Corporate Governance of the Company
The Board of Directors of Bangkok Aviation Fuel Services Public Company Limited (BAFS) recognizes the importance of conducting business with strict adherence to the Principles of Good Corporate Governance for Listed Companies issued by the Stock Exchange of Thailand (SET) as well as the Corporate Governance Code 2017 (CG Code) for Listed Companies issued by the Securities and Exchange Commission (SEC).
BAFS established a policy and practices concerning shareholders and stakeholders as in compliance with the principles of good corporate governance prescribed by SEC and SET, covering equitable treatment of shareholders, promotion of the exercise of shareholder rights, prevention of insider information, prevention of conflict of interest, responsibility for stakeholders, anti-corruption, and measures for managing non-compliance with such policy and practices. The details are set out as follows:
1. Protection of Shareholders’ Rights
2. Annual General Meeting of Shareholders
3. Delivery of Meeting Invitation Letter in Advance
- Agenda Item on Appointment of Director: BAFS provides an opportunity for shareholders to select directors individually. Each candidate’s information includes name, age, educational background, work experience, number of companies in which each candidate holds directorship categorized into listed companies and general companies, director nomination criteria and process, types of directors proposed for nomination, director meeting attendance, number of years in office in case of proposing the appointment of existing directors. The proposed appointment has been reviewed and screened by the Nomination and Corporate Governance Committee.
- Agenda Item on Director Remuneration: BAFS has provided details regarding the structure and amount of remuneration, as well as the policies and criteria for determining director remuneration, which have been reviewed and screened by the Remuneration Committee.
- Agenda Item on Appointment of Auditor: BAFS provides details regarding the auditor’s name, audit firm, experience, capabilities, independence, audit fee, number of years for audit service (in case of appointing the existing auditor), or reasons for changing the auditor (in case of appointing a new auditor) and methods for considering appropriateness of audit fee, which is reviewed and screened by the Audit Committee.
- Agenda Item on Profit Allocation and Dividend Payment: BAFS provides details regarding profit allocation and capital reserve, amount of dividend payment, reasons, and supporting information in accordance with the Dividend Payment Policy. Additionally, BAFS has announced the Record Date for the right to receive dividends. This proposal has been reviewed and considered by the Remuneration Committee.
4. Facilitation Provided to Shareholders
5. Shareholders Meeting Procedures
6. Procedures after the Shareholders Meeting
BAFS emphasizes fair and equitable treatment of shareholders by conducting the following:
1. Proposal of Adding Meeting Agenda Item and Director Nominee
BAFS has a policy to facilitate shareholders in proposing additional meeting agendas in advance, as well as nomination individuals for director positions before the shareholders’ meeting. BAFS has established clear criteria, which have been published through the Stock Exchange and BAFS’s website. Shareholders are allowed to propose agendas and nominate directors along with supporting information for consideration in advance for 3 months. A single shareholder or multiple shareholders holding at least 0.05% of the shares combined may propose agendas and nominate directors. This specified proportion is more accommodating to shareholders than the legal requirement, which stipulates that a single shareholder or multiple shareholders holding at least 5% of the shares combined may propose meeting agendas. For the 2024 Annual General Meeting of Shareholders, no shareholders proposed director nominations or additional agenda items.
2. Appointment of Proxy
If shareholders are unable to attend the meeting, BAFS provides an opportunity for them to appoint a proxy, which may be another individual, an independent director, or the President, to attend on their behalf. BAFS provides a proxy form (Form B) that allows shareholders to specify their voting directions. Additionally, the required supporting documents and clear step-by-step instructions for appointing a proxy are provided. The process follows standard procedures and is straightforward to implement.
3. Preventive Measures against Use of Insider Information and Conflict of Interest
BAFS has a policy to prevent the misuse of its internal information to avoid cases where directors and executives exploit such information for personal gain or improper benefits for others, which is advantageous to other shareholders. Examples include insider trading or disclosing internal information to individuals related to directors and executives, which could harm shareholders as a whole. BAFS has established guidelines on protecting corporate interests and confidentiality in its policy manual and internal regulations. Additionally, matters related to securities trading, futures contracts, insider information usage, and conflicts of interest are outlined in the business code of conduct, along with penalties for employees who violate these rules. Directors, executives, and employees are required to acknowledge and sign off on these regulations. Furthermore, BAFS prohibits directors, executives, and employees from trading BAFS’s securities at least 30 days before and 1day after the announcement of each quarterly financial report.
For the trading of securities and futures contracts of BAFS’s directors and executives, BAFS has notified its directors and executives to report any changes in their holdings of securities and derivatives contracts to the Securities and Exchange Commission (SEC) as required under Section 59 of the Securities and Exchange Act B.E. 2535. Additionally, BAFS includes the topic of securities and derivatives holdings of directors and executives as an agenda item in every Board of Directors meeting. BAFS also discloses these holdings in the Form 56-1 One Report.
Additionally, for the trading of securities and futures contracts by employees who have close accessto BAFS’s information, BAFS has established regulations requiring such employees to report any changes in their holdings of BAFS’s securities within 3 business days from the transaction date. This matter is also included as an agenda item in the monthly management meetings.
BAFS has a straightforward shareholding structure, and nearly all connected transactions are conducted fairly at market prices and in the normal course of business. These transactions comply with the regulations of the Securities and Exchange Commission (SEC).
In 2024, BAFS did not receive any complaints regarding the violation of fundamental shareholder rights. BAFS has treated all shareholders equally and found no instances of insider information being used for personal gain or any actions that violate the Conflict-of-Interest Policy. Additionally, there were no breaches of regulations concerning connected transactions or asset sales.
1. Treatment of Stakeholders
BAFS treats all stakeholders, including employees, customers, shareholders, business partners and competitors, communities, society and the environment, creditors and financial institutions, as well as regulators and relevant government agencies by establishing written guidelines in its Good Corporate Governance Policy and Business Code of Conduct, which are publicly available on BAFS’s website. Additionally, BAFS promotes employee participation in adhering to these policies. The following actions have been undertaken:
Employees: BAFS places great importance on its employees, considering them as vital resources that contribute to the success of its business operations. Therefore, BAFS has established policies and practices for its employees by adhering to relevant laws and standards, treating employees fairly, respecting and not violating human rights, prioritizing the development of professional work capabilities, and receive a quality work life with happiness, considering equality and human dignity, with ethics, appropriate compensation, and benefits, as well as promoting employee participation, through the following actions as follows:
-
Fair Labor Practices and Negotiating Associations Related to Employee Benefits
BAFS has a policy and practice of treating employees at all levels equally without exception, ensuring fairness. Clear regulations on remuneration are established, with performance evaluations aligned with both BAFS’s short-term and long-term operational results.
BAFS has established BAFS’s Welfare Committee, comprising both management and employees, to discuss, provide consultation, and offer recommendations on beneficial welfare measures for employees, particularly in coordination with the Labor Welfare Committee. Key areas of focus include employee transfers, continuous professional skill development for all employee groups, workforce capability enhancement, and promoting employees’ capabilities for career advancement. Additionally, BAFS promotes job security and ensures employees can perform their duties safely.
-
Employment/Termination of Employment
BAFS has an employment policy that adheres to legal employment agreements, ensuring non-discrimination and equal opportunities regardless of gender, race, religion, culture, language, or ethnicity. All employees are treated fairly and equitably, with appointments and placements based on diverse job functions. BAFS strictly complies with labor laws concerning employment, wages, working hours, and other employment conditions.
Additionally, BAFS has policies on termination, retirement, and compensation and special compensation payments in accordance with the laws.
-
Promotion of Employment for Persons with Disabilities Policy
BAFS prioritizes promoting careers and protecting the employment of persons with disabilities, ensuring they have opportunities to utilize their abilities, generate income, achieve self-reliance, and reduce the burden on their families. In 2024, BAFS complied with the Empowerment of Persons with Disabilities Act, B.E. 2550 (2007), and its amendments by contributing funds to the Fund for Empowerment of Persons with Disabilities under Section 34. Based on the legally required employment ratio for persons with disabilities (100:1), BAFS was required to employ 5 persons with disabilities.
-
Compensation and Benefits
BAFS has established policies and guidelines regarding employee remuneration and benefits, ensuring clear remuneration policies based on performance evaluation using the Balanced Scorecard. This aligns with both short-term and long-term company performance across financial, customer, internal process management, and learning and development aspects. Additionally, BAFS has set clear regulations for employee remuneration and benefits, providing appropriate remuneration and benefits primarily based on business performance. To support employees, BAFS offers outpatient medical expenses (OPD) coverage for their dependents, life insurance, accident, and health insurance for employees and their dependents, uniforms for operational staff, employer contributions to social security, employee shuttle services for inter-site work convenience, housing loan interest assistance, salary, severance benefit programs, a provident fund, and other employee benefits.
In 2024, employees received total compensation amounting to 635,665,058.63 baht.
Ratio of Female Employee Remuneration to Male Employee Remuneration as of December 31,2023
Gender Diversity and Equal Remuneration Total number of female employees 133 persons 24.31 representing the percent of all employees Total number of female management employees 10 persons 41.67 representing the percent of total management Total number of female operations employees 123 persons 23.52 representing the percent of total operations employees 2024 Remuneration Ratio of Female Employee 24 : 76 -
Promotion of Savings Channels and Provision of Financial Security for Employees
BAFS has established financial security measures for employees upon termination or retirement to promote long-term financial self-reliance. In 2024, BAFS contributed 40.47 million baht to the provident fund based on employees’ length of service. The proportion of employees participating in the provident fund compared to the total number of employees is as follows:
Number of Employees as Provident Fund Members : 517 persons
Ratio of Employees as Provident Fund Members to Total Number of employees : 94.34%
-
Employee Development and Training
-
Employee Development
BAFS recognizes that for its business to grow continuously and sustainably, having highly capable personnel is essential. Therefore, BAFS places great importance on the development of its workforce to enhance their potential and readiness. This is especially true for high-potential employees (Talents) at all levels, ensuring their continuous growth. In particular, BAFS focuses on preparing successors for senior executive positions and other key roles within the organization. This preparation is crucial for handling emergencies or planned retirements in advance.
