Banpu One Report 2023 EN

["Remuneration in Cash for the Year Ended 31 December 2023 \nTotal cash remuneration of the Board of Directors in the forms of monthly compensation, meeting allowance, \nand annual remuneration amounted to THB 110,941,168.00, the details of which are as follows: \nName\/Position \nMonthly \nCompensation \nand Meeting \nAllowance \n(THB) \nMeeting Allowance (THB) \nAnnual \nRemuneration \n(THB) \nTotal \nRemuneration \n(THB) \nDirector \nThe Audit \nCommittee \nThe Corporate \nGovernance \nand \nNomination \nCommittee \nThe \nCompensation \nCommittee \nThe \nEnvironment, \nSocial,and \nGovernance \n(ESG) \nCommittee \n1. Mr. Chanin Vongkusolkit \nChairman of the Board of Directors \n1,570,725.00 \n- \n- \n- \n- \n9,187,972.00 \n10,758,697.00 \n2. Mr. Teerana \n Bhongmakapat \nIndependent Director\/ Chairman \nof the Audit Committee\/ \nMember of the Compensation \nCommittee \n1,208,250.00 \n465,660.00 \n- \n199,000.00 \n- \n7,067,669.00 \n8,940,579.00 \n3. Mr. Piriya Khempon \nIndependent Director\/ Chairman \nof the Environment, Social, and \nGovernance Committee\/ Member \nof the Corporate Governance and \nNomination Committee \n1,208,250.00 \n- \n199,000.00 \n- \n174,525.00 \n7,067,669.00 \n8,649,444.00 \n4. Mr. Anon \n Sirisaengtaksin \nDirector\/ Chairman of the Corporate \nGovernance and Nomination \nCommittee \n1,208,250.00 \n- \n258,700.00 \n- \n- \n7,067,669.00 \n8,534,619.00 \n5. Mr. Buntoeng \n Vongkusolkit \nDirector\/ Chairman of the \nCompensation Committee \n1,138,750.00 \n- \n- \n213,525.00 \n- \n7,067,669.00 \n8,419,944.00 \n6. Mr. Pichai \n Dusdeekulchai \nIndependent Director\/ Member \nof the Audit Committee\/ Member \nof the Environment, Social, and \nGovernance (ESG) Committee \n1,208,250.00 \n358,200.00 \n- \n- \n134,250.00 \n7,067,669.00 \n8,768,369.00 \n7. Mr. Teerapat \n Sanguankotchakorn \nIndependent Director\/ Member \nof the Compensation Committee\/ \nMember of the Environment, Social, \nand Governance (ESG) Committee \n1,208,250.00 \n- \n- \n199,000.00 \n134,250.00 \n7,067,669.00 \n8,609,169.00 \n8. Mrs. Watanan Petersik \nIndependent Director\/ Member of \nthe Audit Committee \n938,250.00 \n208,500.00 \n- \n- \n- \n- \n1,146,750.00 \n9. Mr. Metee Auapinyakul \nDirector \n1,208,250.00 \n- \n- \n- \n- \n7,067,669.00 \n8,275,919.00 \n10. Mr. Ongart Auapinyakul \nDirector \n1,208,250.00 \n- \n- \n- \n- \n7,067,669.00 \n8,275,919.00 \n249 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name\/Position \nMonthly \nCompensation \nand Meeting \nAllowance \n(THB) \nMeeting Allowance (THB) \nAnnual \nRemuneration \n(THB) \nTotal \nRemuneration \n(THB) \nDirector \nThe Audit \nCommittee \nThe Corporate \nGovernance \nand \nNomination \nCommittee \nThe \nCompensation \nCommittee \nThe \nEnvironment, \nSocial,and \nGovernance \n(ESG) \nCommittee \n11. Mr. Verajet Vongkusolkit \nDirector\/ Member of the Corporate \nGovernance and Nomination \nCommittee \n1,208,250.00 \n- \n199,000.00 \n- \n- \n7,067,669.00 \n8,474,919.00 \n12. Mr. Sarayuth \n Saengchan \nDirector\/ Member of the Corporate \nGovernance and Nomination \nCommittee \n1,208,250.00 \n- \n199,000.00 \n- \n- \n5,300,752.00 \n6,708,002.00 \n13. Ms. Somruedee \n Chaimongkol \nDirector \n805,500.00 \n- \n- \n- \n- \n7,067,669.00 \n7,873,169.00 \n14. Mr. Suthad \n Setboonsarng \nIndependent Director\/ \nMember of the Audit Committee\/ \nMember of the Compensation \nCommittee \n270,000.00 \n108,000.00 \n- \n60,000.00 \n- \n7,067,669.00 \n7,505,669.00 \nTotal \n110,941,168.00 \nNotes \n: \n\u2022 Mrs. Watanan Petersik (Person No. 8) was appointed as a director, effective 4 April 2023, and as a member of the Audit Committee, effective 1 May \n2023. \n\u2022 Mr. Suthad Setboonsarng (Person No. 14) resigned as a director, effective 4 April 2023. \n\u2022 In addition to the above remuneration, each director received other benefits, including an annual medical check-up fee of THB 50,000, Directors\u2019 and \nofficers\u2019 liability insurance (D&O Insurance) coverage of THB 400 million, and fees for seminars held by the Thai Institute of Directors Association (IOD) \nand other related institutions according to the Company\u2019s regulations. \nShareholding of the Board of Directors and Executives \nas of 31 December 2023 \nMembers of the Board of Directors are required to report the number of shares in Banpu Public Company \nLimited owned by themselves, their spouses, and minor children being non sui juris. The report should be made \nduring the next Board meeting following their appoinment as Board members. Additionally, if any Board members, \ntheir spouses, and minor children being non sui juris buy or sell the Company\u2019s shares, they are required \nto report such transactions during the subsequent Board meeting. Shareholding of the Board of Directors \nand Executives as of 31 December 2023 is shown in the following table. \n250 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Name \nOrdinary Share (Shares) \n31 Dec 2023 \n31 Dec 2022 \n+\/(-) \n1. Mr. Chanin Vongkusolkit \n30,678,626 \n23,478,626 \n7,200,000 \nSpouse\/ Minor Child \nRelated juristic persons \n11,814,300 \n- \n10,814,300 \n- \n1,000,000 \n- \n2. Mr. Teerana Bhongmakapat \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n3. Mr. Piriya Khempon \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n4. Mr. Anon Sirisaengtaksin \n39,998 \n33,332 \n6,666 \nSpouse\/ Minor Child \nRelated juristic persons \n22,530 \n- \n18,024 \n- \n4,506 \n- \n5. Mr. Buntoeng Vongkusolkit \n10,863,527 \n8,382,046 \n2,481,481 \nSpouse\/ Minor Child \nRelated juristic persons \n- \n55,801,100 \n- \n- \n- \n55,801,100 \n6. Mr. Pichai Dusdeekulchai \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n7. Mr. Teerapat Sanguankotchakorn \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n8. Mrs. Watanan Petersik \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n9. Mr. Metee Auapinyakul \n8,000,000 \n7,354,000 \n646,000 \nSpouse\/ Minor Child \nRelated juristic persons \n1,500,000 \n- \n 1,070,000 \n- \n430,000 \n10. Mr. Ongart Auapinyakul \n740,092 \n 740,092 \n0 \nSpouse\/ Minor Child \nRelated juristic persons \n3,500,000 \n- \n 3,000,000 \n500,000 \n- \n11. Mr. Verajet Vongkusolkit \n19,738,973 \n 17,495,373 \n2,243,600 \nSpouse\/ Minor Child \nRelated juristic persons \n484,400 \n55,801,100 \n402,600 \n- \n81,800 \n55,801,100 \n12. Mr. Sarayuth Saengchan \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n13. Ms. Somruedee Chaimongkol \n12,815,044 \n9,838,666 \n2,976,378 \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n251 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Name \nOrdinary Share (Shares) \n31 Dec 2023 \n31 Dec 2022 \n+\/(-) \n14. Mr. Somsak Sithinamsuwan \n109,711 \n109,711 \n0 \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n15. Mr. Jirameth Achcha \n- \n90 \n(90) \nSpouse\/ Minor Child \nRelated juristic persons \n38,837 \n- \n38,837 \n- \n- \n- \n16. Mr. Sutee Sukruan \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n17. Mr. Kirana Limpaphayom \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n166,800 \n- \n139,000 \n- \n27,800 \n- \n18. Ms. Arisara Sakulkarawek \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \n19. Mr. Thiti Mekavichai \n* \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n200,834 \n- \n100,556 \n- \n100,278 \n- \n20. Mr. Wittapon Jawjit \n- \n- \n- \nSpouse\/ Minor Child \nRelated juristic persons \n11,000 \n- \n11,000 \n- \n- \n- \n21. Mr. Sinon Vongkusolkit \n959,699 \n494,666 \n465,033 \nSpouse\/ Minor Child \nRelated juristic persons \n- \n- \n- \n- \n- \n- \nNote: \n* Mr. Thiti Mekavichai retired on 1 January 2024. \nThe increase in ordinary shares held by directors and senior executives partially resulted from the exercise of BANPU-W5 warrants. \nSenior Executives \nBanpu\u2019s Senior Executives \n(As of 31 December 2023) \nare as follows: \n1. Ms. Somruedee Chaimongkol \nChief Executive Officer \n2. Mr. Somsak Sithinamsuwan \nHead of Mining Business \n3. Dr. Kirana Limpaphayom \nHead of Power Business \n4. Mr. Thiti Mekavichai \n* \nHead of Oil and Gas Business \n5. Mr. Sutee Sukruan \nHead of Strategy and Business Development \n252 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Notes: \n* Mr. Thiti Mekavichai retired on 1 January 2024. \n** Mr. Sinon Vongkusolkit was appointed as Group Senior Vice President \u2013 Office of CEO, effective 1 January 2024. \nUnit: THB \nNumber of Executives \nAmount \nSalary and Bonus \n9 \n141,015,750.00 \nContribution to Provident Fund \n7 \n3,856,308.00 \nTotal \n144,872,058.00 \n6. Ms. Arisara Sakulkarawek \nChief Financial Officer \n7. Mr. Wittapon Jawjit \nHead of Human Resources \n8. Mr. Jirameth Achcha \nHead of Corporate Services \n9. Mr. Sinon Vongkusolkit \n** \nChief Executive Officer of Banpu NEXT Co., Ltd. \nThe above list of senior executives has qualifications as per the definition of \u201cExecutives\u201d in the Notification of \nCapital Market Supervisory Board TorChor 23\/2551. These executives are entrusted with authority and duties to \nmanage the Company\u2019s operations according to the policy, strategy, and goals set by the Board of Directors. \nThe Board has approved the scope of authority and defined clear segregation of duties to ensure transparent \nand flexible operations. \nAuthority and Duties of the Chief Executive Officer \nThe Board of Directors has set performance goals for the CEO and considers the CEO\u2019s compensation based on \nher annual performance. In turn, the CEO evaluates executives and senior executives based on goals and criteria \ncorresponding with the Company\u2019s strategic plan and annual action plan, along with the CEO\u2019s performance \ngoals, in order to determine appropriate compensation packages and incentives. \nExecutive Remuneration Policy and Payment \nThe Company\u2019s remuneration consists of monthly salaries, bonuses, and other forms of compensation, such \nas contributions to the provident fund (excluding remuneration for some executives who are directors). Executive \nremuneration comprises salaries and bonuses tied to the Company\u2019s overall performance and individual \nachievements, as measured against their key performance indicators. In 2023, remuneration rewarded \nto executives amounted to THB 144,872,058. \nNote: \n\u2022 In 2023, there were nine executives, namely 1) Ms. Somruedee Chaimongkol, 2) Mr. Somsak Sithinamsuwan, 3) Dr. Kirana Limpaphayom, \n4) Mr. Thiti Mekavichai, 5) Mr. Sutee Sukruan, 6) Ms. Arisara Sakulkarawek, 7) Wittapon Jawjit, 8) Mr. Jirameth Achcha, and 9) Mr. Sinon Vongkusolkit. \n253 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Employees \nTotal \nEmployees \n6,116 \n28 \nJapan \n362 \n2,266 \nIndonesia \n1,761 \nAustralia \nVietnam \n58 \n15 \nMongolia \n632 \nThailand \n994 \nChina \nThe United States \nof America \nBanpu puts its employees at the heart of every human resources management process while managing \nemployees from diverse backgrounds, e.g., race, religion, language, culture, age, knowledge, perspective, and \nwork experience in all countries where it operates. The Company leverages these strengths to enhance value, \nstrengthen competitive advantage, and create a happy, agile, and flexible workplace for all employees in response \nto changing lifestyles. Employees are encouraged to create innovations in all dimensions to drive new businesses, \nwith the ultimate goal of achieving business sustainability and long-term growth based on a solid foundation. \nEmployee Remuneration \nIn 2023, the remuneration in cash paid to employees of Banpu and its subsidiaries in Thailand, China, Indonesia, \nAustralia, Mongolia, Japan, Vietnam, and the U.S. consisted of monthly salary, bonuses, and other forms of \ncompensation, such as contribution to provident fund amounted to THB 13,809,616,544.36. \nSignificant Labor Disputes over the Past Three Years \n- None - \nCommitted to delivering sustainable energy for society, \nBanpu focuses on strengthening its ecosystem from within. The Company empowers its employees \nand facilitates a work environment that fosters growth and potential by promoting employee well-being \nin all aspects, allowing them to create positive change, based on the belief that \u201cemployees\u201d \nare the key to a robust business ecosystem that open doors to new and diverse business opportunities. \nTotal Number of Banpu's and Its Subsidiaries' Employees by Country \nAs of 31 December 2023 \n254 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u201cBanpu Heart\u201d \n is a corporate culture that unites over 6,000 Banpu employees of diverse backgrounds across \nevery country. It brings them together as \u201cOne\u201d to drive changes in alignment with the Company\u2019s vision and \nbusiness strategies, especially during times of organizational change or transformation. Adopted by all executives \nand employees, the \n\u201cBanpu Heart\u201d \n plays a crucial role in leading everyone toward the same direction of becoming \nthe leading Asian energy company at the heart of innovation, technology, and sustainability. Banpu\u2019s corporate \nculture consists of three shared values as follows: \nHuman Resource Management \n\u201cOne Banpu, One Goal\u201d Uniting thousands of \nBanpu\u2019s employees into \u201cOne\u201d Banpu Heart \n!\uf88e#$%&'(')(\uf88e# \nTranscend the Trend \n*+,-.+\/0'-.+\/ \nIdeate and Get Real \n1.23(1.4$0'1.4$ \nLearn Fast, Do First \n5.\uf88e#\/5..*\uf897 \n!\uf88e#$789)\uf88e5'1.4- \nPursue for Success \n1.#0'7,\uf88e \nCan Do More \n8.#,18.23$:%;18%2<3(:8%\/ \nBe Agile and Change \n)\uf88b$\/93:%;:>\uf88b\/8\uf884( \nExpress Care and Share \n9-.@! \n3A,B@<(*$#BCD!E\uf88eF\/ \nAdhere to Integrity and Ethics \n5#(G%@\/5.