Risk Culture

EGCO Group realizes that cultivating a corporate risk culture is a crucial factor for the success of organizational risk management. The company encourages all employees to be aware of risks and understand that it is everyone’s responsibility. The importance of risk management is therefore communicated to the directors, executives, and employees at all levels through various channels

Director	Risk Management Experience
Dr. Prasert Sinsukprasert	Dr. Prasert Sinsukprasert has been the Chairman of EGCO Group since 2024 and a member of the Investment Committee. He also serves as the Permanent Secretary of the Ministry of Energy and Chairman of Energy and Chairman of the Electricity Generating Authority of Thailand (EGAT). Dr. Prasert Sinsukprasert has expertise in corporate governance, electricity business, energy and engineering business, as well as strategic planning, business planning, and human resource development.
Dr. Pasu Loharjun	Dr. Pasu Loharjun has been EGCO Group’s lead independent director since 2018. Concurrently, he serves as the chairman of the Corporate Governance and Sustainability Committee and a member of the Nomination and Remuneration Committee. He also holds chairmanship positions in other organizations, including the Export–Import Bank of Thailand, the Thailand Institute of Scientific and Technological Research, and the National Metal and Materials Technology Center.
Mr.Paisan Mahapunnaporn	Mr.Paisan Mahapunnaporn has been EGCO Group’s independent director since 2017. He holds the position of chairman of the Audit Committee and is a member of the Nomination and Remuneration Committee. He also holds executive and advisory roles in organizations within the industrial and consumer sectors, including a director and audit committee of Masstec Link Co., Ltd., and the advisor of VFoods Group and Piyasombat Group. Mr.Paisan Mahapunnaporn previously served as a member of the Risk Oversight Committee and participated in meetings between the Audit Committee and the Risk Oversight Committee. His expertise spans various domains including governance of electricity and energy businesses, engineering, legal and political matters, strategic and business planning, auditing, internal control, risk management, and human resource development.
Prof.Dr. Somkit Lertpaithoon *	Prof.Dr. Somkit Lertpaithoon has been an independent director at EGCO Group since 2020 and serves on the Corporate Governance and Sustainability Committee and Risk Oversight Committee. He is also an independent director and Chairman of the Corporate Governance and Sustainability Committee at PTT Global Chemical Public Company Limited, as well as Chairman of Sky ICT Public Company Limited. Prof.Dr. Somkit Lertpaithoon has expertise in the governance of electricity, energy, and engineering businesses, as well as strategic planning, business planning, and human resource development.
Mr. Supanit Chaiyawat	Mr. Supanit Chaiyawat has served as an independent director at EGCO Group since 2021, alongside his role as a member of the Corporate Governance and Sustainability Committee. He also holds the position of Managing Director at Prabhavasu Co., Ltd. and Chairman of other companies, such as Victor Morris (Thailand) Co., Ltd. and Anos Group 2020 Co., Ltd. Additionally, he serves as an advisor to the Prime Minister at the Prime Minister's Office. Mr. Supanit Chaiyawat has expertise in the governance of electricity, energy, and engineering businesses, international business management, as well as strategic planning, business planning, and human resource development.
Prof. Dr. Anya Khanthavit *	Prof. Dr. Anya Khanthavit has been an independent director of EGCO Group since 2017. He serves as the chairman of the Risk Oversight Committee and is a member of the Audit Committee. He plays an important role in various industries including the director and Risk Oversight Committee of banks, universities, government agencies, state enterprises, the Ministry of Finance, and the Government Pharmaceutical Organization. Prof. Dr. Anya Khanthavit has considerable expertise in corporate governance, accounting, finance, economics, strategic and business planning, auditing, internal control, and risk management. He is also a member of the Audit Committee and chairman of the Risk Oversight Committee. He has considerable experience in risk management. Currently, he is the director and member of the Risk Oversight Committee of Kiatnakin Phatra Bank Plc.
Mrs. Nujchanart Laohathaimongkol	Mrs. Nujchanart Laohathaimongkol has served as an independent director of EGCO Group since 2022 and currently is a member of the Audit Committee. She holds executive positions in the finance industry and risk management. She serves as the assistant managing director of Viriyah Insurance PCL, CEO of VIG Car Rent Co., Ltd, a member of the Finance and Accounting Sub-committee of the Energy Conservation Foundation, and a member of the Accounting, Finance, and Investment Committee of the Thai General Insurance Association. Mrs. Nujchanart Laohathaimongkol has participated in meetings between the Audit Committee and the Risk Oversight Committee. Her expertise lies in corporate governance, accounting, finance, economics, and auditing.
