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N O V E M B E R 2 0 1 5

THAILAND CORPORATEEXCELLENCE AWARDS 2015

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Thailand CorporateExcellence Awards Program

Special Article : FIVE THINGS EVERY CEO MUST DO IN THE NEXT ERA OF GLOBALIZATION Acknowledgements

HRH PRINCESS MAHA CHAKRI SIRINDHORN THAILAND CORPORATE EXCELLENCE AWARDS

Siam Commercial Bank Public Co., Ltd. • FinancialManagementExcellence

Toyota Motor Thailand Co., Ltd. • MarketingExcellence

PTT Public Co., Ltd. • CorporateSocialResponsibilityExcellence

Advanced Info Service Public Co., Ltd. • CorporateImprovementExcellence

The Siam Cement Public Co., Ltd. • HumanResourceManagementExcellence • InnovationExcellence • Product/ServiceExcellence • LeadershipExcellence

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Business Highlights

Thailand CorporateExcellence Rankings

CONTENTS

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THAILAND CORPORATE EXCELLENCE AWARDS PROGRAM

Now in its 14th year, The Thailand Corporate Excellence Awards Program has been organized and presented by the Thailand Management Association (TMA) in collaboration with Sasin Graduate Institute of Business Administration (Sasin)

of Chulalongkorn University. The program comprises three elements:

EXCELLENCESURVEY

EXCELLENCEAWARDS

EXCELLENCEAWARDSCEREMONY

THAILANDCORPORATE

HRH PRINCESSMAHA CHAKRI SIRINDHORNTHAILAND CORPORATE

THAILANDCORPORATE

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THAILAND CORPORATE EXCELLENCE SURVEY

In collaboration with GfK, TMA and Sasin have undertaken the study of corporate excellence during the past thirteen years as part of the Thailand Corporate Excellence Awards Program. The Thailand Corporate Excellence Survey is conducted annually to serve the following primary objectives:

In addition to honoring essentially established and successful corporations, this year, upon realizing significantcontributionfrommedium-sizedcorporationstotheeconomy,TMAandSASINhave initiatedTMA-SASIN Management Excellence award to recognize top performer in the less than MB 10,000 revenue category. This particular award follows the same noble purposes to recognize excellent managerial practices and to encourage continuous improvement as well as to set excellent example for the others.

Also, an additional focus this year is on Thailand competitiveness when compared to ASEAN .

Thesurvey’smethodologyincludesaquantitative,self-administered survey technique, via either mail or website, inadditiontoaseriesoffollow-upcallsbytelephone.Participants are limited to senior business executives of the top 1,000 companies as ranked by revenue according to the top 1,000 revenue earning companies in Thailand. In addition, the survey includes business academics and executives of business management associations.

01 02 03To identify Thailand’s leading organizations in various key corporate excellence categories

To gain perspectives on corporate excellence, business management, and business trends from leading executives and business professionals

To establish and develop corporate excellence benchmark for Thai business

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An elite group of executives participated in the Thailand Corporate Excellence Survey. 47% are department head or above, followed by managers at 35%.

The executive participants work in diverse industries with thehighestpercentageinAutomotive/transport/utilities at 22%, agriculture at 14%, and consumer products at 13%. Compared with previous year, the proportion of consumer products decreases slightly from 19% to 13%.

OUR EXECUTIVEPARTICIPANTS ThefindingsintheThailandCorporateExcellenceSurveyderivefromresponsesofhigh-rankingexecutives and professionals. Among total participating executives, males outnumber females at 60% to 35% (5% didn’t disclose gender), and Thai nationals account for 86% of the total respondents. 37 % of executives participated are less than 40 years old while another 37% aged between 40 and 49. In terms of education level, over half of the executive participants hold a master’s degree and 37% of the executives hold a bachelor’s degree.

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Barred from selecting their own company in the survey, the executives from various industries provide an honest appraisalofThailand’scorporateculturebynominatingorganizationsthattheybelievefulfillvariousmeasuresofcorporate excellence. Survey respondents also share with us valuable opinions and insights regarding business outlook for the coming year, as well as the impact of national situation on business and the reforms they see as necessary for Thailand to become more competitive in the business world.

I N D U S T R Y

14%13%

8%

4%

2%1%

Agri

cult

ure

Con

sum

er P

rodu

cts

Ban

king

, In

sura

nce,

Fin

ance

Con

stru

ctio

n, R

eal E

stat

e

Info

rmat

ion

Tech

nolo

gy,

Offi

ce A

utom

atio

n, T

elec

omm

unic

atio

ns

Hos

pita

lity

such

as

Hot

els,

Re

stau

rant

s, T

ours

22%

Auto

mot

ive,

Tran

spor

t,U

tilit

ies

8%

Hea

vy In

dust

ry

8%

Reta

il, Im

port

ing,

Exp

orti

ng

4%

Ligh

t In

dust

ry

1%

Prof

essi

onal

Ser

vice

s,

Con

sult

ancy

Ser

vice

s

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HRH PRINCESS MAHA CHAKRI SIRINDHORN THAILAND CORPORATE EXCELLENCE AWARDS

From 2006 Her Royal Highness Princess Maha Chakri Sirindhorn has graciously presided over the Thailand Corporate Excellence Awards recognizing the nation’s leading businesses. The program wishes to extend its sincere gratitude to Her Royal Highness Princess Maha Chakri Sirindhorn, whose support has proved invaluable in just the same way as her many royal initiatives, developmentprojectsandcharityfundshavebenefitedall Thai people through the years.

Her Royal Highness Princess Maha Chakri Sirindhorn, is highly revered in Thailand and admired for her longstanding efforts to help people in need and her dedicated service to humanity. Her achievements are not only well known among the Thai people, but also among people from all around the world.

For these reasons the Thailand Corporate Excellence Awards, overseen by Thailand Management Association and Sasin Graduate Institute of Business Administration of Chulalongkorn University and conducted by marketing research company GfK MarketWise Ltd., considers the

program’seffortsascomplementarytothePrincess’sdistinguished service and substantial expertise. It is owing to endeavors such as those by Her Royal Highness thatThailand’spre-eminentcorporationshavethrivedandinturnbenefitedthecountryasawhole.Forherlarger duties bestowed to the nation and her gracious support given to the Thailand Corporate Excellence Awards, we humbly express our heartfelt appreciation.

The HRH Princess Maha Chakri Sirindhorn Thailand Corporate Excellence Awards are conferred for the following categories:

• CorporateImprovementExcellence• HumanResourceManagementExcellence• FinancialManagementExcellence• InnovationExcellence• MarketingExcellence• Product/ServiceExcellence• CorporateSocialResponsibilityExcellence• LeadershipExcellence

Thailand CorporateExcellence Awards

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THAILAND CORPORATE EXCELLENCE AWARD CEREMONY

1TheThailandManagementAssociation-SasinManagementExcellenceawardistherewardthatrecognizesaccomplishmentsofmid-sizecompanies

with annual revenue less than THB10,000 million (but does not include SME).

As part of sharing knowledge and insights gained through the Thailand Corporate Excellence program, the Thailand Corporate Excellence Awards Ceremony was held on 24 November 2015 at Plaza Athenee Bangkok, A Royal meridian Hotel.Theeventcomprisedaspecialkeynoteaddress,SMEsExcellenceAwardsannouncement,theTMA-SasinManagement Excellence Award1 announcement and the Princess Maha Chakri Sirindhorn Thailand Corporate Excellence Awards announcement ceremony attended by executives from Thailand’s leading organizations. The awards honored companies in eight categories of business excellence.

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BUSINESSHIGHLIGHTSIn this year, there was a small drop in positive business outlook among leading executives from 50% in previous year to 48%, which is the lowest ever in the past 14 years of this survey. As observed during the last four years, the downward trend continues since the peak in 2010

whereby a very high 90% of the executive participants had a positive outlook for business in Thailand. Moreover in 2015, none of the participating executive had a “very positive” outlook.

Regarding next year’s business forecast, executives in the information technology retains the positive outlookasexpressedinlastyear.InConstruction/RealEstate,HeavyIndustry,Banking/Insurance/FinanceandHospitality, executives express marginally improved outlook compared with last year, but their overall outlook remains moderate.

On the other hand, the level of optimism among executivesinProfessionalServices/ConsultancyServicesand Light industry decrease from moderate in 2013 to negative.

20152

2013

0% 2%

12% 18%

36% 30%

30% 36%

18% 11%

2% 3%

O U T L O O K F O R B U S I N E S S I N T H A I L A N D

VERY POSITIVE

POSITIVE

SOMEWHAT POSITIVE

0 10 20 30 40 50

2015 2013

SOMEWHAT NEGATIVE

NEGATIVE

VERY NEGATIVE

0 10 20 30 40 50

2As the survey process has been redesigned and the Awards Ceremony has been moved to the end of the year, the 2015 results represent the companies’performancein2014-2015.

