Sustainability Development

Management Approach

1. Policy

Corporate Governance (CG) policy and Corporate Governance Handbook was developed for Board of Directors, executives, and employees of IRPC’s, subsidiaries’, associates’, and joint ventures within IRPC’s control to observe as practical guidelines. This policy is to promote IRPC as an efficient company marked by good CG and operational excellence, business righteousness, free of fraud, transparent, and open to scrutiny.

In addition to CG Policy and CG Handbook, IRPC launched policies, which are Anti-Corruption Policy and Compliance Policy, outlining a company’s commitment on demonstrating business ethics and integrity in its management practices.

For more information on:
Corporate Governance Handbook, please visit Corporate Governance Policy
Anti-Corruption Policy, please visit Anti-Corruption Policy
Bribery Policy, please visit Bribery Policy
No-Gift Policy, please visit No-Gift Policy
Compliance Handbook, please visit Compliance Handbook


II. Responsible Organization

Corporate Governance Committee monitors the work of the management in compliance with corporate governance principles. Moreover, Corporate Governance Committee also monitors the efficiency and implementation of Anti-Corruption Policy and other policies in relevant to Good Governance, Risk Management, and Compliance Management (GRC). IRPC has effective implementation of code of conduct by office of corporate affairs as defined responsible function.

The Audit Committee is responsible for monitoring of business operations to ensure its internal control system, as well as its compliance with IRPC’s CG handbook and the relevant laws and regulations. In addition, IRPC engages independency audit committee to conduct careful and cautious investigation under the scope and authority set by the Boards


III. Management System/Process

Believing that business ethics brings public confidence and trust, IRPC adheres to the Code of Conduct. Achievement of business objectives transparency, auditability, and stakeholders’ stewardship are all balanced, enabling sustainability.

Code of Conduct

A company’s values, principles and guidelines on business code of conduct are outlined in our Corporate Governance Handbook. IRPC realizes the importance of ethics in business and has ethical business as one of the main issue in its corporate governance policy with definitions and how to apply in daily working life. The main aspect in business ethics are such as:
  • responsibility to shareholders;
  • relationship with customers and public;
  • relationship with suppliers, business competitors and creditors;
  • responsibility to employees; and
  • responsibility to social and environment.
For more information on business ethics, please visit Code of Ethics

IRPC requires that all employees to complete an acknowledgement and conformity form and submit this to the Office of Corporate Affairs. Moreover, IRPC also disseminates the concept and provides training for its employees on corporate governance and business ethics via new employee orientation and periodic review via e-learning system.

In addition our CG Handbook principles and guidelines are distributed to business partners, joint ventures, entities in which IRPC holds shares of less than 51%, as well as, other business associates. For Joint Venture, IRPC requires Joint Ventures (JVs) to maintain their own Code of

Conduct which are at minimum equivalent to IRPC’s Corporate Governance handbook. In the absence of JV’s own Code of Conduct, IRPC requires our JVs to adopt IRPC CG handbook.

Reporting on Breaches

IRPC has effective implementation of code of conduct by office of corporate affairs as defined responsible function. There are help desks and channels for complaints and grievances for filing complaints for all stakeholders that come from within and outside and has, in place, investigation and resolution processes that are clearly defined, unbiased, and transparent. The whistleblowing policy declared to protect the identity of blowers and witnesses. Both internal and external stakeholders can directly communicate with the chairman of the audit committee and corporate governance committee through various channels. The whistleblowing channels are, for example, telephone, company website, email, and PO Box.

For more information on number of cases, please visit Sustainability Report click

Notification and complaint channel to report unethical conducts

By phone : 02 765 7000
By website : http://www.irpc.co.th/th/cg_contact.php
By mail : Audit Committee Chairman, IRPC Public Company Limited
555/2 Energy Complex, Building B, 6th Floor, Vibhavadi-Rangsit Road, Chatuchak, Chatuchak, Bangkok, 10900
By email : auditor@irpc.co.th
By mailbox : P.O. Box 35, Sun Tower, Bangkok, 10900


Transparency

Organization Contributions

Risk of changes in regulatory regime has often significant implications for IRPC's current operations and future direction. Accordingly, IRPC considers engaging and collaborating with regulators to advance the principles of sustainable development, protect our rights, and strengthen our position as a leading integrated petrochemical complex in Asia. As prescribed, Sustainability Management Sub-Element 6.3, Regulatory Advocacy Independence and Transparency shall be exercised at all times and in all communications and other interactions with regulators and policy makers.

In addition, IRPC contributes to national and international associations and organizations in order to advocating public policies and regulations and assist policymakers by experience and information sharing from either internal information or world megatrend regarding to sustainability for the country and its industry. However, IRPC established an Anti-corruption Policy to clear its position to be politically neutral, which means no direct or indirect support any political parties or politicians, but fully supports compliance with the law and democratic rule. Even though the Board, executives, and employees have legal rights and political freedom, harming harm IRPC’s reputation and businesses is strictly prohibited.

For more information, please visit CG Handbook, Section 3 Anti-corruption Policy, page 20-21

In 2017, IRPC has joined trade association, business association and industry association, as follow:
  • United Nations Global Compact. (UN Global Compact)
  • World Economic Forum
  • Thailand Environment Institute
  • The Federal of Thai Industries
  • Petroleum Institute of Thailand
  • Energy Institute
  • Oil Industry Environmental Safety Group Association(IESG)
Total Contribution to membership fee (unit: THB)

Our top contributions are from:

  • World Economic Forum - to participate and advocate in order to drive the global economic for the benefits of the country and group of companies
  • Oil Industry Environmental Safety Group Association (IESG) – to participate and supporting related authorities in adopting new regulations, participate in education and training to promote safety and the best environmental practices amongst members and collaborating with the government and organizations on oil spill response activities.
  • Foundation for the Global Compact - to establish UNGC Local Network Thailand aiming to report the progress to UNGC and conduct knowledge sharing toward the human rights, corporate governance, and anti-corruption aspects
  • Petroleum Institute of Thailand - to have  dialogue with PTIT and peers in petroleum and petrochemical industries for the promotion of sound and practical policies and regulations
  • Thailand Environment Institute - to guide on national environmental policies based on expertise, facts and field experiences

 

For the top two issues or topics related to policy influence activities that IRPC contributed in 2017 were as follows:


Issue or Topic Corporate Position Description of Position/Engagement Total spend in  2017 (THB)
Support a development of sustainable petroleum and petrochemical industries Support IRPC has been supporting and providing contribution to various trade associations that related the development of sustainable petroleum and petrochemical industries such as The Federation of Thai Industries, Petroleum Institute of Thailand, Energy Institute, Oil Industry Environmental Safety Group Association (IESG). The purpose of supporting these organization is to ensure that IRPC will operate in accordance with the regulations, comparable to international practices. IRPC also takes role in such associations by supporting in guidance for setting regulations that relevant to IRPC's business, while those regulations will generate benefit to all industries. All contributions include membership fees towards industry associations. The expenses have been related to support activities to promote sustainable petroleum and petrochemical industries. 1,911,464
Responsible business operation for long term business success Support IRPC truly believes that sustainable business operation is a key for success in long term business benefits. Such that IRPC is committed to become a sustainable leader in integrated petrochemical complex industry. IRPC is a founding Thailand member of Foundation for the Global Compact, in which IRPC has supported sustainability practices for business in Thailand at the early stage with UNGC. In addition, IRPC also supports World Economic Forum as IRPC is committed to be a part of the collaboration for finding the solutions to pressing global problems through responsible business practices. All contributions include membership fees towards such associations. 2,565,505