May 2023

Risk Culture and Training

Year 2022

Risk Culture and Training

EGCO Group realizes that risk and crisis management is one of the most crucial factors that leads to a smooth and sustainable business operation. Corporate risk management policy is established based on the principle that efficient risk management needs to take into account the balance between risks, returns, and mutual benefits of stakeholders to achieve corporate targets while building added values in a sustainable manner. The key responsibilities of all employees and departments are keeping any risk within an acceptable level. Building corporate risk culture is recognized as a crucial factor that determines the success of organizational risk management.

EGCO Group therefore communicates the importance of risk management within the organization through various channels including a risk management information system (EGCO RMIS), annual risk training course, dissemination of corporate risk management manual, as well as providing risk management knowledge, articles, and various activities to directors, executives, and employees in all levels.

Risk Management Training Course for Board of Directors

Director Risk Management Experience 2022 Risk Management Training
Mr. Kulit Sombatsiri

Mr. Kulit Sombatsiri has been the chairman of EGCO Group since 2020 and is the chairman of the Investment Committee at the same time. He is an executive of many organizations in the energy sector including the chairman of the Electricity Generating Authority of Thailand (EGAT) which is EGCO Group’s main shareholder, and permanent secretary of the Ministry of Energy.

Mr. Kulit Sombatsiri takes part in risk evaluation in the project level prior to investment. He has expertise in governing electricity and energy businesses, engineering, accounting, finance, economics and business administration, strategic and business planning, and human resource development.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Dr. Pasu Loharjun Dr. Pasu Loharjun has been EGCO Group’s lead independent director since 2018 as well as a chairman of the Corporate Governance and Sustainability Committee and a member of the Nomination and Remuneration Committee. He is also the chairman of 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. EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr.Paisan Mahapunnaporn

Mr.Paisan Mahapunnaporn has been EGCO Group’s independent director since 2017 as well as the chairman of Audit Committee and the member of Nomination and Remuneration Committee. He is also the executive and advisor of organizations in industrial and consumer sectors including director and audit committee of Masstec Link Co., Ltd., and the advisor of VFoods Group and Piyasombat Group.

Mr.Paisan Mahapunnaporn was a Risk Oversight Committee member and had participated in the meeting between Audit Committee and Risk Oversight Committee. He has expertise in governing electricity and energy businesses, engineering, legal and politics, strategic and business planning, auditing, internal control, risk management, and human resource development.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Prof. Dr. Anya Khanthavit *

Prof. Dr. Anya Khanthavit has been EGCO Group’s independent director since 2017 as well as the chairman of Risk Oversight Committee and Audit Committee member. He is also the key man of the organizations in other industries including director and Risk Oversight Committee of bank, university, and government agencies, state enterprises, Ministry of Finance, and 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 the Audit Committee member and chairman of Risk Oversight Committee. He has experiences in risk management and is currently the director and member of Risk Oversight Committee of Kiatnakin Phatra Bank Plc.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mrs. Wannipa Bhakdibutr Mrs. Wannipa Bhakdibutr has been EGCO Group’s independent director since 2021 as well as the member of Nomination and Remuneration Committee and Corporate Governance and Sustainability Committee. She is also the key person in the organizations in other industries including the director of Osotspa Group and advisor of Marketing Association of Thailand. EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Poomjai Attanun *

Mr. Poomjai Attanun has been ECGO Group’s independent director since 2021 as well as the member of Corporate Governance and Sustainability Committee and Risk Oversight Committee. He is also the advisor to the Minister of Transport.

Mr. Poomjai Attanun has expertise in energy business, accounting and finance, business and strategic planning, infrastructure investment, and public private partnership.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mrs. Nujchanart Laohathaimongkol

Mrs. Nujchanart Laohathaimongkol has been EGCO Group’s independent director since 2022, as well as the member of Audit Committee. She is also the executives in finance industry and risk management including assistant managing director of Viriyah Insurance PCL, CEO of VIG Car Rent Co., Ltd, Finance and Accounting Sub-committee of Energy Conservation Foundation, and the member of Accounting, Finance, and Investment Committee of Thai General Insurance Association.

Mrs. Nujchanart Laohathaimongkol has participated in the meeting between Audit Committee and Risk Oversight Committee. She has expertise in corporate governance, accounting, finance, economics, and auditing.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Saharath Boonpotipukdee

Mr. Saharath Boonpotipukdee has been EGCO Group’s director and Investment Committee member, as well as being key person in energy industry e.g. the energy expert director of National Climate Change Committee and Bio-Circular-Green Economy (BCG) Sub-committee: Energy, Material, and Biochemicals.

Mr. Saharath Boonpotipukdee takes part in risk management in project level prior the investment.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Nutthavutthi Chamchang Mr. Nutthavutthi Chamchang has been EGCO Group’s director since 2021 as well as the member of Corporate Governance and Sustainability Committee. He is also the key person in energy industry including EGAT’s deputy governor: Related Business, and president of EGAT Diamond Service Co., Ltd. EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Miss Jiraporn Sirikum *

Miss Jiraporn Sirikum has been EGCO Group’s Director since 2021, as well as the member of Nomination and Remuneration Committee and Risk Oversight Committee. She is the executive in energy industry including EGAT’s deputy governor - Related Business, spokesperson, and assistant governor - Research, Innovation, and Business Development.

Miss Jiraporn Sirikum has expertise in electricity and energy businesses, engineering, internal control and corporate risk management, strategic and business planning, corporate governance, and smart technology.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Shinichiro Suzuki

Mr. Shinichiro Suzuki is EGCO Group’s director and the member of Investment Committee, as well as the CEO of Diamond Generating Asia, Limited

Mr. Shinichiro Suzuki takes part in risk evaluation in project level prior to the investment. He has expertise in corporate governance, electricity and energy businesses, engineering, accounting, finance, economics, strategic and business planning, and international business.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Makoto Nogami *

Mr. Makoto Nogami has been EGCO Group’s director since 2017, as well as the member of Risk Oversight Committee. He is a key person in international operation management including manager of International Business Management Division, International Business Unit of Kyushu Electric Power Co., Inc., and senior manager of Asia Department of Kyuden International Corporation, Traffic Development Department and Power Plant Safety Improvement Department.

He has expertise in corporate governance, electricity and energy businesses, engineering, accounting, finance, economics, and international business.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Toshiro Kudama Mr. Toshiro Kudama has been EGCO Group’s director since 2019 as well as the chairman of Nomination and Remuneration Committee. He is also a senior executive of other industry including senior CEO of JERA Co., Inc. EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Naoki Tsutsumi

Mr. Naoki Tsutsumi has been EGCO Group’s director since 2019, as well as the member of Investment Committee. He is the key person of electricity business including senior officer of Overseas Power Business Unit at JERA Co., Inc.

Mr. Naoki Tsutsumi takes part in risk evaluation in project level prior to the investment. He has expertise in corporate governance, electricity and energy businesses, engineering, strategic and business planning, and human resource development.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).
Mr. Thepparat Theppitak *

Mr. Thepparat Theppitak has been the president of EGCO Group since 2019, as well as the member of Investment Committee, Corporate Governance and Sustainability Committee, chairman and member of Risk Oversight Committee, and member of Cyber Security Committee. In addition, he is the key person in electricity business including EGAT’s deputy governor: Governor’s Office, deputy governor: Power Plant Development and Renewable Energy, president of EGAT Diamond Service Co., Ltd, and assistant governor: Renewable and New Energy, and director of Mechanical Maintenance Department.

Mr. Thepparat Theppitak has expertise in corporate governance, electricity and energy businesses, engineering, strategic and business planning, and human resource development.

EGCO Group Forum 2022: Carbon Neutral Pathway. The objective of the forum focused on analysis, discussion, and exchange of opinions regarding the risk of climate change on EGCO Group’s operation (Transition Risks and Physical Risks Assessment).

*Risk Oversight Committee

Risk Management Training for Executives

EGCO Group encourages the Board of Directors to be aware of business risk management. Risk Oversight Committee and Risk Management Committee meetings are arranged regularly on a monthly basis. Meeting minutes are included in the agenda of monthly Board meeting to present the performance of Risk Management Committee. Risk management training is also provided for new directors, and risk knowledge and how to use Hybrid RMIS Program are provided to the executives (via Microsoft Team at on-site at EGCO Building).

Risk Management Training for Employees

Risk management training is provided for employees on a regular basis to ensure that they are aware of the importance of risk management principles. In 2022, a training on “The Energy Trends and How to Deal with Risk” was provided with the focus on risk management and the opportunities from energy transition, carbon elimination, alternative energy, energy decentralization, prosumer, technology changes, human capital management within the organization, and fuel price trends. Such training was provided in compliance with EGCO Group’s business target of alternative energy business expansion, carbon emission reduction, and to comply with EGCO Group’s strategy of “Cleaner, Smarter and Stronger to Drive Sustainable Growth” aiming to promote a long-term sustainable growth and to achieve carbon neutral by the year 2050.

During such seminar, the employees worked together to identify risk factors potentially affect the business, and presented a risk reduction plan for the company. In addition, a training on how to use the risk management information system (EGCO RMIS) was also provided for EGCO Group’s employees.

EGCO Risk Management Information System (EGCO RMIS)

Risk Management Information System (EGCO RMIS) has been developed based on the following objectives.

  • Collect, manage, analyze, and prepare risk management report in corporate, business unit, department, and subsidiary company levels, as well as to prepare the risk management report for new investment projects.
  • Monitoring risk management implementation and key risk indicators (KRIs) on a monthly basis and collect the data in electronic database format for further analysis.
  • Following EGCO Group’s risk management policy, recommendations of Risk Oversight Committee and Risk Management Committee, and Audit Committee’s comments to improve risk management practice.

Risk related parties, including 27 units and 12 power plants, are responsible to input risk data into EGCO RMIS on a monthly basis for further analysis by Central Risk Assessment Team.

Benefits of the Project

  • Executives, risk management team, and relevant parties are able to monitor and verify corporate risk continuously and efficiently.
  • Promote corporate risk culture to encourage risk awareness of all employees.

Implementation Approach

  • In each month, the system will notify responsible parties to input risk data into the system. The data will then be forwarded to risk assessment team.

2022 Performance

118 employees out of 275 employees of EGCO Head Office (43%) attended 2022 annual corporate risk seminar.

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