Mr. Thepparat Theppitak	Mr. Thepparat Theppitak has been the president of EGCO Group since 2019. Concurrently, he is a member of the Investment Committee, Corporate Governance and Sustainability Committee, the chairman and a member of the Risk Oversight Committee, and a member of the Cyber Security Committee. In addition, he plays a crucial role in the electricity business including serving as deputy governor for the Governor’s Office, deputy governor for Power Plant Development and Renewable Energy of EGAT, the president of EGAT Diamond Service Co., Ltd, and an assistant governor for Renewable and New Energy, and director of Mechanical Maintenance Department. Mr. Thepparat Theppitak’s expertise lies in corporate governance, electricity and energy businesses, engineering, strategic and business planning, and human resource development.
Mr. Nutthavutthi Chamchang	Mr. Nutthavutthi Chamchang has been EGCO Group’s director since 2021 and concurrently serves as a member of the Corporate Governance and Sustainability Committee. He holds key positions within the energy industry including serving as deputy governor for Related Business at the Electricity Generating Authority of Thailand (EGAT) and as the president of EGAT Diamond Service Co., Ltd.
Mrs. Patcharin Rapeepornpong	Mrs. Patcharin Rapeepornpong has served as a director at EGCO Group since 2024, where she also serves as a member of the Nomination and Remuneration Committee. In addition, she is the Deputy Governor for Finance and Accounting at the Electricity Generating Authority of Thailand (EGAT). Mrs. Patcharin Rapeepornpong specializes in finance and accounting.
Prof.Dr. Pisut Painmanakul *	Prof.Dr. Pisut Painmanakul has been a director of EGCO Group since 2024, he also serves as member of the Corporate Governance and Sustainability Committee and Risk Oversight Committee. Additionally, he is an Associate Dean-Innovation Strategy, Faculty of Engineering, Chulalongkorn University and director at EGAT. Prof.Dr. Pisut Painmanakul has expertise in the governance of electricity, energy, and engineering businesses, as well as strategic planning, business planning, and smart technology.
Mr. Shinichiro Suzuki	Mr. Shinichiro Suzuki is a director and a member of the Investment Committee at EGCO Group. He also serves as the CEO of Diamond Generating Asia, Limited. Mr. Shinichiro Suzuki takes part in risk evaluation at the project level before making an investment decision. His expertise spans various areas in corporate governance, electricity and energy businesses, engineering, accounting, finance, economics, strategic and business planning, and international business.
Mr. Hideaki Nakayama *	Mr. Hideaki Nakayama has served as a director at EGCO Group since 2024, and concurrently serves as director of the Risk Oversight Committee. Mr. Hideaki Nakayama brings expertise in the governance of electricity, energy, and engineering businesses, along with strategic planning, business development, finance, and international business.
Mr. Christopher Robert Starling	Mr. Christopher Robert Starling has been EGCO Group’s director since January in 2025. He also holds senior executive roles in other industries i.e. serving as a Chief Strategy Officer of JERA Asia Pte. Ltd.
Mr. Shinsuke Nakayama	Mr. Shinsuke Nakayama has been EGCO Group’s director since 2023, where he also serves as a member of the Investment Committee and concurrently serves as the chairman of the Nomination and Remuneration Committee. In addition, he is the Chief Executive Officer of the JERA Co., Inc. Mr. Shinsuke Nakayama has expertise in the governance of electricity, energy, and engineering businesses, international business, accounting, finance, and economics, as well as strategic planning and business development.
Dr. Jiraporn Sirikum *	Dr. Jiraporn Sirikum has served as a President at the EGCO Group since 2024. She also holds positions as a member of the Investment Committee, Corporate Governance and Sustainability Committee, Risk Oversight Committee, and the Chairman of the Information Technology Development and Cyber Security Oversight Committee. Additionally, she holds executive roles in the energy industry including deputy governor for Related Business, spokesperson, and assistant governor for Research, Innovation, and Business Development at EGAT. Dr. Jiraporn Sirikum’s expertise encompasses various areas in the electricity and energy businesses, engineering, internal control and corporate risk management, strategic and business planning, corporate governance, smart technology, and IT/Cybersecurity.

