of Commerce and Board of Trade of Thailand, the Federation of Thai Industries, the Thai-UK Business Leadership Council (TUBLC), and the Thai- Vietnamese Business Council. In 2019, ThaiBev collaborated with these agencies in the following ways: