Stakeholder Engagement

[GRI 2-6 (2021), GRI 2-29 (2021)]

EGCO Group places importance in stakeholder as they are crucial to our business operations both directly and indirectly. For instance, business expansion, revenue, and reputation. Hence, EGCO Group welcomes opinions and expectations from our stakeholders to understand their material issue of interest and incorporate it into the decision-making process and business planning, as well as establishment of the stakeholder engagement approach for 12 external and internal stakeholder groups.

EGCO reviewed its groups of stakeholders by referring to the current stakeholder list and benchmarking with peers to identify groups of stakeholders. After that, the EGCO management team prioritized each group of stakeholders by considering the level of influence and importance plotting on the X-Y axis.

Stakeholder Prioritization Result

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  • Customer

    Stakeholder’s Expectation

    • EGCO Group can produce energy as indicated in the Power Purchase Agreements (PPAs)
    • EGCO Group provides accurate information as well as availability and reliability in power production
    • EGCO Group operates efficiently according to international standards without effects on community, society, and environment

    EGCO Group’s Response

    • EGCO Group operates effectively, delivers power supply as specified on the PPAs
    • EGCO Group discloses comprehensive and sufficient information to the public
    • EGCO Group operates with responsibility to the community, society, and the environment

    Stakeholder Engagement Approach

    • Attend information and opinion exchange meetings with the EGAT Transmission Control Unit
    • Participate in relationship building activities with the EGAT Group
    • Attend meetings with customers in the industrial estates to plan for adequate power production to meet customers’ demand
  • Shareholders

    Stakeholder’s Expectation

    • Continuous and sustained stock value growth with professional and honest executives
    • EGCO Group has risk management approach
    • Respect and preserve shareholder’s rights with equitable treatment
    • EGCO Group discloses comprehensive and sufficient information to the public and complies with related laws

    EGCO Group’s Response

    • EGCO Group has effective action plan
    • EGCO Group has good corporate governance and risk management plan
    • EGCO Group treats all stakeholders equally
    • EGCO Group discloses comprehensive and sufficient information to the public

    Stakeholder Engagement Approach

    • Attend shareholder meetings
    • Receive information through EGCO Group’s One Report
    • Power plants visit
    • Private information session
    • Roadshows
    • LIFE quarterly magazine
    • Provide designated communication channels for suggestions and complaints
    • Informed through Company’s website
  • Government Agencies

    Stakeholder’s Expectation

    • EGCO Group complies with related laws and regulations
    • EGCO Group has established environmental management process and is supportive of community’s activities
    • EGCO Group has anti-corruption measures and operates with ethics
    • EGCO Group discloses comprehensive and sufficient information

    EGCO Group’s Response

    • EGCO Group strictly complies with related laws and regulations
    • EGCO Group has responsibilities towards the community, society, and the environment
    • EGCO Group stipulated Anti-Corruption Policy and strict committed to the cause
    • EGCO Group discloses comprehensive and sufficient information to the public

    Stakeholder Engagement Approach

    • Organize meetings
    • Company visits
    • Open channels for complaints, opinions, and suggestions
  • Employees

    Stakeholder’s Expectation

    • Appropriate compensation and benefits benchmarked against peers in the same industry
    • EGCO Group has continuous human capital development and supports career advancements in related fields
    • Positive and safe working environment
    • Job security

    EGCO Group’s Response

    • EGCO Group has a fair renumeration policy
    • EGCO Group emphasizes human capital development and precise promotion criteria
    • EGCO Group arranges appropriate working environment
    • EGCO Group establishes policy and activities to maintain good relationship with employees

    Stakeholder Engagement Approach

    • Attend business update meetings and learn from the executives
    • Community Day
    • Participate in team building activities
    • Use internal communication system effectively
  • Community

    Stakeholder’s Expectation

    • EGCO Group will not disrupt daily life and engage in the community’s life quality improvement
    • EGCO Group discloses truthful information and welcomes community’s concern for operation betterment

    EGCO Group’s Response

    • EGCO Group organizes various community development projects and listens to the community, such as local employment, promote learning in children and youth, occupational skills development, promotes healthy lifestyle, and infrastructure improvement
    • EGCO Group discloses comprehensive and sufficient information to the public

