The Business Code of Conduct of Bangkok Insurance Public Company Limited contains ethics and desirable practices based on the Company’s ideologies and philosophies in doing business. The Board of Directors has approved this Business Code of Conduct for directors, employees, and outsourced employees to comply with and to apply to their operations.
The Company’s ideologies
The Company’s ideologies in doing business can be divided into the following 3 pillars:
The Company strives to provide stability for businesses and society. Its mission is to accept transfers of various kinds of risks from businesses and society so that all relevant parties have a peace of mind and feel less worried about uncertainties from different disasters. Once losses are incurred, the Company shall have the duty to provide a relief for affected victims so that they can resume their normal lives. Additionally, the Company strives to develop new types of services and protection to meet market needs and enhance the image of its non-life insurance business to be widely recognized by society at national and international levels.
The Company is strongly determined to securing trust from customers by providing high quality services and conducting business with honesty, fairness, and ethics. The Company will continue to research and develop new services to be more efficient and to satisfy customer needs to the greatest extent possible.
Driving Organizational Development:
The Company aims to develop its employees to gain knowledge and ability to work professionally and to grow together with the Company. It supports its employees to openly share opinions, to work as one team, and to be sincere to each other. Moreover, it provides modern work equipment, establishes a positive work environment, and promotes the spirit of teamwork so that the employees develop a sense of joint responsibility and take pride in their contribution to Company’s prosperity.
Based on the above ideologies, the Company has established philosophies or ethics in conducting business in the following 7 areas:
Shareholders: The Company shall conduct its business based on efficiency to ensure reasonable and consistent returns for its shareholders. It shall maintain its solid capital funds, assets, and financial position for its going concern and continuous growth. It shall treat all shareholders with equality.
Customers, Trading partners, and Services: The Company strives to provide quick, correct, honest, and fair services as well as to gain an impression, confidence, and trust from its customers with a team of professionals to satisfy customer needs.
Work Environment, Information System Development, Work System, and Technology System: The Company focuses on management as a team of professionals. In this way, employees are allowed to express opinions and clear goals and action plans are established with systematic performance evaluation. The Company encourages employees to work as a team and builds a creative work environment where people are open-minded, sincere, and support each other. High technology systems are adopted at work for enhanced efficiency and maximum benefits to the Company.
Recruitment, Maintenance, and Development of Employees: The Company believes that employees are the most valuable assets and thus focuses on recruiting and maintaining employees who have merits, ethics, knowledge, and capabilities. It recognizes the importance of trainings and personal development for employees to achieve career advancement. It adopts systematic performance evaluation and provides fair and promising rates of compensation and benefits.
Business Competition: The Company competes commercially with others under a good competition framework. It shall not infringe trade secrets of its competitors through fraudulent or inappropriate means. Also, it shall not destroy the reputation of its competitors by making false accusations against them.
Responsibility to the Government Sector: The Company shall conduct business within the scope of legal provisions. It shall maintain good relationships with its government supervisory bodies by contacting and coordinating openly and providing collaboration in sharing news and information upon their requests. This is to reflect the Company’s transparency and to secure confidence and trust between the Company and its supervisory bodies.
Social Responsibility: The Company not only strives to provide security for society but also acts a good corporate citizen by refraining from taking any actions that may incur damage to society and environment. The Company always returns a portion of its profits to society and will continue to actively instill a sense of social responsibility among its employees at all levels.
Ethics for Directors
The Board of Directors of Bangkok Insurance Public Company Limited realizes its responsibility, as it has been empowered by its shareholders, to take actions for the Company for the utmost benefit of its shareholders. It shall also take care of other stakeholders to ensure appropriate, proper, and fair treatment. To ensure that the Board of Directors carry out these missions transparently, it has established the ethics for directors according to the professional ethics for directors as follows:
To perform duties according to laws, objectives, and Articles of Association of the Company as well as resolutions of shareholders’ meetings.
To perform duties with honesty, integrity, morality, and fairness for the utmost benefit of all stakeholders.
To perform duties with prudence and study to gain insight into the Company’s business. Any decisions shall be made based on adequate and reliable information and reasons supporting such decisions shall be documented as evidence.