\uf88e#\/1*.HFI\uf88b#3 \nSynergize and Network \nG@J(#F3\uf88b#\/3@<\/3H( \nEngage to Sustainability \nDevelopment \nBK\uf88b\/B@<(3H()3@, \nNew Ideas, New Solutions \nSuccess Is the Only Option \nStriving for the Future \nTo strengthen and sustain the corporate culture, the Company has incorporated \u201cBanpu Heart\u201d in all processes \ninvolving its employees including recruitment of new employees, orientation, performance evaluation, employee \ndevelopment, and job promotion. \nBanpu Heart, a culture built on trust, has been the solid foundation of synergy among its people for over four \ndecades. Realizing this fact, in 2023, the Company enhanced its culture-promoting activities to further facilitate \nits diverse business ecosystem. By emphasizing a sense of ownership and accommodating employees from \ndifferent generations and geographical backgrounds, the Company provided flexibility in designing activities that \nreflected its corporate culture in ways best suitable for the context of each location. A notable example was the \nproject to promote learning, enhance mutual understanding, and foster the corporate culture through real-life \nstories of its employees in the documentary film titled \u201cThe Stories of Banpu People: Voices of Dedication,\u201d \nportraying the work, life, and experiences of the Company's employees from all countries. The documentary \nnot only helped Banpu people to understand each other better but also engaged them in aligning the \n\u201c10 Key Behaviors of Banpu Heart\u201d with their individual goals and the business goals of Banpu Group through \n255 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","the exchange of diverse perspectives, reflecting adherence to the same corporate culture. Moreover, \nthe Company organized other creative and engaging activities that allowed participants to practice and integrate \ncorporate values with their personal values to facilitate better understanding and more effective agile working. \nThe key activities held included: \n\u2022 Reinforcing the role of \nBanpu Change Leaders \n(BCLs), \n a group of employees who volunteer \nto drive corporate culture, through establishing \na global network of BCLs and making them part of \nthe Company\u2019s Global Ecosystem through various \nactivities, such as \nthe Banpu Heart and Local \nCommunity \n activity in China, \nBanpu Heart SPORT \nCUP \n in Indonesia, and the \nLevel Up 4 Decades \nthe New Year celebration \n event in Thailand. \n\u2022 \nThe Transcend Your Limit activity \n, an activity based \non the belief that \"every employee possesses \nlimitless capabilities\", was organized to motivate \nemployees to transcend their limits, discover the \npower of action, dare to try new things, and learn \nfrom their failures. \n\u2022 \nThe Boost Me Up Series \n, the series of activities held \nwith an aim to sustainably improve employees' \nwell-being in all aspects by promoting mindfulness, \nhealth, and financial literacy and boosting \nemployees' energy to contribute to society. \n\u2022 \nThe Banpu 40th Anniversary Celebration \n, an \ninternal event showcasing the Company's four \ndecades of journey in delivering sustainable energy \nthrough responsible business operations toward \nall stakeholders, society, and the environment. \n\u2022 \nThe Brand Talk: Express to Success event \n, \nat which Mr. Krating Ruangroj Poonpol, the \nGroup Chairman of KBTG, shared his insights \nwith Banpu\u2019s employees about the corporate \nentrepreneur mindset, along with tips and tricks \nfor success in the Never Normal era, which \nemployees could apply in their work lives. \nBanpu has been committed to developing its corporate culture throughout the past four decades and is willing \nto exchange ideas with other organizations and expand its employees' learning horizons about corporate \nvalues. To date, many public and private organizations, both in Thailand and abroad, have joined in the learning \nprocess. Banpu welcomed other companies to visit and learn about its corporate culture, organized lectures \nand provided advice for other organizations on how to build a sustainable corporate culture. \n256 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Furthermore, the Company annually conducts an employee survey to gather their opinions on corporate culture \nand assess the levels of employee engagement. In 2023, the Company conducted a survey on \u201cBanpu Heart\u201d \nto measure employee\u2019s engagement and the extent to which employees\u2019 actions allign to the corporate culture \nto ensure that, employees, as a key group of Banpu\u2019s stakeholders, truly represent the Banpu Heart. The 2023 \nsurvey results are as follows: \nBanpu has consistently prioritized the strengthening of its innovation culture. The Company has designed and \ndeveloped activities to promote cross-sectional collaboration and cross-functional knowledge and experience \nsharing while encouraging openness to different perspectives and fostering a willingness to try new things. \nThese activities aim to cultivate an innovative atmosphere throughout Banpu. Additionally, the Company has prepared \nits employees for changes by establishing an Innovation Community within the organization and organizing activities \nsuch as UnBox iDeas and Banpu Global Innovation Awards 2023. \nUnBox iDeas \n is an activity aimed at promoting agile \nworking by providing a platform for thinkers and \npractitioners to experiment with their ideas. This activity \nencourages employees to develop agile working, dare \nto think, try new things, and learn from failures while \nbeing open to feedback so that they can improve \ntheir ideas and transform them into innovations. The \nCompany has allocated a budget for employees to \nexperiment with their ideas. This is also an opportunity \nto develop experienced employees at Banpu into \nfacilitators who can effectively share their knowledge \nand expertise with their colleagues. \nRecruitment \n80% \nAverage Alignment \nLevels of Employee \nBehaviors to Corporate \nCulture in All \n78% \n\u201cBanpu\u201d \nAverage Levels of \nEmployee Engagement \nin All Countries \n2023in \n\u201cBanpu Heart\u201d \n2023Countries in \nBanpu believes that \u201cPeople\u201d and networking lie at the heart \nof its sustainable innovation. \n\u201cCulture-Fit Assessment\u201d \nto screen appropriate \ncandidates \nRecruitment \nOrganize orientation for \nnew employees on \n\u201cBanpu Heart\u201d \ncorporate culture via \nmobile application \nOrientation \nStrengthen corporate \nculture through various \nactivities adapted \nto changing environment \nCapacity \nBuilding \nIncorporate \n\u201cBanpu Heart\u201d \ninto performance \nassessment \nPerformance \nAssessment \n257 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Global Innovation Awards Banpu has been \nencouraging employees to develop and implement \ntheir innovative thinking skills for over a decade. \nThe Banpu Global Innovation Awards event provides \na platform for all Banpu Group\u2019s employees to \nshowcase and present their creative ideas and \ninnovative projects that are coherent with its Greener \nand Smarter strategy in front of executives and fellow \nemployees. The platform helps foster cross-country \nand cross-sectional cooperation and information \nexchange while facilitating the development of an \ninnovation community, allowing the Company to \nleverage practical outcomes to advance innovation \nin the short, medium, and long terms, for sustainable \nsuccess. \nHuman Capital Development Policy \nIn 2023, the Company implemented its human capital development strategy according to the employee value \nproposition principle, aligned with the vision of transforming Banpu into a lifelong learning organization. \nThis strategy aims to equip all employees with learning potential and comprehensive personal development, \nwhich will enable Banpu to adapt to any situation and thrive amid business challenges and changes. \nKey initiatives under the strategy were as follows: \nTo reinforce \u201cOne Banpu, One Goal\u201d concept, Banpu strives to align human resources management with its \nvision and timely responds to changing business environments, propelling the Company toward becoming a \nleading versatile international energy provider. The Company strongly supports capacity building and agility in the \nworkplace. Starting at Banpu Academy, the Company has integrated Scrum, an agile methodology framework, into \nits operations, which can be regarded as \u201cBanpu\u2019s way of working.\u201d The goal is to create an agile way of working \nto ensure smooth cross-functional and cross-country collaboration while also allowing employees to develop new \nskills and enhance career growth across functions and countries. \n\u201cIt doesn't matter what role you are in; what matters is how you see yourself in the future.\u201d \n258 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","1. The Company has developed standardized and \nup-to-date employee training programs for the \nBanpu Group as well as specialized programs \nto support the needs for specific expertise \nand context of each current or future flagship \nbusiness in each country where Banpu operates. \nIn addition to basic training and development \nprograms, the Company, with support from \nleading executive development institutes \nand consulting firms both domestically and \ninternationally, has designed and developed \ntraining programs for executives and employees \nat all levels via a blended learning platform. \nFurthermore, the Company has adjusted its \nhuman resources development to better align \nwith the Flexible Workplace policy, enabling \nemployees to reskill and upskill through self- \nlearning, where Banpu Academy could cater to \ndiverse self-development needs. These was to \nprovide employees with positive learning and \nworking experiences, as well as equip them \nwith the ability to develop and transfer skills, \nknowledge, and experiences, allowing the \nCompany to achieve smart, sustainable, and \nsteady strategy implementation. \nThe development of Banpu\u2019s employee training \nprograms serves the dual purpose of enhancing \nemployees\u2019 knowledge, competencies, and work \nskills for their current roles while improving \npotential for their career path. The programs focus \non integrative learning activities including formal \nclassroom training, study trips and experience \nsharing sessions, ensuring continuous learning \nand development for employees and enhancing \nthe Company\u2019s growth despite all the changes. \n2. The Company has established networks and \necosystems for employee development in \ncollaboration with international human resources \ndevelopment institutes and organizations from \nboth private and public sectors. This has been \naccomplished as per the Memorandum of \nUnderstandings (MoUs) with the College of Social \nCommunication Innovation, Srinakharinwirot \nUniversity, and Bangkok University International. \nThe intiatives aimed to strenghen both student \nlearning ecosystems and networks while fostering \ncollaboration on the development of future-proof \nprograms for employees. Furthermore, students \nwere exposed to experience, knowledge, and \nexpertise shared by Banpu\u2019s experts from diverse \nfields, which inspired their interest in joining \nBanpu\u2019s internship program. \n3. The Company used data analytics as a tool for \ndeveloping the annual employee development \nplan and designing learning experiences to \nefficiently respond to the needs for more dynamic \nand efficient personnel development at both the \nbusiness unit level and the individual level. \nTo curate training courses that meet employees\u2019 \nlearning needs and behaviors, Banpu Academy \nconducted an Employee Diagnostic Survey \ncovering over 2,500 employees at all levels \nin seven countries. \n259 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The top three skills that employees considered \nimportant for the organization were problem solving \nand value creation, effective communication and \nnegotiation, and innovation and transformation, \nrespectively. According to employees, the key factor \ninfluencing their decision to take a training course \nwas the relevance of the course to their current jobs. \nAdditionally, dividing course content into shorter \nsessions would facilitate more effective learning. \nBanpu Academy will use these findings for future \nlearning design, course development, and capacity \ndevelopment planning. \n4. The Company continued to develope employees\u2019 \npotential and capabilities to prepare them for the \ndigital age and rapid changes in the New Normal \nera so that they could utilize digital tools to improve \nwork efficiency. The focal points of employee \ndevelopment included data analytics, human-centric \nskills, Banpu\u2019s way of working, which was derived \nfrom the agile methodology and based on the scrum \nframework. Additionally, design thinking process \nwas applied to increase cross-functional, cross-unit, \nand cross-country collaboration.Centric) \ndecarbonization, and topics related to regulatory \nchanges or new laws, e.g., the Personal \nData Protection Act (PDPA). Furthermore, \nspeakers from academic institutions and private \norganizations were invited to share their insights \nin order to cultivate a growth mindset among \nBanpu people. \n5. The Company continued its effort to promote an \ninnovation culture and encourage creativity and \ncontinuous development in the organization. \n6. To foster a learning community within Banpu, \nthe Company established TalkFest a platform \nfor knowledge sharing among experts from \nvarious fields, both inside and outside the \norganization. The series of topics for TalkFest \ncatered to the interests of Banpu employees and \naddressed several important trending issues at \nthe time. These included a series of economic \nand investment topics e.g., the CVC Series \nand the Economics of Death. Other series of \ntopics included sustainable development, e.g., \n7. To foster a network that facilitates and promotes \nthe exchange of important knowledge, expertise \nand experiences within the Banpu Group in \na tangible and sustainable manner, Banpu \nAcademy at the Banpu Headquarters in Bangkok, \nhas collaborated with responsible units for \nemployee development in each country to \nestablish Banpu Academy \u2013 Country Campuses. \nThis initiative aims to drive employee development \nin respective countries. In 2023, Banpu Academy \n\u2013 Australia Campus was established to advance \nknowledge on modern underground mining that \nuses cutting-edge mining technology and AI for \ndata analytics. In addition, Banpu Academy \u2013 \nVietnam Campus serves as a knowledge base \non wind farms. There are also plans to expand \ncampuses in other countries, such as China, \nJapan, and the U.S., which is expected to be \ncompleted by 2024. These campuses not only \nefficiently serve as learning and skill development \ncenters for employees across the Banpu Group, \nbut also create a tangible and sustainable \nnetwork for knowledge and experience exchange \nin the organization. \n260 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Self-learning Capacity Development \nPrograms \nThe Company has the policy to allocate a training \nbudget at a minimum of 5% of the total annual salary \nbudget. In addition to in-house and external training \ncourses, as well as selective learning programs based \non a universal blueprint for infinite learning, in 2023 \nthe Company carried out development programs to \nenhance the following key skills: \nLeadership Development: \n The program focuses on \nenhancing business-related skills, such as Energy \nTitan, negotiation, coaching, and mentoring. It aims \nto unlock employee potential and broaden their \nlearning horizons within the same department, across \ndepartments, and internationally, fostering lifelong \nlearning in the organization. \nDigital Proficiency: \nThis program begins with \nreinforcing employees\u2019 knowledge and skills through \nthe Data-Driven Citizen Program, which enables them \nto leverage insights and advance the organization \nforward in a technology-driven landscape, ultimately \nbenefiting the Company and generating added value \nfor customers. Through this program, employees \nare also provided with an opportunity to initiate and \nimplement their projects, with support from a learning \ncommunity in terms of experience sharing, transfer \nof knowledge, and data analytic techniques. With \na learner-centered approach, employees have the \nflexibility to choose their preferred learning styles for \neffective knowledge and skill development. \nTechnical\/Functional Competency Development: \nThis program involves strategic planning and thinking, \nproject management, building business operating \nmodels, and Banpu Group\u2019s sustainable development \nprinciples. \nIn addition to developing technical and functional \ncompetencies specific to employees\u2019 current roles, the \nCompany has arranged several trainings to develop \nnew skills in preparation for business expansion and \nfuture growth. These include the workshop on strategic \nminerals for employees in the mining business, as \nwell as an internal seminar on ESG. Furthermore, the \nCompany has fostered employee development through \nthe Learning Community initiative, which emphasizes \nthe exchange of insights and best practices for practical \nproblem-solving based on real case studies from both \ninternal and external sources. Examples of learning \ncommunities include the Energy Trading Learning \nCommunity and Renewable Energy Asset Management \nLearning Community, both of which allow members \nof the same workgroup in different countries to share \nknowledge, best practices, and experiences and to \ncollaborate on developing