BAFS has formulated a strategic plan to develop and enhance the capabilities of its personnel across BAFS Group in both the short and long term. This strategic plan has been derived from:
- BAFS’s long-term strategy
- BAFS’s core values: “GROUP”
- BAFS Group Leadership Competencies
- The study of global future trends across various dimensions, which impacts the evolving competency requirements for personnel in different business sectors.
To ensure that the strategic plan for developing and enhancing the capabilities of personnel within BAFS Group is aligned in the same direction, the personnel development has been categorized into 3 main groups:
- Successors: Personnel who are successors for senior executive positions and key positions within the organization.
- Talents: Employees with high potential.
- All employees at every level of the organization, apart from the first 2 groups.
BAFS has clear and transparent guidelines, procedures, and processes for recruitment and selection at all levels. It has defined the essential fundamental characteristics and competencies (Leadership Competencies) required for its personnel as follows
- Business Driver - Proactively driving business with integrity and transparency.
- Antifragility - Being adaptable, determined, and ready to face challenges while leading the team to grow through crises.
- Exponential Mindset - Having vision, commitment to continuous development, and limitless growth.
- Facilitating Change - Supporting and driving transformation.
- Servant Leadership - Leading with care, building trust, listening, respecting, and supporting employees’ success and well-being.
- Strategic Partnerships & Relationships - Building strategic collaboration networks.
For the BAFS Group Succession Planning and Development, the details are provided under section 12: Succession Plan.
-
Employee Training
With BAFS’s strategy of Re-imagining the Future of Work for Human Empowerment and its mission to recognize the importance of developing professional work capabilities while ensuring a high quality of work life, BAFS is committed to fostering happiness, equality, and human dignity for its employees.
The BAFS Group Academy focuses on developing employees’ knowledge, abilities, and essential skills to enhance their capabilities from their very first day at work. This begins with an orientation program covering corporate values, business ethics training, safety, and quality systems, as well as fundamental knowledge necessary for their roles. Employees also undergo On-the-Job Training within their respective departments and receive regular annual refresher training throughout their tenure. Additionally, a structured training plan is implemented to equip employees for the evolving digital world and the advancements in Artificial Intelligence (AI), enhancing BAFS’s competitiveness both now and in the future. Employees must possess well-rounded expertise and adaptability to keep up with continuous changes. To ensure they receive relevant and practical knowledge for their current and future roles, training is provided through both Onsite and Online formats, utilizing appropriate tools for effective learning.
By gender
- Female employees: 133 persons. Total training hours: 7,491.50 hours. Average: 56.33 hours/person.
- Male employees: 414 persons. Total training hours: 22,994 hours. Average: 55.54.96 hours/person.
By types of work
- Operation employees: 378 persons. Total training hours: 22,344 hours. Average: 59.11 hours/person.
- Support employees: 169 persons. Total training hours: 8,141.50 hours. Average: 48.17 hours/person.
The Training Institute of BAFS Group prepares work plans according to the procedures specified in the Procedure on Employee Survey, Planning, and Training. This is to establish an annual training plan for employees across all groups, ensuring continuous skill and competency development to become professionals. It also aims to equip employees to adapt promptly to future changes. Employee development is carried out in full accordance with the established plan, utilizing appropriate tools tailored to the target group for training and development. These methods include Classroom Training, Workshops, Virtual Training, and Self-Learning. The development framework follows various curricula as outlined below:
- The training program for the operational review plan includes a review of knowledge of safety and aviation fuel quality control, a review of aviation fuel storage service operations, a review of aviation refueling service operations, and a review of aviation refueling equipment maintenance operations. This program aims to reinforce employees’ knowledge and understanding, enhance their work skills, and update them on regulatory requirements and any changes. The goal is to ensure that employees perform their duties professionally, maintaining both quality and safety standards.
- The training programs based on BAFS’s strategic plan include the Leadership Development Program, English language skills development, and energy conservation. These programs aim to enhance knowledge and skills while raising awareness of key issues in alignment with BAFS’s strategic direction.
- Training programs for BAFS’s management systems include raising awareness of quality systems for all employees and providing knowledge on internal auditing for various quality systems such as ISO 9001, ISO 22301, OHSAS 18001, and ISO 45001.
- Training programs on safety, occupational health, and working environment as stipulated by law. These programs include health promotion and workplace environment improvement, ergonomics for safe working, basic fire drill (Fire Drill), fire suppression and evacuation drills, electrical safety training, working at height safety training, crane operation safety training, the annual emergency response drill (Full-Scale Fire Exercise), and knowledge dissemination on the roles and responsibilities of the Safety Committee. Additionally, the training covers first aid, CPR (Cardiopulmonary Resuscitation), and the use of AED (Automated External Defibrillator). These programs ensure compliance with legal requirements and enhance preparedness for BAFS’s emergency response and business continuity plans.
-
Training Follow-Up
BAFS emphasizes the results of knowledge and skill development in operations and safety for employees. follow-up on training outcomes has been incorporated into the internal training plan for the year 2024 as follows:
Sample Curriculum Objectives Training Outcomes Refresher Course on Aviation Fuel Quality Control Operations Ensure that employees are aware of and understand the proper procedures for aviation fuel quality control in compliance with international standards. The trainees achieved an average knowledge and understanding score of 94.40%. Refresher Course on Workplace Safety Operations Ensure that employees are aware of and understand the correct work proedures in accordance with company regulations and airport regulations while maintaining constant awareness of workplace safety. The trainees achieved an average knowledge and understanding score of 94.80%. -
Knowledge Management and Learning Organization
BAFS is advancing toward becoming a learning organization by encouraging and promoting employees to expand their knowledge through sharing and exchanging learning experiences between executives and employees within the BAFS Group. For example, all executives compile key insights to share with employees. Personnel in BAFS Group Academy serve as coaches on in-house trainer skill training and basic personality development for employees who are assigned as mentors. They also conduct training on first aid, CPR, and the use of AED devices for employees within the BAFS Group. BAFS places great importance on developing employees with specialized knowledge and expertise to become trainers for external individuals and organizations under the supervision of BAFS Group Academy. This initiative helps generate additional revenue from training services for the organization. Training courses include aviation fuel quality inspection and control, aviation fuel services, basic fire suppression, fire suppression, and fire evacuation, and safety awareness through KYT (Kiken Yoshi Training) activities. Employees who serve as trainers receive special remuneration as an incentive to continuously enhance their capabilities and expand their expertise.
Additionally, BAFS has gained the trust of training service users worldwide, serving as a coordination center and providing facilities and equipment for comprehensive aviation fuel service training. Organizations such as Joint Inspection Group (JIG), IATA Fuel Quality Pool (IFQP), Hansaconsult Projects, Skypec, and CentrumAir have entrusted BAFS with their training needs. Due to its professionalism, BAFS has been recognized and selected by JIG and IFQP as the sole Training Partner for aviation fuel service training in the ASEAN region.
With this potential, BAFS is committed to managing knowledge and developing expertise in energy services, enhancing personnel capabilities, and improving the readiness of facilities and equipment for comprehensive aviation fuel service training (Fuel Facilities). This aims to deliver knowledge and uphold the values of standards, quality, and safety to service recipients with continuous professionalism.
-
-
Promotion of Employee Engagement and Retention
BAFS places great importance on employee care, recognizing personnel as the most valuable resource in driving organizational success. We are committed to fostering employee engagement by ensuring that employees work happily, both physically and mentally, while also enjoying their work. This is a key factor in building strong relationships among employees and motivating them to perform at their best. To enhance the work environment, we continuously conduct employee satisfaction and engagement surveys. In 2024, BAFS revised the survey questions to be more specific, enabling a more precise analysis for improvement. The results from 2024 showed that employee satisfaction and engagement levels were high, reaching 79.56%. However, despite this strong outcome, it fell short of the 80% target. Consequently, BAFS plans to address this gap by analyzing the lowest-scoring areas and conducting Focus Groups to identify underlying causes, using the insights gained to implement appropriate improvements.
Although the 2024 survey results indicate that employee satisfaction and organizational engagement remain high, BAFS continues to explore ways to enhance employee well-being. A dedicated task force has been established to drive creative engagement, with the objective of proactively and concretely implementing policies from BAFS Welfare Committee. Additionally, feedback from employees across all levels and departments is gathered for analysis, resolution, and communication during Town Hall meetings to ensure that employees are well-informed.
Year 2024 Employee Satisfaction and Engagement Survey Satisfaction is at a “high level,” accounting for 79.56%
Additionally, BAFS has promoted and prioritized the well-being of employees, both physically and mentally, to continuously foster employee engagement with the organization, as follows:
- 2-way communication between executives and employees is facilitated through Town Hall meetings in Q1 and Q3 of each year. Before each Town Hall meeting, the Creative Engagement Steering Committee meets with employees to gather their feedback, suggestions, and concerns. These inputs are then discussed and clarified.
- Conducted a campaign to communicate organizational values to all parties, ensuring that employees recognize and prioritize behaviors aligned with these values to foster a strong and sustainable corporate culture. Additionally, this initiative helps employees feel a sense of belonging within the organization.