To avoid conflicts of interest between oneself and the Company. In case of unavoidable conflicts of interest, the concerned director shall disclose the transaction with conflicts of interest to the Board of Directors’ meeting for acknowledgement.
To avoid serving as director or having beneficial interest in a company whose business is in direct or indirect competition with the Company.
To avoid misusing confidential information and seeking personal benefits in the capacity of director of the Company.
To strictly comply with the Company’s Anti-Corruption Policy as follows:
To refrain from offering compensation or bribes to; or requesting, agreeing to or receiving bribes from other persons or entities in all forms, directly or indirectly, for the benefit of oneself, family members, friends, or associates.
To refrain from providing financial support or other benefits, directly or indirectly, to political parties, political associations, or persons involved in politics, for the benefit of business operations or for oneself and associates. Also, to refrain from being under political influences and to remain strictly neutral.
Ethics for Employees
The ethics for employees refer to professional ethics for employees. The Company believes that these ethics have been adhered to as part of customary business practices and have been generally recognized. The Company strongly hopes that all employees shall comply with these ethics regularly. “Employees” herein refer to all levels of employees from the President to employees to outsourced employees. The ethics for employees are as follows:
Ethics towards the Company
To perform duties with accountability and taking the Company’s interests as priority. To dedicate full efforts to work and continue to correct and improve efficiency of one’s work.
To perform duties with honesty, integrity, and fairness.
To refrain from misusing one’s authority or allowing others to misuse one’s authority, directly or indirectly, for the benefit of oneself or others.
To refrain from using non-public news and information with significant impacts on prices of securities in order to seek personal profits or benefits directly or indirectly.
To treat the Company’s information in strict confidentiality. To exercise caution to prevent any leak of confidential documents or news of the Company to irrelevant parties which may cause damage to the Company.
To exercise caution when expressing opinions to outside parties with respect to matters that may affect the reputation and operations of the Company.
To strictly comply with the Company’s regulations and disciplines.
To refrain from offering compensation or bribes; or requesting, agreeing to or receiving bribes from other persons or entities in all forms, directly or indirectly, for the benefit of oneself, family members, friends, or associates.
To refrain from providing financial support or other benefits, directly or indirectly, to political parties, political affiliations, or persons involved in politics, for the benefit of business operations or for oneself and associates. Also, to refrain from being under political influences and to remain strictly neutral.
To refrain from conducting illegitimate transactions that involve government officials and other persons or entities.
To optimize and maintain the Company’s assets without seeking personal benefits.
Ethics towards Supervisors, Subordinates, and Peers
To listen to advice from supervisors and refrain from skipping over immediate supervisors unless requested by supervisors at upper levels. To be polite to employees at higher positions.
To treat subordinates with kindness and fairness. To take care of and develop subordinates to achieve career advancement. To share knowledge and support trainings for enhanced skills and experience.
To listen to subordinates’ opinions or suggestions about work for application to operations.
To maintain and promote harmony among peers and to support each other in a manner that positively contributes to the Company’s interests.
To treat peers with politeness and generosity. To refrain from hiding or concealing information that is important to the peers’ operations. To adapt oneself in order to get along well with others.
ใTo respect others and refrain from crediting oneself for other people’s achievements. Also, to avoid criticizing other employees in a manner that may cause damage to such employees.
Ethics towards Oneself
To continue to study and develop oneself to ensure quality and efficient operations.
To adhere to morality and avoid all vices. To avoid any misconduct that may damage the reputation of oneself and the Company.
Ethics towards Society and Environment
To partake in public contribution activities to support social building and development according to one’s ability.
To behave within a legal framework and avoid any actions that may cause damage to others in an unfair manner.
Upholding the Business Code of Conduct
It shall be the duties and responsibilities of directors, executives, and employees to acknowledge, understand, and strictly comply with the Business Code of Conduct. All executives shall ensure that their subordinates acknowledge, understand, and strictly comply with the Business Code of Conduct. In case of any concern or problem regarding the compliance with the Business Code of Conduct, consultation shall be sought from supervisors according to the line of command to ensure clarity. Non-compliance with the Business Code of Conduct may be considered as an offense subject to legal punishments or as prescribed in relevant regulations.