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MEAN SCORE: 6-pointscalewhereby 6points=Verypositive, 5points=Positive, 4points=Somewhatpositive, 3points=Somewhatnegative, 2points=Negative, 1point=Verynegative

Information Technology, OfficeAutomation,Telecommunications

Construction, Real Estate

Heavy Industry

Banking, Insurance, Finance

Hospitality such as Hotels, Restaurants, Tours

Agriculture

Retail, Importing, Exporting

Consumer Products

Automotive, Transport, Utilities

Light Industry

Professional Services, Consultancy Services

5.00

4.25

4.14

4.00

4.00

3.83

3.71

3.67

3.15

3.00

3.00

With respect to next year’s business trend expectations in Thailand, the executives point out the same top three trends as in 2013: political situation and stability, world economic situation, and business competition. The political situation is the top mention at 84%, higher than

last year. The percentage of mention of other 2 trends also rises. Additionally, being social media driven, as well as emphasizing human capital development are mentioned more as important trends.

POSITIVE

SOMEWHAT POSITIVE

SOMEWHATNEGATIVE

O U T L O O K F O R O W N T Y P E O F B U S I N E S S I N T H A I L A N D B Y S E C T O R

SECTOR MEAN SCORE

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84%70%51%47%45%42%42%33%30%30%28%27%26%24%23%14%13%11%1%

EXPECT ED BUS I NESS TR ENDS I N THA I LAND NEXT Y EAR0 20 40 60 80 100

More dependent on political situation and stability

More dependent on world economic situation

Higher business competition

More technology utilization/development driven

More social media driven

More emphasis on cost reduction

More emphasis on human capital development

More competition based on higher quality

More customer-centric

More reginal regional economic and social integration

More investment/offshoring to other countries

More emphasis on energy saving and environment

More emphasis on CSR/business ethics

More emphasis on risk management

More outsourced business process or function

More dependent on natural disasters

More mergers and acquisitions/consolidation

More investment/offshoring to Thailand from foreign investors

Others

As ASEAN integration enabling the region to be more competitive, the executives compared key aspects in Thailand totheotherASEANmembers.Amongtheaspects,Technologyandinnovationsthataddvaluetoexecutivesbusiness/industry is the highest competitive advantage for Thailand. By contrast, educational system and human capital developmentsupportingbusiness/industryisthemostconcerningissue.Itisclearthatonthisaspectexecutivesperceive Thailand to be less competitive than other countries.

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Withregardsto improvingthecompetitivenessofThailandintheASEANMarketfromopen-endedquestion,28%oftheparticipantsgivemoreimportancetoeducationsystemreform,followedbyinnovationandcreativity/technologicaldevelopment(16%),andskillsetsofThaihumanresources(14%).Foreignlanguageproficiencyandimprovement of labor skills are also mentioned.

Whenaskedtoselectmainareasofimprovementfromapre-definedlist,46%ofparticipantsthinkthatpoliticalstabilityandcontinuityofgovernmentpolicyisthetopareatobeimproved.Governmenttransparency/lesscorruptionis also an important area (41%) to focus. Thailand would also be more competitive if the country is able to develop foreignlanguageproficiencyaswellasimprovingskillsetsofThaihumanresources.

Technology and innovations that add value to executives business/industry

Infrastructure, Rule, Regulation and Law that support executivesbusiness/industry

Educational System and Human Capital Development to supportexecutivesbusiness/industry

Thailand Competitiveness Overall

Education system reform (focus on analytical skills over memorization, teaching practical skills at school)

Innovationandcreativity/technologicaldevelopment

Skill sets of Thai human resources

ForeignLanguageproficiency

Improveoflaborskills/professionalexpertise

Anti-corruptionefforts

ReformofThaiattitudes/culture(lackofdiscipline,communicationnotstraightforward)

Update infrastructure(water, electricity), transportation, ports and mass transit

Subsidizing SME

Reform political system

28%

16%

14%

11%

11%

10%

9%

8%

7%

7%

3.29

3.26

2.76

3.20

C O M P E T I T I V E N E S S O F T H A I L A N D C O M P A R E D T O A S E A N M E M B E R S

MAIN AREAS THAILAND MUST REFORM TO BECOME MORE COMPETITIVE IN BUSINESS

MEANSCORE(5-pointscale)

0 1 2 3 4 5

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46%41%25%25%23%21%20%18%17%15%15%14%11%10%9%8%8%7%5%5%

CHARACTERISTICS TO BE DEVELOPED TO INCREASECOMPETIT IVENESS OF THAILAND IN THE ASEAN MARKET

0 10 20 30 40 50

Political stability and continuity of government policy

Government transparency/Less corruption

Skill sets of Thai human resources

Foreign Language proficiency

Economic performance and policies

Innovation and creativity

Research and development

Country image and branding

Infrastructure, transportation, ports and mass transit

Management of national budget

Legal/Regulatory framework and taxation

Strong national leaders

Quality of products and services

Corporate governance/Business ethics

Business productivity and efficiency

Patronage system

Adaptability of businesses to market changes

Health, safety and environmental concerns

Management of natural disasters

Cross-border marketing and ASEAN branding

Looking at both spontaneous mention and prompted response, it appears that education system reform is on the top of executives’ mind. Executives mention that Thailand’s education system should focus more on analytical skills, rather than memorizing. Practical skills should be taught to children. Innovation and creativity is also becoming increasingly important in boosting the competitiveness of Thailand.

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As it has been every year since the survey’s inception, The Siam Cement Public Co., Ltd. (SCG) earns multiple Thailand Corporate Excellence awards. Results for 2015 put the country’s largest industrial conglomerate atop four categories: Human Resource Management, Innovation, Product/ServiceandLeadership.Theawardslikewiseextend a number of survey winning streaks established bySCGovertheyears.Alongwithitsthirteenth-straightrecognition for HR excellence, the company claimed an eighth consecutive award for Innovation and sixth straight Product/Servicedistinction.SCG’sLeadershipawardisits third in a row and perhaps start of another lengthy winning streak.

ThatafinancialinstitutionearnshighmarksforFinancialExcellence can’t come as a total surprise. Yet, Siam Commercial Bank Public Co., Ltd. (SCB) again claims the categorywithanotherrecord-breakingbusinessyear–and this indeed surprising to some given the generally unfavorable domestic economic conditions throughout theyear.Ifanything,abottomlineshowingbest-evernetprofitbySCBin2015wouldhavesealedthedealamongsurvey respondents.

Edged out last year by SCG for the Corporate Social Responsibility Excellence award, PTT Public Co., Ltd. (PTT) emerges victorious in 2015. PTT takes the category’stopspotforthefirsttimesince2008helpedby comprehensive CSR programs addressing economic, social and environmental factors.

The award for Corporate Improvement Excellence goes each year to the company showing biggest survey gains as measured against the preceding year’s results. Determining criteria are: 1) highest total positive movement across all seven categories and, 2) movement fromasubtenth-placerankingtoatop10finishor

afinishwithinthetop10acrossatleastthreecategories.Advanced Info Service Public Co., Ltd. (AIS) receives this year’s award with climbs of seven places in Marketing and Financial Management in addition to improvements in all other categories.

After half a dozen consecutive wins by True Corporation Public Co., Ltd. in the category of Marketing Excellence, ToyotaMotorThailandCo.,Ltd.takestheflagfor2015,and does so with a strong year in what many analysts agreed was a very tough time for the Thai car industry.

Congratulations to all of this year’s award winners, and indeed many thanks to every Thai company that participated in the 2015 Thailand Corporate Excellence Survey.

THAILAND CORPORATEEXCELLENCE RANKINGS

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T H A I L A N D C O R P O R A T E E X C E L L E N C E R A N K I N G S 2 0 1 5

1

2

3

3

4

4

5

5

5

1

2

7

8

12

8

7

8

-

The Siam Cement Public Co., Ltd.

True Corporation Public Co., Ltd.

Charoen Pokphand Food Public Co., Ltd.

Charoen Pokphand Group Co., Ltd.

Betagro Public Co., Ltd.

Advanced Info Service Public Co., Ltd.

CP ALL Public Co., Ltd.

MK Restaurant Group Public Co., Ltd.

IBM Thailand Co., Ltd.

2015 2013 COMPANY

04 INNOVATION EXCELLENCE

1

2

3

4

5

1

2

3

4

13

The Siam Cement Public Co., Ltd.

CP ALL Public Co., Ltd.

PTT Public Co., Ltd.

Toyota Motor Thailand Co., Ltd.

The Shell Company of Thailand Limited.

2015 2013 COMPANY

02 HUMAN RESOURCE MANAGEMENT EXCELLENCE

1

2

2

3

4

5

1

3

2

10

4

6

Siam Commercial Bank Public Co., Ltd.

KASIKORNBANK Public Co., Ltd.

PTT Public Co., Ltd.

Advanced Info Service Public Co., Ltd.

The Siam Cement Public Co., Ltd.

CP ALL Public Co., Ltd.