- BAFS encourages and rewards employees who receive recognition from external organizations as a way to reinforce and promote behaviors that align with BAFS’s core values.
- BAFS organized a New Year’s celebration, marking the first event of its kind since facing the COVID-19 situation. The event aimed to strengthen relationships and unity, express gratitude for employees’ dedication throughout the past year, and foster motivation and pride in the organization. Additionally, it served as an opportunity to promote a corporate culture that emphasizes happiness and a friendly atmosphere while enhancing relationships between employees and executives in an engaging and enjoyable setting. All of these efforts contribute to building lasting trust and loyalty toward the organization.
- BAFS organizes Happy Hour events and various seasonal activities, such as Valentine’s Day, Halloween, and Christmas, to allow employees from all departments to participate, relieve work-related stress, and enjoy shared moments of fun.
- Organized the GROUP DAY event to provide an opportunity for employees of BAFS Group to meet and socialize, fostering good relationships and teamwork among employees of BAFS Group.
- Promote and encourage employees to take care of their health by providing trainers, facilities, and equipment to enable them to exercise in their preferred manner.
- The Mental Health Fair 2024 was organized to encourage employees to take care of their mental and emotional well-being while raising awareness about mental health issues and ways to maintain mental well-being. Additionally, the event aimed to promote stress management and foster a healthy work-life balance.
- BAFS has appointed psychologists to be stationed on-site to promote employees’ mental health, well-being, and overall quality of life. These psychologists provide counseling, actively listen, and assist in managing stress and personal issues. This initiative fosters a positive and supportive work environment, leading to increased employee happiness and engagement with the organization. As a result, the turnover rate is reduced, as employees feel that BAFS genuinely cares about and prioritizes their well-being.
Based on the employee engagement activities conducted by BAFS, a satisfaction survey was carried out to assess these initiatives. The results indicated that 92.50% of employees were satisfied with the overall activities, reflecting BAFS’s success in creating programs that align with employees’ needs and expectations. These activities not only foster happiness and enjoyment but also strengthen relationships among colleagues and between employees and BAFS. This, in turn, plays a crucial role in enhancing positive engagement. Employees feel cared for and valued by BAFS, leading to increased trust and stronger bonds with the organization. This figure highlights that BAFS is moving in a direction that promotes employee engagement and fosters long-term positive relationships.
However, all of these efforts are aimed at fostering a positive attitude among employees, enabling them to perform their duties efficiently, strengthening their commitment to the organization, and ultimately encouraging collaboration to drive the organization toward achieving its established goals.
Employee Turnover Rate in 2024 4.39%
Customers: BAFS has a policy and practices in place to ensure attentive and responsible customer service. It adheres to contractual obligations with customers, treating all customers equally and fairly. BAFS is committed to customer satisfaction by emphasizing the highest quality and safety standards for its products and services at an international level. Additionally, it ensures the confidentiality and security of customer information. The following measures are implemented to achieve these objectives:
Safety and Hygiene Procedures and Actions
BAFS is committed to providing aviation fuel services with international standards that prioritize efficiency and safety. The operation follows the Aviation Fuel Quality Control and Operation Standards set by the Joint Inspection Group (JIG). These standards are developed by an organization representing leading global oil companies and are endorsed by the International Air Transport Association (IATA). Additionally, BAFS undergoes operational inspections by JIG Inspectors, ensuring compliance with relevant regulations and requirements regarding aircraft refueling system standards and fuel quality control before delivery to aircraft. This ensures that the fuel meets all standards and is free from contaminants that could pose risks to customers’ lives and property. Furthermore, the aircraft refueling process prioritizes customer safety, as well as the health and well-being of all employees and workers. Given the simultaneous nature of service provision and reception, this process serves as the foundation for delivering high-quality services that meet international safety standards. BAFS adheres to best practices based on its Quality Policy, Safety, Occupational Health, and Work Environment Policy, and Business Continuity Management Policy as follows:
- BAFS operates an aircraft refueling service that meets international quality standards, ensuring timely delivery and the highest level of safety following global standards. BAFS’s service system is certified under the ISO 9001: 2015 Quality Management Systems.
- BAFS operates a business in receiving, storing, and providing aviation fuel services, recognizing the importance of occupational health, safety, security, and the working environment in its operations. BAFS has been certified for its occupational health and safety management system following ISO 45001: 2018 standards.
- BAFS has a business continuity management plan in place, established as a business continuity management policy. This includes measures to mitigate potential threats that could cause business disruptions beyond an acceptable level. Additionally, the policy ensures that BAFS can restore critical operations within a defined timeframe. BAFS has been certified for its business continuity management system following the ISO 22301: 2019 standard.
Furthermore, the company's operations in 2024 are in accordance with the established policies.
Details of the management system are published on BAFS’s website: https://www.bafsthai.com/en/management-system
Service Information Provision Policy and Procedures
BAFS has established a practice for communicating information regarding the impact of its services to oil company customers, who are direct clients, through the Fueling Operations Committee (FOC). This committee, comprising BAFS’s executives and representatives from oil companies with expertise in aviation fuel, convenes quarterly to exchange insights on enhancing the efficiency of aviation fuel services. Additionally, BAFS mandates an annual inspection of its aviation fuel service operations by the Joint Inspection Group (JIG) to ensure that BAFS’s operating system complies with international standards.
BAFS prioritizes communication with all customer groups to exchange information, listen to customer feedback and suggestions, and address complaints. The communication channels are as follows:
Marketing and Customer Relations Officer, Marketing and Customer Relations Department, Headquarters, Don Mueang Aviation Fuel Storage Station
Address: 171/2 Kamphaeng Phet 6 Road, Don Mueang, Don Mueang, Bangkok 10210
Tel: 02 834 8900 email: Marketing@bafs.co.th Website: www.bafsthai.com
Additionally, BAFS upholds business ethics and fulfills its responsibilities to customers by complying with laws, contracts, agreements, relevant standards, and other applicable conditions. In cases where compliance is not possible, BAFS must promptly negotiate with customers in advance to find solutions and prevent potential damages. BAFS ensures that service-related information is disclosed in a complete, accurate, and timely manner without any distortion of facts. It also shares service-related technologies through the website www.bafsthai.com. Furthermore, BAFS conducts advertising, public relations, and promotional activities responsibly, ensuring that they do not cause misunderstandings or exploit customer misconceptions.
Customer Confidentiality Policy and Procedures
BAFS recognizes the importance of personal data privacy protection and compliance with the Personal Data Protection Act B.E. 2562 (2019) (PDPA). The Board of Directors has reviewed and approved policies related to BAFS’s personal data protection for customers. Additionally, BAFS has appointed a Data Protection Officer and provided training for directors and employees on matters related to the PDPA to prevent and mitigate potential risks. These measures also aim to strengthen customer confidence that their personal data rights will be safeguarded in accordance with legal requirements.
From the aforementioned operations in the past year, BAFS had no cases or incidents of customer personal data complaints.
The details of the Personal Data Protection Policy are published on BAFS’s website: https://www.bafsthai.com/th/corporate-governance/policies
Customer Relationship Management Plan
BAFS upholds a policy and practices that prioritize attentiveness and responsibility toward customers by ensuring equal and fair treatment for all. It is committed to customer satisfaction by emphasizing the highest quality and safety standards for its products and services in accordance with international standards while maintaining the confidentiality of customer information. To foster strong customer relationships, BAFS organizes various external engagement activities, such as site visits to its operations, seminars, and regular customer meetings at least 4 per month to receive ongoing feedback. Additionally, BAFS engages with customers during various festive occasions.
Customer Satisfaction Evaluation
BAFS has consistently conducted customer satisfaction surveys, recognizing the importance of utilizing satisfaction results to enhance and improve services and operational processes to effectively meet customer or service recipient needs and expectations. In cases where customers file complaints regarding services that do not meet standards, potentially posing risks to their lives and property, BAFS implements internal measures to improve such services. This includes issuing a Corrective Action Request (CAR) document to analyze the root cause of deficiencies, outline corrective actions, and prevent recurrence. Additionally, customer satisfaction surveys are integrated into BAFS’s annual performance evaluation (Corporate KPIs), with a satisfaction target of no less than 86%. The customer groups are classified into oil companies and airlines.
The overall customer satisfaction score for the year 2024 reached 91%, which falls within the “Excellent” category according to BAFS’s performance evaluation system (Balance Scorecard).
Shareholders:BAFS fulfills its duties to shareholders with honesty and fairness, delivering appropriate returns and fostering sustainable wealth. It adheres to good corporate governance principles, ensuring equal, consistent, and comprehensive disclosure of information to shareholders. Additionally, BAFS provides shareholders with opportunities to express opinions, offer suggestions, and propose agenda items or candidates for directorship at shareholder meetings.
Business Partners and CompetitorsBAFS has a policy and guidelines for business partners and competitors, conducting business together based on good corporate governance principles, legal frameworks, and relevant trade regulations fairly. Additionally, BAFS aims to build trust and foster strong long-term cooperation.
Procurement Practices BAFS has complied with its contractual obligations to all Suppliers/Contractors fairly and equitably, based on the principle of ensuring fair compensation for both parties. Additionally, BAFS does not solicit, accept, or offer any benefits to business partners. To uphold ethical business practices, BAFS has established a Business Partner Code of Conduct as a guideline to ensure their compliance with BAFS’s business ethics. Furthermore, BAFS has implemented the JV Core Principle policy as a mechanism to prevent the disclosure of sensitive information.