*Risk Oversight Committee as of December 2023

Risk Training

Focused training throughout the organization on risk management principles are provided. EGCO realizes the importance of risk management under digital transformation are trained to employees and the Board of Directors’ awareness on risk management are enhanced through meetings and reports.

Level	Risk Culture Enhancement and Focus Training
Board of Directors	EGCO Group organized a training session on risk management under the topic "Knowledge Sharing: ESG-Related Risks and Management," held on September 30, 2024. The training was instructed by Prof. Dr. Anya Khanthavit. A total of 10 board members participated in the event, including: 1) Mr.Paisan Mahapunnaporn 2) Mr. Supanit Chaiyawat 3) Mrs. Nujchanart Laohathaimongkol 4) Mr. Thepparat Theppitak 5) Prof.Dr. Pisut Painmanakul 6) Mr. Toshiro Kudama 7) Mr. Shinichiro Suzuki 8) Mr. Hideaki Nakayama 9) Mr. Shinsuke Nakayama and 10) Dr. Jiraporn Sirikum The training covered various topics, including: ESG management and ESG related risk management Definition and example of ESG related risk The framework for stakeholder engagement and communication, adapted from the Balanced Scorecard (BSC) and Enterprise Risk Management (ERM) according to COSO (2017), covers 5 components and 20 principles. EGCO Group's operations are linked to key sustainability issues and the risks associated with sustainability-related activities. Conducting of Root Cause Analysis using Fishbone Diagram and 5 Why Analysis Importance of integrating sustainability operations with business strategy management. Importance of forward-looking assessments from both financial and key sustainability perspectives. Importance of an effective governance structure, such as a sustainability operations committee. Importance of stakeholder engagement and transparent performance reporting. Approaches for disclosing sustainability operations and resilience to climate change. EGCO Group organized 2024 EGCO's ROC Trip to USA held on 2-9 November 2024. A total of 4 board members participated in the event, including: 1) Mr. Anya Khanthavit, 2) Mr. Hideaki Nakayama, 3) Dr. Jiraporn Sirikum, 4) Prof. Dr. Somkit Lertpaithoon The Electricity Generating Public Company Limited (“EGCO”) has arranged the business trip to USA from November 2 – 9, 2024 to visit a power plant and make a courtesy visit to the executives of Linden Cogeneration Power Plant, Marcus Hook Combined Cycle Power Plants, and Risec Combined Cycle Power Plants in order to learn about investment and risk management in the energy industry in the United States and to be able to use the knowledge and experience gained to develop EGCO's investment consideration process and risk management for the company's sustainable business operation growth. EGCO Group organized 2025 EGCO's ROC Trip to USA held on 3-12 May 2025. A total of 4 board members participated in the event, including: 1) Mr. Anya Khanthavit, 2) Mr. Hideaki Nakayama, 3) Dr. Jiraporn Sirikum, and 4) Dr. Prasert Sinsukprasert The Electricity Generating Public Company Limited (“EGCO”) has arranged the business trip to USA from May 3 – 12, 2025 to visit a power plant and make a courtesy visit to the executives of APEX Clean Energy Holding, LLC, Royal Thai Embassy, PTTGC America Corporation, PTTGC America LLC, JERA America Inc., and Electric Reliability Council of Texas Control Center in order to learn about investment and risk management in the energy industry in the United States and to be able to use the knowledge and experience gained to develop EGCO's investment consideration process and risk management for the company's sustainable business operation growth.
Senior Management	Providing training on risks and how to use a Risk Management Information System (RMIS). The Risk Assessment Department provides regular reports on emerging risks and conducts monthly monitoring programs. Applying other means of measuring or innovating for an effective risk culture Incorporating risk criteria in the project development, product development and approval process Conducting performance reviews of senior executives and line managers based on KPIs relevant to risk management KPIs for monitoring and ensuring effective risk management implementation. Receive financial incentives linked to risk management metrics
Employee	Providing focused training throughout the organization on risk management principles Arranging annual risk seminars Providing training on risks and how to use a Risk Management Information System (RMIS). Inclusion of risk management criteria in the HR review process for employee evaluations Establishing measures allowing continuous improvement in risk management practices through the involvement of employees in structured feedback process) Distributing the corporate risk management manual, along with knowledge, news, articles, and activities related to risk management to all employees across various levels through radio broadcasting, notice boards, and the EGCO Group’s website. Developing e-learning training materials. Participating in the company’s risk management and internal control network.