guidelines for work process \ndevelopment, exchanging information, and expanding \nnetworks together. \nIn 2023, employees and executive received an \naverage of 35 hours of training. They participated in \nthe following training programs. \n261 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Global Leadership Program \nThis program offers training for Banpu\u2019s executives in all \ncountries, aiming to foster cross-cultural collaboration \nand cross-functional networking to drive international \ncooperation and collaboration. It includes courses \non self-development for enhanced leadership, team \nleadership skill development, and business leadership \nskill development. Banpu Global Leadership Programs \nconsist of the following: \n\u2022 \nBanpu International Business Leader Program \n(IBLP) \n is a leadership development program for \nexecutives in all countries. The Company completed \nthe training for the first batch of IBLP program in \n2023. This program aims to develop leaders\u2019 essential \nskills for international business management and for \nnavigating emerging business challenges by learning \nfrom experts, leveraging experiences and know-how \nwithin the organization, and knowledge sharing. \nAdditionally, the program emphasizes action learning \nand incorporates a mentoring system where senior \nexecutives of each organization serve as mentors to \nthe participants, preparing them for critical positions \nand promoting the sustainability of the organization. \n\u2022 \nLeadership Weekend Programs \n is a senior \nexecutive development program focusing on the \nvisualization of the Company\u2019s overall strategy and \ndirection, encompassing business operations, \nstrategic plans, and the formulation of Banpu\u2019s future \nhuman capital development plan. \n\u2022 \nBanpu Business Leaders Development Program \naims to prepare executives in each country for people \nmanagement, operations management, and their \nfuture leadership roles. Participants are required to \ngo through a systematic selection procedure, where \nthe leadership competencies and characteristics are \nassessed in order to identify strengths and areas for \ndevelopment. A personalized training program is also \nconducted to prepare each of them for the future \nleadership role. \nIn addition, the Company empowers high-potential \ncandidates with business acumen, analytical thinking, \nand management skills through various development \nactivities, such as cross-functional collaboration, cross- \ncountry experience, and job rotation. Candidates\u2019 \nprogress is monitored quarterly against personalized \nlearning programs. \n\u2022 \nBanpu Global Leadership Program For First \nLine Leaders: \n This program is designed to cultivate \nleadership skills in participants, enabling them to \nbuild people excellence and leverage their thinking \nand strengths for further success. In other words, it \naims to develop leaders who can build exceptional \nteams, inspire and guide members toward collective \nsuccess, and encourage the effective participation \nof-first line leaders in creating sustainable business \ngrowth \n\u2022 \nBanpu Future Leader Program: \n The Banpu \nFuture Leader Program is designed to enhance \nelementary-level leadership skills, including emotional \nintelligence, stakeholder management, business \nstrategy exploration, innovation, and creativity. \nAdditionally, it aims to enrich the learning experience \nthrough the Learning Application Project, which \nencourages employees to form cross-functional \nteams, develop project proposals based on their \ninnovative ideas, and present them to the committee \nfor budget approval and implementation. Upon \nprogram completion, participants demonstrated \nimproved interpersonal relationships and higher \nengagement with the organization compared to their \npeers. \n262 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","In 2023, the Company was granted the Gold Award \nin the Excellence in Learning and Development \ncategory and the Silver Award in the Excellence in \nLeadership Development category at the Human \nResources Excellence Awards 2023, organized by \nthe Human Resources Online Institute in Singapore, \nreaffirming Banpu\u2019s standards and achievements in \npersonnel development. \nSuccession Planning and High Potential \nManagement \nBanpu recognizes the importance of maintaining \ncontinuity in workforce planning and management \nto effectively support its growing business. In 2023, \nBanpu\u2019s Succession Planning Committee identified \npotential successors for senior executive positions \nand regularly reviewed and monitored the succession \nplan to facilitate growth. The Company prepared \nfuture successors through training in the International \nBusiness Leader Program (IBLP) and evaluated \ntheir development through individual development \nprograms (IDPs). Additionally, the Company monitored \nprogress according to the IDPs and recruited new \nemployees and executives to fill critical positions in \neach country, aligning succession planning with the \nCompany\u2019s business strategy. Banpu has determined \nkey critical positions, identified successors, and \nregularly reviewed selection criteria to strengthen \nlong-term succession management and enhance \nagility in each business area. \nIn 2023, the Banpu Future Leader Alumni Session brought together alumni from six program batches to develop \nnew skills, inspire learning for future leadership roles, and facilitate experience exchange among alumni within \nthe network. \nThe Succession Planning Committee has prepared \ncareer choice and job rotation opportunities for \nsuccessors in senior management and key positions. \nIn 2023, successors were promoted to key positions \nto ensure business continuity. \nThe Company aims to consistently equip executives \nof middle-level and higher with the people and work \nmanagement skills essential for their future leadership \nroles. In 2023, the Company launched the Banpu \nInternational Business Leader Program (IBLP) to \ncultivate leaders in each country, starting with the \nfirst batch. The program focuses on action learning \nand aims to develop and prepare participants for \nleadership roles. Each participant was assigned a \nmentor, a senior executive in the Company, to support \ntheir growth toward critical roles. \nSupporting Agile Working with HR Technology Transformation Strategy, Uniting Employee \nData with Single Source of Information under \u201cOne Banpu, One Goal\u201d Concept \nThe Company is moving forward to build an ecosystem of human resources management technology and ensure \nthat the linkage of HR information in every country is established to allow for accurate information management, \neasy access, and maximum agility for all parties. Various technologies and systems have thus been introduced to \nstreamline HR management processes in each country while prioritizing both process automation and pleasant \nuser experience. The improved user experience was developed to enhance overall efficiency, provide visibility \nto support growth opportunities, and establish a robust business ecosystem in the long run. Some of the recent \ndevelopments are given below \n263 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","\u2022 The Company has developed technology for \nemployee data collection and utilization in every \ncountry, all connected to a Single Source of \nInformation that is user-friendly. This enhances \ndata analytics efficiency for streamlined human \nresources management and international \ncollaboration. In 2023, the Company improved data \nconnectivity and enhanced employee experience \nthrough the development of the following systems: \n- BTalk system, enabling employees to express \ntheir opinions, answer questions, or exchange \nknowledge. \n- Buddy Up system, boosting employee engagement \nand facilitating daily use, such as consolidating \nmultiple systems into a single source, catching \nup on the news, and accumulating reward points \nand redeeming them for rewards that meet diverse \nneeds. \n- An experimental AI-based system to effectively \nidentify and assess high potential employees for \nindividual development planning, of which the \npilot implementation in Banpu NEXT Co., Ltd. is \nscheduled for 2024. \n- An experimental AI-based personal assistant \nsystem for employees that automatically notifies \nand responds to employees\u2019 inquiries (in progress) \n\u2022 \n The HR Technology Transformation Strategy \naccording to the 3E2A approach (E = Ecosystem, \nE = Employee Experience, E = Empowering, \nA = Automation, A = Analytics) has been developed, \nmaking it possible to generate analytical results, \nkey competency indicators, and identify strategic \nhuman resource management issues from \navailable data, providing the Company with a \ncompetitive edge and fostering long-term business \necosystem development. \nDevelopment of an Effective Organizational \nStructure \nThe Company is well aware that an organizational \nstructure appropriate for business strategies promotes \nagility, strengthens management, creates synergies among \nbusiness groups in every country, and facilitates speedy \noperations in each country to ensure maximum efficiency. \nIn 2023, the Company set up the Executive Committee \nto steer and support diverse business expansions and to \nreinforce the Banpu Ecosystem in the long term through \nthe strategic plans of each country. \nOther Important Information \nThe Person Assigned to Supervise \nAccounting \nMs. Arisara Sakulkarawek, Chief Financial Officer, was \nassigned to directly supervise the accounting of the \nCompany. Details of the person directly supervising \naccounting are included under the section \u201cDetails of \nthe Board of Directors and Management\u201d in this report. \nCompany Secretary \nThe Board of Directors has appointed Mr. Virach \nVudhidhanaseth as Company Secretary, whose duties \nand responsibilities are as stipulated in the Securities \nand Exchange Act (No.5), B.E. 2559, an amendment \nof the Securities and Exchange Act B.E. 2535. The \nCompany Secretary is responsible for organizing \nthe Board of Directors\u2019 meetings and shareholders\u2019 \nmeeting, ensuring compliance with the meetings\u2019 \nresolutions, and advising the Board on rules and \nregulations that it must comply with. Additionally, the \nCompany Secretary prepares and keeps the register \nof directors, Board meeting invitation letters, Board \nmeeting minutes and the Company\u2019s annual reports, \ninvitation letters to attend the shareholders\u2019 meeting and \nrecords of its minutes, the report on conflict of interest \nby directors or executive officers, and performs other \nduties as prescribed by the Office of the Securities and \nExchange Commission, the Capital Market Supervisory \nBoard, and the Stock Exchange of Thailand. Head of \nthe Internal Audit Department. \nHead of Global Internal Audit \nMs. Wiyada Wiboonsirichai, Head of Global Internal \nAudit and Compliance, was appointed to supervise \nthe Company\u2019s internal audit. \nFor complete information on \u201cDetails of senior \nmanagement,the person directly supervising \naccounting,Company Secretary, and Head of \nGlobal Internal Audit\u201d, \nCLICK HERE \nPlease scan the QR Code \nor clicking on \u2018CLICK HERE\u2019 \n264 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Investor Relations \nInvestor Relations Department discloses information to ensure inclusive and equitable information for all \nstakeholders. \nInterested parties may contact or make inquiries to the Company\u2019s Investor Relations \nvia the following channels \nAudit Fees \nThe Audit Committee considered the selection of \nauditors based on Banpu\u2019s evaluation criteria, namely \nauditor independence, audit quality and standards, \nand qualifications of auditors as required by the Stock \nExchange of Thailand. The Audit Committee then \nproposed the appointment of the following auditors to \nthe Board of Directors for approval. \n1. Ms. Amornrat Permpoonwattanasuk \nCPA, License No. 5499; and\/or \n2. Ms. Rodjanart Banyatananusard \nCPA, License No. 8435; and\/or \n3. Mr. Pongthavee Ratanakoses \nCPA, License No. 7795; and\/or \n4. Mr. Boonruang Lertwisetwit \nCPA, License No. 6552 \nThe above individuals from PricewaterhouseCoopers \nABAS Ltd. (PwC), which has a network of firms in \nmany countries, were nominated as auditors of Banpu \nPublic Company Limited in 2023 with total audit fees \nof THB 3,012,500, increasing 4.90% from 2022. \nThe audit fees were exclusive of out-of-pocket expenses, \nsuch as domestic travel expenses, telephone bills, \npostage and stamp charges, and photocopy service fees, \nwhich shall not exceed 10% of the total audit fees. \nNon-Audit Fees \nIn 2023, the Company had other fees of THB 291,670, \nwhich are expenses incurred during the service \nprovided by PricewaterhouseCoopers ABAS Ltd. \n(PwC). \nTelephone \n+66 2 694 6684 \nEmail \[email protected] \nLine \n@banpu-ir \nFor complete information on the website, \nPlease scan the QR Code or clicking on \u2018CLICK HERE\u2019 \nCLICK HERE \n265 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","CORPORATE GOVERNANCE PERFORMANCE \nSummary of the Performance of the Board of Directors in 2023 \nIn 2023, the Board of Directors played a critical role in formulating policies and strategies to enhance \ncompetitiveness, cultivate the corporate culture and values, and improve the efficiency of governance and \nthe adequacy of internal control and risk management. Furthermore, the Board has also provided valuable \nsuggestions for business growth. Key actions by the Board\u2019s performance in the past year included: \n266 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","\u2022 Reviewing the Practices for the Board of Directors \nand the Charter of each sub-committee to revise \ntheir scope of duties and requirements on \nmeetings to ensure that they align with changes \nin governance criteria, the Board\u2019s roles, and \nbusiness operations \n\u2022 Reviewing the Board\u2019s performance evaluation \nform to receive additional feedback and \nperspectives on business operations \n\u2022 Reviewing the structure and composition of \nthe Board of Directors and the Board Skill Matrix \non an annual basis to ensure alignment with \nthe Company\u2019s strategy and business direction \n\u2022 Recruiting and nominating a new director to \nreplace a retired director. The Board nominated \nMrs. Watanan Petersik, whose knowledge, \ncompetencies, and qualifications suit the \nCompany\u2019s business direction, as an independent \ndirector. \n\u2022 Considering the succession plan prepared \nby the Corporate Governance and Nomination \nCommittee and working with the CEO to develop \na CEO succession plan by considering potential \ncandidates based their on skills, knowledge, \ncompetencies, leadership, and experience \nessential and beneficial for business operations \naccording to the Company\u2019s strategic plan \n\u2022 Reviewing two policies and practices related \nto Environment, Society and Governance \nformulated by the ESG Committee: \n1) Environmental Policy \n2) Biodiversity Policy \nWhile acknowledging there are some practices \nwithin the SEC\u2019s Corporate Governance Code for \nListed Companies 2017 that the Company has \nnot yet implemented, Banpu has established and \nimplemented its own robust measures aligned \nwith its specific needs. \nNomination, Development, \nand Performance Evaluation of \nthe Board and Directors \nThe nomination, development, and performance \nevaluation of the Board of Directors are of great \nimportance as the Board of Directors has a critical \nrole in establishing the Company\u2019s strategy and \nbusiness direction to