Plan B adheres to its mission under the concept “Create Value with Sustainability in the Long Term for Stakeholders” by adopting guidelines to drive holistic sustainable development to truly create value for the organization. There are 10 main topics applied as core across all processes along the value chain for Plan B’s sustainable development policy covering 3 dimensions of economy, society and environment under sustainable development principles. The Board of Directors is responsible for driving and supporting tangible development plans to ensure the best interest of all stakeholders.
Identification of materiality issues for sustainability of the Company was undertaken in accordance with the GRI Sustainability Reporting Standards (GRI) considering material topics relevant to stakeholders as well as key issues with significant economic, social and environmental impacts. The process of content selection and identification of materiality issues for sustainability is summarized below.
Identify Materiality Issues: Consider and select topics or issues through a workshop with high-level executives to contemplate and analyze internal and external factors, sustainability strategy, opportunities and risks as well as sustainability indicators. This is to identify issues with significance related to sustainability and define scope of each materiality issue.
Prioritize Materiality Issues: Determine priorities of identified materiality issues through collaboration from high-level executives and heads of related functions in deliberating 2 dimensions which business impacts and impacts on external stakeholders such as counterparties, customers, government sector and social sector.
Verify Materiality Issues: Make sure all information is accurate before prosenting to the Board of Directors for consideration and approval on material sustainability issues while the scopes of impacts on both inside and outside the organization are to be concerned.
Review Materiality Issues Regularly: Provide multiple channels to obtain opinions, perspectives and suggestions from external stakeholders in order to develop and improve reporting content for the next year while adhering to stakeholder inclusivity principle and sustainability context.
10 Sustainability Management Policy Topics Covering 3 Dimensions.
Materiality Assessment Results
Materiality Assessment Results and Strategies to Create Value for Long-Term Sustainability
Table of Sustainable Development Goals
The Company places economic dimension under Corporate Governance as the first priority while More Than Advertising and Public Safety come second and third respectively. This is due to the fact that the Company is committed to conducting business under ethical code and good corporate governance principles which are integrated with its vision, mission, strategies and goals in the long run with the purpose to promote confidence of shareholders and all stakeholders. This is undertaken in parallel with responsibilities for the society and communities offered though its dedicated media space for public benefits. Nevertheless, the Company never comprises other issues and is preparing 5-10 years development plans for future improvements.
The Company realizes the importance of all groups of internal and external stakeholders and ensures that they are treated properly, equally and fairly. The Company supports comprehensive inclusivity of stakeholders in order to build rapport and trust as well as create value together with stakeholders who are crucial to sustainable development and success of the Company in the long term.
The Company considers its role and gives importance to all internal and external stakeholders. Therefore, it will ensure proper, equal and fair treatment and support comprehensive participatory operations to lead to a good relationship, build confidence and create shared value among stakeholders, which is critical to the organization’s sustainable development and long-term success.
Stakeholder Group | Issues of interest | Action and response | Communication and engagement channel | Value Creation |
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Shareholders / Investors
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Employees
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Customers
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Suppliers
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Communities
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Leases
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Regulatory authorities and government
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Industry associations
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Media
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PLANB recognizes the importance of risk management given the considerable risks across commercial, asset, legal, environmental, health and safety, disruption, and climate. PLANB has adopted an integrated concept to collect and analyze data to identify and prioritize issues by combining stakeholders’ viewpoints on those who operate in multiple dimensions throughout the value chain, the direction of the media industry and sustainability trends. Prioritizing these risks is essential for the sustainability of the PLAB business.
PLANB has established the Enterprise Risk Management Framework according to the COSO Enterprise Risk Management 2017 and applied it across the organization by enforcing the Risk Management Policy to all employees. The policy and the framework have been defined by the Risk Management Committee (RMC), which oversees risk through the RMC’s policy and framework. Simultaneously, the Risk Management Department is responsible for facilitating elements concerning risk management, including data consolidation, training provisions, and the promotion of risk culture throughout the organization.
The company has a risk management policy that covers all internal and external business activities. This may affect business operations both directly and indirectly. The risk management plan has been effectively implemented since strategic planning. Performance Investment decisions for new businesses, including control and monitoring to keep the risk acceptable. Therefore, the scope of authority and responsibilities of the Risk Management Committee are as follows:
Formulate and review risk management policies and frameworks.
Supervise and promote risk management practices of the organization to align with business strategies and goals, including changing environment.
Provide suggestions, monitor, and evaluate risk management practices for the Risk Management Department to implement and execute.
Review risk management reports of the Company and provide opinions on possible risks, including risk mitigation plan and risk management system development to ensure effective risk management of the Company.
Support all related tasks and executions to meet the Company's risk management objectives.
Report risk management performance to the Board of Directors. If a factor or an incident significantly affects the Company's business operations, the Board of Directors must be notified for further deliberation and immediate action.
Consider and approve investments in foreign countries.
Perform any duty as assigned by the Board of Directors.