    Stakeholder Engagement Approach

    • Power Development Fund Meetings
    • Power plant visits
    • Quality of life and community development projects from a tri-party collaboration between EGCO Group, government agencies, and local communities
    • SUKJAI quarterly magazine
    • Communication channels for opinions and complaints
  • Creditors

    Stakeholder’s Expectation

    • EGCO Group strictly upholds loan agreements
    • EGCO Group has repayment capacity in a complete, accurate, and punctual manner with no concealment of actual financial status
    • EGCO Group treats all creditors fairly and equally with no illegitimate solicitations, acceptances, or bribery

    EGCO Group’s Response

    • EGCO Group complies with loan agreements strictly
    • EGCO Group discloses true financial status
    • EGCO Group treats all creditors fairly and equally with no illegitimate solicitations, acceptances, or bribery

    Stakeholder Engagement Approach

    • Meetings for exchange of opinions
    • Power plant visits
    • Prior notice given in case of late fulfilment of loan agreement in order to find solutions together
  • Suppliers and Business Partners

    Stakeholder’s Expectation

    • EGCO Group is financially stable, strictly complies with the contracts, has knowledgeable and expert personnel
    • EGCO Group operates fair and transparent
    • EGCO Group can combine the strengths of each company

    EGCO Group’s Response

    • EGCO Group strictly adheres to the contract and knowledgeable and expert personnel
    • EGCO Group has no illegitimate exploitation of partnerships policy
    • EGCO Group builds good relationship with suppliers and business partners

    Stakeholder Engagement Approach

    • Organize meetings and Supplier Day
    • Company visits
    • Communication channels for opinions, complaints, and suggestions
  • Investors

    Stakeholder’s Expectation

    • Sustainable returns
    • EGCO Group has good corporate governance and complies with related laws
    • EGCO Group has effective risk management approach
    • Respect and preserve stakeholder’s rights with equitable treatment
    • EGCO Group discloses comprehensive and sufficient information to the public

    EGCO Group’s Response

    • EGCO Group has effective planning and operations
    • EGCO Group has good corporate governance
    • EGCO Group has established risk management policy and guidelines, conducts risk assessment regularly
    • EGCO Group treats investors and all stakeholders equally
    • EGCO Group publicly discloses essential information

    Stakeholder Engagement Approach

    • Quarterly analyst meetings
    • One Report
    • Company’s Website
    • Provide suggestions and complaints through designated communication channels
  • Society

    Stakeholder’s Expectation

    • EGCO Group does no harm and contributes to social betterment
    • EGCO Group publicly discloses essential information

    EGCO Group’s Response

    • EGCO Group continuously contributes to the betterment of the society
    • EGCO Group publicly discloses essential information

    Stakeholder Engagement Approach

    • Press conference
    • Communication through Company’s website
  • Contractors and Subcontractors

    Stakeholder’s Expectation

    • Operates as a good business alliance and maintains good relationship
    • Equitable treatment with consideration to mutual benefits
    • Appropriate pay-out period

    EGCO Group’s Response

    • EGCO Group maintains good business partnerships
    • EGCO Group is fair and just
    • EGCO Group follows terms of payment strictly

    Stakeholder Engagement Approach

    • Meetings
    • Company visits
    • Joint activities
    • Provide suggestions and complaints through designated communication channels
  • Media

    Stakeholder’s Expectation

    • EGCO Group discloses factual information

    EGCO Group’s Response

    • EGCO Group consistently provide press releases

    Stakeholder Engagement Approach

    • Press conference
    • Exclusive interviews with executives
    • Company visits
  • Non-governmental Organization (NGO)

    Stakeholder’s Expectation

    • Operates with consideration to environmental and community impacts minimization
    • Care for the environment and participate in community betterment
    • Timely disclosure of truthful, complete, and sufficient information

    EGCO Group’s Response

    • EGCO Group has responsibilities towards the community, society, and the environment
    • Continuously contributes to the society
    • EGCO Group discloses factual information

    Stakeholder Engagement Approach

    • Environmental conservation projects through the Thai Conservation of Forest Foundation
    • Company visits
    • Provide suggestions and complaints through designated communication channels