Good Corporate Governance
Conflict of Interest Prevention Policy
1. General Requirement
1.1 Purpose
To be a guideline for directors, executives, and employees in performing their duties with honesty in accordance with ethical standards, and without seeking personal gain or benefits of related persons.
1.2 Scope
Personnel of Bangkok Life Assurance Public Company Limited and its subsidiaries (the Company) must study, understand, and strictly abide by this policy.
1.3 Effective Date
This policy shall be effective from the date of approval by the Board of Directors.
1.4 Review Frequency and Revision
This policy must be reviewed annually, or when a significant change arises.
Any significant revisions, review, or renewal of this policy must be considered by the Corporate Governance and Sustainability Committee before being submitted to the Board of Directors for approval.
1.5 Responsible Function
The Compliance Office is the responsible function of this policy.
2. Main Requirement
2.1 Definition
| 2.1.1 | “The Company” means Bangkok Life Assurance Public Company Limited. | |
| 2.1.2 | “Subsidiary” means companies in which the Company holds shares directly or indirectly. |
2.2 General Principle
The Company is committed to operating with honesty, transparency, and ethics, in accordance with the principles of good corporate governance. All business-related decisions must be transparent, verifiable, made with due care and prudence, and prioritize the best interests of the Company and its stakeholders. Therefore, the Board of Directors has established this Conflict of Interest Prevention Policy.
2.3 Role, Duty, and Responsibility
| 2.3.1 | The Board of Directors (“BoD”) establishes the policy framework and enforces this policy. | |
| 2.3.2 | The Corporate Governance and Sustainability Committee reviews this policy before the responsible function presents it to the Board of Directors. | |
| 2.3.3 | The Management Committee (“MC”) applies this policy to the Company’s business operations. |
2.4 Requirement
2.4.1 Conflict of Interest Prevention Framework
A conflict of interest can occur in any situation where the Company and/or its directors, executives, and employees have a vested interest resulting from decision-making, including the following situations.
2.4.1.1 Conflict between directors, executives, and/or employees and the Company
A conflict of interest occurs when directors, executives, and/or employees make a decision for personal or others’ benefits which result in harm to the Company, or when their direct or indirect interests cause damage to the Company. Examples include using inside information for personal or others’ benefits, having interests in related-party transactions, or performing any actions that compete with the Company.
2.4.1.2 Conflict between the Company and customers
A conflict of interest occurs when directors, executives, and/or employees make a decision that benefits the Company but results in unfair damage to customers. An example is when a product and/or service of the Company creates a conflict of interest with customers. Therefore, when developing products and designing service systems, the Company should prioritize the genuine benefits of customers.
2.4.1.3 Conflict among customers
A conflict of interest occurs when a customer or a group of customers has the opportunity to gain benefits or avoid negative impacts at the expense of another customer or group of customers who share common characteristics or belong to the same category. The Company must fairly perform its duties for the benefits of both parties.
2.4.2 Handling Conflict of Interest
| 2.4.2.1 | Directors, executives, and employees should avoid any existing or potential conflicts of interest. | |
| 2.4.2.2 | Directors, executives, and employees must report any existing conflicts of interest they are involved in, in accordance with the criteria and process established by the Company. | |
| 2.4.2.3 | To establish measures for preventing conflicts of interest and handling them if they occur. | |
| 2.4.2.4 | To maintain records of all conflicts of interest. | |
| 2.4.2.5 | To annually conduct training related to the Conflict of Interest Prevention Policy. |
2.5 Penalty
Violation of this policy is considered violation of the Company’s Code of Conduct for All Personnel and may constitute an offense against the Company's rules, as well as other applicable laws, regulations, rules, or requirements.
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