drive sustainable growth. \nThe Company has disclosed information as well as \nthe criteria and procedures for the nomination of \nBoard members under the section \u201cNomination \nof Directors and Senior Executives\u201d on page 220, \n\u201cPerformance Evaluation of the Board of Directors\u201d \non page 221, and \u201cDevelopment of the Board of \nDirectors and the Executives\u201d on page 222. \nThe Board of Directors\u2019 Meeting \nThe Board of Directors convenes at least once \na month, on the final week of every month except for \nFebruary and December, when the Board convenes \non the second week. Any additional meetings may be \nheld if necessary. At every meeting, there are \nclear agenda items. A complete set of supporting \ndocuments is submitted to the Board of Directors \nat least seven days in advance of the meeting to \nallow the Board an opportunity to properly review \nthe documents before the meeting. The inclusion of \nan agenda item after the distribution of documents \nis permissible only under exceptional circumstances \nand when justified. Furthermore, such an addition \nrequires approval from the Chairman of the Board. \nEach meeting lasts approximately three and a half \nhours. During the meeting, all directors can openly \nvoice their opinions. The Chairman of the Board is \nthe one who summarizes views and board resolutions. \nIf any director has a conflict of interest in a matter \nbeing considered by the Board, the director must \nleave the meeting room. \n Minutes of all the meetings are documented and \nsubsequently signed by the Chairman of the Board \nand the Company Secretary upon approval. These \nminutes and associated agenda documents are kept \nin both physical and electronic formats to be used \nas reference materials for directors or related persons. \nAll the documents are securely stored for a minimum \nof five years, with a safeguard system in place \nto prevent any alteration or unforeseen disaster. \n267 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","The Board of Directors\u2019 Meetings in 2023 (1 January 2023 \u2013 31 December 2023) \nName \nTitle \nTerms of Office \nThe Board of Directors\u2019 Meetings in 2023 \nThe Board \nof Directors \nNon- \nExecutive \nDirectors \nThe Audit \nCommittee \nThe Corporate \nGovernance \na \nCommittee \nThe \nCompensation \nCommittee \nThe \nEnvironmental, \nSocial and \nG \nCommittee \n2023 Annual \nGeneral \nMeeting of \nShareholders \nTotal 12 \nmeetings \nTotal 1 \nmeeting \nTotal 9 \nmeetings \nTotal 6 \nmeetings \nTotal 6 \nmeetings \nTotal 4 \nmeetings \nTotal 1 \nmeeting \n1. Mr. Chanin Vongkusolkit \nChairman, Non-Executive \nDirector (NED) \nApril 2022 - AGM 2025 \n12\/12 \n1\/1 \n_ \n_ \n_ \n_ \n1\/1 \n2. Mr. Teerana Bhongmakapat \nIndependent Director (ID) \nApril 2022 - AGM 2025 \n12\/12 \n1\/1 \n9\/9 \n_ \n6\/6 \n_ \n1\/1 \n3. Mr. Piriya Khempon \nIndependent Director (ID) \nApril 2022 - AGM 2025 \n12\/12 \n1\/1 \n_ \n6\/6 \n_ \n4\/4 \n1\/1 \n4. Mr. Anon Sirisaengtaksin \nNon-Executive Director \n(NED) \nApril 2023 - AGM 2026 \n12\/12 \n1\/1 \n_ \n6\/6 \n_ \n_ \n1\/1 \n5. Mr. Buntoeng Vongkusolkit \nNon-Executive Director \n(NED) \nApril 2021 - AGM 2024 \n10\/12 \n1\/1 \n_ \n_ \n5\/6 \n_ \n1\/1 \n6. Mr. Pichai Dusdeekulchai \nIndependent Director (ID) \nApril 2023 - AGM 2026 \n12\/12 \n1\/1 \n9\/9 \n_ \n_ \n4\/4 \n1\/1 \n7. Mr. Teerapat Sanguankotchakorn \nIndependent Director (ID) \nApril 2022 - AGM 2025 \n12\/12 \n1\/1 \n_ \n_ \n6\/6 \n4\/4 \n1\/1 \n8. Mrs. Watanan Petersik \nIndependent Director (ID) \nApril 2023 - AGM 2026 \n9\/9 \n1\/1 \n5\/5 \n_ \n_ \n_ \n_ \n9. Mr. Metee Auapinyakul \nNon-Executive Director \n(NED) \nApril 2023 - AGM 2026 \n12\/12 \n1\/1 \n_ \n_ \n_ \n_ \n1\/1 \n10. Mr. Ongart Auapinyakul \nNon-Executive Director \n(NED) \nApril 2021 - AGM 2024 \n12\/12 \n1\/1 \n_ \n_ \n_ \n_ \n1\/1 \n11. Mr. Verajet Vongkusolkit \nNon-Executive Director \n(NED) \nApril 2021 - AGM 2024 \n12\/12 \n1\/1 \n_ \n6\/6 \n_ \n_ \n1\/1 \n12. Mr. Sarayuth Saengchan \nNon-Executive Director \n(NED) \nApril 2022 - AGM 2025 \n12\/12 \n1\/1 \n_ \n6\/6 \n_ \n_ \n1\/1 \n13. Ms. Somruedee Chaimongkol \nExecutive Director (ED) \nApril 2021 - AGM 2024 \n12\/12 \n_ \n_ \n_ \n_ \n_ \n1\/1 \n14. Mr. Suthad Setboonsarng \nIndependent Director (ID) \nApril 2023 - AGM 2026 \n3\/3 \n_ \n3\/3 \n_ \n2\/2 \n_ \n1\/1 \nNotes: \n1. The 2023 Annual General Meeting of Shareholders of Banpu Public Company Limited was convened on 3 April 2023. \n2. Mrs. Watanan Petersik was appointed as a director, effective 4 April 2023, and as a member of the Audit Committee, effective 1 May 2023. \n3. Mr. Suthad Setboonsarng resigned from the position of director, effective 4 April 2023. \n268 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Remuneration of the Board \nof Directors \nThe Board of Directors delegated the Compensation \nCommittee to review the remuneration structure, \nsystem, and the appropriate amount of remuneration \nfor the Company\u2019s directors and senior management. \nIt is prescribed as a policy that remuneration must \nbe appropriate to roles, duties, and responsibilities \nand competitive within the relevant job market and \nbusiness landscape. Executive remuneration is \ndetermined based on individual performance to \nincentivize effectiveness. \nThe remuneration of the Board of Directors consists \nof a monthly salary and allowance for each meeting \nattended. Annual remuneration in the form of bonuses \nwill be linked to the dividend paid out to shareholders, \nand the payment of the Board of Directors\u2019 \nremuneration must be approved by the shareholders\u2019 \nmeeting. The information is disclosed under the \nsection \u201cRemuneration of the Board of Directors\u201d \non page 248. \nCorporate Governance of \nSubsidiaries and Affiliates \nThe Company has managed its subsidiaries \nand affiliates and established business procedures \nto ensure operational effectiveness and proficiency, \nas follows: \nInvestment Policies of Banpu and \nIts Subsidiaries \n1. The management shall review and assess a \npre-feasibility report prepared by the Investment \nCommittee before presenting the results and \ninvestment outlook to the Board of Directors. \nThe Board then considers and approves the \nproject for funding, development, and expansion, \nas well as the subsidiaries\u2019 significant policies. \nAdditionally, if an establishment or dissolution of \na subsidiary is necessary, the Board of Directors \nholds the authority to approve such decisions \nto ensure the overall efficiency of Banpu\u2019s \noperations. \n2. The Board of Directors oversees and approves \ninvestment transactions that meet specific criteria \nestablished by the SEC, such as connected \ntransactions and the acquisition or disposition \nof assets. \n3. The Board of Directors has a governance \nmechanism to oversee subsidiaries and \nsafeguard the Company\u2019s investments. \nThe Board is responsible for deliberating on \nsuitability of top executives to serve as directors \nof the Company\u2019s subsidiaries to ensure that \nthe management aligns with the Company\u2019s \npolicies and that all transactions comply with \napplicable laws, the Securities and Exchange \nAct, and the SEC\u2019s announcements. \n4. The subsidiaries shall submit reports on their \nperformance and operations, particularly their \nkey business activities. They shall also conduct \nsensitivity analysis, evaluate it against goals \nor benchmarks, and provide opinions or \nrecommendations on the management of each \nsubsidiary. These reviews provide a basis for \npolicy formulation and business improvement \nto ensure sustainable growth for the Company\u2019s \nsubsidiaries. \nInternal Control Policy and Group-level \nManagement Policy \n The Board of Directors and the management assigned \nthe Global Internal Audit Unit to report directly to \nthe Audit Committee to ensure its independence. \nThe Unit is also required to report on the progress \nof the internal audit to the Board of Directors on a \nquarterly basis. \nLevel of control over a subsidiary is proportionate to \nthe Company\u2019s shareholding. The Board of Directors \nis responsible for appointing an executive to serve \nas a director in each subsidiary to ensure alignment \nof business direction with the Company\u2019s policies \nand strategies. Director selection is decided based \non knowledge, relevant competencies to the subsidiary, \nwork location (in case of a foreign subsidiary), health, \nand readiness of the director. Director positions \nin the Company\u2019s subsidiaries are reviewed at least \nonce a year. \n269 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Budget Policy \nThe preparation of the operational and investment \nbudgets of a subsidiary must be in accordance with \nthe budget guidelines of each subsidiary and \nconsistent with the Company\u2019s budget guidelines. \nBudget preparation and review must be completed \nwithin the timeframe, and the corresponding \ninformation must be submitted accordingly. Any \ninvestment project valued over THB 1.5 billion or \nspending that exceeds the approved budget by over \n15%, is subject to the Board of Directors\u2019 approval. \nCorporate Governance and \nCompliance Monitoring \nReporting of Interests of Directors and \nExecutives \nTo comply with Section 89\/14 of the Securities and \nExchange Act (No. 4) B.E. 2551 and Notification of \nthe Capital Market Supervisory Board No. TorJor. \n2\/2552 Re: Reporting of Interests of Directors, \nExecutives and Related Persons, members of the \nBoard of Directors are required to report the \nCompany\u2019s securities held by themselves, their \nspouses, and minor children who are not sui juris \nat the next Board meeting after their appointment as \nBoard members. Subsequently, if any Board members, \ntheir spouses, or minor children who are not sui juris \nbuy or sell the Company\u2019s securities, they are required \nto report such transactions to the following Board \nmeeting every time. \nAnti-Corruption \nBanpu has been a certified member of the Thai Private \nSector Collective Action Against Corruption (CAC). \nIn 2023, the Company conducted its annual \nassessment of corruption risks and established \npreventive measures. The risk assessment covered \nall businesses in every country where Banpu has \ninvested, both at its subsidiaries and joint ventures. \nThe results have subsequently been reported to the \nRisk Management Committee. In addition, the \nCompany has continuously communicated and \ninformed employees of the policies and practices \nto combat corruption, for example, the Corporate \nGovernance Policy and the Code of Conduct, and \nthe Anti-Corruption practice on accepting and offering \nof gifts, hospitality, or other similar forms of benefits. \nEmployees at all levels can access the policies \nthrough internal communication channels. In the past \nyear, a letter was sent out to the Board of Directors, \nexecutives, and employees to request adherence \nto the No Gift Policy. \nUse of Inside Information \nIn 2023, there were no reports of breach against \nor non-compliance with the regulations of the SET \nand the SEC regarding insider trading and sales \nor purchases of securities. \nMoreover, the Board of Directors and executives had \ndisclosed their holding of the Company\u2019s securities \nupon their appointment. They also reported changes \nin securities holdings, including those of their spouses \nand minor children who are not sui juris as well as \nrelated persons, to the Board of Directors for \nacknowledgment as disclosed under the section \n\u201cPolicy on the Use of Internal Information\u201d on page \n236. \nWhistleblowing and Receiving of \nComplaints regarding Corporate \nGovernance \nThe Company has provided channels and procedures \nfor receiving complaints from all groups of stakeholders. \nA complaint filing system is available on Company\u2019s \nwebsite on the Whistleblowing page under the \nCorporate Governance section. The complaints \nsubmitted through this system are sent directly to \nthe Chairman of the Corporate Governance and \nNomination Committee at [email protected] \nand\/or the Secretary of the Corporate Governance \nand Nomination Committee at GNCsecretariat@ \nbanpu.co.th, who will quarterly report the complaints \nto the Corporate Governance and Nomination \nCommittee and annually submit a summarized report \nto the Board of Directors. Details are disclosed under \nthe section \u201cRoles of Stakeholders\u201d on page 227. \nIn 2023, the Company received a total of two \ncomplaints from the stakeholders. \n270 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","REPORT OF THE CORPORATE GOVERNANCE \nAND NOMINATION COMMITTEE \nThe Corporate Governance and Nomination Committee consists of Mr. Anon Sirisaengtaksin, the Chairman \nof the Committee, with Mr. Piriya Khempon, Mr. Verajet Vongkusolkit, and Mr. Sarayuth Saengchan as \nmembers. The Committee independently performs duties entrusted by the Board of Directors in compliance \nwith principles and the Charter of the Corporate Governance and Nomination Committee as well as good \ngovernance principles prescribed in the Corporate Governance Code for Listed Companies (CG Code) 2017 \nof the Securities and Exchange Commission (SEC). \nIn 2023, the Corporate Governance and Nomination Committee convened six meetings with full attendance. \nThe Corporate Governance and Nomination Committee summarized its performance in 2023 as follows: \nThe Corporate Governance Missions \n1. Oversight and Monitoring of \nCompliance with the Corporate \nGovernance Policy and \nthe Code of Conduct \nIn 2023, the Corporate Governance and Nomination \nCommittee monitored and assessed the effectiveness \nof the implementation of the Corporate Governance \nPolicy and the Code of Conduct within the organization. \nThe indicators used include the results of the 2023 \nsurvey on employee perception of the corporate \nculture, Banpu Heart, specifically focusing on the \n\u201cCommitted\u201d core value, as well as the evaluation \nresults of the CG E-Learning and CG E-Testing \nsystems. The survey results are classified according \nto job grade and work location. \n2. Promotion of Corporate Culture and \nPositive Attitude toward Corporate \nGovernance \nThe Corporate Governance and Nomination \nCommittee monitored the implementation of the \ncommunication plan to promote the corporate culture \nand positive attitude toward corporate governance \nthrough a wide range of activities in 2023, which \nyielded satisfactory results. \n3. Receipt and Handling of Complaints \nRegarding Corporate Governance \nBanpu has established a communication channel for \nreceiving complaints regarding corporate governance, \ncovering all groups of stakeholders, via the Company\u2019s \nwebsite under the Corporate Governance section. \nComplaints can be sent directly to the Chairman of \nthe Corporate Governance and Nomination Committee \nat [email protected] and\/or the Secretary \nof the Corporate Governance and Nomination \nCommittee at [email protected]. \nThe complaints will then be reported to the Corporate \nGovernance and Nomination Committee on \na quarterly basis, and a summarized report will be \nsubmitted to the Board of Directors on an annual \nbasis. In 2023, the Company received a total of two \ncomplaints from all groups of stakeholders, which \nhave been resolved. Involved parties will assess \nthe complaints to determine risks and identify or \nimprove control measures and practices to enhance \noperational efficiency and governance. \n271 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","4. Performance Evaluation of Directors \nand the Board and Directors \nThe Corporate Governance and Nomination Committee \nhas presented the annual evaluation