2015 2013 COMPANY

03 FINANCIAL MANAGEMENT EXCELLENCE

1 Advanced Info Service Public Co., Ltd.

2015 2013 COMPANY

01 CORPORATE IMPROVEMENT EXCELLENCE

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T H A I L A N D C O R P O R A T E E X C E L L E N C E R A N K I N G S 2 0 1 5

1

2

3

4

5

1

5

9

2

4

The Siam Cement Public Co., Ltd.

CP ALL Public Co., Ltd.

KASIKORNBANK Public Co., Ltd.

PTT Public Co., Ltd.

Toyota Motor Thailand Co., Ltd.

2015 2013 COMPANY

08 LEADERSHIPEXCELLENCE

1

2

3

4

4

5

2

1

4

4

9

8

PTT Public Co., Ltd.

The Siam Cement Public Co., Ltd.

True Corporation Public Co., Ltd.

Bangchak Petroleum Public Co., Ltd.

Advanced Info Service Public Co., Ltd.

Bumrungrad Hospital Public Co., Ltd.

2015 2013 COMPANY

07 CORPORATE SOCIAL RESPONSIBILITY EXCELLENCE

1

2

3

4

5

1

3

9

6

2

The Siam Cement Public Co., Ltd.

CP ALL Public Co., Ltd.

Advanced Info Service Public Co., Ltd.

True Corporation Public Co., Ltd.

Toyota Motor Thailand Co., Ltd.

2015 2013 COMPANY

06 PRODUCT/SERVICEEXCELLENCE

1

2

3

3

4

4

4

5

5

5

5

14

2

3

11

12

16

1

10

1

Toyota Motor Thailand Co., Ltd.

Muang Thai Life Assurance Public Co., Ltd.

CP ALL Public Co., Ltd.

The Siam Cement Public Co., Ltd.

Advanced Info Service Public Co., Ltd.

KASIKORNBANK Public Co., Ltd.

Honda Automobile (Thailand) Co., Ltd.

Thai Samsung Electronics Co., Ltd.

Coca-Cola(Thailand)Co.Ltd.

True Corporation Public Co., Ltd.

2015 2013 COMPANY

05 MARKETINGEXCELLENCE

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CORPORATE IMPROVEMENTEXCELLENCE

THAILAND CORPORATEEXCELLENCE AWARDS 2015

ADVANCED INFO SERVICEPUBLIC CO., LTD.

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Each year the award for Corporate Improvement Excel lence recognizes a company with most positive movement across all seven survey categories. Earning the 2015 award is telecommunications provider Advanced Info Service(AIS). It’sthecompany’sfirstThailandCorporate Excellence honor since 2010, when AIS claimed the very same award.

AIS improvement by category revealed strong movement in Marketing and Financial Management, the company ticking upward seven places from 11th to 4th and from 10th to 3rd respectively. Further substantial improvementwasmadeinProduct/Servicewitha climb from 9th to 3rd and in Human Resource Management with a jump from 12th to 6th. Remaining survey results showed AIS moving up from 12th to 7th in Leadership, from 9th to 4th in Corporate Social Responsibility and from 8th to 4th in Innovation.

ADVANCED INFO SERVICE PUBLIC CO., LTD.

CORPORATEIMPROVEMENTEXCELLENCEADVANCED INFO SERVICEPUBLIC CO., LTD.

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T H E D I G I T A L L I F E

AIS’s 2015 award for Corporate Improvement Excellence accuratelyreflectsthecompany’sbusinessperformancein the same year.

To wit, AIS’s strong Marketing Excellence results are mirrored in its operational highlights on the year. Tallies at end of 2014 showed AIS remaining the country’s top mobile operator. Tellingly, its revenue market share increased to 52%. Subscriber market share stood at 46% with the company serving more than 44 million customers as of December 2014. Rising mobile data use, meanwhile, contributed to a rise in proportion of mobile data users to 44%, up 10% over 2013. AIS likewise saw

its proportion of mobile data revenue increase from 21% in 2013 to 33% in 2014. Data consumption nearly tripled overthepreviousyear,andAIS’s3G-2.1GHznetworkcoverage reached 97% of the population after only one year and a half of operation.

Inasimilar light,AIS’ssurveyresultsreflectthefirm’sbottom line on the year. Revenue proved resilient, despite macroeconomic weakness in Thailand, with service revenue totaling just below THB 118,000 million. Net profit dropped slightly from 2013, again owing to macroeconomic factors, yet nonetheless reaching THB 36,033 million.

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These and other solid results can be attributed to the beginnings of a transformation within AIS. In 2014, Chief ExecutiveOfficerSomchaiLertsutiwongarticulatedathree-yearvision,centraltowhichisAISevolvingfromitsdesignation as a telecommunications operator into what the company describes as a “digital life service provider”.Other 2014 highlights for the company bear out that visionandfurtherreflectgeneralimprovementdiscernedby business peers.

To thrive in the rapidly changing digital industry requires a steady stream of innovative products and services. AIS excelledin2014withmanynewandimprovedofferings.Earlyintheyear,AISalongwithotherleadingAsiaPacificoperatorsestablishedtheregion’slargestmachine-to-machinealliancetowardsaone-stop-shopexperience.AIS also launched AIS mPAY Rabbit Shop in five BTS stations, allowing customers to conveniently exchange their SIM card for or buy smart devices that support the payment service. Later in 2014, AIS launched its YOU! Mobile concept of online mobile services, enabling customers to design their own service packages and enjoy more flexibility should they later change their data and voice services. The company also responded to customer concerns by implementing Roam Fair, anautomaticrefundsystemforpre-andpost-paidcustomers who do not use certain bundled services.

Illustrating AIS’s improved standing in human resource management is the company’s basic belief that its people are paramount, that its employees make the company successful.Guidedbythatprinciple,AISin2014-2015continued to refine and enhance its HR programs. Fundamental to the company’s HR approach is training. In 2014-2015,AISimplementedavarietyoftrainingcoursesto develop employee knowledge and skill necessary for work performance. AIS employees receive on average

431 hours of training per person, accounting for an operationalexpense–ormoreproperlyinvestment–ofmore than THB 110 million. Apart from comprehensive in-housetraining,AISencouragesemployeestoattendrelevant training courses organized by other institutions or agencies both in Thailand and abroad.

During2014-2015,AISfurthermoreemphasizedsocialresponsibility and business ethics. The corporation’s Business Ethics Committee familiarized employees with AIS codes and practices through various channels, including AIS intranet and notice boards. The committee also implemented a channel for reporting instances of misconduct or fraud, the “Nokweed Hotline”, which servesasAIS’sconfidentialwhistleblowerhotline.

Congratulations to Advanced Info Service for a successful year.Thecompany’swide-rangingaccomplishmentsdid not go unnoticed by business counterparts, whose opinions in this year’s survey make AIS winner of the Thailand Corporate Excellence award for Corporate Improvement Excellence.

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LEADERSHIP EXCELLENCE

HUMAN RESOURCE MANAGEMENT EXCELLENCE

INNOVATION EXCELLENCE

PRODUCT/SERVICEEXCELLENCE

THAILAND CORPORATEEXCELLENCE AWARDS 2015

THE SIAM CEMENTPUBLIC CO., LTD.

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Thailand Corporate Excellence Survey results for 2015 show Siam Cement Group (SCG) further extending its tradition as a multiple award winner. The country’s largest corporate conglomerate was voted by its peers as best in the categories of Human Resource Management, Innovation,Product/ServiceandLeadership.

Inthefirst fullyearafterrestructuring itsconstruction-relatedbusinesses into threeunits–cement,buildingmaterials and distribution streamlined as a single business unit, SCGCement-BuildingMaterials, alongsideSCGChemicalsandSCGPaper–thecompanyattainedmanystated objectives. On the year SCG increased operational efficiency,accelerateddevelopmentofnewproductsandservices,andcontinuedlong-termbusinessexpansion.

Withoutdoubt,2015provedtobeanotheryearofverifiablecorporate excellence by SCG. Now in its second century of operations, SCG remains well on its way to becoming a market leader not only within the Southeast Asia region but beyond.Suchexpansivevisioniswelljustified.Yearafteryear,as indicated by this survey and likewise by the company’s annual results, SCG remains committed to creating value for customers, employees and all stakeholders.

THE SIAM CEMENT PUBLIC CO., LTD.

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HUMAN RESOURCE MANAGEMENT EXCELLENCETHE SIAM CEMENT PUBLIC CO., LTD.

By end of 2015, the employee roster of Siam Cement Group–comprisingSiamCementPublicCo.Ltd.,SCGCement-BuildingMaterials,SCGChemicals,SCGPaperandallotherbusinessunits–totaledmorethan51,000people. Such a workforce requires substantial human resourceinvestment,whichentailscarefulmacro-levelmanagement of personnel as well as care and concern for each individual person in the company. Siam Cement Groupfulfilledtheserequirementsandmoreonwaytoclaimingaremarkablethirteenth-straightawardforHuman Resource Management Excellence.