BAFS has established clear and concrete procedures and criteria for selecting business partners. Partners must meet the qualifications specified by BAFS and comply with the required procedures or processes. The selection of new business partners must be approved by the Board of Directors. Additionally, BAFS has established procurement guidelines and practices, including transparent, fair, and non-discriminatory Supplier/Contractor selection and evaluation forms. The selection criteria include business partners with management systems such as ISO 9001, ISO 14001, ISO 22301, and ISO 45001. Furthermore, BAFS verifies the legitimacy of business entities through the Department of Business Development, Ministry of Commerce, and requires a copy of the authorized director’s national ID card. Supplier/Contractor evaluations are conducted based on comprehensive assessment criteria, including quality, delivery, pricing, service, safety, and occupational health, as per the Approved Supplier List (ASL). The evaluation also considers activities that impact BAFS’s management system, ensuring business sustainability in line with BAFS’s sustainable procurement policy. Key considerations include pricing, product quality standards, and timely delivery of goods and services.
Procurement Procedures based on Green Procurement Principles
BAFS has a plan to implement Green Procurement by purchasing environmentally friendly products to reduce environmental impacts. This includes procuring products with Green Label certification registered with the Thailand Environment Institute Foundation and complying with relevant laws, such as the laws on labor and human rights. Additionally, BAFS considers feedback and suggestions from business partners.
Potential Promotion Procedures for Sustainable Business Operations with Trade Partners
BAFS emphasizes enhancing potential and capabilities for sustainable business operations in collaboration with partners, as well as developing various innovations beneficial to aircraft refueling services. To support this initiative, BAFS has established BAFS INTECH Company Limited (BI) with the objective of designing, developing, manufacturing, assembling, and distributing products and services related to aviation fuel dispensers.
To enhance and elevate the capabilities of BI, one of BAFS’s key partners, BAFS has promoted the potential of BI by sending employees with technical expertise to BI since 2021. These experts share their knowledge and expertise while collaborating with BI to develop aviation fuel dispensers that meet BAFS’s requirements and comply with international standards. Additionally, these specialized employees provide operational support to BI to ensure compliance with relevant regulations set by both national and international regulators.
From the joint development of the mentioned products, since 2022, BI has been able to assemble Diesel-Hydrant Dispensers (aviation fuel dispensers powered by diesel engines) and EV-Hydrant Dispensers (aviation fuel dispensers powered by 100% electric energy) to supply products and services to companies and partners both domestically and internationally.
The details of the aforementioned operations are published on website: https://bafs-intech.co.th/th/ev-hydrant-dispenser/ and https://shorturl.asia/QHtru
Treatment of Competitor Policy and Procedures
BAFS has treated its competitors in accordance with international best practices and the framework of fair competition, ensuring transparency and refraining from gaining an unfair competitive advantage. It does not seek competitors’ confidential information through dishonest or inappropriate means, nor does it damage competitors’ reputations by making unfounded negative accusations.
In this regard, over the past year, BAFS has had no disputes with its competitors.
Society, Community, and Environment: BAFS has policies and practices that demonstrate social, community, and environmental responsibility by conducting business ethically, respecting human rights, and contributing to sustainable quality of life development within the framework of sustainability. This includes supporting target communities surrounding the BAFS Group’s operational areas in 8 locations across Bangkok, Samut Prakan, Phichit, Lampang, Prachin Buri, Samut Sakhon, Tak, and Khon Kaen, as well as contributing to society as a whole to enhance quality of life and well-being. Additionally, BAFS organizes community and social activities tailored to the needs and context of each area, focusing on supporting youth education, promoting religion and local culture, connecting and improving community well-being, and assisting organizations that dedicate their efforts to benefiting society at large.
BAFS will respond swiftly and efficiently to incidents that impact society, communities, and the environment as a result of its operations and will fully cooperate with government authorities and relevant agencies.
In 2024, there were no official complaints from local communities, and there were no environmental impacts resulting from BAFS’s operations, as detailed under the section “Driving Sustainable Business.”
Creditors and Financial Institutions: BAFS builds trust by strictly complying with the terms and agreements with creditors, guarantors, and financial institutions while maintaining strong financial discipline. It adheres to contracts, agreements, and conditions with creditors, guarantors, and financial institutions in an equitable, strict, and fair manner, particularly regarding guarantee conditions, capital management, and measures to prevent default. In cases where compliance with conditions is not possible, BAFS must promptly notify creditors, guarantors, and financial institutions to jointly find solutions and prevent any potential damage.
Regulators and Related Public Sector: BAFS complies with all applicable laws, regulations, and requirements responsibly, accurately, and transparently, adhering to the principles of good corporate governance. It is committed to combating all forms of fraud and corruption while supporting the protection of human rights and promoting policies that contribute to national energy security.
In cases where the rights of stakeholders are violated due to BAFS’s actions, BAFS will follow legal procedures, including mitigating or compensating for any resulting impacts.
2. Safety, Occupational Health, and Working Environment
BAFS places great importance on safety, occupational health, and the working environment. Therefore, it has established a Safety, Occupational Health, and Working Environment Policy and operates in accordance with the ISO 45001:2018 Occupational Health and Safety Management System standard. Additionally, a Safety, Occupational Health, and Working Environment Committee has been established to oversee operations in safety, occupational health, and working environment, ensuring compliance with international standards of the Joint Inspection Group (JIG) as follows:
- Control, improve, prevent, and mitigate hazards arising from BAFS’s operations with a risk level of medium or higher, which may impact employees, BAFS’s assets, the community, and society. This is to ensure continuous development in safety, occupational health, and the working environment.
- Improve BAFS’s performance in safety, occupational health, and working environment, while promoting the exchange of safety knowledge to drive continuous development.
- Promote and support the participation of employees under BAFS’s supervision in implementing safety, occupational health, and workplace environment initiatives.
- Develop BAFS’s employees to be physically and mentally prepared, equipped with knowledge and awareness, and promote a good quality of life in terms of safety, occupational health, and the working environment to ensure safety both at work and outside of work.
- Provide support for various resources in implementing the safety, occupational health, and work environment management system to ensure continuous improvement.
- Ensure the security of employees, personnel, and assets within BAFS’s area of responsibility, while regularly reviewing security measures to stay up to date with the situation.
BAFS discloses accident statistics at all of its offices
The Number of Accident-Free Working Hours Leading to Lost Time
From September 9, 2018, to December 31, 2024
- The estimated total is 11,037,400 man-hours
- The Company set a safety hour target of 11,000,000 man-hours
The most recent accident occurred on September 8, 2013, and BAFS has taken corrective and preventive measures to address the incident
| Safety and Occupational Health | Unit | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Lost Time Injury Frequency Rate (LTIFR) | Case(s) per 1 million man hours | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lost Time Injury Severity Rate (LTISR) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Injury Rate (IR) | 0 | 1.96* | 0 | 0 | 0 | 0 | 0 | |
| Occupational disease Rate (ODR) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Lost day Rate (LDR) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Work-Related Fatalities (WF) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Note: *A minor injury occurred to an employee without resulting in any loss of workdays.
To prevent and mitigate risks related to safety, occupational health, and the working environment, BAFS has implemented the ISO 45001: 2018 Occupational Health and Safety Management Systems to manage operations effectively. This system significantly helps control workplace accidents.
In 2024, BAFS organized various activities related to safety, occupational health, and the working environment. These included annual health check-ups for residents in communities surrounding BAFS’s operational areas, environmental impact assessments to monitor effects on local communities, and the Big Cleaning Day event. BAFS also conducted training programs on safety, occupational health, and the working environment, such as health and sanitation and working conditions, Fitness for Work assessments, basic fire drills, mandatory annual fire evacuation drills, emergency response plan exercises, and Business Continuity Plan (BCP) drills. Additionally, BAFS provided Personal Protective Equipment (PPE) for employees, launched accident prevention awareness campaigns, and conducted workplace environment and water quality assessments, including evaluations of drinking water and wastewater. Employee health risk assessments were also carried out. Furthermore, BAFS organized basic fire drill training for students at schools near the Suvarnabhumi Aviation Fuel Storage Station and communities surrounding the Don Mueang Aviation Fuel Storage Station.
In 2024, BAFS received notable awards such as the Outstanding Workplace Award for Safety, Occupational Health, and Working Environment at the national level for 3 premises, including Don Mueang Aviation Fuel Storage and Aviation Refueling Station (Headquarters) for the 18th consecutive year, Suvarnabhumi Aviation Refueling Station for the 16th consecutive year, and Suvarnabhumi Aviation Fuel Storage Station for the 14th consecutive year.
Additionally, in 2024, BAFS implemented the Safety Management System (SMS) as mandated by the International Civil Aviation Organization (ICAO). Furthermore, BAFS was recertified by ISO 45001: 2018 Occupational Health and Safety Management Systems in June.
In 2024, BAFS received significant awards for safety, occupational health, and workplace environment, as detailed under the section “Awards and Recognition in 2024”.
3. Human Rights
BAFS has established a human rights policy along with operational guidelines for engaging with stakeholders throughout the supply chain. Additionally, BAFS has incorporated these principles into its business code of conduct, requiring directors, executives, and employees to adhere to them. The key points are summarized as follows:
- Avoid engaging in or participating in human rights violations, including refraining from neglecting or ignoring any human rights violations related to BAFS.
- Do not employ or use child labor in any form. Additionally, support stakeholders throughout the supply chain in recognizing the importance of respecting and adhering to children’s rights and the prohibition of child labor.
- Develop and implement comprehensive human rights due diligence, ensuring that all departments identify human rights risks within their areas of responsibility. Additionally, support stakeholder engagement to recognize relevant human rights issues or concerns, assess impacts, establish preventive and mitigation measures, and implement appropriate remediation mechanisms to alleviate impacts effectively.