results to the Board \nof Directors\u2019 meeting. The Board of Directors\u2019 overall \nperformance was satisfactory, with a score of 4.62 out of 5. \nSpecifically, each topic received a score in the \u201cgood \nto excellent\u201d range (between 4.5 and 5.0.) The Board \nacknowledged the evaluation results and suggestions, \nand exchanged their views in the Board of Directors\u2019 \nmeeting on ways to enhance their performance to \nbest benefit the Company. \nThe annual evaluation results of the four sub-committees, \nnamely: the Audit Committee; the Compensation \nCommittee; the Corporate Governance and Nomination \nCommittee; and, the Environment, Social and \nGovernance (ESG) Committee, received an \u201cexcellent\u201d \nscore range with an average score of 4.61 out of 5. \nThe submission of its annual self-evaluation report \nby each sub-committee to the Board of Directors is \npart of its annual performance report. \nApart from that, each individual director has performed \na self-assessment and the annual evaluation of each \ndirector\u2019s individual performance earned an average \nscore of 4.59 out of 5. The Board of Directors \nacknowledged the results and suggestions and \nfound the individual performance evaluation \nsatisfactory. The board members also exchanged \ntheir views on how to enhance their performance to \nbest benefit the Company. \n272 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Mission on the Nomination \nof Directors and Succession \nPlanning for Senior Executive \nOfficer Positions \nNomination of Directors to Replace \nthe Directors Whose Terms of \nOffice Expires in 2023 \nThe Corporate Governance and Nomination Committee \nhas reviewed the qualifications and suitability of \nthe directors who have served their three-year term \nand proposed to the Board of Directors to nominate \nthem for another term in the Annual General Meeting \nof Shareholders or consideration and approval. \nf \nIn the 2023 AGM, the three directors re-elected by \nthe shareholders were as follows: \n1. Mr. Anon Sirisaengtaksin \n2. Mr. Pichai Dusdeekulchai \n3. Mr. Metee Auapinyakul \nUpon reviewing the qualifications and suitability of \nthe three directors whose terms of office have expired, \nthe Corporate Governance and Nomination Committee \nagreed that they have suitable qualifications and \nperformance to be nominated to the 2023 Annual \nGeneral Meeting of Shareholders for consideration and \napproval for re-election. The Committee, therefore, \nproposed their names to the Board of Directors and \nthe appointment has already been completed \naccording to the nomination and appointment \nprocedures. \nSuccession Planning for Senior Executive \nOfficer Positions \nIn 2023, the Corporate Governance and Nomination \nCommittee received six progress reports on \nthe succession plan and reported the succession \nplan to the Board of Directors twice. \nMr. Anon Sirisaengtaksin \nChairman of the Corporate Governance and Nomination Committee \nBanpu Public Company Limited \n273 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","REPORT OF THE COMPENSATION COMMITTEE \nThe Compensation Committee of Banpu Public \nCompany Limited is composed of four members: \nthree being independent directors and the other one \nbeing a non-executive director. All members were \nappointed by the Board of Directors, based on their \nexpertise, competence, skills, and experience both \ndomestically and internationally. \nThe Compensation Committee consists of Mr. Buntoeng \nVongkusolkit, the Chairman of the Compensation \nCommittee, and three other members, Mr. Teerana \nBhongmakapat, Mr. Suthad Setboonsarng, and \nMr. Teerapat Sanguankotchakorn. \nAccording to the Practices for the Board of Directors \nof Banpu Public Company Limited, which only allows \ndirectors to hold their directorship until 72 years \nof age, in line with the Good Corporate Governance, \nthe retirement of a Company director will result in \none\u2019s sub-committee membership coming to an end. \nIn 2023 a member of the Compensation Committee, \nMr. Suthad Setboonsarng, reached his retirement, \nwhich took effect after the date of the 2023 Annual \nGeneral Meeting (AGM). \nThe Compensation Committee Charter B.E. \n2552 prescribed duties and responsibilities of \nthe Compensation Committee as follows: \n\u2022 To provide recommendations on remuneration \nmanagement to the Board of Directors regarding \nthe Board of Directors, sub-committees appointed \nby the Board, and any other person attending \nthe Board of Director meetings or sub-committees \nmeetings \n\u2022 To consider and recommend remuneration and \nother benefits as well as the annual remuneration \nof the Chief Executive Officer, and to deliberate \nthe overall budget for an annual salary increase, \nbonuses as well as and other benefits for \nemployees \n\u2022 To review and recommend the amendment of \nthe scope of work, duties, and responsibilities \nof the Compensation Committee in response \nto changing circumstances and determine \nappropriate criteria for consideration and \ndeliberation on remuneration \n\u2022 To submit a report on the Compensation \nCommittee\u2019s performance to the Board of \nDirectors at least once a year. \nIn 2023 the Compensation Committee convened \nsix meetings, comprising five regular meetings \nand one special meeting, in which the Committee \nconsidered the agenda proposed by the Secretary \nof the Committee. The Committee also provided \nrecommendations to the Board of Directors for \nconsideration and approval. \nFor the flexibility of the meeting and as a preventive \nmeasure against the Covid-19 that persisted in 2023, \nthe Committee meeting format was modified and \nheld in two modes: one combining in-person and \nonline attendance, and the other conducted entirely \nonline. The essences of meeting resolutions are \nsummarized below: \n1. Remuneration and Other Benefits \nIn 2023, The Compensation Committee considered \nand provided recommendations on remuneration \nof the Board of Directors, sub-committees, Chief \nExecutive Officer, and Banpu Group\u2019s employees in \nall countries, the Compensation Committee based its \nconsideration on their duties and responsibilities as \nwell as their performances over the previous year. \nAlso taken into consideration were the business \nperformance, key economic factors, and remuneration \nsurveys among leading companies in Thailand and \nabroad, and other factors contributing to successful \nimplementation of the Company\u2019s strategy as well as \nbenefit to the overall business. \n274 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","As a result of the 2023 business performance, \nthe Compensation Committee provided guidelines \nfor granting suitable bonuses to motivate staff \nand enhance their morale in the following year. \nThe consideration was based on business performance, \ngoal attainment, exogenous factors that could affect \noperations, and competition in the labour market \nin some countries. \n2. Business directions of the Company \nThe Compensation Committee took part in defining \nbusiness directions to achieve the desired results \nwhile ensuring business continuity by giving \nrecommendations on the Chief Executive Officer\u2019s \nkey performance indicators for 2023, which aligned \nwith the business directions in the short term and long \nterm, and key annual goals assigned by the Board \nof Directors. The Committee also considered the \nChief Executive Officer\u2019s performance during the first \nand second half of the year with recommendations \nprovided for the Board of Directors. \n3. Collaboration with Employees and \nthe Management \nThe Compensation Committee regularly invites \nexecutives involved in the agenda of the meeting to \nprovide additional information and explanation on \ncertain matters that support the Board\u2019s decision-making. \nThis has not only led to accurate and timely decisions \nbut also given the opportunity for the committee \nto understand the working conditions of employees \nin each area of every country. \nFurthermore, the Compensation Committee also \nperformed a self-evaluation of its performance \nover the year in terms of qualifications, duties, \nand responsibilities, including meetings, reporting \nand presentation to the Board of Directors. The \nCommittee also assessed the performances of other \nsub-committees and submitted the results to the Board. \nIn summary, the Compensation Committee has \ncompletely performed its duties, roles, and \nresponsibilities defined in Banpu\u2019s Charter of \nthe Compensation Committee, B.E. 2552, as well as \nthe tasks entrusted by the Board of Directors. \nThe Committee also provided constructive feedback \nand recommendations that are beneficial both in short \nand long term for the Board of Directors, executives, \nand all stakeholders on a regular basis. \nMr. Buntoeng Vongkusolkit \nChairman of the Compensation Committee \nBanpu Public Company Limited \n275 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","REPORT OF THE AUDIT COMMITTEE \nTO SHAREHOLDERS \nDear Shareholders of Banpu \nPublic Company Limited, \n Banpu Public Company Limited\u2019s Audit Committee \nis made up of qualified independent directors with \ndiverse expertise and experience in accounting, \nfinance, banking, business management, and \neconomics, whose qualifications fully meet the criteria \nand requirements of the Securities and Exchange \nCommission (SEC). The Audit Committee consists \nof three members as follows: \n1. Mr. Teerana Bhongmakapat, Chairman \n2. Mr. Pichai Dusdeekulchai, Director \n3. Ms. Watanan Petersik, Director \nMs. Wiyada Wiboonsirichai, Head of Global Internal \nAudit and Compliance, serves as the Secretary of \nthe Committee. \n The Audit Committee has independently performed \nits duties within the scope of responsibilities entrusted \nby the Board of Directors and as stipulated in the Audit \nCommittee Charter, which conforms to the SEC\u2019s \nbest practices. As the Company diversifies its \ninvestment into various countries according to the \nGreener & Smarter strategy, the Audit Committee \nprioritizes adequate, suitable, and stringent internal \ncontrol and risk management. Meanwhile, it encourages \nthe Company to observe good corporate governance \nand ensure due compliance with applicable laws and \nregulations both in Thailand and internationally. \nThis includes observance of the Company\u2019s anti- \ncorruption policy and the Personal Data Protection Act. \nBanpu ensures that its operations are carried out \nunder good corporate governance, with transparency \nand integrity, and in line with the Environmental, \nSocial, and Governance (ESG) principles, taking into \naccount all stakeholders and moving toward sustainable \nbusiness growth. \nIn 2023 the Audit Committee convened nine meetings, \nwith the full attendance of all members. Meetings \nincluded the presence of management, the Global \nInternal Audit Unit, and external auditors where \nappropriate, including a private meetings with external \nauditors without the presence of management. \nThe Audit Committee reported its proceedings at \nthe Board of Directors\u2019 Meeting on a quarterly basis, \nwhich can be summarized as follows: \n1. Review of Financial Reports \n The Audit Committee reviewed material information \nin Banpu\u2019s quarterly and annual financial reports for \n2023, together with related party transactions. \nMeetings were held with the external auditors and \nrelevant management to discuss financial statements, \nupdate accounting policies, and adjust key accounting \nentries and estimates that affected the financial reports. \nThe adequacy and appropriateness of the accounting \nentry and information disclosure methods were \nconsidered. This was to ensure that financial reporting \ncomplied with legal requirements and the standards \nof generally accepted accounting principles, and that \nfinancial information had been disclosed accurately, \ncomprehensively, adequately, and in a timely manner, \nbenefiting investors and users of the financial reports. \n2. Review of Internal Control and \nInternal Audit \nThe Audit Committee reviewed, monitored, and \noversaw the Global Internal Audit Unit to ensure that \nit had comprehensively audited and followed up on \nthe internal control of Banpu and subsidiaries, namely \nthe aspects of investment, operations, resource \nutilization, safeguarding of assets, loss and damage \nprevention or mitigation, fraud prevention, reliability \nof financial reports, compliance with laws and \nregulations, operational systems, and information \nsystems In addition, the Committee prudently \n. \n276 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","enhanced corporate governance standards, risk \nmanagement, internal control, and compliance. \nThe Committee and the Board of Directors have \nconsidered and monitored the spending of raised \nfunds to ensure consistency with the disclosed \nobjectives and diversification strategies. It also \nadvised management on criteria for effective \ninvestment decisions. Furthermore, the Audit \nCommittee reviewed the appropriateness of policies, \nrules, and regulations on management, investment, \nand operations while ensuring stringent compliance \nwith the internal control process, and continuous \nimprovement of IT governance and cybersecurity \nin support of the Company\u2019s strategy implementation \nand sustainability . According to the results \nof adequacy assessment of internal control based \non the SEC\u2019s assessment form, no material issues \nor shortcomings were identified. Therefore, \nthe Committee concluded that the Company\u2019s internal \ncontrol systems were adequate and appropriate \nfor its business. \n As for internal audit oversight, the Audit Committee \nreviewed and approved the strategic plan and \nthe annual plan of the Global Internal Audit Unit, \nwhich incorporated the Company\u2019s new businesses, \nfocusing on proactive auditing, adequacy, and \nappropriateness of internal control. It also focused on \nadvising preventive controls to enhance the quality \nand standards of internal audits for higher efficiency, \neffectiveness, and professionalism, consistent with \nstakeholders\u2019 expectations. For higher audit \nperformance, the Audit Committee promoted \nupskilling for the audit personnel along with process \nimprovement with the utilization of new digital \ntechnologies and data analytics to improve the audit \nefficiency, ensuring the capability to protect and \nenhance the Company\u2019s value in a sustainable \nmanner. \n3. Review of Legal Compliance \nThe Audit Committee reviewed Banpu Group\u2019s \ncompliance with applicable laws and regulations. \nThe Corporate Compliance Unit provides support, \nsurveillance, and monitoring of the operations to \nensure Banpu\u2019s full compliance with laws and external \nregulations while regularly reporting to the Audit \nCommittee. To this end, Banpu has in place various \nguidelines and tools that have been relentlessly \ndeveloped to promote proactive compliance: \n\u2022 \nBanpu Group\u2019s compliance guidelines \n: Banpu \nhas Group Compliance Guidelines that are \nenforced in all countries of operations. Through \nglobal compliance communication, the Company \nseeks to create a culture of compliance by \nregularly promoting understanding and awareness \namong management and employees of the \nimportance of compliance. \n\u2022 \nCompliance In Hand: \n Banpu has expanded \nthe Compliance In Hand system, an extension \nof the Laws in Hand system, to keep management \nand employees updated with newly promulgated \nlaws and regulations or any legislation bound \nfor change . The Company can efficiently manage \nregulatory risks in the countries where it invests \nwith the help of the Compliance Obligations List \n(COL) system. \n\u2022 \n Permit and License Monitoring System, \nan interrelated system that helps promote \nbusiness compliance while shaping new business \nopportunities consistent with strategies. \n\u2022 \nSystem to accommodate personal data \nprotection laws: \nThe Company has prepared \nfor Thailand\u2019s Personal Data Protection Act \n(PDPA) and similar laws in other countries, such as \nthe Personal Information Protection Law (PIPL) \nin China, the Personal Data Protection Law \n(PDPL) in Indonesia, and the Personal Data \nProtection Decree (PDPD) in Vietnam. \nCommunication about personal data, data usage, \nhow to secure data from leakage, and how to \ncooperate with the relevant government \nauthorities has been made to raise awareness \nabout personal data and ensure strict compliance \nwith respective laws. \n277 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","4. Corporate Governance \nThe Audit Committee reviewed the corporate \ngovernance performance and found that the Board, \nmanagement, and employees had strictly complied with \nthe policy. The Company is determined to conduct \nits business with integrity, transparency, and social \nand environmental responsibility to create value for \nshareholders and benefit all stakeholders. Banpu \naims to grow a sustainable business based on ESG \nprinciples, good corporate governance, and business \nethics. Following the review of related party transactions \nor transactions with potential conflicts of interest \nbetween Banpu, subsidiaries, and their related parties, \nthe Audit Committee found that such transactions had \nbeen reasonably handled under general commercial \nconditions in Banpu\u2019s interests and in compliance \nwith the laws and regulations of the SEC and SET. \nCommitted to business integrity and transparency, \nBanpu also implements an anti-corruption policy with \na clearly defined whistleblower policy, reporting \nchannels, and the Investigation Committee to fairly \ninvestigate suspected fraud or reported cases with \nreasonable grounds for concern, as well as identify \nmeasures for preventing corruption risks and \nsuppressing undesired behaviors. \n5. Oversight of Risk Management \nSystem \n The Audit Committee reviewed and monitored risks \nbased on quarterly reports submitted by the Enterprise \nRisk Management Unit to ensure that the risk \nmanagement process was effective, efficient, and \nmaintained according to Banpu\u2019s risk appetite. \nIts assessment and monitoring of preventive measures \nhave been expanded to include new investments. \nThe Committee also reviewed and followed up on \nthe progress of investment, strategic risks, operations, \nfinance, compliance, IT, corruption, reputation risks, \nand risks arising from non-compliance with the \npersonal data protection law. The Enterprise Risk \nManagement Unit systematically assessed and \nmonitored the management of key risks that could \npotentially affect the Company\u2019s business, allowing \nfor an effective response to rapidly changing situations \nand trends. Committed to business transformation, \nBanpu has consistently restructured the organization \nin response to changes. With a focus on business \ndiversification, the Company sought to ensure \nan adequate number of qualified future leaders with \nthe necessary skills, particularly in management and \noverseeing overseas businesses, to accommodate \nits business growth. \nTo mitigate risks, the Company has formulated a \nstrategic plan that focuses on managing volatile \nbusiness risks. These risks encompass various \nfactors, such as wars, energy supply and demand \nimbalances, regulatory challenges, global development \ntrends, and technological shifts. The aim is to enhance \nresilience and adaptability during periods of change. \nFurthermore, the Company establishes an operational \nframework aligned with Environmental, Social, and \nGovernance (ESG) principles. This involves assessing \nboth short-term and long-term ESG risks to ensure \neffective governance based on ethical business \npractices. \n278 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Mr. Teerana Bhongmakapat \nChairman of the Audit Committee \nBanpu Public Company Limited \nFebruary 20, 2024 \nOn behalf of the Audit Committee \n6. Nomination of External Auditors \nand Audit Fees for 2024 \n The Audit Committee considered the nomination of \nexternal auditors according to Banpu\u2019s assessment \ncriteria, including their auditing experience, knowledge, \nexpertise, independence, timeliness, and reasonable \naudit fees, as well as required qualifications according \nto the Stock Exchange of Thailand\u2019s regulations. \nThe Audit Committee proposed the appointment of \nauditors to the Board of Directors for the shareholders\u2019 \napproval. The following individuals were nominated: \n1. Ms. Amornrat Permpoonwattanasuk, CPA, \nLicense No. 4599; and\/or \n2. Ms. Rodjanart Banyatananusard, CPA, License \nNo. 8435; and\/or \n3. Mr. Pongthavee Ratanakoses, CPA, License \nNo. 7795; and\/or \n4. Mr. Boonrueng Lerdwiseswit, CPA License \nNo. 6552. \nOn behalf of PricewaterhouseCoopers ABAS Ltd. \n(PwC), one of these proposed auditors will perform \nthe audit and provide recommendations on Banpu\u2019s \nfinancial statements. In the event that any of these \nauditors are unable to perform their duties, \nPricewaterhouseCoopers ABAS Ltd. (PwC) will \ndesignate one of its licensed auditors as a substitute. \nThe proposed audit fees for the year amount to \nTHB 3,160,000. \nThe Audit Committee has fully performed its duties \nas stated in its charter with prudence and independence \nfor the equitable benefit of stakeholders. The Committee \nmaintains its opinion that the Company adheres to a \nrobust corporate governance policy, possesses an \nappropriate risk management system, and complies \nwith relevant laws and regulations. Furthermore, \nthe Company has efficient internal control and internal \naudit systems in place, which safeguard and \ncontribute to sustainable added value for the \nbusiness. Finally, the Audit Committee expressed \nthe opinion that Banpu\u2019s financial reports are accurate \nand reliable, with adequate information disclosure, \nand prepared in accordance with generally accepted \naccounting principles. \n279 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","REPORT OF THE ENVIRONMENTAL, \nSOCIAL, AND GOVERNANCE COMMITTEE \n1. Review of Policies, Targets, \nOperations, and Performance \nRelated to Environmental, Social, \nand Governance (ESG) \nThe Committee reviewed targets, operations, and \nperformance related to environmental, social, and \ngovernance aspects, including GHG reduction \ntargets, water consumption, and air quality, while \nproviding recommendations on the alignment of \ncorporate targets with international standards such \nas the UN Sustainable Development Goals (UNSDGs) \nand Dow Jones Sustainability Indices. \n2. Review and Monitoring of the \nManagement of Environmental, \nSocial, and Governance Risks \nIn every ESG Committee quarterly meeting, one \nimportant issue on the agenda is the reporting of \nsituations with possible environmental, social, and \ngovernance risks by the Enterprise Risk Management \nDepartment. The ESG Committee would keep \nmonitoring risk management and related corrective \nmeasures to ensure that the Company can promptly \nrespond to each situation with the least impact on \nthe business. During the previous year, ESG risks \nwere found in the forms of cyber threats and changes \nin regulations and policies in countries where Banpu \ninvests, triggered by environmental situations such \nas climate change. \nThe Environmental, Social, and Governance Committee (ESG Committee) is composed of qualified directors in \nterms of diverse experience and expertise in Thailand and overseas. Chaired by Mr. Piriya Khempon, the ESG \nCommittee has Mr. Pichai Dusdeekulchai and Mr. Teerapat Sanguankotchakorn as the other two members. \nThe Committee has independently and responsibly performed its duties within the scope of work as well as \nother assignments entrusted by the Board of Directors, conforming to the criteria and principles of the Charter \nof the Environmental, Social, and Governance Committee. \nIn 2023, the ESG Committee held four meetings with full attendance. Key points of the meetings are summarized \nbelow: \n3. Review and Monitoring \nof Stakeholder Engagement \nand Materiality Assessment \nEach year, the Sustainability Committee considers \nstakeholder engagement process and undertakes \na materiality assessment. The ESG Committee then \nreviews the process and its results to ensure that \nthe Company has effective sustainability operation \nwith appropriate responses to each group of \nstakeholders. In the previous year, ESG issues that \nare stakeholders\u2019 top concerns included occupational \nhealth and safety, human resource management, \ncommunity and employee engagement, and GHG \nemissions. \n4. Cooperation between the ESG \nCommittee and Management \nIn 2023, Mr. Piriya Khempon was invited to give \na lecture and share his experience on \u2018Building & \nLeading Great Team\u2019 in the \u2018International Banpu \nLeadership Program (IBLP)\u2019, a training session \nBanpu arranged for executives. The session enriched \nBanpu\u2019s management with techniques for team \nbuilding and team management, enabling them to \ndevelop a strong team that can contribute to Banpu\u2019s \nsustainable growth. \n280 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","In the same program, Mr. Teerapat Sanguankotchakorn \nshared his views on technological trends and \nopportunities for leveraging technology to create \nadded value for Banpu\u2019s businesses. With leadership \nexperience and a background in the technology \nsector, Mr. Teerapat helped participants learn, \nunderstand expectations, and prepare to take on \nthe role of Digital Leader at Banpu. \nAdditionally, Mr. Piriya shared information on Banpu\u2019s \nESG actions in an interview with the Department of \nInternational Economic Affairs, Ministry of Foreign \nAffairs. He also welcomed a delegation from \nChiang Mai University who visited to exchange \nknowledge about ESG with Company executives. \nThese occasions served as a good channel to \npublicize Banpu\u2019s ESG management to external \nparties. \nMr. Piriya was the person who introduced SVOLT \nEnergy Technology Co., Ltd. to Banpu. As the sixth \nlargest battery producer in China with major corporate \ncustomers like GWM and Hozen (Neta) in Thailand, \nSVOLT is considered a potential partner with \nBanpu NEXT Co., Ltd. Its vision and goals are \ncompatible with Banpu NEXT\u2019s strategic plans. \nThe introduction brought about an exchange of \ninformation and meetings between executives of \nthe two companies, which led to the signing of \na joint-venture contract. As a result of the joint \nventure, Banpu NEXT has battery technology that is \ncomprehensive, enabling it to expand its customer \nbase across all sectors of the market, including \nelectric buses, electric trucks, and electric passenger \ncars, as well as the Battery Energy Storage System \n(BESS) for both solar farms and the residential use. \nMr. Piriya Khempon \nChairman of the Environmental, Social, and Governance Committee \nBanpu Public Company Limited \nFebruary 14, 2024 \nOn behalf of the Environmental, Social and Governance Committee \n281 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu operates its business based on corporate \ngovernance, in line with the Environmental, Social, \nand Governance (ESG) principles under its Greener \n& Smarter strategy. The Company emphasizes its \nimportance of an effective, sufficient, appropriate, \nand comprehensive internal control system to facilitate \ntransparent, effective, and efficient management. \nThe aim is to achieve strategic and operational goals \nin compliance with applicable laws and regulations \nand to ensure the reliability of financial statements \nand other important reports. All Banpu\u2019s executives \nand employees conduct business and perform their \nduties with an emphasis on good corporate governance \nwhile maintaining social responsibility, effective risk \nmanagement, and sufficient internal control. \nThe Company has implemented an internal audit \nsystem with a check and balance mechanism aligned \nwith international standards to ensure stakeholders\u2019 \ninterests. Banpu deploys an appropriate information \ntechnology system in its operations as part of its \npreventive mechanism and to enhance operational \nefficiency. Moreover, prudent operational procedures \nhave been established to help the Company achieve \nits objectives, missions, and strategies to drive \nbusiness growth while enhancing The Company\u2019s \nrobustness and readiness to seize its new S-curve \nbusiness opportunities and navigate through its fifth \ndecade with stability and sustainability. \nINTERNAL CONTROL \nAt the Board of Directors\u2019 meeting held on 31 January \n2024, the Board evaluated the sufficiency of the \nCompany\u2019s internal control system based on the \nSecurity Exchange Commission\u2019s (SEC) evaluation \nform, which was prepared by the management and \nreviewed by the Audit Committee. The overall \nevaluation results suggested that the Company had \na sufficient, effective, and efficient internal control \nsystem as well as risk management in accordance \nwith international standards, covering both corporate \nand operational levels. The results affirmed that Banpu \nis capable of achieving its predefined goals. Banpu\u2019s \ninternal control is based on the five key components \nof the Committee of Sponsoring Organizations of the \nTreadway Commission (COSO) framework, of which \nthe details can be summarized as follows: \n1. Control Environment \nBanpu promotes its transparency, culture of integrity, \nand ethical conduct while aligning its business \noperations with its vision, missions, and the Greener \n& Smarter strategy. The Company also fosters an \nefficient and effective control environment to drive \nbusiness operations and toward sustainability while \nensuring sufficient and appropriate internal control. \n282 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","In 2023, the Company restructured its organization \nto align with business growth and direction. \nThe Company also developed and equipped leaders \nwith essential skills and readiness to advance future \ngrowth, both in terms of management and governance \nin all countries of operations. There is a clear \nsegregation of duties and responsibilities between \nthe Board, who oversees the Company\u2019s governance \nfor stakeholder interests, and the management, who \ndetermines the direction and business strategies to \nfoster a competitive edge. A clear delegation of \nauthority (DOA) has been implemented to delineate \nthe approval authority from the Board down to \noperational levels, while performance assessment is \nbased on explicit key performance indicators (KPIs). \nIn addition, a check and balance mechanism has \nbeen put in place to ensure a comprehensive internal \ncontrol system and prudent risk management \nmechanisms to address key risk factors while \nensuring effective compliance with relevant laws \nand regulations. \nWith a commitment to integrity and transparency, \nBanpu adheres to good corporate governance \nprinciples and the Code of Conduct. The Company \naims to create a better living for all by providing \naccess to the best energy solutions, creating \nsustainable value for all stakeholders, and being a \nkey player in forging a better future. To realize this, \nBanpu actively encourages all employees to embody \nthe corporate culture, Banpu