The Risk Working Group
As of 31 Dec 2022, The Company’s Risk Management Committee consists of 4 directors, namely:
- Mrs. Monluedee Sookpantara, Chairman of the Risk Committee
- Pinijsorn Luechaikajohnpan, Ph. D Member of the Risk Committee
- Mr. Ekapak Nirapathpongporn Member of the Risk Committee
- Mr. Arnon Porndhiti, Member of the Risk Committee
Risk Management Framework
Guide Risk Reporting
Risk level | Action Plan | Reporting |
---|---|---|
Very High |
Must closely monitor and propose an action plan to reduce the risk level, including a monitoring plan to ensure that the risk level is down to a medium or low level as well as proposing the action plan to the Board of Directors |
Board of Directors: BOD |
High |
Must monitor and propose an action plan to the Risk Management Committee (RMC) for approval to bring risks to acceptable levels according to the business plan, including a monitoring plan to ensure that risk level is down to a medium or low level |
Risk Management Committee: RMC |
Medium |
Apply routine control procedures and risk surveillance |
Chief Executive Officer & Managing Director |
Low |
Apply routine control procedures without risk surveillance |
Working team |
Strategic risk
- The risk from Thailand’s fluctuations and the slowdown of overall economic conditions
- The risk from reliance on outdoor digital media
- Risks from the COVID-19 pandemic (Emerging Risks)
Operational risk
- Risk related to Human Resources Management
- The risk from Cyber Threats (Emerging Risks)
Financial risk
- The risk from an inability to renew or extend concessions, area lease contracts or other contracts with business partners
- The risk from obligations with contractual parties that may affect the Company’s performance
- The risk from over-reliance on major advertising agencies
Compliance and Regulatory risk
- The risk from controlling majority shareholders with more than 25% share ownership
- Risk related to legal provisions on billboard control and accidents with billboards
- Risk in Compliance with Personal Data Protection Laws (Emerging Risks)
Social and environmental risk
- Corruption Risk
Details of the above risks are disclosed in the 2022 One Report, Page 41-45 (https://planb.listedcompany.com/misc/ar/20230328-planb-ar2022-en.pdf)
The company actively pursues sustainable business conduct stressing good corporate governance and sufficient and proper internal control processes. The Company set forth a clear Anti-Corruption Policy covering all activities and undertaking of the Company. Corruption and guidelines for corruption-prone activities are well-defined and communicated with internal and external parties.
Note that the Company is concerned with corruption risk from its activities and requires that this risk be examined, assessed, and prevented. Accordingly, the Company issued control and monitoring measures for activities with potential corruption risk to ensure that its undertakings are honest and transparent and prevent corruption. Furthermore, communication channels were put in place for stakeholders to blow the whistle, send suggestions and file complaints related to corruption directly with the Audit Committee. In addition, the Company is also a certified member of the Thai Private Sector’s Collective Action Coalition Against Corruption (CAC). Finally, the Company requires all employees to assess their knowledge and understanding of the Code of Conduct, and 100% of employees must pass the assessment to encourage all employees to be fully aware of the Code of Conduct and foster employees' work ethics.
At present, the Company set a goal to enhance work efficiency through digital technology to promote the cost-effectiveness of business. This requires that the Company has to rely more on technology. Therefore, an internet connection may pose threats to the Company anytime. To prepare the organization to ensure cybersecurity and stability of the Company’s computer systems used in conducting business and to comply with international standards on cybersecurity and the Cybersecurity Act B.E.2562 (2019). In 2021, the Company issued multiple strict measures to actively and passively manage risks, including:
- Formulate a defined cybersecurity policy for the group of companies and set up a working team directly responsible for cybersecurity in the short and long run.
- Training employees on potential cyber threats and guidelines to prevent/tackle the incidents by themselves to alleviate damages and minimize impacts.
- System testing and rehearsals of IT system recovery in case of cyber threats.
As the Personal Data Protection Act B.E. 2562 (2019), which is come into force on 1 June 2022 (“Personal Data Protection Laws”), the Company has full awareness of the importance of Personal Data Protection Laws, including rules and regulations issued by the Personal Data Protection Committee (“Committee”) as the guideline for Person-al Data Protection Laws compliance, the Company, therefore, set up the personal data protection working team to responsible the privacy policy, plan, and internal procedure of the Company to be following Personal Data Protection Laws, including any relevant rules and regulations, and updating policies and regulations of the Company involving personal data protection to be present considering Personal Data Protection Laws and its amendment. In addition, the Company has set up a personal data collection system to prevent the risk of data leaking and promptly mitigate the damages that may occur. Furthermore, if the Company receives any complaint or request from the data subject, the system can track data, documents, and information on time. The Company has provided the operational plan which shall be used by employees of the Company and the subsidiaries of the Company when collecting the personal data from the data subject necessary that include the process to delete or destroy the personal data when it is unnecessary to maintain considering the purpose of the collection, to response the data subject’s request to remove, delete or modify its data possessed by the Company and to inform partners and customers to acknowledge the privacy policy of the Company to effectively working together and to be following the Personal Data Protection Laws and guidelines issued by the Committee.
PLANB conducts a Risk Assessment annually and integrates the results into the strategy-setting for the entire Company. Based on the severity of these risks to the business, PLANB defines five levels of risk for the five identified risk categories: Strategic, Operational, Financial, Compliance, and Sustainability.
In 2022, PLANB assessed 11 identified risks based on their severity of impact, ranging from “insignificant” to “catastrophic”, with the probability of occurrence from “rare” to “almost certain.” The top three results were (1) the "Impact from pandemic/terrorist/disaster", which was classed at a very high-risk level, (2) the "Strategic Competitiveness", and (3) the "Economic Downturn", which both classed at high-risk. In addition, note that “Political Instability” was a new entry on the list with a medium-risk level.
PLANB has established a sustainable procurement policy that is transparent, fair and verifiable. OR also promotes and supports the procurement with efficient suppliers who take into account the Environmental, Social and Governance (ESG) impacts to enter the supply chain management systematically. Additionally, PLANB aims to encourage suppliers to grow with full potential and efficiency, together with the organization, in a sustainable manner.
Procurement Department indicates the credit term standard in TOR document form 90 days after products or services delivery depends on negotiation with each supplier which may be adjusted to decrease or increase credit term from 30 days standard as appropriate
Credit Term (Day) | Average Credit Term in 2022 (Day) |
90 | 125 |