- Ensure comprehensive and regular audits and monitoring of compliance with the Human Rights Policy.
- Communicate to enhance knowledge and understanding among stakeholders throughout its supply chain and aim to cultivate an organizational culture that fosters awareness and operates strictly based on respect for human rights.
- Establish channels for whistleblowing or receiving complaints regarding human rights violations by BAFS, along with a complaint management process. Ensure fairness, protection, and confidentiality for whistleblowers in accordance with the protective measures outlined in BAFS’s business Code of Conduct.
- Conduct a review of its human rights policy at least once a year or whenever significant events occur to ensure alignment with legal principles, international best practices, and the business environment.
- Regularly report and disclose information on human rights performance.
In addition to prioritizing BAFS’s human rights policies, BAFS has also incorporated these principles into the Business Partner Code of Conduct when conducting business with partners or counterparties.
Details of human rights are provided in the Sustainability Report 2024.
In the past, BAFS has never had any reports or complaints regarding human rights violations.
4. Intellectual Property or Copyright
BAFS has a policy and practice of not infringing on intellectual property or copyright. It requires all directors, executives, and employees of BAFS and its subsidiaries to comply with the business code of conduct regarding intellectual property and copyright as follows:
- Protect BAFS’s intellectual property and avoid infringing on the intellectual property rights of others.
- Comply with all laws, regulations, and contractual obligations related to the intellectual property rights of others, including patents, copyrights, trade secrets, and other proprietary information.
- Do not infringe upon or misuse the intellectual property rights of others.
- If copyrighted works or any other intellectual property arising from the performance of an employee’s duties, such copyrights or intellectual property shall belong to BAFS.
In the past, there have been no reports or complaints regarding intellectual property or copyright infringement.
5. Anti-Bribery and Corruption
BAFS is committed to conducting business with transparency and opposing bribery and corruption. In 2014, BAFS was certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC) and has maintained its membership to the present.
BAFS has established an Anti-corruption Policy, which has been approved by the Board of Directors to serve as a clear guideline for all directors, executives, and employees of BAFS and its subsidiaries to adhere to. The details are as follows:
- Directors and employees at all levels must comply with the anti-corruption policy by refraining from engaging in corruption, whether directly or indirectly, for the benefit of BAFS, themselves, their families, friends, and acquaintances.
- Any actions taken in accordance with the anti-corruption policy shall follow the guidelines specified in BAFS’s Business Code of Conduct, regulations, and relevant operational manuals, as well as any additional practices that BAFS may establish in the future.
- Employees must not neglect or ignore any act that may constitute corruption related to BAFS. They must report such incidents and cooperate in verifying the facts with their supervisor or the designated person as specified in BAFS’s Code of Conduct.
- BAFS shall ensure fairness and protection for employees who report or cooperate in reporting corruption-related matters concerning BAFS.
- Corruption is a violation of BAFS’s business ethics and shall be subject to disciplinary action as stipulated by BAFS’s regulations. Additionally, if such an act is illegal, it may also be subject to legal penalties.
- BAFS recognizes the importance of communication and public relations in raising awareness and understanding among the Board of Directors, employees, and relevant stakeholders regarding compliance with the anti-corruption policy.
BAFS has established an operational manual on anti-corruption measures to serve as a guideline for executives and employees, ensuring compliance with the established policy. The key principles are as follows:
1. Charitable Donation and Social Activity Support
- Donations for charitable purposes and support for social activities must have clear objectives and be verifiable to ensure that such actions are not used as a pretext for corruption. These activities must be conducted in the name of BAFS only. BAFS has established a donation limit and authorized person for approval, defined precisely in writing.
- BAFS does not accept or pay bribes and does not engage in any form of improper transactions, whether directly or indirectly, with government officials, individuals, or other entities in exchange for reciprocal benefits or with the intent of gaining advantages related to BAFS’s business.
- Recipients of donations or support, if they are government agencies, state enterprises, foundations, public charities, temples, hospitals, medical facilities, or organizations for social benefit, must provide a certificate or credible evidence that can be verified.
- Donations for charitable purposes and support for social activities are carried out in accordance with the Delegation of Manual of Authorities regarding the donation for charitable purposes and social activity support.
- BAFS does not have a policy of accepting donations for its business operations.
- BAFS has a policy to receive support for social activities.
2. Political Contributions
BAFS upholds democracy with the King as Head of State, maintains political neutrality, does not support or provide political assistance, and encourages employees to exercise their voting rights in accordance with the Constitution.
3. Giving and Receiving of Gifts
- Do not accept or demand benefits, offer compensation, or pay bribes in any form, including any inappropriate expenses, whether directly or indirectly, in exchange for favorable treatment that benefits oneself, BAFS, or any interests related to BAFS’s business.
- The acceptance of gifts must be conducted openly and transparently and must not influence business decisions related to BAFS.
- Giving gifts must not be extravagant, unethical, or contrary to good traditions and local laws.
- The giving of gifts shall be in accordance with the Delegation of Authority Manual regarding giving of gifts.
4. Entertainment and Giving/Receiving Hospitality
- Entertainment, hospitality, and reception services must be necessary according to general business customs and for the business benefit of BAFS. They should not exceed a reasonable and customary relationship with individuals who have duties or business related to BAFS’s operations. Such activities must be reasonable, with clearly defined budget limits and approval authorities. Additionally, BAFS has clearly established a written reporting process for these matters.
- No hospitality expenses shall be paid, including accommodation, transportation for site visits, study tours, meals, and beverages, or any other expenses, to induce government officials, individuals, or other entities to act improperly in favor of BAFS.
- Do not accept or solicit benefits, attend social gatherings or receptions, or accept invitations for site visits where external parties offer to cover related expenses. Additionally, do not accept financial support from external parties in a manner that influences business decision-making, serves as compensation for favorable actions, or seeks benefits related to BAFS.
5. Facilitation Payments
BAFS has no policy of paying facilitation fees to government officials, state employees, or public officials under any circumstances.
Additionally, BAFS has implemented risk management measures related to operational risks that may involve corruption and has taken actions to prevent any involvement in corruption as follows.
-
Assessing the business risks of BAFS Group
To identify activities that may be associated with corruption, BAFS has established guidelines aligned with its anti-corruption policy. These guidelines emphasize ensuring that everyone in the organization follows a consistent approach in line with the risk management processes of BAFS Group.
- BAFS Group assesses corruption risks in all operational processes, starting with identifying risk factors that may lead to corruption, analyzing their impact and likelihood, and evaluating the severity level.
- Prepare a risk control plan and report progress through the information technology system. The report must be approved by the Director of the Department or the Managing Director of the subsidiary.
- The progress reporting information serves as a database for monitoring operations that may be related to corruption. Progress updates on the risk control plan are regularly reported to the Risk Supervision Working Group, the Risk Management Committee, and the Board of Directors on a quarterly basis. Additionally, the Audit Committee conducts regular reviews.
-
Establishing practices for controlling, preventing, and monitoring corruption risk.
2.1 Risk Management Policy Formulation
- The Risk Management Committee is responsible for overseeing corruption risk management in alignment with good corporate governance principles, business ethics, and the Anti-Corruption Policy.
- Employees who identify risks or information that may impact BAFS or contradict the aforementioned principles must immediately report to their supervisors for risk management actions.
To ensure the effective implementation of the policy, the Risk Management Committee has incorporated these responsibilities into its charter.
2.2 The determination of Risk Appetite and Risk Tolerance levels
BAFS has established a business framework that accepts a moderate level of risk to achieve sustainable growth by investing in the expansion of its core business and holding shares in its group of companies to engage in related and new businesses both domestically and internationally. All businesses activities adhere to the principles of good corporate governance, oppose corruption, ensure proper tax payments, and prioritize compliance with quality and safety standards. Additionally, BAFS is committed to social responsibility both internally and externally, as well as the environment, to support sustainable growth.
Furthermore, BAFS and its subsidiaries have assessed corruption risks in various processes. The Corporate Governance Working Group has utilized the information from BAFS’s corruption risk assessment to develop appropriate measures to prevent bribery of government officials.
-
BAFS has communicated its Business Code of Conduct and Anti-Corruption Policy both internally and externally, including to partners, suppliers/vendors, through various channels such as the electronic document management system, company announcements, and BAFS’s website.
-
BAFS requires all directors to sign for acknowledgement of the Good Corporate Governance Policy, the Anti-Corruption Policy, the Code of Conduct, use of insider information and assure no actions that may cause conflict of interest BAFS also requires all executives and employees to sign for acknowledgement of the Good Corporate Governance, the Anti-Corruption Policy, the Code of Conduct, the Supplier Code of Conduct, the Anti-Corruption Practical Guidelines, and use of insider information as well as ensure no actions that may cause conflict of interest on a yearly basis. In the past year, 100% of the directors, executives, and employees signed for acknowledgement of the policies and princiles.
- For internal communication BAFS has consistently communicated and emphasized this matter to employees and executives through email.
- For external communication BAFS communicates its anti-corruption policy to subsidiaries and associates through email and disseminates electronic brochures to business partners to promote guidelines on anti-corruption measures. Additionally, business partners are invited to declare their intention and apply for membership in the Thai Private Sector Collective Action Against Corruption (CAC). To support these efforts, BAFS has continuously conducted training sessions for business partners and encouraged them to join the CAC program.
