:: BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED ::

To achieve fair business practices, the Bangchak Petroleum Public Company Limited (BCP or Bangchak) has formulated “Corporate Governance Policy” and published it in a manual. The policy respects the rights of all stakeholders well beyond requirements prescribed by the law.

Trade Partners

Not only that the Company has put its procurement and hiring ethics in its rules, but it has also applied these ethics to the distribution of its petroleum products as well. Guided by the ethics, the Company has maintained proper, fair and efficient relationships with its trade partners according to corporate-governance principles. Its trade partners are given “Business Contact Manual” and “Guidelines for Bangchak Service Stations’ Agents” to ensure that they can conveniently and properly conduct their business with the Company. The manual and guidelines are prepared based on corporate-governance principles, business ethics, and the Company’s policy about fair and equitable treatment towards all trade partners. The Company has also striven to ensure that its trade partners receive fair remuneration. Throughout its operations, the Company has strictly complied with the terms and conditions of contracts it has entered into. If any stipulation in the contracts becomes impossible to comply with, the Company shall immediately notify its trade partners so that they can explore solutions together.

Creditors

The Company has treated its creditors with fairness, responsibility and transparency. It has strictly abided by financial obligations and any term or condition stated in a financial agreement. The Company shall never resort to dishonest means such as concealment of information, which may cause damages to its creditors. If any stipulation in the financial agreements becomes impossible to comply with, the Company shall immediately notify its creditors so that they can explore solutions together.

Competitors

The Company has conducted its business ethically and transparently. When engaging in a competitive environment, it has competed with its competitors fairly. The Company shall never use dirty or improper means for beating its competitors. For example, the Company shall never slander its competitors nor shall it bribe their employees.

Promotion of Responsibility towards Stakeholders

The Company has inculcated its employees with “honesty and anti-corruption concept”. The employees are taught that bribe or corruption will weaken their organization. The inculcation is made through activities promoting corporate governance and rules banning improper behaviors as follows:
- Compliance with applicable laws and regulations
  The employees shall comply with all applicable laws, regulations and rules. They shall not assist, condone, support or collude in illegal or illegitimate practice.
- No Favors / Bribes for or from Trade Partners
  The employees shall not demand, accept or agree to accept anything from customers, trade partners, subcontractors, distributors, suppliers or any entity doing business with the Company. Also, the employees shall not develop special ties with any particular trade partner in a way that may make others feel suspicious and reluctant to do business with the Company. When the special ties arouse suspicion that the employees may not conduct business fairly, the image of the Company is damaged.้
- Confidentiality
  The employees shall not disclose information, documents, technology, academic knowledge, rights, copyrights, patents and inventions that is/are held as the Company’s confidential information to others either intentionally or inadvertently. The leak of confidential information may hurt the image, reputation and competitiveness of the Company.
- Protection of the Company’s Assets
  The employees shall efficiently use the assets belonging to the Company for its operations only, and shall keep them safe and operable. The assets, tangible or not, shall include but not limited to moveable objects, immoveable property, technology, academic knowledge, rights documents, patents, copyrights and inside information.
- Entertainment and Gifts
  The employees shall neither accept nor give gifts or entertainment to customers, trade partners, subcontractors, suppliers or government officials beyond proper limits even during gift-giving occasions. If any employee receives a gift of unusually high value, he or she must report this to his or her supervisor.
- Business Conflicts
  The employees shall not do anything that may go against the benefits of the Company. Neither shall they do anything that will reduce the Company’s benefits or will take some benefits from the Company.
- Conflict of Interest
  The employees are expected to disclose their relationships, even via their family members, relatives or dependants, with any business that has transactions with the Company. They should make a declaration if they:
  - Have held shares in and/or received benefits from the Company’s trade partners.
  - Have held posts even in advisory posts at the Company’s trade partners or customers.
  - Have traded products or services of the Company or its subsidiary directly or indirectly.
  - The employees shall not use inside information such as data about the Company’s business plan, revenue, resolutions, projections, experiments and bidding details for their own benefits or the benefits of any person or entity other than BCP, regardless of whether such use will hurt BCP or not.
- Treatment of Trade Partners / Creditors
  The employees shall treat trade partners / creditors equally and fairly. The treatment shall be based on fair benefit-sharing and compliance with all agreements made. If any stipulation in the agreements becomes impossible to comply with, the Company shall immediately notify its trade partners / creditors so that they can explore solutions together.
- Treatment of Competitors
  The employees shall proceed in line with fair-competition framework. They shall not seek competitors’ confidential information via dirty or improper means such as bribing the competitors’ employees. Also, the Company’s employee shall never slander its competitors.
- Reporting Improper Practice
  The employees have the duty to report improper, unethical, illegal or illegitimate practice regardless of whether it is committed by their fellow or other stakeholders of the Company. Also, the employees shall report any inaccuracy in financial reports or defective internal control.
The Company has encouraged all relevant work units to promote fair benefit-sharing.
The Company has abided by laws. It has not infringed on intellectual-property rights.