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.
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. Parichart Sthapitanonda	Prof. Dr. Parichart Sthapitanonda is an independent director of EGCO Group and a member of Nomination and Remuneration Committee. Prof. Dr. Parichart Sthapitanonda equips with multidisciplinary expertise in areas including the energy business, business planning, corporate communication and sustainability branding, auditing, and corporate governance.
Dr. Raweewan Bhuridej	Dr. Raweewan Bhuridej is an independent director of EGCO Group and a member of the Corporate Governance and Sustainability Committee and Risk Oversight Committee. Dr. Raweewan Bhuridej has extensive knowledge, expertise, and experience in engineering, natural resource management, and the development of national-level climate change mitigation and adaptation plans.
Mrs. Nujchanart Laohathaimongkol	Mrs. Nujchanart Laohathaimongkol has served as an independent director of EGCO Group since 2022 and currently she is the Chairman of the Audit Committee and a member of the Nomination and Remuneration 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. Teerawut Wethatham	Mr. Teerawut Wethatham is a director of EGCO Group and a member of the Investment Committee. Additionally, he is a deputy governor of transmission system development at EGAT. Mr. Teerawut Wethatham’s expertise lies in corporate governance, electricity and energy businesses, engineering, and strategic and business planning.
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 governance of finance and accounting and strategic and business planning along with industry knowledge of power sector.
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. Toshihiro Oki	Mr. Toshihiro Oki has been a director at EGCO Group. He also serves as Executive Officer at JERA Co., Inc. Mr. Toshihiro Oki brings expertise in the governance of electricity, energy, and engineering businesses, along with international business.
Mr. Christopher Robert Starling	Mr. Christopher Robert Starling has been EGCO Group’s director since January 2025 and being a member of the Investment Committee. He also holds senior executive roles in other industries i.e. serving as a Chief Strategy Officer of JERA Asia Pte. Ltd. Mr. Christopher Robert Starling has expertise in the governance of power and engineering businesses, international business, strategic planning and smart technology.
Mr. Shinichiro Suzuki	Mr. Shinichiro Suzuki is a director and a member of the Investment Committee at EGCO Group. In addition, he is the Chairman of the Nomination and Remuneration Committee. For the executive role, he 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. Masatoshi Inoue *	Mr. Masatoshi Inoue is a director of EGCO Group, where he also serves as a member of the Risk Oversight Committee. For executive role, he serves as the General Manager of the Asset Management Department at the Kyuden International Corporation (KIC). Mr. Masatoshi Inoue has expertise in the governance of electricity, energy, and engineering businesses, international business, as well as strategic planning.
Mr. Tawatchai Sumranwanich *	Mr. Tawatchai Sumranwanich has served as a President at the EGCO Group since October 2025. He 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, he holds executive roles in the energy industry including deputy governor for governor’s office at EGAT, director at the InnoSpace (Thailand) Co., Ltd. and INNOPOWER Co., Ltd. Mr. Tawatchai Sumranwanich’s expertise encompasses various areas in the governance of electricity and energy businesses, engineering, industry knowledge, strategic and business planning, smart technology, and IT/Cybersecurity.

*Risk Oversight Committee as of June 2026.