Contemporary human resource management understandably and rightly has become a complex endeavor. In this light, SCG’s approach proves as comprehensive and nuanced as that of any global corporation.Tobettertarget itsefforts,however,thecompanysegmentsHRmanagementeffortsintofive-yearstrategies.Currenteffortsensuefromanoverarchingstrategy of ensuring human resource readiness in support of upcoming business expansion. Within that main focus are three substrategies: workforce preparation for business expansion, employee competency development and enrichment, and human resources management system enhancement.

All divisions contributed to SCG’s continued excellence in HR management in 2015.

AmongSCGCement-BuildingMaterialsachievementswas development of a human resources management system to accommodate business expansion in ASEAN.

Here the aim was to instill business ethics, as well as to improve quality of work life while fostering fair and effective relationships between the company and each employee. The division also promoted localknow-howtowardsencouraginginnovationanddevelopingHVAproductsandservices.SCGCement-Building Materials further enhanced the group’s HR reputation by supporting the educational development of employees both in Thailand and abroad so as to facilitate individual career advancement in line with the company’s sustainable growth path.

SCG Chemicals, for its part, strove to align enterprise and employee goals. Key in this regard were a new performance management system and the continued refinementofanorganizationalculturethatpromotescommon understanding. These in turn were enhanced by improved performance evaluation methods among supervisors and subordinates, as well as by further skill development among executives enabling them to

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better collaborate with all employees. SCG Chemicals’ Elevated Strategic Workforce Planning concept likewise was initiated to assess human resource requirements in terms of workforce numbers, employee capabilities and operational readiness.

So too did SCG Paper demonstrate HR excellence. Noteworthyprogramsin2014-2015includedcreationof a training roadmap enabling staff to envision a career path starting from the very beginning of their employment with SCG. At SCG Paper HR programs extended to subsidiaries in Vietnam as well, with thedivision’sC-Paper-Vietnamproject initiated incooperation with a leading university; emphasis here wenttoproject-basedstudyinordertopromoteself-learning by employees. Leadership skills among SCG Paper employees at the managerial level were addressed

just the same, all towards improving teamwork in light of rapid changes and constant challenges within the paper segment.Thedivisionfurthermoresetaboutrefiningitssafety management system by adopting best practices, and by encouraging safety engineers to know and to strictly observe the standards and behaviors expected of aworld-classcorporation.Inthisregardandexemplifyingthe approach was SCG Paper’s “Good Friends Good Safety” project, whereby employees’ workplace safety awareness was raised at all levels.

Highlyeffectivehumanresourcemanagement,innovativethinking, exceptional products and services, and proven leadershipqualities–theyalladduptoanothermulti-award-winningyear–forawardsinall–forSiamCementPublic Co., Ltd.

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INNOVATION EXCELLENCETHE SIAM CEMENT PUBLIC CO., LTD.

Siam Cement Group considers innovation vital to its success, especially in light of the highly competitive industries in which it operates. And while some may think ofbuilding-industryproductsasprimarilycommodities,SCG insteadsees itsoutputashigh-qualitygoods,ones designed to meet complicated demands and thus

requiringextensiveresearchanddevelopmentefforts.The same can be said not only of material products but alsofortheservicesSCGprovides.It’stheseR&Defforts,leadingtoinventionandtheneffectiveimplementation,that add up to innovation on the whole. The result at SCG is a climate of innovation across all divisions.

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Exemplifying the approach are innovations by SCG Cement-BuildingMaterials.In2014thedivisionfurtherdevelopeditsNEST(NextEco-SustainableTechnology)conceptforhomes.NESThasresultedinASEAN’sfirstenergy-plushomeofthefuture incorporatinghighlyinnovative designs and processes, including renewable energy source use, in order for homes one day to produce more energy than they use. Other innovations included developmentofhigh-qualityprecastsystemsthataremuch easier to handle, thereby reducing installation time and cost in applications such as precast concrete panels and precast concrete restrooms. The division’s neweco-friendlyhybridcement,meanwhile,reducesCO2emissions in the manufacturing process, a major cause of global warming; the material is ideal for structures that demand substantial strength and durability. Among yet moreinnovationwasproductionoffibercementboardas a substitute for wood, the technology allowing for manufacture of more sophisticated boards that takes paint extremely well and feature an authentic wood grain look.

TheyearalsosawtheCement-BuildingMaterialsdivisionmakesignificantadvancesintechnologieseffectiveatproviding comfort and safety for the elderly. For example, SCGCement-BuildingMaterials incooperationwithSiriraj Hospital and Mahidol University researched and developed SCG Eldercare Solution, a housing innovation designed to address the home needs and lifestyle desires of our elders.

At SCG Chemicals, the division filed more than 90 patentapplicationsinthefieldsofchemistry,chemicalengineering, mechanical engineering and product design. It also established Licensing Association (Thailand) in cooperation with the Thai government and foreign companies to promote and support activities related to intellectual property and licensing matters in Thailand. The Chemicals division likewise exemplified SCG’s technological edge through innovative use of robots

to assess and evaluate the condition of machinery and equipment, with examples including robotic detection of furnace coil cracking and underwater robot monitoring of submerged facilities and equipment. The division also designed a program to assess and analyze remaining lifetimeofstainlesssteelequipmentusedinrefineryandpetrochemical industries and it expanded the market forSCG’spatentedemisspro®energy-savingcoatingmaterial–winnerofaCreativeEnergyProjectawardattheThailandEnergyAwards2014–tomoreSoutheastAsian countries as well as to Japan and South Korea.

Our digital age may give less thought to paper, at least in regard to media consumption, but the material remains vitaltoamultitudeandinfactever-expandingnumberof applications. Here again, SCG stands at the forefront of innovation.

The group’s SCG Paper division was responsible for numerousgroundbreakingdevelopmentsin2-14-2015.Notable among them was development of printing technologyonrolledpaperusingflexographicpreprint,allowing foroffsetprinting-levelquality. Anotherinnovationin2014-2015wasSCGPaper’sIdeaCarePack,hygienicpaperconecupsmadefromvirginfiber;IdeaCarePack was the first such material in Thailand to receivecertificationfromtheThaiIndustrialStandardsInstitute. Further developments at SCG Paper included IdeaGreenPluscontaininghigh-qualityEcoFibermadefrom used paper in place of virgin pulp; and development of 10 eucalyptus species suitable for climatic and soil conditions in Thailand and thus more resistant to disease and insects.

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PRODUCT/SERVICE EXCELLENCETHE SIAM CEMENT PUBLIC CO., LTD.

Siam Cement Group affirmed throughout 2015 its unwavering commitment to manufacturing premium products and providing superior services. Indeed the grouphas longheldthatcreatinghigh-value-addedproducts (HVA) and services is fundamental to SCG’s long-termsuccess.SCGfurthermoredeemsitvitaltoimpart research and development advances to partners andconsumersasquicklyandeffectivelyaspossible.

Toallthoseends,in2015notableSCGeffortsincludedinvestmentinmachinerymodificationswithinitsfibrouschain to produce glassine, an exceptionally smooth and transparentpaper liningusedforpressure-sensitivelabels in the packaging industry; the modifications willhelpmakeSCGthefirstglassinemanufacturerinASEAN to attain an annual capacity of 60,000 tons once production begins in early 2016.

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OntheHVAproduct front,SCGconfirmeda joint-venture arrangement with Florim Ceramiche S.p.A, an Italianmanufacturerofhigh-qualityceramic,tobuildand operate a plant in Italy for production of premium ceramic tiles under the brand COTTO italia. Operations began in 2015 and the brand’s tiles are now satisfying the needsofhigh-endcustomersaroundtheworld.

SCG enhancements to HVA production weren’t limited to actual manufactured output. The company made business moves as well towards product and service quality excellence by acquiring a 90% stake in PT Indoris Printingdo, an HVA packaging manufacturer in Indonesia with annual capacity of 8,000 tons. SCG also acquired a stake in Norner Holding AS (Norner Group), a leading innovationandtechnologyfirminNorwayspecializingin the petrochemical industry. The acquisitions further consolidatedSCGR&Deffortstocompeteinaglobalmarketplace.

Apart from goods and wares, SCG is widely respected for its consumer services. Noteworthy recent developments includeSCGPaperdivision’sInspiredStudio,aone-stopproduct design and development center providing services ranging from consultation to creative and commercial graphic design by professional teams. This is in addition to SCG’s many service initiatives toensurecustomerconfidenceandsatisfaction.Forexample,SCGmaintainsunitsresponsibleforcustomer-relations management in every business division. Each unit provides customers with information and recommendations on company products and services, helpswith troubleshooting,assistswithafter-salesservices, and handles complaints when problems arise.