Heart, in order to lead \nthe Company toward sustainable growth in accordance \nwith ESG principles and become a leading international \nversatile energy provider. The Company has \nestablished anti-corruption policies and guidelines, \nincluding whistleblowing channels for reporting \ncorruption. It has also defined practices for gift giving\/ \nreceiving, entertainment, and other benefits to ensure \nthey align with its anti-corruption policies. \n2. Risk Assessment \nBanpu puts a high priority on risk management amid \nchanges caused by both internal and external factors. \nThe Company regularly reviews its business direction \nand strategies to align with changing situations to \nprepare for incidents that may interrupt its business \nactivities at all levels. It has established risk \nmanagement and contingency plans to respond to \nfuture changes and uncertainties. There is a process \nto assess risks in different scenarios and to monitor \ntheir potential impacts on business models and \nmanagement at all levels. The progress of risk \nmanagement in all areas as well as information on \nchanging situations is reported and used for \nforecasting economic and energy trends, which will \nbe an input for decision-making and determining \nfuture business approaches. The risk assessment \nencompasses investment strategy, operational, \nfinancial, information technology, cybersecurity, \ncorruption, corporate reputation, regulatory \ncompliance, and Personal Data Protection Act (PDPA) \ncompliance risks. Mitigation measures are integrated \ninto the Company\u2019s short-term and strategic plans. \nThe progress of risk management is reported to \nthe Risk Management Committee and the ESG \nCommittee, reviewed by the Audit Committee, and \nreported to the Board of Directors on a quarterly basis. \nThe Company has always prioritized material ESG \nissues and prepared a strategic plan to respond \nto a changing global landscape and conducting \nshort- and long-term ESG risk assessments. \nTo cultivate a risk management culture, the Company \nencourages the inclusion of risk issues in important \nmeetings, provides training on risk management, \nprepares materials, and organizes activities to \npromote understanding of risk management among \nemployees at all levels. \nAdditionally, with on-going risks of the Russia-Ukraine \nwar, the Israel-Hamas conflict, energy supply and \ndemand imbalances, legal and regulatory changes, \nrapid technological development and disruption, and \nrising expectations of investors and stakeholders. \nThe Company reviewed its business direction and \nstrategies and adapted accordingly to changing \nsituations. Banpu ensures that the existing strategies \nand business plans are flexible and agile to deliver \nSmarter Energy for Sustainability and withstand all \nthe challenges while strengthening its competitiveness \nand wisely utilizing technology and innovation. \nIn addition, the Company focuses on financial liquidity, \nincome generation, risk minimization, and investment \nin assets that can generate cash flow instantly. It has \nalso cut expenses and effectively managed cash flow \nto cope with global uncertainties. \n283 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","3. Control Activities \nThe Company prioritizes a sound and effective system \nof internal control in its business operations. \nTo achieve this, it has implemented internal control \nprocedures that oversee business investments based \non the corporate structure to ensure alignment with \npolicies, practices, and strategic directions as follows: \n1. Formalizing policies, regulations, operating \nmanuals, and operating procedures in written \ndocuments that are regularly reviewed and \nupdated; implementing control activities based \non the policies, in which clear expectations and \nprocedures are clearly stated to ensure \nsuccessful policy implementation \n2. Identifying and adjusting corporate structure by \ndefining clear segregation of duties and delegation \nof authority with effective checks and balances \n3. Establishing a clear policy on related party \ntransactions by taking into account the \nCompany\u2019s best interests on a similar basis \nto the transactions at arm\u2019s length \n4. Safeguarding the Company\u2019s assets to prevent \nmisuse of the assets for personal purpose \n5. Establishing appropriate and effective IT control \nsystems and concurrently developing control \nactivities using technological systems to support \nachievement of objective \n6. Managing, monitoring, and overseeing operations \nto ensure compliance with the Company\u2019s action \nplans, policies, regulations, and procedures, \nas well as compliance with laws and external \nrequirements; evaluating performance based on \nKey Performance Indicators (KPIs) that are linked \nto the Company\u2019s goals \n7. Establishing control measures to reduce the \nrisks that may prevent the Company from \nachieving its objectives to an acceptable level \nIn 2023, Banpu improved several key operational \nprocesses and management in line with the Greener \n& Smarter strategy to advance growth and strengthen \nthe Company\u2019s business. The Company is preparing \nto seize opportunities in the new S-curves by focusing \non eco-friendly business. It also embraces new \ntechnologies, such as artificial intelligence (AI), the \nInternet of Things (IoT), and data analytics in line with \nthe Company\u2019s business direction to create automated, \nmodern, and safe operational processes. \n4. Information and Communication \nBanpu has established an information technology \nsystem that integrates multiple information resources \nand effective communication channels to provide \nadequate essential information to support decision- \nmaking for the Board of Directors, executives, and \noperational staff. The Company has developed an \neffective and secure information technology system \nin compliance with relevant laws to drive its goal of \nbecoming an international versatile energy solutions \nprovider. It deploys digital technology to enhance \nbusiness operations according to the concept of \nDigital Business Empowerment Focus, aiming to \ncreate business sustainability and expedite business \ntransformation. Banpu has adopted agile and co- \ncreation approaches to working to realize long-term \ngoals. The acquisition and development of technologies \nare controlled by the Digital Stage Gate Process and \nInformation & Technology (I&T) Guidelines to align \nwith relevant governance issues, namely existing \ntechnology, information architecture, quality \nassurance, information security standards, and \napplicable laws. The Company focuses specifically \non overseeing cybersecurity to minimize technology \nrisks to business operations and adheres to ESG \nprinciples in conducting its business. It has extended \nthe scope of cybersecurity oversight to include \nInformation Technology (IT) and Operational \nTechnology (OT). It has also changed the process of \nidentifying vulnerabilities in existing applications to \nbe continuous and consistent with agile working. \nAdditionally, third-party cyber risk management has \nbeen improved while a Cyber Security Awareness \ncampaign has been initiated and tailored to diverse \ntarget groups. \nBanpu has appointed a Global Information Security \nOfficer (GISO) with duties and responsibilities to \noversee the Banpu Group\u2019s information security and \ndigital technology risks and regulatory compliance. \nBanpu\u2019s technology infrastructure has been developed \nand controlled in accordance with the Digital \nfor Greener Business strategy, in order to align \nwith the Greener & Smarter strategy. Banpu prefers \nto source form technology companies that prioritize \nsustainability. In addition, the Company is shifting \nto using electricity from eco-friendly energy sources \nwherever feasible. \n284 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","5. Monitoring \nAs Banpu continues to diversify its business portfolio \ninto various countries, corporate governance is of \nutmost importance and also a challenge. The \nCompany has implemented a monitoring system at \nboth the management and operational levels. Regular \nperformance reviews are conducted by superiors and \ndepartment heads, while executive meetings are \nconvened regularly to monitor performance and ensure \nthat goals are achieved as planned. The Global Internal \nAudit and Compliance Unit supports the oversight \nand monitoring of internal control performance across \nBanpu Group as follows: \n\u2022 Global Internal Audit Department \n independently \nperforms duties in auditing and assessing \nthe efficiency, effectiveness, and sufficiency of \nthe Company\u2019s internal control system and \nits operations in compliance with corporate \nstandards and regulations. The Global Internal \nAudit Department conducts risk-based auditing \nencompassing risks to businesses and major \nactivities in every country where the Company \nhas invested, advises on the improvement of \nwork processes, and monitors the progress of \nimprovement to ensure that appropriate corrective \nactions, including risk mitigation measures, are \ntaken in a timely manner. \nBanpu strives to create business growth while \nplacing importance on adequate and effective \ninternal control in compliance with the COSO \nstandards. The Company is also committed to \nmaintaining the quality of its internal audit in \ncompliance with International Internal Auditing \nStandards with an emphasis on data analytics \nand the utilization of new digital technologies \nto improve the audit efficiency and reliability \nto sustainably protect and enhance the Company\u2019s \nvalue. In addition, the Company has consistently \ndeveloped and trained its internal auditors, \nallowing them to perform their duties effectively \nin accordance with international standards \nin times of dynamic changes. \n\u2022 Corporate Compliance Department \n is \nresponsible for promoting, safeguarding, and \ntracking the Company\u2019s operations to ensure \ncompliance with applicable laws and external. \nThe Corporate Compliance Department \nemphasizes raising awareness about full \ncompliance with environmental and community \nrights laws. The Department reports compliance \nperformance based on the ISO 37301 Compliance \nManagement Systems - Requirements with \nguidance for use, which highlight the compliance \nmanagement system and documentation within \ncompanies under Banpu Group in all countries. \nThe Company\u2019s compliance management is \nbased on the Three Lines Model, an internationally \naccepted framework that provides guidance to \nestablish multi-tier control to ensure operational \ncompliance. The Company continues to improve \nthe Compliance In-Hand, an application for \nexecutives and employees to stay updated with \nnewly issued laws and regulations, and manage and \nmonitor compliance risk via a dashboard that \nallows timely and effective reporting and \nmonitoring of compliance risks. The application \ncontains comprehensive information about \npolicies, applicable laws, and business news \nin the countries where the Company operates. \nThe application helps ensure that the Company \nconducts its business in compliance with \napplicable laws while being socially and \nenvironmentally responsible. In addition, it allows \nfor faster and more advanced risk management. \nApart from that, the Company continues to \ndevelop the Compliance Obligations List (COL) \nsystem and the Permit and License Monitoring \nsystem to raise executives\u2019 and employees\u2019 \nawareness about the importance of compliance \nwith applicable laws in each country and to \nensure effective oversight of legal compliance \nin line with ESG principles in the countries where \nthe Company has expanded its investment. \nAdditionally, Banpu has been fully prepared to comply \nwith the Personal Data Protection Act (PDPA) in \nThailand and similar laws in other countries, such as \nChina\u2019s Personal Information Protection Law (PIPL), \nIndonesia\u2019s Personal Data Protection Law (PDPL), \nand Vietnam\u2019s Personal Data Protection Decree \n(PDPD). The Board of Directors and the management \nhave established policies and practices, set up a \nworking committee, appointed Data Protection \nOfficers, and created a data inventory for every \nbusiness unit. The Company has also educated its \npeople about personal data, the use and collection \nof data, the data protection system, and how to \ncoordinate with government authorities to ensure that \nall executives and employees understand, realize the \nimportance of, and strictly comply with the Data \nProtection Act. \n285 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","CONNECTED PERSONS AND TRANSACTIONS \nAs of 31 December 2023 \nCompany \/ \nType of Business \nDescription \nof Relationship \nMajor \nShareholders \nMembers of the Board \nof Directors \n1. Mitr Phol Sugar Corp., Ltd. \n(Production and Distribution \nof Sugar and Molasses) \n1. One of the shareholders of 1. Mid-Siam Sugar Co., Ltd. \nBanpu Plc., holding 8.26% \nof its paid-up capital \n2. The major shareholder is \nMid-Siam Sugar Co., Ltd. \n3. There are three joint \n directors: \n 1) Mr. Chanin Vongkusolkit \n 2) Mr. Buntoeng \n Vongkusolkit \n 3) Mr. Verajet Vongkusolkit \n99.99% 1. Mr. Chanin Vongkusolkit \n2. Mr. Buntoeng Vongkusolkit \n3. Mr. Pichet Durongkaveroj \n4. Mr. Krisda Monthienvichienchai \n5. Mr. Verajet Vongkusolkit \n6. Mr. Chusak Vongkusolkit \n7. Mrs. Amporn \n Kanjanakamnerd \n8. Mr. Attaphol Vongkusolkit \n9. Mr. Pongsakorn \n Wongwuttikraikul \n2. TME Capital Co., Ltd. \n(Investment Company) \n1. One of the shareholders of 1. The Vongkusolkit Family \nBanpu Plc., holding 1.02% 2. Ufinves Co., Ltd. \nof its paid-up capital \n2. The major shareholder is 4. The Putpongsiriporn Family 0.94% \nthe Vongkusolkit Family. \n3. There is no joint director. \n3. The Kanjanakamnerd Family 3.82% \n80.01% 1. Mr. Vitoon Vongkusolkit \n15.23% 2. Mr. Annop Vongkusolkit \n3. Ms. Phatsawan Vongkusolkit \n4. Ms. Theeranat Vongkusolkit \n5. Ms. Supawee Vongkusolkit \n6. Mr. Banchoet Vongkusolkit \n7. Mr. Gavin Vongkusolkit \n8. Mrs. Arada Vongkusolkit \n9. Mr. Amnuay \n Kanjanakamnerd \n3. Mid-Siam Capital Co., Ltd. \n(Sugar Cane Planting \nand Stock Investment) \n1. One of the shareholders of 1. Mid-Siam Sugar Co.,Ltd. \nBanpu Plc., holding 0.82% \nof its paid-up capital \n2. The major shareholder is \nMid-Siam Sugar Co., Ltd. \n3. There are two joint \n directors: \n 1) Mr. Buntoeng Vongkusolkit \n 2) Mr. Verajet Vongkusolkit \n99.99% 1. Mr. Isara Vongkusolkit \n2. Mr. Buntoeng Vongkusolkit \n3. Mr. Verajet Vongkusolkit \n4. Mrs. Amporn \n Kanjanakamnerd \n5. Mr. Attaphol Vongkusolkit \n4. MP Particle Board Co., Ltd. \n(Investment Company) \n1. One of the shareholders of 1. United Farmer and \nBanpu Plc., holding 0.61% Industry Co., Ltd. \nof its paid-up capital \n2. The major shareholder is \n United Farmer and Industry \n Co., Ltd. \n3. There are one joint directors: \n 1) Mr. Buntoeng Vongkusolkit \n99.99% 1. Mr. Buntoeng Vongkusolkit \n2. Mr. Krisda Monthienvichienchai \n3. Mrs. Amporn \n Kanjanakamnerd \n4. Ms. Kannikar Vongkusolkit \n5. Mr. Pariwat Kanchanathana \n6. Mr. Gridi Vongkusolkit \n286 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Company \/ \nType of Business \nDescription \nof Relationship \nMajor \n Shareholders \nMembers of the Board \nof Directors \n5. City Holdings Co., Ltd. \n(Holding Company) \n1. One of the shareholders of 1. The Vongkusolkit Family \nBanpu Plc., holding 0.60% 2. The Kanjanakamnerd Family 6.00% \nof its paid-up capital \n2. The major shareholder is \n the Vongkusolkit Family. \n3. There is no joint director. \n3. The Putpongsiriporn Family 2.00% \n4. The