Home / 2020 Sustainability Report / Caring for People
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Corporate Governance and Business Ethics
ThaiBev adheres to the Code of Business Conduct with business management systems that are efficient, transparent, and auditable. ThaiBev’s business operations align with the principles of corporate governance to build shareholders and stakeholders’ confidence, strengthen ThaiBev’s competitiveness, and drive business performance. ThaiBev takes long-term impacts into account and is determined to meet expectation of shareholders, capital market, and society as a whole.
Good Corporate Governance
ThaiBev is determined to abide by the principles of good corporate governance in line with ThaiBev’s Code of Business Conduct. Appropriate risk management plans are established in accordance with ThaiBev’s sustainable development approach, and information is disclosed transparently and adequately to give confidence to shareholders, investors, employees, customers, and stakeholders. ThaiBev is also determine to support and develop customers’ business potentials for stronger and more sustainable growth to create long-term shareholder value while considering stakeholders inside and outside the organization.

The Board of Directors takes a leadership role to ensure ThaiBev’s leading business position by determining business direction, strategy, operational objectives, and long-term success for ThaiBev Group. This allows ThaiBev to conduct its business according to its business plans, shareholders’ resolutions, laws and regulations, and company’s goals and articles of association. The Board of Directors also oversees that the companies in ThaiBev Group and their subsidiaries comply with the rules and regulations of the Singapore Exchange and other relevant stock exchanges. (The Company’s organizational structure and Corporate Governance Report are in the Annual Report 2020 and on the website

During the COVID-19 pandemic, the Singapore Exchange Limited allowed registered companies to hold electronic meetings by following certain protocol. The number of attendees and organizers should include not more than 6 people in one venue. Questions must be submitted to attendees 72 hours prior to the meeting, and attendees must comply with physical distancing measures. This allows registered companies to hold the meetings on time. On 19 June 2020, ThaiBev organized its Annual Information Meeting between the company and stockholders in Singapore online. Attendees could submit questions regarding the business and its operations in advance for board members and executives to clarify. ThaiBev also disclosed information through SGXNEt on the same day. The board and sub-committee meetings of ThaiBev and subsidiary companies were held as e-meetings to allow board members and executives who are in Thailand and abroad to join and provide opinions and suggestions per specific rules and regulations.

Furthermore, ThaiBev announced a Whistleblowing Policy as a way to emphasize the importance of receiving and responding to concerns about suspected wrongdoings in the company. Directors, executives, and employees can raise these concerns. In 2020, no significant incidents of conflict were found and no significant cases of grievances related to ethics were investigated or found to be valid.
Code of Business Conduct
ThaiBev established its Code of Business Conduct to pursue integrity, legal compliance, morality and ethics. The executives, managers, and employees must adhere to the Code of Business Conduct for ThaiBev to achieve company’s objective of upholding ethical conduct and standards.

ThaiBev has a duty to maintain transparency in its operations and to protect the interests of its shareholders by considering present and future market conditions and risk factors, and treats employees, customers, and business partners ethically. ThaiBev is committed to ensuring that its personnel understand, accept, and follow the company’s Code of Business Conduct. This will result in
  • The company’s ability to uphold its responsibility to society and stakeholders
  • Employees’ work efficiency
  • Fairness within the organization
  • Employee’s dignity and integrity
  • The company being socially accepted
  • Employees’ well-being
Corruption is a criminal offense that affects free competition and breaches the company’s Code of Business Conduct. It results in damage to the company’s reputation, loss of stakeholders’ confidence, and impact the company’s profits.

ThaiBev operates its business transparently, morally, and adheres to the principles of fairness and in compliance with the Code of Business Conduct while striving to provide maximum values for stakeholders in Thailand and abroad. ThaiBev’s anti-corruption policy establishes practices to protect against corruption and serve as a guideline for business to create a stable and sustainable future.

In the case of changes to the business, regulations, standards, and the law, the President and CEO is responsible for monitoring and implementing an efficient anti-corruption system, reporting to the Chair of the Board of Directors and the Audit Committee; and reviewing and revising 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:
  • Senior-level executives are responsible for ensuring policy compliance and collaborate with board members, managers, and employees in compliance monitoring.
  • Board members and employees have the duty to maintain the highest standards when doing business.
  • Employees must not neglect evidence of corruption.
  • Employees must cooperate in investigating the facts.
Failure to act in accordance with ThaiBev’s anti-corruption policy is a severe disciplinary offense, violates ThaiBev’s employment contract, and is a criminal offense. Violating the anti-corruption policy can cause severe damage to the company’s reputation. If corruption is discovered, it should be reported to the employee’s line manager. Any person found to violate the policy will be disciplined in accordance to ThaiBev’s rules and prosecuted under the law.
Handling Complaints
All employees are obligated to file a complaint when discover an act that may be considered wrongdoing. Employees who file a fair and truthful complaint shall not face any repercussions or harms from the complaint. The process of filing complaints is as follows:
  • Board member should file the complaint with the Chairman of the Audit Committee.
  • If an employee has a complaint, the employee should file the complaint in writing through the recommended channels, giving their name and contact details and file it with a responsible company official.
  • Every employee can report suspicious information directly to the President and CEO via email at or file the complaint to employee’s line manager.
  • ThaiBev is ready to protect any employee who files a complaint with a factual basis; confidentiality will be maintained while taking strict action against wrongdoing.
  • Employee should file the complaint in writing through recommended channels by providing contact information to responsible company official.
  • An employee who files the complaint will be protected from repercussions or damage if the complaint is filed in good faith.
  • Appropriate action will be taken to protect directors and employees from any damage that may arise from filing the complaint.
When an employee files a complaint,
  • ThaiBev will decide how to proceed, which can include an internal investigation or reporting to an external organization to conduct an investigation.
  • 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.
Breaches of Regulations and the Law
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 2020, 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:
  • Conduct orientation for new employees and executives.
  • Provide online training courses for employees.
  • Communicate business ethics for employees.
  • Communicate and require all employees to follow the Code of Business Conduct.
  • Take decisive action when fraud is discovered as it may involve legal action.
  • Conduct regular internal audits by the Internal Audit Office to ensure that ThaiBev follows rules and regulations under the laws.