Muang Thai Life Assurance Public Company Limited has continuously been aware of the significance of Corporate Governance. We believe that management with transparency, accountability and operations without corruption as well as having responsibility and giving fairness to every stakeholder will bring us the solid and sustainable business. To build credibility and to ensure all stakeholders, the Board of Directors has approved the Corporate Governance Policy as well as the Code of Conduct to be strictly adhered by all directors, executives and employees, and the policy is annually reviewed by the Board of Directors. Moreover, the Company has established compliance procedures to meet the international standard and strictly comply with laws as well as rules and regulations of the regulator. In this regard, the principles and practices of good corporate governance which the Company has always been adhering to comprising 5 sections as follows:
The Company pays great attention to the Shareholder’s rights by focusing on freedom and equality, namely the right to attend the Shareholder’s Meeting and the right to give proxy to other person to attend and vote in the Shareholder’s Meeting. The Company has always prepared and distributed performance report to the shareholders timely before each meeting in order for them to obtain accurate and complete information to base their consideration on for each agenda. Some of the rights given to the shareholders are: the right to appoint or dismiss any Directors; the right to vote in the appointment and on the fee of the independent auditor; the right to vote in any significant business matters; the right to receive dividend; the right to comment and make inquiry in the Shareholder’s Meeting; and the right to specify or amend the Articles of Association (AOA) and Memorandum of Association (MOA) of the Company; the right to consider on reducing or increasing capital; and the right to approve significant transactions which have impact on the business direction, etc. Furthermore, the Company supports all stakeholders to attend the Shareholder Meeting by sending an invitation letter with agendas and meeting materials to the Shareholders 14 days prior to the meeting date as stated by laws and the Company’s rules.
The Company has great interest on the right of all groups of stakeholders which are the shareholders, customers, business partners, creditors, employees, competitors, government and society, by taking into account the right of the stakeholders according to the law or the agreement made with the Company and will not perform any of the following actions to violate the rights of such stakeholders.
The Board of Directors has authority, duties and responsibilities to carry out the Company’s business operation with morality and honesty by adhering to and complying with the Anti-corruption Policy and avoiding any conflicts of interest in order to maintain the Company’s overall benefit and not limited to any specific person or group of shareholders. The Board of Directors also has authority and duties to supervise the Company in developing an appropriate management policy, to conduct enterprise risk management, to develop effective internal systems, and to oversee audit system to comply with policies, laws, rules and regulations announced by the regulator. The Board of Directors is also required to establish the Market Conduct Policy in order to ensure the Company's fair treatment of customers, by mainly considering the customers’ benefits. Monitoring and assessment of product development, insurance and mutual fund sales offering processes, customer service and life insurance benefit payment, and complaint management must be conducted at least once a year or as required by the laws.