In 2024, BAFS organized its 9th annual business partner training session on November 6, 2024, via an online platform under the theme “PARTNERSHIP GROWING TOGETHER.” The session invited all key business partners, including new ones, to participate. The event featured a lecture on the Business Partner Code of Conduct, Green Procurement & Sustainability. Furthermore, BAFS also invited and guided business partners interested in declaring their commitment and obtaining certification as CAC program members.
-
BAFS has established a requirement for all directors to sign an acknowledgment report on the Good Corporate Governance Policy, Anti-Corruption Policy, Business Code of Conduct, Insider Information Usage, and a certification of non-engagement in any conflict of interest with BAFS. Additionally, all executives and employees are required to sign an acknowledgment report on the Good Corporate Governance Policy, Anti-Corruption Policy, Business Code of Conduct, Business Partner Code of Conduct, Anti-Corruption Measures Handbook, Insider Information Usage, and a certification of non-engagement in any conflict of interest with BAFS on an annual basis. All directors, executives, and employees have fully acknowledged and complied with these policies at a 100% completion rate.
-
BAFS has included anti-corruption guidelines as part of the orientation program for directors, executives, and new employees, as well as for employees who are promoted, rotated, or transferred. Additionally, BAFS provides annual training to employees to enhance their knowledge of good corporate governance principles, anti-corruption policies, and Practical Guidelines.
-
BAFS provides a channel for whistleblowing in case any fraudulent or corrupt activities are detected and has measures in place to protect whistleblowers.
-
BAFS was certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC) in 2014 and has continuously renewed its membership. The Audit Committee has reviewed the accuracy of reference documents and the self-assessment form to enhance BAFS’s anti-corruption system in accordance with the CAC membership certification process. Additionally, the Committee has consistently reviewed compliance with BAFS’s Code of Conduct and anti-corruption measures.
6. Contact Channels
BAFS has established multiple channels for all stakeholders to submit suggestions, opinions, or inquiries, including complaints related to rights violations and other matters, through the following channels.
6.1 Corporate Secretary’s email: wirun@bafs.co.th , Tel: 0 2834 8911
6.2 Investor Relations Division’s email: pitsapong@bafs.co.th, Tel: 0 2834 8914
6.3 Mail to the Corporate Secretary: Bangkok Aviation Fuel Services Public Company Limited 171/2 Kamphang Phet 6 Road, Don Mueang, Don Mueang, Bangkok 10210
In the case of significant issues or matters that may cause damage to BAFS, the Corporate Secretary will present such matters to the Board of Directors.
7. Whistleblowing and Whistleblower Protection Measures
BAFS provides channels for whistleblowing and receiving complaints from both external parties and employees. It has established procedures for handling complaints upon receipt and has also set measures to protect and maintain the confidentiality of whistleblowers as follows.
- Whistleblowing or Complaint Making
BAFS provides channels for whistleblowing or filing complaints in cases where there is suspicion of violations of BAFS’s business ethics, legal violations, behaviors indicating fraud, unfair treatment, or actions that may constitute human rights violations through the following channels.
(1) Trustworthy supervisors of all levels
(2) Corporate Governance Working Group of BAFS Group
(3) Mail to: The Executive Chairman or the Chairman of the Audit Committee Bangkok Aviation Fuel Services Public Company Limited 171/2 Kamphang Phet 6 Road, Don Mueang, Don Mueang, Bangkok 10210
(4) Email: ec@bafs.co.th or ac@bafs.co.th
(5) Corporate website: www.bafsthai.com
- Whistleblowing and Complaint Handling Process
When BAFS receives a tip-off or complaint, BAFS, through the working team or assigned personnel, will collect, verify, and analyze the information, determine corrective/preventive measures, and establish actions to mitigate any damage to affected parties. The findings will be compiled and reported to the complaint receiver, and inform the whistleblower/ complainant for acknowledgment as well as report such results to the President, the Executive Chairman, the Audit Committee, and the Board of Directors, respectively, as the case may be.
- Whistleblower Protection Measures
To protect the rights of whistleblowers/or complainants/or cooperative persons, BAFS conducts the following procedures:
- BAFS will not disclose the name, surname, address, image, or any other information of the whistleblower or complainant and will keep all related information confidential.
- Whistleblowers or complainants who have suffered damages will receive relief through an appropriate and fair process.
- BAFS will protect employees who report wrongdoing, cooperate, or refuse to engage in corruption by ensuring they are not penalized or accused in any way. Additionally, there will be no reduction in their position or salary, even if such actions result in BAFS losing business opportunities.
Additionally, the company has established preventive measures to avoid cases of whistleblowing, such as organizing orientation training for new directors and employees, providing knowledge through CG DAY activities for the company group, and disseminating policies and guidelines related to the company through its website, among others.
- Penalties
Employees whom BAFS has investigated and found to have violated the Business Code of Conduct or the Anti-Corruption Policy will be subject to disciplinary action in accordance with BAFS’s Policy and Regulations Manual on employee discipline and penalties. Disciplinary actions may range from verbal warnings to suspension or termination of employment without sorting in ascending order, which depends on final approval made in accordance with the Delegation of Authority Manual. Such an employee shall also be undergoing legal punishment in case the action violates the law.
- BAFS has no history of violating labor, employment, consumer, or trade competition laws.
- In 2024, BAFS did not receive any whistleblowing reports or complaints from external parties or employees regarding the violation of the Code of Conduct or the Anti-Corruption Policy.
If employees require guidance on complying with anti-corruption measures, they may consult their supervisors at the hierarchical level, the Corporate Governance Working Group, or the Manager of Regulatory Compliance Division. BAFS maintains a policy of strict confidentiality and will not disclose any information.
- Results Report
BAFS will notify the whistleblower or complainant of the results within 30 days after completing the process. In cases where BAFS receives a whistleblowing report or complaint, it will disclose the results of the follow-up on the report and the complaint-handling process accordingly.
1. BAFS’s Information Disclosure
BAFS discloses important information through the Annual Registration Statement/2024 Annual Report (Form 56-1 One Report) andvia its website, www.bafsthai.com, in both Thai and English. This includes BAFS’s vision, mission, major policies, corporate group structure, nature of business and competitive situation, financial status and operating results, business risks, shareholding structure, organizational structure, Board of Directors and the Management, categories of directors, biographies and direct and indirect shareholding of directors and executives, training records of directors, remuneration policy for directors and executives, remuneration schemes, amount of remuneration of BAFS’s directors and its subsidiaries, and duties and responsibilities of the Board of Directors and subcommittees during the past year such as number of meetings, number of times for meeting attendance, investor relations information, meeting notices, AGM minutes and press release. In addition, BAFS updates information on its website regularly.
2. Preparation of Financial Reports
To demonstrate responsibility in preparing financial reports with sufficient accuracy, completeness, and transparency—ensuring BAFS’s assets are safeguarded, preventing fraud and irregular operations—BAFS adheres to Generally Accepted Accounting Principles, applies appropriate accounting policies consistently, and exercises reasonableness and prudence in financial statement preparation. To enhance stakeholders’ confidence in the financial reports aligning with these objectives, the Board of Directors has appointed an Audit Committee to review BAFS’s financial and operational reporting for accuracy and adequacy. Additionally, the Board of Directors has prepared a Report on the Board of Directors’ responsibilities towards the financial statements, which includes important matters in accordance with the Code of Best Practice of Directors of Listed Companies recommended by SET. The Report which is signed by the Chairman of the Board of Directors and the President will be presented together with the Auditor Report in Form 56-1 One Report In 2024.
BAFS appointed auditors from EY Office Company Limited as its auditors. They possess professional expertise, maintain independence, and have been approved by the SEC. BAFS’s financial statements were unconditionally certified as accurate in all material respects, in accordance with generally accepted accounting principles. Additionally, they were reviewed and approved by the Audit Committee/Board of Directors before being disclosed to shareholders.
In the past year, BAFS did not have any cases of delayed submission of quarterly and annual financial reports.
BAFS prepares the Management Discussion and Analysis (MD&A) report on a quarterly basis to provide an analytical explanation of its financial position, operating results, factors affecting financial status and performance, as well as significant changes. Additionally, important news and updates are prepared and communicated to shareholders through the BAFS Newsletter. BAFS utilizes Key Performance Indicators (KPIs) by setting strategic objectives that align with the strategic goals in the strategic plan and acceptable risk levels, following the Balanced Scorecard approach. These KPIs are categorized into different perspectives, including financial, customer, and stakeholder, internal process management, and learning and development. Examples include return on assets, market share, customer satisfaction level, and the success of personnel development plans.
3. Channels for Information Disclosure
BAFS recognizes the importance of disclosing relevant financial and non-financial information accurately, comprehensively, timely, and transparently through various channels, including:
- The information dissemination system of the Stock Exchange of Thailand (SET) and the website of the Office of the Securities and Exchange Commission (SEC).
- BAFS’s website, www.bafsthai.com, is available in both Thai and English.
- Quarterly performance reports, including providing information to analysts and investors through Opportunity Day at the SET.
- Press conferences for the media.
- Newsletters presenting BAFS’s financial position.
- Providing information to analysts and investors visiting and meeting with BAFS’s executives.
- Analyst Meeting
The Investor Relations Division regularly organizes annual activities. In 2024, there were significant activities as follows:
| Activities | No. of Times |
|---|---|
| Participation in Stock Exchange of Thailand (SET) activities to meet investors (Opportunity Day) | 4 |
| Arranging meetings with analysts/investors | 22 |
| Press Release | 2 |
BAFS has never been ordered to have its financial statements amended by SEC and disclosed its annual and quarterly financial statements to shareholders and investors in a timely manner.
The Board of Directors plays a crucial role in corporate governance to ensure the best interests of BAFS and is accountable to shareholders for its performance, maintaining independence from management.