In remarks by Kan Trakulhoon made in his keynote address for 2014’s CEO Innovation Forum, organized by Thailand’s Ministry of Science and Technology as well as Bangkok Bank and SCG, the outgoing president and CEO reinforcedthenotionthatresearchanddevelopment–andtheHVAproductstheprocessesgiveriseto–are

critical to company success in addition to the nation’s economic prospects overall. Kan spoke of SCG’s pledge to help raise research and development investment in the country to 1% of gross domestic product (GDP), in part by nearly doubling its own R&D expenses to 1 per cent of sales for 2014. SCG already employs approximately 400 researchers and product developers and in 2014 spent THB 2.7 billion on R&D.

Not unlike advantages its focus on HVA products has broughttoSCG,Thailanditselfcanbenefitfromsuchafocus, observed Kan during the forum. He made clear his belief that attaining R&D investment at 1 per cent of GDP was a watershed point that must be crossed in order for the country to avoid what’s known by economists as the middle-incometrap.

GivenSCG’sexpertiseinthematter–verifiedthisyearbyitssixthstraightTMAawardforProductand/orServiceQualityExcellence–anygovernmentwoulddowelltoheed the advice.

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LEADERSHIPEXCELLENCETHE SIAM CEMENT PUBLIC CO., LTD.

SCGresoundinglyconfirmeditsstatusasacorporateleaderinThailandthroughout2014-2015.Byrefiningexisting operations as well as by undertaking new initiatives, the company assured competitive edge.

InhisfinalfullyearaspresidentandCEO,KanTrakulhoonalong with SCG board members kept the company in a leading position. He and all directors assured SCG stayed well placed within a gradually rebounding global economy and amid steady growth among most ASEAN economies.

Indeed SCG took a leading role among Thai companies towards driving growth in ASEAN. The company continued major investment in projects such as construction of thefirstintegratedgreenfieldcementplantintheLaosPeople’s Democratic Republic. Other ASEAN projects included construction of a cement plant in Indonesia, and capacity upgrade and expansion projects at SCG’s plant in Cambodia. Meanwhile, in an ASEAN country where much of the world has begun to focus investment, SCGcontinuesitsnaturalleadershiproleasnext-door-neighbor to Myanmar, where a new SCG cement plant is set for completion and start of production in 2016.

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These and all other cement plants operated by SCG, moreover, will feature the latest environmentally friendly technologies,reflectinganotherbusinessaspectinwhichSCG leads the way.

Likewise reflecting SCG’s leadership qualities is the company’s unflagging commitment to promoting business cooperation among ASEAN member states, particularly in regard to sustainable development. Already internationally recognized as a role model in sustainable development, SCG in 2015 expanded its sustainable business practices to other ASEAN nations. Notable initiatives and programs included SCG Sharing the Dream, a project providing more than 5,000 scholarships each year to youths in Indonesia, Vietnam, Myanmar, the Philippines, Laos and, as of 2015, in Cambodia. Complementing the scholarship programareother youth-basedactivities suchasraising environmental awareness and developing future leadership potential of youths across ASEAN.

Additionally,during2014-2015’sASEANSustainableDevelopment Symposium, SCG once again led the way in providing a Thai perspective on matters such as creating a sustainable development network among member nations.Thecompany’s long-standingcommitmentto a sustainable business approach has helped make it the first company in ASEAN to be recognized for four consecutive years as a “Global Industry Leader in Sustainable Development in Construction Materials Industry” on the Dow Jones Sustainability Indices (DJSI). Every year, the DJSI program assesses and then ranks the world’s top companies that adopt sustainable best practices, taking into account economic, social and environmentalcriteriatoensureinvestorconfidenceinregard to sustainable business operations. Just as SCG has distinguished itself by earning recognition in the Thailand Corporate Excellence Survey for many years running, so too has it impressed the world’s business observers.

Throughout its century of operations, SCG has demonstrated undeniable leadership qualities. Crucial to those qualities has been continuity in regard to aims andpractices.Asmentioned,2014wasthefinalyearwith Kan Trakulhoon as president and CEO. He would in late 2014 hand over the reins to new president and CEO Roongrote Rangsiyopash. It’s a measure of SCG’s leadership excellence that all who work for and do business with the group can continue to do so with utmostconfidenceyearafteryear.Everyonefromstafftocustomers,fromjoint-venturepartnerstodomesticand international financial institutions–allof theirconfidenceisfullywarranted.TheyknowthatThailand’sleading industrial concern will in fact continue to lead in many respects. They know the company will uphold its principles of integrity, prudence and transparency, while always acting in the best interests of all parties.

Thatindeeddefinesleadership.Congratulations,then,to Siam Cement Group for earning its third straight Leadership Excellence award.

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FINANCIAL EXCELLENCE

THAILAND CORPORATEEXCELLENCE AWARDS 2015

SIAM COMMERCIAL BANKPUBLIC CO., LTD.

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First, the numbers. The previous year for Siam Commercial Bank (SCB) again amounted to recordnetprofit,with2014’stallyofTHB53.3billionmakingfora6.2%increaseyear-on-year.Market capitalization, meanwhile, remained highestamongThaifinancialinstitutionsatTHB619billion,up26.8%year-on-year.Additionally,the bank’s high return on equity (ROE) at 20.1% and return on assets (ROA) at 2.0% rank among the highest of Thai banks. Throughout the year SCB continued on its mission to be “Thailand’s best universal bank” by providing a broad rangeoffinancialproductsandservicesforits retail, commercial and investment banking customers. Performance in 2014 left the bank well-placedtomeetitsgoal.Thatperformancelikewise earned SCB its third straight Thailand Corporate Excellence award for Financial Excellence.

SIAM COMMERCIAL BANK PUBLIC CO., LTD.

FINANCIALEXCELLENCESIAM COMMERCIAL BANKPUBLIC CO., LTD.

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C H O O S I N G E X C E L L E N C E

SCB’s strong performance in 2014 occurred despite a sharp economic slowdown in Thailand, particularly in thefirsthalfoftheyear.Althoughrateofgrowthwaslower than expected, attributable largely to subdued economic conditions and in particular a lackluster demandfornewloansfromqualifiedborrowers,thebank persevered to meet key performance targets. To maintain profitability despite the sluggish economy, SCB adopted a strong focus on expense control and productivityimprovements,resultinginalowercost-to-income ratio over 2013.

The bank’s 2015 results reflect a resilient operating platform and business model, as well as sound business strategies each effectively implemented. SCB places critical importance on sustaining high levels of employee and customer engagement. Both levels are measured by third-partyexpertsusingreliablemethodologies.SuchrigorousassessmenthashelpedSCBgenerateindustry-high levels of customer and employee engagement, thereby providing the bank a competitive edge and assuringsustainableprofitability.

SCB divides operations into four main business groups: Retail Banking, Wholesale Banking, Business Banking and Special Business. Each group contributed substantially to another stellar year for the corporation.

Highlights for the Retail Banking Group (RBG) included remaining number one in retail credit among Thai banks. The group also strengthened its leadership position by increasing number of branches and ATMs throughout the country. At end of 2014, the company operated 1,197 branches, 9,537 ATMs and 109 foreign exchange kiosks–allmorethananyotherbankinThailand.RBGsimilarly advanced in digital banking with adoption of new services such as mobile device applications for payments

andforensuringfast-trackservicewhenvisitingabranch.SCB FIRST Privilege Banking, a private banking service for high-net-worthcustomers,continuedtogrowandfurthercontributed to the group’s successful year.

EffortsbytheBusinessBankingGroup(BBG)focusedonservicing existing customers to maintain the division’s lending portfolio, this in light of heightened credit risk during an economic downturn. Notable results included BBG’s SME portfolio net interest margin improving by nearly 20 basis points in 2014. In fact SME business was a focus for BBG throughout the year. The group built onsuccessof itstwocapacity-buildingprogramsforSMEs, the SCB Young Entrepreneur Program for the new generation of business owners, and SCB SME Intelligent Entrepreneur Program for owners and executives. In terms of cost saving, the group also exerted tight control on operating expenses to achieve a 2% decrease in operating expenses.

So too did SCB’s Wholesale Banking Group (WBG) strengthen its leadership position, namely in investment banking, financial markets and capital markets, the

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latter bolstered by substantial acquisition and bond activity.TheGroupalsoincreasedtradefinancevolumein key industry segments and improved its trade financeportfolioprofitability,alldespiteasubstantialdownturn in the international trade market. The division outperformedthemarketinimport-exporttradevolumegrowth and deposit volume growth, here again despite 2014’s market slowdown. WBG also sustained its number-onerankinpropertyfundsforpublicoffering,infrastructurefundsforpublicoffering,andcorporatebondofferings.

Thebank’sSpecialBusinessGroup(SBG)overseesnon-performingloanandnon-performingassetmanagement.Counting among notable achievements in 2014 was

a2.11%decreaseinthegroup’snon-performingloanportfolio at year’s end, once again despite weak economic conditions throughout the year. To be sure, throughout 2014 SBG emphasized development of new measures tailoredforindustriessignificantlyaffectedbytheslowingeconomy, helping business customers identify actions theycantaketominimizepotentialfinancialdifficulties.