Level

Risk Culture Enhancement and Focus Training

Board of Directors

EGCO Group organized a training session on risk management under the topic "Knowledge Sharing: ESG-Related Risks and Management," held on September 30, 2024. The training was instructed by Prof. Dr. Anya Khanthavit. A total of 10 board members participated in the event, including: 1) Mr.Paisan Mahapunnaporn 2) Mr. Supanit Chaiyawat 3) Mrs. Nujchanart Laohathaimongkol 4) Mr. Thepparat Theppitak 5) Prof.Dr. Pisut Painmanakul 6) Mr. Toshiro Kudama 7) Mr. Shinichiro Suzuki 8) Mr. Hideaki Nakayama 9) Mr. Shinsuke Nakayama and 10) Dr. Jiraporn Sirikum

The training covered various topics, including:

ESG management and ESG related risk management
Definition and example of ESG related risk
The framework for stakeholder engagement and communication, adapted from the Balanced Scorecard (BSC) and Enterprise Risk Management (ERM) according to COSO (2017), covers 5 components and 20 principles.
EGCO Group's operations are linked to key sustainability issues and the risks associated with sustainability-related activities.
Conducting of Root Cause Analysis using Fishbone Diagram and 5 Why Analysis
Importance of integrating sustainability operations with business strategy management.
Importance of forward-looking assessments from both financial and key sustainability perspectives.
Importance of an effective governance structure, such as a sustainability operations committee.
Importance of stakeholder engagement and transparent performance reporting.
Approaches for disclosing sustainability operations and resilience to climate change.

EGCO Group organized 2024 EGCO's ROC Trip to USA held on 2-9 November 2024. A total of 4 board members participated in the event, including: 1) Mr. Anya Khanthavit, 2) Mr. Hideaki Nakayama, 3) Dr. Jiraporn Sirikum, 4) Prof. Dr. Somkit Lertpaithoon

The Electricity Generating Public Company Limited (“EGCO”) has arranged the business trip to USA from November 2 – 9, 2024 to visit a power plant and make a courtesy visit to the executives of Linden Cogeneration Power Plant, Marcus Hook Combined Cycle Power Plants, and Risec Combined Cycle Power Plants in order to learn about investment and risk management in the energy industry in the United States and to be able to use the knowledge and experience gained to develop EGCO's investment consideration process and risk management for the company's sustainable business operation growth.

