and the Dow Jones Sustainability Indices (DJSI) in order to gauge GC’s corporate governance performance and keep its corporate governance practices in line with international standards. Furthermore, executives have communicated the principles of corporate governance, risk management, and internal control as well as corporate compliance to employees through Hook Talk videos in key meetings of each business unit and in internal meetings of each department to encourage them to behave ethically, be mindful of risks and internal control, and perform their duties in strict compl iance with good corporate governance principles, the Company’s regulations, laws and rules in addition to regularly improves its best practices. Major Changes and Developments in Corporate Governance Policy, Practices, and Systems For the year 2023, GC’s major changes and developments in its corporate governance policy, practices, and systems for the optimization of corporate governance and the enhancement of GC’s corporate governance standards in line with CG Code’s principles and practices can be summarized as follows: 1. Awareness of the Board’s roles and responsibilities as the leader and creator of sustainable value Revising two sub-committee charters: Audit Committee: Non-assurance services were added to the scope of duties of auditors to align with the requirements stipulated by the Handbook of the International Code of Ethics for Professional Accountants B.E. 2565 and independence standards. Ri sk Management Commi t t ee : The amendments include the following. 1) The scope of roles and responsibilities of the Risk Management Committee was revised to enhance clarity and address future risks; 2) The responsibilities of the Risk Management Committee were revised to clearly state that responsibility towards an external party is in the purview of the Board of Directors; and 3) the content under the topic of meetings was revised to align with GC’s guidelines. The Corporate Governance and Business Code of Conduct Handbook was revised and proposed to the Corporate Governance and Sustainability Committee for approval before presenting it to the Board of Directors in January 2024. GC Recession Playbook was created to establish urgent measures for managing liquidity and restoring profitability in various situations and scenarios faced by the industry and GC so as to prevent them, ensure preparedness, and maintain the Company’s ability to achieve the established targets. Strategic workforce planning was conducted in line with GC’s business strategies to ensure that the organization had a suitable plan, that its personnel were equipped with necessary skills and capabilities to keep pace with business changes, and that the plan was connected with the Company’s critical current and long-term (2-5 years) business plans. A leadership showcase entitled “How to Influence and Execute Speed to Global Mindset by Using GC SPIRIT 4 Core Behaviors” and a checkpoint for C-level executives were conducted to encourage them to serve as role models in promoting GC SPIRIT 4 Core Behaviors. Internal carbon pricing was applied to decision making related to returns on investment in various projects. 2. Establishing the organization’s core objectives and targets for sustainability GRC (Governance, Risk Management & Internal Control, and Compliance) principles were utilized in defining the GRC Character and incorporating it into the corporate value. 3. Strengthening board effectiveness Strengthening the Board of Directors The Board Skills Matrix and the table of definitions of various disciplines were revised based on the recommendations of the Nomination and Remuneration Committee to align with GC’s strategic directions and business operation, with the addition of an understanding of energy security, financial technology, digital economy, money market, environmental laws, international trade laws, international politics, social and environmental stewardship, and information technology risks. 145 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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