Self-evaluation of the Board of Directors

The Company has a policy to ask its Board of Directors to evaluate its performances at least once a year to allow them to consider and review their performances and identify issues and obstacles over the year and to increase the effectiveness in line with good corporate governance principles.

The Company secretary gives the Board of Directors evaluation forms to all members so they can evaluate the performances during the year both collectively and individually. After they complete the forms, they send them to the company secretary who collects the results of each member, summarizes and analyzes the performances of the Board of Directors during the year. The company secretary later submits the results to the Board of Directors for consideration in line with the aforementioned objectives. In 2016, the performances of the Board of Directors was evaluated at its 9/2016 meeting on December 19, 2016. The criteria are calculated as percentage in each area. Scores above 85 are considered “Excellent”,75-85 “Good”,65-75 “Moderately Good”,50-65 “Average” and “Needs Improvements” for scores below 50.

The evaluation of the Board of Directors' performance is done in 2 manners:

  • Performance evaluation of the Board of Directors as a group. The areas to be assessed are:
    • - structure and qualifications of the directors
    • - roles, duties and responsibilities of the Board
    • - meetings
    • - performances of directors
    • - relationship with management
    • - self-improvement of directors and executive development
  • Performance evaluation of individual directors. The areas to be assessed are:
    • - readiness
    • - determination of strategies and business planning
    • - risk management and internal control
    • - supervision to prevent conflicts of interest
    • - following up on financial reports and operations
    • - board meetings
    • - others

Performance evaluation of subcommittees

Each year, the Board of Directors evaluates the performance of subcommittees such as the Audit Committee to be used as a framework for reviewing the performance of the past year and improve the efficiency. The results are submitted to the Board of Directors for acknowledgment.