1. Board of Directors Structure
The Board of Directors has reviewed the appropriateness of the board structure, which specifies that the Board shall consist of at least 11 but not more than 15 members. Currently, the Board of Directors comprises 15 directors, as follows:
- Executive directors: 2 persons (13.33%)
- Non-executive directors: 13 persons (86.67%)
- Independent directors: 6 persons (40%)
- Female directors: 3 persons (20%)
Among them, there are 5 external directors. Additionally, 8 non-executive directors have experience in the core business or industry in which BAFS operates.
- The ratio of Executive Directors to total directors 2:15
- The ratio of Non-Executive Directors to total Directors 13:15
- The ratio of Independent Directors to total directors 6:15
- The ratio of Female Directors to Male Directors 3:12
The Board of Directors has established a structure comprising directors with diverse qualifications. These individuals possess knowledge, expertise, experience, integrity, and ethical standards, earning broad trust and recognition. The Board of Directors’s skill set is diverse, covering various fields such as oil/aviation/airport business, engineering, accounting and finance, business administration/management, international business, political science, economics, law, technology/digital, or other relevant areas aligned with BAFS’s strategy and beneficial to its operations.
Additionally, the qualifications for independent directors are set to be stricter than the requirements of the SEC regarding shareholding proportions, as detailed in Section 4: Nomination and Appointment of Directors and Top Executive.
BAFS has established a policy regarding the appointment of directors, executives, or employees to serve as directors or executives in its subsidiaries. Additionally, BAFS has implemented a system to monitor, oversee operations, and set operational directions for its subsidiaries. This is to ensure that BAFS can effectively supervise and control the operations of its subsidiaries.
Additionally, the Board of Directors has established various committees to conduct detailed studies and screen tasks, enhancing the efficiency of the Board of Directors’ operations and ensuring transparency in the execution of duties. Details are provided in Section 7.3: Information of “Subcommittees”.
2. Roles, Duties, and Responsibilities of the Board of Directors
A director of BAFS must report to BAFS without delay in the following cases:
- Any direct or indirect interest of the director or any related person that is relevant to the management of BAFS or its subsidiaries.
- Holding shares or debentures in BAFS or its affiliates, specifying any increase or decrease in the total amount.
BAFS’s Code of Conduct establishes guidelines regarding ethical business operations, responsibilities toward various stakeholders, and ethical standards for the Board of Directors and employees. These include areas such as conflicts of interest, confidentiality, procurement, the use of insider information, anti-bribery and anti-corruption measures, intellectual property, and the use of information technology. It also includes mechanisms for monitoring compliance and maintaining discipline.
Additionally, BAFS has set forth a Code of Conduct for business partners, serving as a standard and guideline for joint business operations. This applies to aviation fuel suppliers, suppliers of related products or services that support BAFS’s operations, as well as suppliers providing goods and services to BAFS.
BAFS has encouraged the Board of Directors, executives, and employees to comply while establishing a concrete monitoring system to ensure adherence. This includes implementing an annual online self-assessment system for all executives and employees, with the self-assessment results analyzed and summarized for presentation to the Board of Directors.
BAFS has disclosed connected transactions with individuals who may have conflicts of interest in 2024. The Board of Directors has reviewed and concluded that all such connected transactions are reasonable, beneficial to BAFS’s business operations, conducted fairly at market prices, and in accordance with normal commercial practices. These transactions comply with the regulations of the Securities and Exchange Commission (SEC), as detailed under the section “Connected Transactions”.
In 2024, BAFS did not grant loan or issue a guarantee on a loan to any companies, except for its subsidiaries.
For the assessment of the effectiveness of the risk management system, the Internal Audit Unit has reviewed incident indicators or risk factors that impact the objectives and risk management approaches of the operators. This is to ensure that risks are identified and assessed appropriately, risk management is conducted systematically, and risk reporting to relevant parties is complete and timely. Additionally, there is ongoing risk monitoring and review on a quarterly basis.
3. Approval Authority of the Board of Directors
The Board of Directors has the authority to determine policies and approve various matters of BAFS within the scope of duties defined by law, BAFS’s Articles of Association and shareholders meeting resolutions as follows:
3.1 Defining and reviewing BAFS’s vision, mission, and operational strategies.
3.2 The annual budget and business operation plans.
3.3 Appointing directors to fill vacancies arising during the year.
3.4 Appointing directors as representatives in subsidiaries or associates.
3.5 Participating in joint ventures and significant contracts of BAFS.
3.6 Engaging in connected transactions, as well as the acquisition or disposal of assets, among other matters.
4. Nomination and Appointment of Directors and Top Executive
In the nomination of a director to replace a vacant position, the Nomination and Corporate Governance Committee will review the Board structure to ensure its suitability for BAFS’s business and determine the qualifications of the director to be selected based on BAFS’s Board Skill Matrix. This process considers Board composition, expertise, and qualifications aligned with BAFS’s strategy and goals. The Nomination and Corporate Governance Committee may use one or multiple nomination methods, including searching for qualified individuals with relevant knowledge and experience. This search may involve a Professional Search Firm, nominations from BAFS’s directors or shareholders, or utilizing data from the Director Pool of the Thai Institute of Directors (IOD). Additionally, each year, BAFS provides an opportunity for minority shareholders to propose director nominations in advance. The Nomination and Corporate Governance Committee will review and shortlist candidates before submitting the names to the Board of Directors and/or the Shareholders’ Meeting for appointment.
For the appointment of directors to replace those retiring by rotation, which requires approval by the shareholders’ meeting, the election shall follow the majority vote principle based on the following criteria and procedures:
- Each shareholder has 1 vote per share.
- Each shareholder must use all their votes under item 1 to elect either a single individual or multiple individuals as directors, but they cannot allocate their votes unequally among candidates.
- The individuals receiving the highest votes in descending order will be elected as directors, up to the number of directors to be appointed in that election. In the event that the number of candidates receives an equal number of votes, which would otherwise cause the number of directors to be exceeded, a Chairman of the meeting shall have a casting vote.
Therefore, shareholders cannot allot their votes in the director election to allocate more or fewer votes to specific candidates, as per Section 70, Paragraph 1 of the Public Limited Companies Act (Cumulative Voting).
BAFS has established the qualifications for its Board of Directors, including stricter qualifications for independent directors than those required by the Securities and Exchange Commission (SEC) regarding shareholding. This ensures that BAFS’s independent directors maintain true independence. The definition of an “Independent Director” is set based on the following criteria:
- An independent director holds no more than 0.5% of the total voting shares of BAFS, its parent company, subsidiaries, associates, major shareholder, or controlling person of BAFS, including shares held by related persons of such independent directors.
- An independent director must not be or have ever been involved in management as a director, employee, staff, consultant with monthly salary, or controlling person of BAFS, parent company, subsidiaries, associated companies, same-level subsidiaries, major shareholders, or controlling persons of BAFS unless at least 2 years have passed since leaving such positions. This restriction does not apply to cases where the independent director was previously a government official or an advisor to a government agency that is a major shareholder or controlling person of BAFS.
- An independent director is not related by blood or legal registration as a parent, spouse, sibling, or child, including the spouse of a son/daughter of executives, major shareholders, controlling persons, or an individual to be nominated as an executive or a controlling person of BAFS or its subsidiaries.
- An independent director must not have or have ever had any business relationship with BAFS, parent company, subsidiary, associate, major shareholder, or controlling person of BAFS in a manner that may interfere with independent judgment. Additionally, an independent director must not be or have ever been a significant shareholder or controlling person of an entity that has a business relationship with BAFS, parent company, subsidiary, associate, major shareholder, or controlling person of BAFS unless at least 2 years have passed since ceasing such a relationship.
- An independent director must not be or have ever been an auditor of BAFS, parent company, subsidiary, associate, major shareholder, or controlling person of BAFS. Additionally, an independent director must not be a significant shareholder, controlling person, or partner of an audit firm where BAFS, parent company, subsidiary, associate, major shareholder, or controlling person of BAFS has an auditor unless at least 2 years have passed since ceasing such a relationship.
- An independent director must not be or have ever been a professional service provider, including a legal advisor or financial consultant, who has received service fees exceeding 2 million baht per year from BAFS, parent company, subsidiary, associate, major shareholder, or controlling person of BAFS. Additionally, an independent director must not be a significant shareholder, controlling person, or partner of such a professional service provider unless at least 2 years have passed since ceasing such a relationship.
- An independent director must not be a director appointed as a representative of BAFS’s directors, major shareholders, or shareholders related to major shareholders.
- An independent director must not engage in a business of the same nature that significantly competes with BAFS or its subsidiaries. Additionally, the independent director must not be a significant partner in a partnership, or an executive director, an employee, a staff, a consultant with a monthly salary, or hold more than 1% of the total voting shares in another company that operates a business of the same nature and significantly competes with BAFS or its subsidiaries.
- An independent director must not be a director assigned by the Board of Directors to make decisions in the management of BAFS, parent company, subsidiary, associate, same-level subsidiary, major shareholder, or controlling person of BAFS.
- An independent director must not be a director of the parent company, subsidiary, or same-level subsidiary that is a publicly listed company.
- An independent director must not have any other characteristics that would prevent the ability to provide independent opinions on BAFS’s operations.
Nomination of President
The Board of Directors has assigned the Nomination and Corporate Governance Committee to oversee the selection and appointment process for the President. The committee selects potential candidates from both within and outside the organization, considering their experience in the energy sector or related industries. Candidates must also possess specific skills and qualifications essential to BAFS’s business, demonstrate strong leadership, have a clear vision, and exhibit managerial expertise aligned with the corporate values and beneficial to its operations. Once the nomination process is complete, the selected candidate will be presented to the Board of Directors for appointment.