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 “2025 EGCO Annual Risk Seminar for Non-Executive Directors and Executive Directors” under the topic “ESG Risk Management and Energy Transition” held on 10 November 2025. The seminar was conducted by an expert from Deloitte. Topic discussed included: CEO Outlook and Disruptor Fortune 500 CEO Survey ESG Risk Management Exploring the Global Risk Landscape/Scenario Key Regulations Update IFRS S1 and S2 case studies Energy Transition Highlighted M&A Activities US Market Update and One Big Beautiful Bill Act and Risks Hydrogen and CCUS Developments Expected Return and Financing Case Studies Analysis of Key Players Example of Risks AI Governance Through this seminar, EGCO Group's directors gained comprehensive insights into emerging global risks, evolving regulatory landscapes, and the strategic implications of energy transition and AI governance. The knowledge shared by Deloitte's expert reinforced EGCO Group's commitment to robust risk management practices and informed decision-making at the board level, supporting the organization's long-term resilience and sustainable growth. EGCO Group organized an annual risk management knowledge sharing for all non-executive directors under the topic of “ESG Investing: Fundamental Analysis”. The training was instructed by Prof. Dr. Anya Khanthavit. The training encompassed the following topics: Meaning and Importance of ESG Investing Principles and Rationale for ESG Integration Investment Process and ESG Integration Points ESG Analysis Tools and Frameworks Materiality Assessment Adjusting Valuation and Cash Flows with ESG Factors Implementation and Monitoring Concept Summary Case study: Business models for electricity generation companies that apply following tools: Financial and operational driver tree Value chain and value chain analysis Workshop: “RECAP ESG Integration” workshop This session aimed to present the concepts and processes for integrating Environmental, Social, and Governance (ESG) factors into investment analysis and decision-making, with the objective of generating long-term returns alongside effective enterprise risk management and sustainable value creation. Together, both sessions constituted general risk management training for non-executive directors. The Deloitte seminar covered enterprise GRC methodology, board risk stewardship, risk appetite-setting, and GRC maturity assessment. Prof. Dr. Anya Khanthavit's session applied the COSO 2017 ERM model and trained directors on materiality assessment methodology and risk integration into strategic decision-making, reinforcing the Board's capability in enterprise-wide risk oversight and governance.
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. Strengthening the capabilities of employees within the Risk Assessment Department.

Level

Risk Culture Enhancement and Focus Training

Board of Directors

EGCO Group organized a “2025 EGCO Annual Risk Seminar for Non-Executive Directors and Executive Directors” under the topic “ESG Risk Management and Energy Transition” held on 10 November 2025.

The seminar was conducted by an expert from Deloitte. Topic discussed included:

CEO Outlook and Disruptor
- Fortune 500 CEO Survey
ESG Risk Management
- Exploring the Global Risk Landscape/Scenario
Key Regulations Update
- IFRS S1 and S2 case studies
Energy Transition
- Highlighted M&A Activities
- US Market Update and One Big Beautiful Bill Act and Risks
- Hydrogen and CCUS Developments
- Expected Return and Financing
Case Studies
- Analysis of Key Players
- Example of Risks
AI Governance

Through this seminar, EGCO Group's directors gained comprehensive insights into emerging global risks, evolving regulatory landscapes, and the strategic implications of energy transition and AI governance. The knowledge shared by Deloitte's expert reinforced EGCO Group's commitment to robust risk management practices and informed decision-making at the board level, supporting the organization's long-term resilience and sustainable growth.

EGCO Group organized an annual risk management knowledge sharing for all non-executive directors under the topic of “ESG Investing: Fundamental Analysis”. The training was instructed by Prof. Dr. Anya Khanthavit.

The training encompassed the following topics:

Meaning and Importance of ESG Investing
Principles and Rationale for ESG Integration
Investment Process and ESG Integration Points
ESG Analysis Tools and Frameworks
Materiality Assessment
Adjusting Valuation and Cash Flows with ESG Factors
Implementation and Monitoring
Concept Summary
Case study: Business models for electricity generation companies that apply following tools:
- Financial and operational driver tree
- Value chain and value chain analysis
Workshop: “RECAP ESG Integration” workshop

This session aimed to present the concepts and processes for integrating Environmental, Social, and Governance (ESG) factors into investment analysis and decision-making, with the objective of generating long-term returns alongside effective enterprise risk management and sustainable value creation.

Together, both sessions constituted general risk management training for non-executive directors. The Deloitte seminar covered enterprise GRC methodology, board risk stewardship, risk appetite-setting, and GRC maturity assessment. Prof. Dr. Anya Khanthavit's session applied the COSO 2017 ERM model and trained directors on materiality assessment methodology and risk integration into strategic decision-making, reinforcing the Board's capability in enterprise-wide risk oversight and governance.

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.
Strengthening the capabilities of employees within the Risk Assessment Department.

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.
Under-line 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 (COSO ERM) 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.

EGCO Group encourages employees to report any abnormalities or risky incidents that could lead to negative impacts on business operations through EGCO’s internal system/service investigation request (SSIR) system or via other whistle-blowing channels.