FOR SHAPE WHAT’S Powered by the S&P Global CSA Annual Report 2023 (Form 56-1 One Report) IRPC Public Company Limited
At IRPC, our unwavering motivation lies in fostering a sustainable future for all. We are committed to crafting top-tier products that not only cater to the demands of modern living but also drive businesses towards a pathway of exponential growth and sustainability. "Embracing a Sustainable Future of Humanity" From Low-carbon Transition to Net Zero Society IRPC leads the way to introduce a comprehensive range of climate actions in response to imminent threats, steering our businesses towards sustainability in a low-carbon society while implementing bold, innovative solutions for natural resource conservation. Climate Resilience and Adaptation Driving Circular Economy to Achieve Global Equilibrium At IRPC, circular economy is an integral part of our business approach that aligns with the Government’s BCG Model of National Sustainable Development Strategy aimed at creating added value by advancing a Bio-Circular-Green Economy, balancing productivity and responsible consumption. Circular Economy Creating Shared Value Fostering Shared Value for a Flourishing Society and Environmental Sustainability IRPC pledges to create shared value, ensuring the prosperity of both society and communities. Our dedication is what drives us to seek optimal solutions for enhancing the quality of life, conserving natural resources and practicing environmental stewardship.
STEP UP AND BEYOND Rebalancing Investment Portfolio to Step Up Existing Core Businesses and Beyond in Search of New Opportunities Medical equipment and devices Hospital and wellness center Specialty Paint and coating Nanotechnology Clean energy Green and recycling IRPC’s strategies and business direction hinge on the Core Uplift of capabilities, propelling expansion beyond our current value chain. This approach enables the company to Step Up & Beyond Business, delivering tangible results that align with our corporate vision. “Sustainable and Balanced Business Approach to Deliver Innovative Material and Energy Solutions in Harmony with Life” With a focus on optimal resource allocation mix to go beyond our current capabilities, expertise and value chain in quest for new opportunities through synergistic collaboration with domestic and international suppliers, customers and allies (JV, M&A, New S-Curve, Startup, etc.) to leverage new markets, products or services that are part of the Megatrends.
Petroleum IRPC sets target for 20 percent reduction of greenhouse gas emissions by 2030. To achieve Carbon Neutrality by 2050. To accomplish Net Zero by 2060. Petrochemical Port Services and Asset Management CORE UPLIFT SUSTAINABILITY Improve production efficiency to enhance core strengths designed to add value by implementing material and energy innovations in our petroleum, petrochemical, port services and asset management. IRPC is totally committed to a sustainable development approach to business, with emphasis on social responsibility and environmental stewardship.
1 Section 63 Structure and Business Operations of IRPC 98 Risk Management 104 Business-Driven Sustainability 168 Financial Highlights 170 Management Discussion and Analysis (MD&A) 188 General Information and Other Important Information CONTENTS BUSINESS OPERATIONS AND PERFORMANCE 3 Vision, Mission, Values, Key Behaviors 8 Key Performance 10 Key Developments in Sustainable Growth 17 Awards and Recognition 20 Message from Chairman 22 Message from the President and Chief Executive Officer 24 Board of Directors 43 Organizational Structure 44 Management Team 54 Report of the Audit Committee 56 Message from the Corporate Governance Committee and Sustainability Committee 58 Message from the Chairman of the Nomination and Remuneration Committee 60 Message from the Chairperson of the Risk Management Committee
2 Section 3 Section 195 Corporate Governance Policy 218 Corporate Governance Structure and Important Information about the Board of Directors, Sub-Committees and Executives 252 Report on Key Corporate Governance Activities 268 Internal Control and Connected Transactions 279 Report of the Board of Directors’ Responsibilities for the Financial Reports 280 Independent Auditor’s Report 285 Financial Statements 294 Notes to the Consolidate Financial Statements Attachment 375 About This Report 376 Assurance Report CORPORATE GOVERNANCE FINANCIAL REPORT
Key Performance Net Sales Net Profit (Net Loss) 400,000 300,000 200,000 100,000 0 15,000 10,000 5,000 0 (5,000) (10,000) (Unit: Million Baht) (Unit: Million Baht) (Unit: Million Baht) Net Sales Sales Distribution (Unit: Million Baht) 8 IRPC Public Company Limited Key Performance
Total Assets Total Liabilities and Equity 200,000 150,000 100,000 50,000 0 200,000 150,000 100,000 50,000 0 (Unit: Million Baht) (Unit: Million Baht) Petrochemical Products Petroleum Products (Unit: Million Baht) (Unit: Million Baht) Total Liabilities Equity 9 56-1 ONE REPORT 2023 Key Performance
