Stakeholder Engagement

Bangchak committed to accelerating sustainable energy transition, while balancing energy security. We are energizing lives through greenovative solutions and promoting ESG for all to the vision, “Crafting a Sustainable World Evolving Greenovation.” Therefore, a crucial area that the business has continuously improved for effectiveness is working to satisfy the needs and expectations of stakeholders. In order to prevent or mitigate sustainability impacts on stakeholders and promote a balance between value and worth from business operations, the company uses these data to support strategic planning. It also aims to increase stakeholder trust in its collective efforts. The company's stakeholders are classified into 10 categories, including employees, suppliers and contractors, customers, service station operators (dealers, BGN, agricultural cooperatives), business competitors, creditors, shareholders, Bangchak’s neighbors, the mass media, and government agencies.

Processes for Stakeholder Engagement

Identify stakeholder groups and prioritize them by considering criteria

Stakeholders’ involvement in business operations by considering from

Whether or not the Company can impact stakeholders in sustainability
Whether the stakeholders have the influence to impact the Company’s sustainability issues

The engagement process with stakeholders has important steps as follows

Specify the divisions responsible for stakeholder groups
Determine the systematic method and frequency of surveying the needs and expectations of stakeholders
Collect data on the needs and expectations of stakeholders for strategic input

Determining Material Sustainability Issues

Identify causes and impacts that have occurred and are expected to occur, both positive and negative, on sustainability issues (economy, environment, and society, including human rights issues)
Prioritize according to the severity and likelihood of occurrence

Implementation

Propose the analysis results to the Sustainability Management Committee (SMC), the Sustainability Policy Committee (SPC), and the Sustainability and Corporate Governance Committee (SCGC) to determine the direction of sustainability operations, formulate organizational strategies and key performance indicators.
Develop risk management plans to prevent and minimize the long-term sustainability impact on stakeholders and the company.