5. Board of Directors Meeting
For 2025, the Board of Directors has scheduled the following meetings in advance.
| Meeting 1/2025 | February 20, 2025 |
| Meeting 2/2025 | May 15, 2025 |
| Meeting 3/2025 | August 14, 2025 |
| Meeting 4/2025 | November 13, 2025 |
| Meeting 5/2025 | December 18, 2025 |
Details of meeting attendance of the Board of Directors and Subcommittees are shown in Item 8.1.2: Meeting Attendance and Remuneration of Individual Directors.
6. Chairman of the Board of Directors and President
The Chairman of the Board of Directors is neither the executive director nor the President and does not have any relationship with the Management. Their roles, authorities, and duties are clearly segregated. The Chairman of the Board is an independent director whose duties are as follows:
The President is the head and leader of BAFS’s Management, directly reporting to the Board of Directors regarding the management in order to achieve the objectives of policy and strategic plan as specified.
7. Non-Executive Director Meeting
The Board of Directors has a policy to encourage non-executive directors to hold meetings among themselves as necessary to discuss various management issues of interest without the presence of the Management. In 2024, BAFS held one such Board meeting without the participation of the Management on December 19, 2024. The key discussion topic was the performance of BAFS and its subsidiaries, and the meeting results were subsequently reported to the Chief Executive Officer.
8. Self-Assessment of the Board of Directors
BAFS conducts an annual performance evaluation of the Board of Directors and subcommittees. The performance evaluation of the Board of Directors and the Audit Committee is conducted both as a group and on an individual self-assessment basis. For subcommittees, including the Remuneration Committee, the Nomination and Corporate Governance Committee, the Risk Management Committee, the Corporate Sustainability Committee, and the Investment Committee, the evaluation is conducted as a group. The evaluation criteria for the Board of Directors and all subcommittees follow the same guidelines and are regularly reviewed to ensure appropriateness.
BAFS has a process for evaluating the performance of the Board of Directors. The Corporate Secretary and the Secretaries of the Sub-Committees distribute evaluation forms to the directors for self-assessment, which are then returned to BAFS. To ensure the independence of the evaluation process, BAFS does not disclose the names of the directors who conduct the assessments. The evaluation results are presented to the Board of Directors’ meeting for joint consideration, allowing the Board to review the findings and determine improvement measures to enhance operational efficiency.
The criteria for collective performance assessment of the Board of Directors consist of 7 main topics as follows:
- Structure and qualifications of the Board of Directors;
- Roles, duties, and responsibilities of the Board of Directors;
- Board of Directors meeting;
- Board’s dynamics;
- Relationship with the Management;
- Director development; and
- Board’s performance and effectiveness (overall).
The criteria for individual performance assessment of the Board of Directors consist of 6 main topics:
- Qualifications of directors;
- Board’s readiness;
- Meeting participation;
- Roles, duties and responsibilities;
- Relationship with the Board of Directors and the Management;
- Board’s performance and effectiveness (overall).
The 2 types of assessment forms consist of the following assessment criteria:
Furthermore, in 2024, the performance evaluation results of the Board of Directors and the Nomination Committee were rated as 'Good to Excellent,' while the performance of other sub-committees was rated as 'Very Good to Excellent.
Furthermore, BAFS regularly arranges an assessment of the Board of Directors meeting efficiency after each meeting. Its results will be informed in the next meeting.
| Level | Meaning |
|---|---|
| 0 | Strongly disagree / No action taken on such a matter |
| 1 | Disagree / Few actions taken on such a matter |
| 2 | Agree / Some actions taken on such matter |
| 3 | Fairly agree / Actions well taken on such matter |
| 4 | Strongly agree / Actions excellently taken on such matter |
9. Performance Assessment of the President
BAFS conducts an annual performance evaluation of the President. The Remuneration Committee is responsible for the evaluation and presents the results to the Board of Directors for approval. The summary of the President’s performance evaluation is confidential information and cannot be disclosed.
The criteria for the President’s performance assessment are divided into 3 parts as follows:
- BAFS’s operating results;
- BAFS’s strategic plan; and
- Behavior management and problem solving.
The evaluation results will be taken into consideration for determining the salary increase rate of the President and will be presented to the Remuneration Committee and the Board of Directors for further approval.
10. Remuneration
Remuneration of Director:BAFS’s Remuneration Committee is responsible for determining the remuneration of the Board of Directors. The Remuneration Committee follows a clear and transparent process, with remuneration decisions approved by the shareholders’ meeting. The remuneration for the Board of Directors is set at an appropriate level based on their responsibilities, aligning with industry standards or businesses of similar size. It is also sufficient to attract and retain qualified directors as required. Additionally, directors assigned with increased responsibilities will receive higher remuneration accordingly.
Remuneration of the President: The Board of Directors is responsible for approving the remuneration of the President, which includes short-term remuneration such as monthly salary and bonuses, as well as long-term remuneration. The Board of Directors considers and approves the remuneration on a case-by-case basis, following a review by the Remuneration Committee. This process is conducted in accordance with the employment contract and based on Key Performance Indicators (KPIs) for the annual performance evaluation by using actual performance during January – December, comprising:
- Part 1 BAFS’s operating results;
- Part 2 BAFS’s strategic plan, covering financial, customer and stakeholder, internal management process and learning and development perspectives; and
- Part 3 Behavior, management, problem-solving, and other criteria approved by the Board of Directors
For such performance assessment, the President, who is an executive director and has an interest in the matter, does not take part in the consideration. The Chairman of the Board of Directors will inform the President of the results.
Remuneration of Executives and Employees: BAFS has established the remuneration for executives and employees in accordance with the principles and policies set by the Board of Directors. This remuneration is linked to BAFS’s performance each year as well as the individual performance of executives and employees, using the Key Performance Indicators (KPIs) system.
BAFS discloses remuneration of the Board of Directors under Item 8.1.2: Meeting Attendance and Remuneration of Individual Directors, and Remuneration of Top Executives under Item 7.4.3: Total Remuneration of BAFS’s Executive Directors and Executives.
In 2024, the Remuneration of Employees was 635,665,058.63 baht in total.
11. Director and Executive Development
12. Succession Plan
The Board of Directors recognizes that ensuring continuous and sustainable organizational growth is of utmost importance. A key factor in achieving such growth is BAFS’s human resources, particularly at the executive level. Therefore, the Board has promoted a policy for preparing Successors to systematically take on business management responsibilities. Having capable executives within BAFS will significantly contribute to its growth. Consequently, a structured and transparent selection process has been established, adhering to clear, tangible criteria, good governance, and business ethics to achieve BAFS’s objectives.
BAFS Group Succession Planning and Development
BAFS has established a transparent and appropriate approach to nomination and selecting individuals for key executive and senior management positions in advance. This ensures that BAFS secures leaders with integrity, capability, and readiness in all aspects, enabling continuous and sustainable organizational growth and competitiveness. To achieve this, BAFS has set the following criteria for selecting successors:
-
President
The selection process for the successor to the position of President will be conducted by the Nomination and Corporate Governance Committee. This committee is responsible for identifying and selecting candidates with potential from both within and outside the organization. The selection criteria include specific skills and qualifications essential to the business, experience in the energy sector or related industries, strong leadership qualities, vision, and managerial expertise that align with BAFS’s values and contribute to its business operations.
-
Assistant Director/Deputy Director and Director
BAFS has prepared a nomination and selection process to identify high-potential candidates from internal personnel at the department manager level and above. This initiative aims to ensure readiness before the retirement of Directors, Deputy Directors, and Assistant Directors. The approach and procedures are as follows:
- Assess the potential of eligible candidates using Leadership Competency as a key evaluation criterion.
- Utilize internationally recognized tools to measure and assess the potential tendencies of candidates.
- Conduct knowledge and skill assessments, including English proficiency, cognitive aptitude, managerial thinking, vision presentation, and interviews, with a selection committee comprising senior executives.
- Develop a structured development plan for selected candidates to prepare them for future vacant positions.
- During the tenure, candidates will undergo a systematic KPI-based performance evaluation upon completing the probationary period.
BAFS has established and developed a succession plan for senior management positions (Key Positions) through a foundational Leadership Development Program. This program includes tracking outcomes, collecting data, measuring results, and analyzing individual performance to formulate future development plans. Progress reports on development are presented to the executive team on a monthly and quarterly basis.
In 2024, 97% of personnel designated for senior management succession (Key Positions) completed all required training programs.
However, due to global economic volatility and increasing business competition, BAFS recognizes the importance of retaining and developing employees in high-demand positions within the labor market. These positions are particularly difficult to fill due to their specialized knowledge, skills, expertise, and experience, which require significant time to develop. As a result, BAFS has reviewed and identified additional Critical Positions beyond the existing senior management succession roles (Key Positions).
Additionally, criteria have been established for selecting suitable candidates to succeed in critical positions within the BAFS Group. More than 50% of these critical positions have already been successfully filled. BAFS will collaborate with senior executives, who represent these critical positions, to plan the development and retention of this talent pool in both the short and long term. Particular focus will be placed on enhancing senior leadership potential and management capabilities through cross-functional learning methods and stakeholder management strategies.
Moreover, BAFS has emphasized the development of human resources within the high-potential group of employees at all levels. In 2024, the focus was on developing employees from the supervisory level upwards to management. These employees participated in the Uplifting Leader and Young Talent programs, where they received training on various topics aimed at enhancing their management capabilities. The focus was on management, project organization and presentation skill.