Key Developments in Sustainable Growth IRPC launched its inaugural batch of eco-friendly Euro 5 diesel IRPC partnered with Bangkok Fuel Pipeline and Logistics Company Limited (BFPL) To respond to growing demand for low-sulfur diesel both domestically and in neighboring countries within the ASEAN Economic Community (AEC) through environmentally friendly production process. To open a new oil depot in Bang Pa-in District, Ayutthaya Province, IRPC’s seventh and a vital connection point for oil transportation network and distribution center serving the Central and Northern region through a 99-km pipeline system. IRPC-Bangpakok Hospital Group Co., Ltd. signed a memorandum of understanding for the development of hospital and wellness center business on IRPC properties in Rayong Province To improve the quality of life and health of people in the area of Rayong Province and nearby provinces providing access to holistic health services. CORPORATE Key Developments in Sustainable Growth 10 IRPC Public Company Limited
IRPC joined force with Beger to develop innovative world-class paint and coating business IRPC and Singhamungkorn Generation signed a memorandum of cooperation to develop market for fertilizer and plant nutrient supplement products The two companies signed a memorandum of understanding for the paint and coating development project to manufacture the country’s first world-standard coatings that help extend the service life of steel structures and reduce the number of regular maintenance services. This project will contribute to import substitution and improve the company’s competitiveness. “White Bear Fertilizer” under the trademark “REINFOXX” so that Thai farmers have easy access to quality products that are safe for users, farm produces and the environment, as well as to expand IRPC’s domestic market and improve competitive edge. IRPC successfully issued debentures-digital debentures in the amount of Baht 12,000 million With coupon rates of 3.20-4.40% per annum, on May 31th, 2023 to retail and institutional investors through 9 financial institutions. The debentures received a creditrating of A-(tha) from Fitch Ratings (Thailand) and were well received by investors. Key Developments in Sustainable Growth 11 56-1 ONE REPORT 2023
IRPC and F.T.I. signed a memorandum of understanding for cooperation in project implementation “Innovation One Fund” To jointly raise the level of development and strengthen competitiveness of Thai startups and SMEs as well as to help them successfully make market entry and grow their businesses. IRPC and Mahidol University signed a memorandum of understanding in research and innovation To establish a collaborative partnership in academic endeavors, innovation research and promotion of medical technology innovation, such as the development of Photopolymer Resin for 3D printing. IRPC, along with VISTEC, PTT, Top Ventures and Beacon Venture Capital, announced a joint venture in VISUP To support investments in startups and translate research into commercial applications, with emphasis on digital technology, advanced material technology, biotechnology and energy technology. IRPC collaborated with PTT and Boonrawd to develop innovative renewable materials Signed a cooperation agreement to develop innovative products from recycled industrial scrap in accordance with the concept of circular economy. Pilot projects include recycling plastic scrap to develop such prototypes as drinking water and soda crates, replaceable soda bottles made from rPET and rHDPE, and pallets made from rHDPE and malt residue. Key Developments in Sustainable Growth 12 IRPC Public Company Limited
To explore business opportunities of turning innovations to commercial production, such as innovation in extracting Humic acid, Fulvic acid and Humin from Leonardite for use in agricultural, cosmetic and medical applications. IRPC - EGAT signed a memorandum of understanding for research and development collaboration and technical cooperation IRPC increased solar farm capacity by 8.5 megawatts As part of its effort to achieve Net Zero Emissions by boosting renewable energy in IRPC industrial zone under the expansion phase of the Floating Solar Farm project, raising power prroduction by another 8.5 megawatts. To develop plant ing areas, maintain forest ecosystem and accelerate planting in additional 2 million rai of forest area. IRPC and PTT Group signed an MOU with the government sector and network partners ENVIRONMENT Key Developments in Sustainable Growth 13 56-1 ONE REPORT 2023
