The Role of Stakeholders
The company is aware of the importance of every internal and external stakeholders’ rights. This includes shareholders, employees, customers, trade partners and/or creditors, competitors, society as a whole and the environment. The Company has determined the manner in which directors, manages, and employees should conduct themselves in the Business Ethics and Code of Conduct with transparency and fairness to various stakeholders. The Business Ethics and Code of Conduct was approved by resolution at the Board of Directors meeting held on 3 February 2005. The handbook was communicated to every director, manager, and employee so that they acknowledge, understand, and comply. The information is available on the intranet and company website (http://www.gmmgrammy.com). The key points of conduct are as follows:
Towards Shareholder
The Company is committed to being a good representative of shareholders in operating with knowledge, ability, loyalty, honesty, transparency and fairness, for the Company’s growth and stability, and for shareholders to receive lasting returns in the long run from effective and effcient operations. Shareholders are to receive transparent, trustworthy, accurate, factual reports with reasonable supporting documents on the status and performance of the Company in a consistent and timely manner.
To Customers
The Company focuses on conducting business that is correct, fair, and responsive to customers’ needs by providing good products and/or services at reasonable prices through quality employees, using innovative modern technology, while protecting customers’ confdentiality. The Company also provides the opportunity for customers to complain and fnd corrective measures and/or respond to the customers’ needs as appropriate.
To Trade Partners and/or Creditors
rade Partners and/or Creditors The Company strictly abides by the conditions and contracts agreed to with trade partners and/or creditors that will result in the greatest benefts to the Company, based on fair and mutual benefts to both parties. The Company upholds and will strictly proceed according to various conditions and agreements it has with its partners and/creditors. The Company’s managers and employees will not request or accept goods or other benefts that are not a part of honest business transactions. In the event that there are requests or offers of a dishonest nature, the Company will immediately inform or release such information to the trade partners and/or creditors to jointly correct the problem.
To Competitors
The Company supports and encourages free and open competition, and will treat competitors with good business manners and does not seek confdential information through inappropriate, dishonest, or unlawful approaches. The Company will not intentionally destroy any competitors’ reputation through groundless allegations.
To Employees
The Company encourages continuous knowledge development to enhance employees’ ability at all levels, and provide them with appropriate, fair compensation and welfare in accordance with labor and welfare laws, free of discrimination and respectful of their human dignity. The Company respects the employees’ personal rights and responsibilities. In addition, the Company encourages employees to conduct themselves with good values and to work together harmoniously within the organization. The Company also promotes employee participation in determining the outcome of their work and in solving the Company’s problems. Moreover, the Company has arranged a good working environment for the health and safety of employees’ lives and properties.
Towards Society and the Environment
The Company creates and supports activities benefcial to the community and society at large, and consciously fosters the concept of social responsibility to the community, the environment, culture and tradition. The Company aims to instill a collective conscience and sense of responsibility towards the community, society as a whole and the environment among employees at all levels. The Company does not enter into nor support actions, people, and organizations that are are illegal or damaging to the reputation of the country, natural resources and the environment, and may be dangerous to the society and the stability of the country, and strictly adhere to related laws in these matters.
The Company has also provided a channel to shareholders and stakeholders to report through the mail or company website, or via auditcommittee@grammy.com to the Audit Committee composed of Independent Directors. On matters related to breaches of: the law, Business Ethics and Code of Conduct, queries about fnancial performance, or internal controls, for further processing, and present the information to the Board of Directors. The Audit Committee has been available for direct contact since January 2008 with the Secretary of the Audit Committee being responsible for summarizing various matters and presenting it to the Board of Directors for further handling.