Jenlapwattanakul Family 1.50% \n90.50% 1. Mr. Vitoon Vongkusolkit \n2. Mr. Banchoet Vongkusolkit \n3. Mrs. Arada Vongkusolkit \n4. Ms. Theeranat Vongkusolkit \n5. Ms. Phatsawan Vongkusolkit \n6. Mr. Gavin Vongkusolkit \n7. Mr. Amnuay \n Kanjanakamnerd \n8. Mr. Annop Vongkusolkit \n9. Ms. Supawee Vongkusolkit \n6. East Spring Holding Co., Ltd. \n(Investment Company) \n1. One of the shareholders of 1. Mr. Buntoeng Vongkusolkit \nBanpu Plc., holding 0.56% 2. Mr. Verajet Vongkusolkit \nof its paid-up capital \n2. The major shareholder \n is Mr. Buntoeng Vongkusolkit \nand Mr. Verajet Vongkusolkit \n3. There is two joint directors: \n 1) Mr. Buntoeng Vongkusolkit \n 2) Mr. Verajet Vongkusolkit \n50.00% 1. Mr. Buntoeng Vongkusolkit \n50.00% 2. Mr. Verajet Vongkusolkit \n7. Pacific Sugar Corp., Ltd. \n(Import and Export of Sugar) \n1. One of the shareholders of \nBanpu Plc. holding 0.27% \nof its paid-up capital \n2. The major shareholder is Mitr \nPhol Sugar Corp., Ltd. \n3. There is one joint director: \n 1) Mr. Verajet Vongkusolkit \n1. Mitr Phol Sugar Corp., Ltd. 99.99% 1. Mr. Verajet Vongkusolkit \n2. Mr. Parin Amatyakul \n3. Mr. Jirasak Vongkusolkit \n8. Mitr Phol Bio-Power \n(Phuviang) Co., Ltd. \n(Production and Distribution \nof Sugar and Molasses) \n1. One of the shareholders of \nBanpu Plc., holding 0.25% \nof its paid-up capital \n2. The major shareholder is \nUnited Farmer and \n Industry Co., Ltd. \n3. There are two joint directors: \n 1) Mr. Buntoeng Vongkusolkit \n2) Mr. Verajet Vongkusolkit \n1. United Farmer and \n Industry Co., Ltd. \n52.38% 1. Mr. Buntoeng Vongkusolkit \n2. Mr. Krisda Monthienvichienchai \n3. Mr. Verajet Vongkusolkit \n4. Mr. Prawit Prakritsri \n5. Mr. Jirasak Vongkusolkit \n6. Ms. Theeranat Vongkusolkit \n7. Mr. Nattapong Vongkusolkit \n8. Mr. Sirasak Tathong \n9. Mr. Arnat Panya \n10. Mr. Gridi Vongkusolkit \n287 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","RELATED-PARTY TRANSACTIONS \nAND RELATIONSHIPS \nRelated-Party Transactions And Relationships \nBanpu Public Company Limited \nCompany \nRelated-party Transactions \n1. Banpu Minerals Co., Ltd. \nTransactions with Banpu Minerals Co., Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Loan to Banpu Minerals Co., Ltd. in the form \nof a promissory note with an interest rate \ncalculated based on the market rate plus an \nadditional agreed rate as at 31 December 2023 of \nUSD 1,793,465,693.49 \n- Accrued interest receivable of USD 148,488,761.22 \n\u2022 \n Year 2023 \n- Dividend income of USD 384,000,000.00 \n- Interest income of USD 108,143,735.51 \n2. Banpu Power Public Company Limited \nTransactions with Banpu Power Public Company Limited \nare as follows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 694,274.57 \n- Advances payable of USD 40,580.63 \n\u2022 \n Year 2023 \n- Dividend income of USD 48,534,488.56 \n- Management fees of USD 3,879,869.77 \n288 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu Public Company Limited \nCompany \nRelated-party Transactions \n3. Banpu NEXT Co., Ltd. \nTransactions with Banpu NEXT Co., Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Loan to Banpu NEXT Co., Ltd. in the form of a \npromissory note and loan agreements with an interest \nrate calculated based on the market rate plus an \nadditional agreed rate as at 31 December 2023 of \nUSD 118,799,180.68 \n- Accrued interest receivable of USD 703,763.83 \n- Other receivables of USD 137,488.93 \n- Advances receivable of USD 114,810.70 \n- Advances payable of USD 43,127.05 \n\u2022 \n Year 2023 \n- Interest income of USD 6,896,207.41 \n- Management fees of USD 507,245.93 \n4. BRE Singapore Pte. Ltd. \nTransactions with BRE Singapore Pte. Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Loan to BRE Singapore Pte. Ltd. in the form of a loan \nagreements with an interest rate calculated based \non the market rate plus an additional agreed rate \nas at 31 December 2023 of USD 2,558,621.30 \n- Accrued interest receivable of USD 532,526.40 \n\u2022 \n Year 2023 \n- Interest income of USD 765,651.40 \n5. Banpu Renewable Singapore Pte. Ltd. \nA transaction with Banpu Renewable Singapore Pte. Ltd. \nis \nas follows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 5,988.26 \n6. Banpu Japan K.K. \nA transaction with Banpu Japan K.K. is as follows: \n\u2022 \n Year 2023 \n- Interest income of USD 54,439.51 \n7. Banpu Next Ecoserve Co., Ltd. \nA transaction with Banpu Next Ecoserve Co., Ltd. is as follows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 267.77 \n289 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Public Company Limited \nCompany \nRelated-party Transactions \n8. Banpu Singapore Pte. Ltd. \nTransactions with Banpu Singapore Pte. Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Other receivables of USD 10,000.00 \n\u2022 \n Year 2023 \n- Management fees of USD 10,000.00 \n9. Banpu Australia Co. Pty Ltd. \nTransactions with Banpu Australia Co. Pty Ltd. are as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Loan to Banpu Australia Co. Pty Ltd. in the form of \na loan agreements with an interest rate calculated \nbased on the market rate plus an additional agreed \nrate as at 31 December 2023 of USD 61,953,979.01 \n- Accrued interest receivable of USD 5,425,679.91 \n- Advances payable of USD 108,119.64 \n\u2022 \n Year 2023 \n- Interest income of USD 3,524,356.68 \n10. Centennial Coal Co., Ltd. \nTransactions with Centennial Coal Co., Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Loan to Centennial Coal Co., Ltd. in the form of a \nloan agreements with an interest rate calculated \nbased on the market rate plus an additional agreed \nrate as at 31 December 2023 of USD 277,620,729.16 \n- Other receivables of USD 3,921,527.40 \n- Accrued interest receivable of USD 16,179,163.82 \n- Advances receivable of USD 2,851.52 \n\u2022 \n Year 2023 \n- Interest income of USD 13,209,569.26 \n- Management fees of USD 6,081,022.91 \n11. Banpu Minerals (Singapore) Pte. Ltd. \nA transaction with Banpu Minerals (Singapore) Pte. Ltd. is \nas follows: \n\u2022 \n Year 2023 \n- Purchases of goods of USD 4,923,490.00 \n290 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu Public Company Limited \nCompany \nRelated-party Transactions \n12. PT. Indominco Mandiri \nTransactions with PT. Indominco Mandiri are as follows: \n\u2022 \n As at 31 December 2023 \n- Other receivables of USD 946,144.33 \n- Advances receivable of USD 54,687.50 \n- Trade payables of USD 6,355,029.96 \n- Advances payable of USD 1,694.57 \n- Other trade payables of USD 80,350.00 \n\u2022 \n Year 2023 \n- Management fees of USD 7,925,656.97 \n- Purchases of goods of USD 36,173,695.70 \n13. PT. Jorong Barutama Greston \nA transaction with PT. Jorong Barutama Greston is as follows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 302.35 \n14. PT. Trubaindo Coal Mining \nTransactions with PT. Trubaindo Coal Mining are as follows: \n\u2022 \n As at 31 December 2023 \n- Other receivables of USD 1,473,824.85 \n- Advances receivable of USD 5,749.02 \n\u2022 \n Year 2023 \n- Management fees of USD 7,186,510.43 \n15. PT. Bharinto Ekatama \nTransactions with PT. Bharinto Ekatama are as follows: \n\u2022 \n As at 31 December 2023 \n- Other receivables of USD 1,697,760.22 \n- Advances receivable of USD 5,193.26 \n- Advances payable of USD 3,163.71 \n\u2022 \n Year 2023 \n- Management fees of USD 11,167,283.56 \n291 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","Banpu Public Company Limited \nCompany \nRelated-party Transactions \n16. PT. Indo Tambangraya Megah Tbk \nTransaction with PT. Indo Tambangraya Megah Tbk are as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 6,209.13 \n- Advances payable of USD 2,609.34 \n17. PT. Tambang Raya Usaha Tama \nA transaction with PT. Tambang Raya Usaha Tama is as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 6,066.33 \n18. PT. Energi Batubara Perkasa \nTransaction with PT. Energi Batubara Perkasa are as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 2,986.95 \n- Trade payables of USD 4,295,500.00 \n\u2022 \n Year 2023 \n- Purchases of goods of USD 8,099,850.00 \n19. PT. Graha Panca Karsa \nA transaction with PT. Graha Panca Karsa is as follows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 3,201.99 \n20. Banpu Investment (China) Ltd. \nA transaction with Banpu Investment (China) Ltd. is as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 126,751.43 \n21. BOG Co., Ltd. \nTransactions with BOG Co., Ltd. are as follows: \n\u2022 \n As at 31 December 2023 \n- Loan to BOG Co., Ltd. in the form of a promissory \nnote with an interest rate calculated based on the \nmarket rate plus an additional agreed rate as at \n31 December 2023 of USD 88,350,554.24 \n\u2022 \n Year 2023 \n- Interest income of USD 6,299,246.79 \n292 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Banpu Public Company Limited \nCompany \nRelated-party Transactions \n22. Banpu North America Corporation \nA transaction with Banpu North America Corporation is as \nfollows: \n\u2022 \n As at 31 December 2023 \n- Advances receivable of USD 6,729.05 \n23. Hongsa Power Company Limited \nA transaction with Hongsa Power Company Limited is as \nfollows: \n\u2022 \n Year 2023 \n- Management fees of USD 416,632.40 \n24. Advance Medical Center Co., Ltd. \nA transaction with Advance Medical Center Co., Ltd. is as \nfollows: \n\u2022 \n Year 2023 \n- Dividend income of USD 121,718.20 \n293 \nBusiness and Operational Results \nCorporate Governance \nCerti\ufb01cation of Information and Data Accuracy","CERTIFICATION OF INFORMATION \nAND DATA ACCURACY \nCERTIFICATION \nOF \nINFORMATION \nAND DATA ACCURACY \nSection \n3"," ","ATTACHMENT 1: DETAILS OF \nTHE BOARD OF DIRECTORS AND MANAGEMENT \n296 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)","Mr. Chanin Vongkusolkit \nAge: 71 \nChairman of the Board of Directors \nAppointed Date : 28 April 2016 \nDirector \nAppointed Date : 16 May 1983 \nSenior Executive O \n! \ncer \nAppointed Date : 10 April 2015 \n* An uncle of person number 5 and 11 \nand a father of person number 21 \nEducation\/ Training \n\u2022 Honorary Doctorate Degree (Economics), Thammasat University \n\u2022 Honorary Doctorate Degree (Economics), Chiang Mai University \n\u2022 M.B.A. (Finance), St. Louis University, Missouri, U.S.A. \n\u2022 B.Econ., Thammasat University \n\u2022 DCP Refresher Course #3\/2006, \nThai Institute of Directors Association (IOD) \n\u2022 Director Certification Program (DCP) #20\/2002, \nThai Institute of Directors Association (IOD) \n\u2022 TLCA Leadership Development Program (LDP) \u2013 Enhancing \nCompetitiveness #0\/2012, Thai Listed Companies Association \n% Share Held \n\u2022 Own Share \n: 0.31 \n\u2022 Spouse \n: 0.12 \n\u2022 Related Juristic Person : \u2013 \nWork Experience in the Last Five Years \nBanpu Group \n\u2022 2016 - Present : Chairman, Banpu Plc. \n\u2022 1983 - Present : Director, Banpu Plc. \n\u2022 2015 - 2016 \n: Senior Executive Officer, Banpu Plc. \n\u2022 1983 - 2015 \n: Chief Executive Officer, Banpu Plc. \n\u2022 2015 - Present : Member of the Corporate Governance and \nNomination Committee, Banpu Power Plc. \n\u2022 1996 - Present : Director, Banpu Power Plc. \n\u2022 2023 - Present : Chairman, Hongsa Power Co., Ltd. \n\u2022 2023 - Present : Chairman, Phu Fai Mining Company Limited \nOther Listed Companies \n\u2022 2018 - Present : Chairman, The Erawan Group Plc. \n\u2022 2004 - Present : Director, The Erawan Group Plc. \nOther Companies \n\u2022 1983 - Present : Director, Mitr Phol Sugar Corp., Ltd. \nOther Organizations \n\u2022 2021 - Present : Chairman, Thai Listed Companies Association \n\u2022 2019 - 2021 : Director, Thai Listed Companies Association \n\u2022 2021 - Present : Advisor, Thammasat Economics Association \n\u2022 2012 - 2021 \n: Chairman, Thammasat Economics Association \n\u2022 2015 - Present : Director, Thai Private Sector Collective \nAction Against Corruption (CAC) \n\u2022 2008 - Present : President, The Foundation for Better Life \n\u2022 2012 - 2021 : Director, Faculty of Economics, \nThammasat University \n\u2022 2016 - 2018 : Commissioner, The Securities \nand Exchange Commission, Thailand \n\u2022 2015 - 2018 : Task Force Chairperson, Task Force \nfor Sustainability in Listed Companies, \n The Securities and Exchange Commission, \nThailand \n1 \n297 \nBusiness and Operational Results \nCorporate Governance \nCertification of Information and Data Accuracy","Education\/ Training \n\u2022 Ph.D. (Econ), University of Wisconsin at Madison, U.S.A. \n\u2022 M.Econ., Thammasat University \n\u2022 B.Econ. (Quantitative Economics), Chulalongkorn University \n\u2022 Capital Market Academy Leader Program #14\/2012, \nCapital Market Academy (CMA) \n\u2022 Director Certification Program (DCP) #161\/2012, \nThai Institute of Directors Association (IOD) \n\u2022 Financial Institutions Governance Program (FIGP) #7\/2013, \nThai Institute of Directors Association (IOD) \n\u2022 Director Certification Program Update (DCPU) #2\/2014, \nThai Institute of Directors Association (IOD) \n\u2022 IT Governance Program (ITG) #2\/2016, \nThai Institute of Directors Association (IOD) \n\u2022 Audit Committee Forum 2016, Federation of Accounting \nProfessions Under the Royal Patronage of His Majesty \nthe King, and Thai Institute of Directors Association (IOD) \n\u2022 Audit Committee Effectiveness Seminar 2012, \nFederation of Accounting Professions Under the Royal Patronage \nof His Majesty the King \n\u2022 Audit Committee Forum 2017, \nThai Institute of Directors Association (IOD) \n\u2022 Cyber Incident Management for Executive Committees \nof Listed Companies, The Securities and Exchange Commission \n\u2022 Boards that Make a Difference (BMD) #8\/2018, \nThai Institute of Directors Association (IOD) \n\u2022 Risk Management for Corporate Leaders (RCL) #15\/2019, \nThai Institute of Directors Association (IOD) \n\u2022 IT Security Awareness for Top Management, \nACIS Professional Center Co., Ltd. \n\u2022 Ethical Leadership Program (ELP) #22\/2021, \nThai Institute of Directors Association (IOD) \n% Share Held \n\u2022 Own Share \n: \u2013 \n\u2022 Related Juristic Person : \u2013 \n2 \nWork Experience in the Last Five Years \nBanpu Group \n\u2022 2014 - Present : Chairman of Audit Committee\/ \nMember of Compensation Committee, \nBanpu Plc. \n\u2022 2023 - Present : Lead Independent Director, Banpu Plc. \n\u2022 2012 - Present : Independent Director, Banpu Plc. \nOther Listed Companies \n\u2022 2022 - Present : Advisor, Tisco Financial Group Plc. \n\u2022 2013 - 2022 : Director\/ Chairman of Corporate Governance \nCommittee\/ Chairman of Risk Oversight \nCommittee, Tisco Financial Group Plc. \nOther Companies \n\u2022 2023 - Present : Chairman of the Audit Committee, \nMitr Phol Sugar Corp., Ltd. \n\u2022 2022 - 2023 : Vice Chairman of the Audit Committee, \nMitr Phol Sugar Corp., Ltd. \nOther Organizations \n\u2022 2022 - 2023 : Chairman, The Sustainable Arts and Crafts \nInstitute of Thailand (Public Organization) \n\u2022 2021 - Present : Professor Emeritus, Chulalongkorn University \n\u2022 2011 - 2016 : Professor of Economics (C11), \nChulalongkorn University \n\u2022 2006 - 2011 : Professor of Economics, \nChulalongkorn University \n\u2022 2018 - Present : Chairman of Evaluation Board, \nThai Health Promotion Foundation \n\u2022 2016 - 2019 : Chairman of the Research Support Committee, \nNational Anti-Corruption Commission (NACC) \n\u2022 2010 - 2015 : Eminent Member, Anti-Money Laundering \nOffice (AMLO) \nMr. Teerana Bhongmakapat \nAge: 67 \nLead Independent Director \nAppointed Date : 22 Feb 2023 \nIndependent Director \nAppointed Date : 5 April 2012 \nChairman of the Audit Committee \nAppointed Date : 30 April 2014 \nMember of the Compensation Committee \nAppointed Date : 30 April 2014 \n298 \nBanpu Public Company Limited \nANNUAL REPORT 2023 \n(56-1 ONE REPORT)"]