Congratulations to Siam Commercial Bank, who in 2015 diligently pursued its vision to be “the bank of choice for our customers, shareholders, employees and community”. With such dedication along with proven business acumen, the company earns another Thailand Corporate Excellence award for Financial Excellence.

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MARKETING EXCELLENCE

THAILAND CORPORATEEXCELLENCE AWARDS 2015

TOYOTA MOTOR THAILANDCO., LTD.

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Marketing skill is important in all industries, of course, but remains crucial in the automotive sector. While engine-powered wheeledconveyance hasn’t changed substantially since its advent, associated mechanical and, increasingly, digital technologies mean vehicle manufacturersmustcontinuouslyrefinetheirmarketingapproaches.Addever-changingtransport needs and desires for each new generation, and marketing gains a heightened significanceinthishighlycompetitiveindustry.

In 2015, Toyota Motor Thailand (TMT) proved especially adept at creating intuitive and responsive marketing strategies aimed at the Thaimotoringsegment.ThoseeffortsearnedtheJapan-basedmanufacturerit’sfirstThailandCorporate Excellence award for Marketing Excellence since 2007.

TOYOTA MOTOR THAILAND CO., LTD.

MARKETINGEXCELLENCETOYOTA MOTOR THAILAND CO., LTD.

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H E L P I N G G O O D T I M E S T O R O L L A G A I N

By the end of 2014, if there was one thing auto industry observers could agree on it was that auto sales in Thailand had been sluggish if not outright idle for at least twoyears.Drivinghomethepointwerefiguressuchasthose for October 2014, when new car sales in Thailand dropped 20% on the year, the 18th consecutive month of decline. It was plain carmakers had to step up their salesandmarketingeffortsinthecountry.

The end of 2014 also happened to be when the 35th Thailand International Motor Expo was held, one of Southeast Asia’s largest such expositions. Such events notonlyprovideopportunitiesforthecar-buyingpublic,they also allow manufacturers’ marketing teams the chance to test drive new campaigns. That’s precisely whatTMTdidwithitsimaginativeofferofaTHB100,000voucher to 1,000 people if they placed an order at the expo venue.

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The expo likewise allowed TMT’s marketing team to show its digital savvy. Apps available for Android and iOS smartphones invited visitors to the Toyota booth, where they could scan a QR code to get stamps for a lucky draw and receive other special gifts. Each app also provided consumers with event info, maps and activities; highlighted Toyota models; and informed on other vehicle campaigns.

As for more conventional media, in 2014 TMT was an officialsponsorofWorldCup2014televisionbroadcastsin Thailand. And further to football, the company likewise continued its sponsorship of the Thai Premier League in 2014, indeed extending support the next year. Apart from pitching on the pitch, Toyota took its marketingeffortsoutonthecoursetoo.Thecompanysponsored two an Asian Tour events, the Thailand Golf Championship in Bangkok and the Chiangmai Golf Classic in the country’s north.

That TMT’s marketing efforts extend to motor sport should be no surprise, and in fact the company supported Toyota Team Thailand in 2014’s ADAC Zurich 24-hourrace,heldatGermany’sspectacularNurburgringNordschleife track.

Otherentertainment-relatedmarketing activitiesincludedco-sponsorshipofNewYear’sEvecountdowncelebration 2015 at CentralWorld shopping center. Along with organizer Central Pattana Public Co., Ltd. and sponsors Advanced Info Service Public Co., Ltd., Tourism Authority of Thailand, and Ratchaprasong Square Trade Association, TMT increased brand awareness at oneofThailand’smost-seenevents.IndeedBangkok’s

countdown gathering has become known globally as one of the world’s major New Year’s Eve gatherings and draws international news coverage while featuring many popular artists and singers.

As with many major corporations lately, TMT enfolds a number of its marketing campaigns into corporate social responsibility projects. The company’s ECO Dealership Outlet program typifies such merging of corporate initiatives. In this case, the company combines its sustainability practices with sales skills right in vehicle showrooms. Under the ECO Dealership Outlet program, service centers are built or refurbished to reduce energy usage and pollutant emission, while interior design and outdoor landscaping are enhanced to create an aesthetically appealing setting for customers. The result is a sales and marketing achievement that at the same time helps preserve the environment into the bargain.

Industry analysts have attributed recent tough times for the Thai car industry to the country’s ongoing political upheavals,aswellastospecificfactorssuchasanendtotax incentives in late 2012. While the car market may be seeing slack sales in the short run, TMT’s marketing team hasperseveredandinfactsteppedupitsefforts.Indeeddespitethesluggishtimes,sucheffortswerewhatmadeTMT the second biggest ad spender in the nation, putting nolessthanTHB2.5billiontowardsjump-startingsales.

Congratulations to Toyota Motor Thailand Co., Ltd. for returningtothewinner’scircleforthefirsttimesincethe 2007 survey.

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CORPORATE SOCIAL RESPONSIBILITY EXCELLENCE

THAILAND CORPORATEEXCELLENCE AWARDS 2015

PTTPUBLIC CO., LTD.

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After coming close in last year’s survey with asecond-placeranking,thisyearPTTPublicCo., Ltd. (PTT) claims the Thailand Corporate Excellence Survey award for Corporate Social Responsibility Excellence for the first time since 2008.

PTT Group’s Corporate Social Responsibility (CSR) policy is one of three components within the company’s overarching strategic framework towards providing power for a sustainable future,alongsideconductingbusinessasahigh-performance organization (HPO) and practicing exemplary corporate governance (CG).

SpecifictoPTT’sCSRstrategy,positiveresultshinge on balancing and harmonizing three factors: economic, social and ecological. Successfully doing so, the company believes, creates a further framework for sustainable growthandbuildstrustandconfidence.Alsofundamental to PTT’s CSR framework are what the company labels CSR, or “Care, Share and Respect”, which in turn leads to CSV, introduced in 2014 and indicating “Creating Shared Value” –forPTTandallofsociety.

PTT PUBLIC CO., LTD.

CORPORATESOCIALRESPONSIBILITYEXCELLENCEPTTPUBLIC CO., LTD.

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T O W A R D S A S U S T A I N A B L E F U T U R E

PTT’s first-placerankingreflects itsabidingbusinessethos. The company strictly adheres to its role as a public company by undertaking activities that promote sustainable development on a national level. PTT strives not only for the highest economic returns, but also gives the utmost attention to individual communities in which it operates, to the larger society, and to the environment.

Further contributing to PTT’s CSR excellence is a willingness toconstantlyreassessandrefineprinciplesandpractices.In 2014 that included agreement within its own corporate structureonamoreclearlydefinedsocialresponsibilityapproach. PTT currently oversees more than 40 social projects,makingclearvisionandeffectiveintegrationanecessity. Thus PTT Group strengthened its sustainability managementframeworkbymorefirmlycommittingtogood corporate citizenship everywhere PTT operates, and by ensuring all operations are in accord with international standards. The company also placed increased emphasis on the value of participation by all sectors in regard to community development and environmental stewardship. Likewise notable in 2014 was PTT’s implementation of the aforementioned Creating Share Value policy.

CSV complements PTT’s core mission of national energy security by means of assiduous development of stewardship practices, all of which are vital to achieve sustainability. Activities begun in 2014 as part of CSV included an agreement with the Royal Project Foundation oncoffeeproductionandcorrespondingnaturalresourceconservationeffortsforsustainabledevelopment.Theresearch and development project promotes community strengthandencouragesself-reliancebyfocusingonbalanced development. The project encompasses vocational skill development, community care, and rehabilitation and conservation of indigenous natural resources and surroundings, particularly watershed areas. Also taking part in the initiative is Thai company CaféAmazon,whichacquiresqualitybeansforitscoffeeshop outlets and in the process helps Thai farmers earn fairprofitsfortheirhardwork.

As for corporate social responsibility pertaining to the environment in 2014, PTT activities included the Green Energy pilot project in Kanchanaburi province. In many ways the project encapsulates PTT sustainability concepts by combining environmentally friendly innovations with sound business practices. Work involved construction of weirs in various communities to provide clean water and hydropower generation, as well as use of vetiver to limit topsoil erosion from heavy rain.

PTT further distinguished itself the previous year with numerouseducation-relatedCSR initiatives.Amongthem were its “Learning Triad for Sustainability” strategy to prepare youths, students and its own employees for ASEAN economic community integration. Major projects within the program included PTT’s part in establishing educational institutions in the country, namely: Rayong Institute of Science & Technology (RAIST), also known as Vidyasirimedhi Institute; Rayong Science Academy (RASA),

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similarly also known as Kamnoetwit Science Academy; Thailand Energy Academy (TEA); and PTT Leadership and Learning Institute (PLLI).

