Self-evaluation of the Board of Directors

The Company has a policy to arrange an annual self-assessment for each director to allow them to consider and review their performances and identify all issues and obstacles in the past year. The assessed result will be used to increase the efficiency of the Board of Directors, hence conforms with good corporate governance.

The Company secretary shall propose the Board of Directors assessment forms to all members so they can assess their performances during the past year both collectively and individually. When complete the forms, they will send them back to the company secretary who then collects the results of each member, summarizes and analyzes the performances of the Board of Directors during the year. The company secretary will then submit the results to the Board of Directors for consideration in order to achieve the aforementioned objectives. In 2017, the performance of the Board of Directors was evaluated at its 6/2017 meeting held on December 18, 2017. 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 performance assessment of the directors is classified in 2 manners as follow:

  • The assessment of performance on a collective basis. The areas to be assessed are:
    • structure and qualifications of the Board of directors
    • roles, duties and responsibilities of the Board
    • meetings
    • performances of the duties of directors
    • relationship with management
    • self-development of directors and development of executives
  • The assessment of performance on an individual basis. The areas to be assessed are:
    • readiness
    • determination of strategies and business plan
    • risk management and internal control
    • supervision to prevent conflicts of interest
    • monitoring on financial and operational reports
    • board meetings
    • others

Performance assessment of subcommittees

Each year, the Board of Directors shall assess the performance of subcommittees such as the Audit Committee to use 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.