Conflict of Interest Policy
Bangkok Life Assurance Public Company Limited (“The Company”) is determined to operate our business with transparency, honesty, and ethics, in accordance with good governance principles. Our business decision is transparent, verifiable, with due care and prudence, taking into account the best interests of the Company and stakeholders.
The policy provides conflict of interest prevention framework to support directors, executives, and employees so that they can perform their duties with honesty, adhering to the ethical standards, and not seek personal gains or benefits of related persons.
Personnel of Bangkok Life Assurance Public Company Limited and its subsidiaries must study, understand, and strictly abide by the practice guidelines in this policy.
Conflict of interest prevention framework
Conflict of interest can occur in any situation where the Company and/or directors, executives, and employees may have unsuitable influence towards decision making.
These situations include:
- Between directors, executives, and/or employees and the Company: any decision or act of directors, executives, and employees in favor of personal gains or benefits of their related persons, or having advantage over the Company either directly or indirectly, such as use of inside information for personal gains or for the benefits of others, having benefit from related party transaction, or performing any action that competes with the Company.
- Between the Company and the customer: when any decision of directors, executives, and employees results in the Company’s advantage at the expense of the customer, such as the Company’s products and services may cause conflict of interest with the customers. When the Company develops products and designs work systems, it should do so with the customer’s benefits in mind.
- Between the customer and the customer: a customer (or a group of customers) may receive benefits or avoid disadvantages at the expense of another customer (or a group of customers). The Company must perform its duties for the benefits of both parties (groups) fairly.
Handling Conflict of Interest
- Directors, executives, and employees must avoid any conflict of interest that occurs or may occur.
- Directors, executives, and employees must identify and report the conflict of interest related to themselves that occurs.
- Establish measures for preventing and handling conflict of interest.
- Establish that there be a record of conflict of interest.
- Directors, executives, and employees must participate in training for conflict of interest prevention on an annual basis.
The Company reviews the policy regularly or when a significant change occurs.