Inthesamelight–andinfactsupportingthebrightestleadinglightsamongThailand’syounggeneration–PTT’sCSR Star Team award in collaboration with the Stock Exchange of Thailand recognized student groups who formulated their own CSR initiatives. The event gathered 50finalistsinPrachinburiprovince,whereeachgrouppresented their CSR program for assessment; the competition’s winners enjoyed a study trip at Khao Bo Ya and Si Chang Island in Chonburi province.

Lastly, this year’s award for Corporate Social Responsibility Excellence was by no means the only honor PTT Group received in 2015. For the third consecutive year, the group earned ranking on the Dow Jones Sustainability Indices, one of the most respected global measures of sustainable business practice. Meanwhile in Thailand, the Stock Exchange of Thailand during its SET Awards 2014 event commended PTT Group just the same. The exchange recognized for the fourth consecutive year PTT’s continued distinction among Thai listed companies in matters of corporate social responsibility.

Rewarding practices indeed by PTT Public Co., Ltd. Congratulations to Thailand’s largest energy conglomerate on another powerfully impressive year.

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SPECIALARTICLE

When it comes to the business world, corporate excellence is described as the outstanding practices in managing the organization and achieving results, all based on a set of fundamental concepts and values. The bottom line is to be better and have a competitive advantage over others in the industry. Corporate excellence takes many schemes from a determined commitment to customer satisfaction and constantly marvelous results to the continual quest for innovation and the ability to change. Excellence is not a onetime success but rather a succession of good results and achievements over the long term. It is also moving up levels and keeping the pace. Therefore, an organization has the responsibility to put in place all the necessary strategies required to achieve excellence and provide the appropriate excellence model to use to deal with all important factors.

To win in this era, being excellence in their own territory is not enough, organization must understand the value of growing and being global. With that understanding, they can then start capturing the opportunities that are opening up to the next generation of global organizations. To succeed in today’s more complex phase of globalization, CEOs and management team must ask themselves not if their companies should go global but how they can do so in a way that works for the long term.Thefollowingarticle,courtesyofDr.Hans-PaulBuerkner, Chairman of the Boston Consulting Group, helps us to better understand the meaning of being a global organization.

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AT A GLANCE

A new and more complex phase of globalization has begun, and CEOs must determine how they can go global in a way that works for the long term.

GLOBALIZATION IS CERTAINThere’s more than one way to be global, but whatever a company’s geographic position, the certainty of globalization should determine its aspirations and approach.

STAY AGILE AND DECENTRALIZENo matter how large, companies must be able to adapt quickly when regional conditions change. Spread the risk by building a network of partners. Create a “virtual” company with major capabilities and decision making spread around the globe.

FOSTER A MULTICULTURAL CULTUREThecompany’scultureshouldbeaglobalone,reflectingthevariousmarkets in which it does business.

ENABLE THE COMPANY’S MANAGERSNo one can run a company alone. CEOs must motivate, inspire, and encourage a multinational leadership team, and delegate real responsibility to the company’s leaders.

perspectives

FIVE THINGS EVERY CEO MUST DO IN THE NEXT ERA OF GLOBALIZATIONByHans-PaulBürkner,ArindamBhattacharya,JorgeBecerra

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THE HUGE WAVE OF globalization that took place over the last two decades has come to an end. The big winners are those companies thathaveestablishedasignificantinternationalfootprint—especiallyinemergingmarkets—pullingaheadofcompanieswitharegionalor domestic focus. Over the last decade, Volkswagen, the German automaker, has increased its annual revenues by an average of 10.5 percent, whereas Peugeot, its French rival, has seen revenues grow by an average of only 2.5 percent. Likewise, Procter & Gamble, the U.S. consumer giant, has enjoyed average annual growth rates of 7.6 percent, twice the 3.1 percent average achieved by Clorox, one of itsregionallyfocusedU.S.competitors.And,intheoil-fieldservicesindustry, two rivals have taken divergent paths, with the more global Schlumberger recording an average annual growth rate of 16 percent, compared with 8.6 percent for Halliburton.

But globalization is not dead. Rather, it is morphing into a more nuanced and more complex phase, with the inexorable forces that drove the previous phase still very much alive. The emerging markets will continue to be the key source of growth, owing to their favorable demographics, risingmiddleclasses(whichwillincreasinglydefineconsumerdemandand choices), and new generation of “challenger” companies (which will seek partners in their quest to become global market leaders). As we move into this next stage of globalization, the gaps between the global havesandthenonglobalhave-notsarelikelytowidenevenfurther,creating a real chasm.

So, if you want to be truly successful over the next ten years, the big question you should ask yourself isn’t “Should my company be global?” Instead, it should be “How can I go global in a successful and sustainable way?”Andthisquestionmustbeasked—andanswered—byCEOsofcompanies not only in the U.S., Europe, Japan, and other developed markets. Because frankly, if you run a company based in China or India or Brazil (or any other emerging market) and you have global ambitions,thechoicesyoufacearenodifferentfromthosefacingCEOs in developed markets, as are the factors critical to your success. And now is the time to make those decisions, when there is new and energetic national leadership in key emerging markets such as China, India, and Indonesia, when growth is returning to the U.S., and when a new realism regarding global trade policies is emerging.

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You should take stock of what has been achieved and prepare for this next phase in globalization. To help you think about your company’s global future, we have developed a framework from our experience working with many global “winners” and our discussions with leaders of global companies around the world. Of course, every company has its own unique characteristics, its own set of opportunities and challenges. Evenso,inourview,everyCEOwillhavetosuccessfullyaddressfivedimensions: the company’s geographic position, the rapid pace of change, the company’s organization model, its culture, and the CEO’s own personal leadership.

1. How to Position Your Company Geographically

These days, it is popular to talk about being or becoming a global company. But you can be global in more than one way. For instance, if you are Pepsi and have a global brand, you can be global in the classic way: by occupying all the major developed and emerging markets with global brands, global products, and global supply chains. And if you are LVMH, with a collection of global luxury brands, or any of the major automotive and consumer electronics companies, you can be global in this way, too.

Butthereisanotherway.Sometrulyglobalcompanies—suchasP&G,Unilever,andNestlé—haveverysuccessfully followedamultilocalapproach:theyhavecreateddifferentbrands—someglobal,somelocal;theyhavedevelopeddifferentpricepointsfordifferentmarkets;and they have developed a variety of global and local supply chains. As much as by anything else, their strategic choice has been determined bywhattheysell.Food,toiletries, low-costpackagedgoods—suchproducts tend to be produced locally, branded locally, and tailored to local tastes.

But you may not be a global company yet. If you are rooted in one country, your next step will be to become regional. If you are regional, you can reasonably plan to become global over time. Many companies rightly limitthemselvestoaregionalapproach—perhapsbecauseoflimitedresourcesorcapabilitiesorthespecificneedsofregionalconsumers. Among the most successful regionally focused companies areBajajAuto(anIndianmakeroftwo-andthree-wheelers),Falabella(a Chilean retailer), Siam Cement (a Thai industrial corporation), and MTN Group (a South African telecom company).

Even if you aredetermined to stayregional, you must

accept that everythingpoints toward

a global future.

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But even if you are determined to stay regional, you must accept that everything points toward a global future.The bottom line: whatever your current geographic position, the certainty of globalization should determine your aspirations, your mind-set, and, ultimately, your approach.

2. How to Deal with Rapidly Changing Conditions Around the World

Your domestic market will be deeply familiar to you: it will seem pretty stableand,ifyouarealargecompany,youwilllikelywieldsignificantinfluenceinthebusinessandpoliticalarenas.Butforeignmarketsareanother matter. They are ruled by uncertainty, subject to rapid change, andhardertoinfluence.Newgovernmentsmayimposehighertaxes,expensivetariffs,or lawsandregulationsthat limitthemovementof goods, services, people, and capital. Political tensions can lead to sanctions or boycotts. Wages may sharply rise and alter the economics of your business.

Also, by trading globally, you may face a wider range of risks. In recent years,globaldisasters—suchas Iceland’svolcanicashcloudthatswept across Northern Europe in 2010 or Japan’s nuclear disaster at FukushimaandthefloodsinThailandin2011—havedemonstratedthe dangers of relying on single suppliers, single factories, or single logistics operations.

All this means that your company, however large, must be agile, so thatyoucanmakequick-firechangestoyoursetupiflocalorregionalconditions change. You have to be able to abandon certain operations without undermining your global operations. So although you must be ruthlesslyefficient,youmusthavesomeslackinthesystem—some“redundancies”—sothatindividualproblemsdonotdisruptyourglobalsupply chains.

In addition, you should have some kind of corporate radar that constantly monitors conditions around the world. This could be a simple monthly reporting system of key economic, political, legal, and social indicators. But it could also be a sophisticated “war room” showing all your operations in real time. In this era of big data and advanced analytics, you have no excuse not to have the very latest information atyourfingertips,aswellascontingencyplansforkeyincidentssothatyou can make any necessary adjustments to your business.

Your company,however large, mustbe agile, so that youcanmakequick-fire

changes to your setupif local or regional

conditions change.

