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Code of Governance
As an agency with missions for promoting, developing and supervising the capital market, the SEC strives to ensure transparency and credibility of our own operation as well as fairness to all stakeholders. The SEC Board seriously focuses on adopting the principle of a good governance in the organization. In this connection, a Code of Governance was formulated to be applied for the SEC Board, the Capital Market Supervisory Board, and the SEC Office. The SEC Code of Governance was prepared as required by law and equivalent to industries and international standards. This is to ensure that the governance standards of the SEC are rigorous, not lower than the international standards, and not lower than the regulated entities under our own supervision. The governance framework was approved by the SEC Board on October 1, 2007. It has been reviewed periodically since then to ensure appropriateness, topical consistency and compliance with relevant laws.
The SEC Code of Governance imposed on board members, executives and staff covers the following areas:
Accountability
Responsibility
Equitable Treatment and Participation
Disclosure and Transparency
Internal Control and Internal
Value Creation by Enhancing Market Competitiveness
Code of Conduct and Code of Ethics
The Board-Level Code of Governance specifies the following areas:
Board Composition and Structure, for instance, nomination procedure, term of office and sub-committee appointment;
Board Policies, for instance, code of ethics, conflicts of interest and equitable treatment of stakeholders; and
Board Practices, for instance, setting of directions, policies, goals and strategies, supervision and monitoring of the SEC's operation, and board-level evaluation
The SEC Office Code of Governance specifies the following requirements:
Legal compliance
Independence, transparency, fairness and accountability
Resource sufficiency
Reporting and disclosure of information
Standards of practice, internal control and internal audit
Risk management
Complaint handling
Operating guidelines
Auditing Mechanism and Balances
The SEC Board is empowered to appoint the Audit Committee to reinforce transparency, fairness and accountability of the SEC. This checks and balances structure helps to establish an efficient internal control.
Subcommittee on Governance and Remuneration Sub-committee (Office term of two years)
The Subcommittee has a duty to propose policies and workplans for developing organizational governance, as well as frameworks for recruitment of officers, remuneration determination, and evaluate the performance of the Board, the Capital Market Supervisory Board, the SEC office, the subcommittee and the Secretary-General. The Governance and Remuneration Sub-Committee comprises three members.
Currently, Subcommitte on Governance and Remuneration Sub-committee comprises:
Mr. Prasan Chuaphanich Chairman
Mr. Viput Ongsakul Member
Mrs. Nuntawan
Sakuntanaga Member
The SEC Code of Ethics provides guidelines for current and former employees with the highest priority on the organizational interest. The code also specifies appropriate conducts in protection of the SEC reputations, divided into two areas as follows:
Staff Code of Ethics consists of guidelines for handling conflicts of interest, for example, prohibiting staff from trading stocks or accepting assets or other benefits with value exceeding those traditionally acceptable from persons or juristic persons who have stakes in the SEC operation. This is to ensure that the SEC operation is reliable, transparent and fair to all stakeholders.
Ethic, Requirements and Procedures to Usage of Computers and Communication System of the SEC Office consists of guidelines for IT security protection, storage and retrieval, prohibition of access to staffs' accounts and passwords by other persons, prohibition of social network sign-up or contact via SEC email addresses without prior approval of the SEC Office, etc.
SEC Anti-Corruption Policy
To assure that the SEC carries out the duties with integrity, transparency and corruption-free, all board members, executives, and staff are obligated to comply with the policy of corruption-free organization.
The SEC values