EGCO Group organized 2025 EGCO's ROC Trip to USA held on 3-12 May 2025. A total of 4 board members participated in the event, including: 1) Mr. Anya Khanthavit, 2) Mr. Hideaki Nakayama, 3) Dr. Jiraporn Sirikum, and 4) Dr. Prasert Sinsukprasert

The Electricity Generating Public Company Limited (“EGCO”) has arranged the business trip to USA from May 3 – 12, 2025 to visit a power plant and make a courtesy visit to the executives of APEX Clean Energy Holding, LLC, Royal Thai Embassy, PTTGC America Corporation, PTTGC America LLC, JERA America Inc., and Electric Reliability Council of Texas Control Center in order to learn about investment and risk management in the energy industry in the United States and to be able to use the knowledge and experience gained to develop EGCO's investment consideration process and risk management for the company's sustainable business operation growth.

Senior Management

Providing training on risks and how to use a Risk Management Information System (RMIS).
The Risk Assessment Department provides regular reports on emerging risks and conducts monthly monitoring programs.
Applying other means of measuring or innovating for an effective risk culture
Incorporating risk criteria in the project development, product development and approval process
Conducting performance reviews of senior executives and line managers based on KPIs relevant to risk management KPIs for monitoring and ensuring effective risk management implementation.
Receive financial incentives linked to risk management metrics

Employee

Providing focused training throughout the organization on risk management principles
Arranging annual risk seminars
Providing training on risks and how to use a Risk Management Information System (RMIS).
Inclusion of risk management criteria in the HR review process for employee evaluations
Establishing measures allowing continuous improvement in risk management practices through the involvement of employees in structured feedback process)
Distributing the corporate risk management manual, along with knowledge, news, articles, and activities related to risk management to all employees across various levels through radio broadcasting, notice boards, and the EGCO Group’s website.
Developing e-learning training materials.
Participating in the company’s risk management and internal control network.

Risk Metrics for Employees

EGCO Group promotes risk culture in the company by integrating key risk indicators (KRIs) into the performance evaluations of all employees, linking them to financial incentives. This approach encourages accountability, enhances efficiency, and supports the achievement of organizational goals.

Level	Financial Incentives Incorporating Risk Management Metrics
Senior Management	Key Risk Indicators (KRIs) set by the company cover both financial and non-financial risk factors, such as environmental risk management and governance. These KRIs are converted into individual Key Performance Indicators (KPIs) and linked to financial incentives based on set targets. Additionally, the Nomination and Remuneration Committee evaluates the performance of executives based on these KPIs.
Line Managers	Key Risk Indicators (KRIs) are cascaded down to the operational level with clear targets, such as accident prevention, pollution control, and fraud prevention. Compensation evaluations are linked to the achievement of these targets, both at the organizational and departmental levels.
Underline Managers	Key Risk Indicators (KRIs) are further distributed to employees beneath the line manager, accompanied by clear targets, and transformed into individual Key Performance Indicators (KPIs) connected to their personal performance evaluation system.

Risk Management in Operational Processes

EGCO Group employs the 2017 COSO Enterprise Risk Management - Integrated Framework as the foundation for its enterprise risk management system. In addition, EGCO Group has developed an extensive risk management guideline for new investment opportunities and approvals, ensuring that well-defined processes are in place to facilitate effective decision-making and enhance operational resilience.

EGCO Group integrates sustainability principles, materiality assessments, and ESG factors into its risk management. This approach helps the company identify and address emerging risks, adhering to global best practices in responsible business operations.

EGCO Group systematically evaluates risks, considering internal/external factors like climate risks, regulatory changes, stakeholder expectations, and social responsibility. In this regards, EGCO Group encourages employees to use the corporate risk management information system (RMIS) and analytic tools that could lead to the GRC integration of EGCO Group.