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It is also important to build an extensive network of partners. Many successfulcompanies—especiallythoseinthefashion,sportswear,andconsumerelectronicsindustries—pursueanasset-lightstrategywheneverpossible. They focus on R&D, marketing, and sales and outsource the production of their products to local companies. Meanwhile, in the energyandminingsectors,manycompaniesenterintojoint-venturearrangements with local companies, thereby sharing the risks.

The bottom line: stay agile, stay informed, and don’t go it alone if you want to avoid existential losses.

3. How to Organize Your Company

Bydefinition,globalcompanieshavespreadtheiractivitiesacrossthe world and are therefore extremely complex organizations. As a result, if you try to manage them with one hierarchical structure, one set of headquarters, and one homogeneous leadership team, you are prettymuchguaranteedtofail.Inourexperience,theeffortsofthosecompanies that have tried to squeeze everybody and everything into the same box have proven to be futile, if not disastrous.

If, on the other hand, you develop a broad array of business units, with theirownheadquartersanddecentralizeddecision-making,youstanda much better chance of success. If you think this is messy, you’re right. It is, and it has to be. There is nothing straightforward about running a global company.

But this approach does work. General Electric, Schneider Electric, SAP, BRF, and HSBC: these are companies that have devolved decision making so that important choices can be made close to where the action is. It has not been a smooth process. Each one of these companies has hadtofinditsownspecialwayofdistributingthispower.

Thebenefitsareclear.Effectivedecisionscanbemademorequickly.Andtheneedforchangeandinnovation,whichissooftenfeltfirstandmost acutely on the periphery, can be addressed in a timely manner. Many consumer goods companies have learned this the hard way, failing to react to changing customer demand fast enough and losing significantmarketshare.AclassicexampleisNokia,theFinnishtelecomcompany, which lost out to local rivals when it was slow to introduce smartphoneswithdual-SIMcardsfavoredbyconsumersinIndia.

It’s essential that you createa multicultural environment

thatreflectsthediversityof your employees and

your customers.

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The bottom line: create a decentralized “virtual” company with major capabilities and decision-making powers that are spread around the globe.

4. How to Develop a Global Culture

For the CEO of a global company, it’s natural to try to develop a sense of unity, with a mission statement and a common set of values. At the same time, it is essential that you create a multicultural environment thatreflectsthediversityofyouremployeesandyourcustomers.Insome ways, you need to be as multicultural as you are “multilocal.” This isn’t easy. While being multicultural makes good sense intuitively, it can be hard to strike the right balance between global and local imperatives.

But the challenges must be overcome.

Many companies try to foster a single culture by using the same selection criteria for employees around the world, by recruiting people from the same schools and universities, by training and developing them in the very same way. In a globalizing world, this is a mistake. Thefactisthatyouneeddifferentpeople,withdifferentqualitiesanddifferentwaysofseeingtheworldanddealingwithchallenges.

Over the years, some U.S. and European companies have periodically replaced local teams with trusted expatriates, only to see performance deteriorate even further. But this is not a problem unique to Western companies. Most Chinese, Japanese, and South Korean companies have a tendency to appoint their own nationals as managers in foreign markets, thereby demotivating local workers. By contrast, Indian IT companieshavebeenquitesuccessfulatintegratingdifferentcultures.Industry leaders such as TCS and Cognizant have people from around the world working across all levels.

The bottom line: foster a global culture that reflects the various markets in which you do business. But as you do this, make sure your company strictly adheres to a common set of values concerning customers, clients, products or services, and value delivered.

5. How to Lead a Global Company

There are no shortcuts when it comes to running a global company. In ordertoproperlyunderstandthemanydifferentpartsofthebusiness,

The composition of yourleadership team should

ultimatelyreflectstheglobalstructureof your businesses.

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you have to travel extensively; you have to spend time on the ground indifferentcountries.Itiscrucialtohavefirsthandknowledgeofwhat’sgoing on. You can’t get this from your corporate radar screen, however good it may be at collating and crunching important data. As a rule of thumb, if more than half of your operations are outside your home country, you should be spending at least every other week on the road.If it’s important to “be there,” it’s also important to say the right thing. The way you communicate the corporate message must be nuanced ifyouaretobeeffective.Youshouldnotshyawayfromaskingforfeedback, listening carefully to the response, and then adjusting your words and actions accordingly.

But above all, you must recognize that you cannot run a global company on your own. You must build a truly international leadership teamthatunderstandsthedifferentmarketsaroundtheworld.Itisaremarkable fact that, after so many years of globalization, most of the largest companies in the world continue to be run by leadership teams dominated by nationals from the home country. This creates a certain biasagainstbuildingstrongbusinessesabroad—withpotentiallydireconsequences for the medium and long term.

Thecompositionofyourleadershipteamshouldultimatelyreflecttheglobal structure of your businesses. Hiring proven local leaders may beaquickfix,butit’snotalong-termsolution.And,giventhescarcityofleadershiptalent,itmaynotbeashort-termsolutioneither.Inthiscase, you must focus on developing the next generation of leaders. Giventhatittakesfivetotenyearstodevelopstrongleaders—especiallyintheemergingmarkets—youhadbetterstartnow.

As you do so, take care to develop your own leadership style. The days of the dictatorial CEO, commanding imperiously from on high, are numbered,ifnotoveraltogether.Thinkofyourselfasaservant-leader,one who enables your teams to perform well and to collaborate with one another. Of course, you must set the direction, but after you’ve done that, focus on motivating, inspiring, and encouraging. Whatever you do, don’t meddle. It is crucial that you give others the responsibility and the space to make the right decisions within the overall framework.

The bottom line: travel most if not all of the time; convey your corporate message in a way that respects local differences; create a multinational leadership team; and delegate real responsibility to your managers.

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THE GLOBAL COMPANY ISoftenviewedasonebig,all-encompassingcorporate entity. Yet the most successful are anything but. Yes, they have a clear mission and a set of core values, but they also have a variable geographic position, the agility needed to respond to rapidchangeindifferentmarketsatdifferenttimes,adecentralizedorganization, a culture that is paradoxically multicultural, and CEOs who enable their leaders. In many ways, as CEO of a global company, you are running something so large and amorphous it is nearly virtual. But, as P&G, Schlumberger, and TCS have found, there is nothing virtual about the commercial prize to be won by doing it right.

ABOUT THE AUTHORS

Hans-Paul Bürkner is chairman of The Boston Consulting Group, based in Germany and Southeast Asia, and the firm’spastpresidentandCEO.Youmaycontacthimbye-mailatbuerkner.hans-paul@bcg.com

Arindam Bhattacharya is a senior partner and managingdirectorinBCG’sNewDelhioffice.Youmaycontacthimbye-mailatbhattacharya.arindam@bcg.com

Jorge Becerra is a senior partner and managing director inthefirm’sSantiagooffice.Youmaycontacthimbye-mailatBecerra.jorge@bcg.com

The Boston Consulting Group (BCG) is a global managementconsultingfirmandtheworld’s leadingadvisor on business strategy. We partner with clients fromtheprivate,public,andnot-for-profitsectors inallregionstoidentifytheirhighest-valueopportunities,address their most critical challenges, and transform their enterprise. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our client achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963,BCGisaprivatecompanywith81officesin45countries. For more information, please visit bcg.com

To f ind the latest BCG content and register to receivee-alertsonthis topicorothers,pleasevisitbcgperspectives.com

Follow bcg.perspectives on Facebook and Twitter.

© The Boston Consulting Group, Inc. 2014. All rights reserved. #49411/14

ThisarticleisapublicationofBCGTheBostonConsultingGroupbyHans-PaulBürkner,ArindamBhattacharya,JorgeBecerra

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ACKNOWLEDGEMENTMany thanks to all business executives and professionals who participated in this year’s Thailand Corporate Excellence Program and to the following companies for their gracious sponsorship:

• AdvancedInfoServicePublicCompanyLimited• CharoenPokphandGroupCompanyLimited• KASIKORNBANKPublicCompanyLimited• PTTPublicCompanyLimited• SCG• SiamCommercialBankPublicCompanyLimited• ThaiBeveragePublicCompanyLimited

STRATEGIC PARTNERS• GfKThailand• BusinessOnlinePublicCompanyLimited

This Report was prepared with material from the following sources:• BangkokBusinessBrief• BangkokPost• Bloomberg• BBCNews• Biznews.com• Businessweek.com• Corporateannualreports• INNNews• KasikornResearchCenter• MCOTEnglishNews• ThaiPBSEnglishNews• ThailandDevelopmentResearchInstitute• ThaiPRNet• TheEconomist• TheNation• TheOnlineNewsBusinessDay• TheStockExchangeofThailand• ThomsonReuters

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We createGREAT LEADERS and MANAGERS

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Imperative Development Management Business Competitiveness Strength Quality Task

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Opportunities Membership MODERN Inspiration Assessment Capability Awareness

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