IRPC joined the Stock Exchange of Thailand, Royal Forest Department and community forest network partners to pilot tree planting IRPC signed an agreement with local administrative organizations in Rayong Province IRPC and Eastern Polypack donated plastic sheets to the Prostheses Foundation, totaling 11,000 sheets Under the Care the Wild: “Plant and Protect” project in Ban Khok Phluang community forest area, Chakrat District, Nakhon Ratchasima Province in a 10-rai area, for a period of 10 years, with the aim to generate economic value, promoting livelihood to improve community resilience as well as to mitigate impacts of global warming. Consisting of Rayong Municipality, Choeng Noen Subdistrict Municipality, Nam Khok Subdistrict Municipality, Thap Ma Subdistrict Municipality, Ban Laeng Subdistrict Administrative Organization, Taphong Subdistrict Administrative Organization, Natakhwan Subdistrict AdministrativeOrganization, and Takhan Subdistrict Administrative Organization to promote livelihood to generate additional income and improve the quality of life of persons with disabilities. IRPCdonated 33 tons of Polimaxx PPCopolymer 3340Hplastic pellets delivered to Eastern Polypack Co., Ltd. (EPP) to be injection molded into prosthetic part, including leg sockets, so that the Prostheses Foundation can produce prosthetics for persons with disabilities free of charge for the 13th consecutive year, a total of 39,572 amputees have benefited from the scheme. SOCIAL As a partner in forest carbon sequestration projects as carbon credi t management for susta inabl e development, and to provide incentive for communities to take care of forests while enhancing community wellbeing. IRPC joined Mae Fah Luang Foundation under Royal Patronage and network partners from both government and private sectors Key Developments in Sustainable Growth 14 IRPC Public Company Limited
IRPC joined partner networks to advance “From Waste to Walk” project IRPC, Prostheses Foundation, Eastern PolymerGroupPublicCompanyLimited and 95 prosthetic leg workshops nationwide, collected plastic scrap from the production prosthetic legs for recycling and repurposed as prosthetic parts. This is to promote equal opportunity for peoplewith disabilities. To collect PP (Polypropylene) scrap from prosthetic production workshops for recycling and repurposed as prosthetic devices for patients and peoplewith disabilities. Under “From Waste to Walk” project by participating in research and development to recycle and reuse PP (Polypropylene) scrap from prosthetic production workshops to produce ankle braces and foot supports so that amputees or individuals with abnormal foot structures, congenital deformities or muscular dystrophy have access to prosthetic devices they need. IRPC in collaboration with Chulalongkorn Hospital to advance “From Waste to Walk” project IRPC delivers recycled PP plastic sheets to Sirindhorn National Institute for Medical Rehabilitation For the victims of devastating earthquakes in Turkey and Syria. Donation was made to theTurkishRedCrescent and theSyrianArab RedCrescent via the Thai RedCross Society. IRPC supported humanitarian assistance Key Developments in Sustainable Growth 15 56-1 ONE REPORT 2023
To declare their commitment to drive human capi tal to real ize the ful l potential of human resource 5.0 towards sustainable knowledge-based society at the UN Global Compact Network Thailand Forum 2023 (GCNT Forum). For conducting business with good corporate governance, adequate riskmanagement, and strictly-enforcedmeasures against all forms of corruption and bribery. IRPC joined to mobilize the country towards achieving national goals IRPC has received certificate of accreditation to renew membership of the Thai Private Sector Collective Action Against Corruption (CAC) for the third time IRPC established a proactive approach to prevent corruption By addressing key factors affecting corruption in high risk areas, and enlisting the support of all work units and related parties to promote awareness and to collectively resolve issues that may give rise to corruption, according to the goals identified at “Workshop multidisciplinary approach to combat corruption in Bangkok area, organized by Office of the NACC. IRPC CG DAY: Empowering People, Unlocking Power of Sustainability Declaration of intent to conduct business with good corporategovernanceand thecommitment tostrictly follow the Corporate Governance Policy along the sustainable growth pathway while acting in the best interests of all stakeholders under a balanced approach. We also make sure the body of knowledge is passed down from generation to generation and inspire our people to foster the “Power of Sustainability.” GOVERNANCE Key Developments in Sustainable Growth 16 IRPC Public Company Limited
Member of Dow Jones Sustainability Indices (DJSI) IRPC has been selected as Dow Jones Sustainability Indices, or DJSI, member for the 10th consecutive year in the Oil & Gas Refining and Marketing industry group. This is testament to our commitment to operational approach that adheres to sustainable development approach, with corporate social responsibility, guided by corporate governance and responsibility to all stakeholders. The Asian Excellence Awards 2023 of Corporate Governance Asia magazine IRPC won 4 outstanding awards: Asian Excellence Award 2023, Asia’s Best CEO Award, Asia’s Best CFO Award, Best Investor Relations Company Award, and Best Environmental Responsibility Award. Thailand Energy Awards 2022 from the Department of Alternative Energy Development and Efficiency (DEPA), Ministry of Energy In the Creative Energy Project category for the Energy Saving of Cracking and Quenching Processes by Digitalization project at the Ethylene plant (ETP) that promotes exemplary energy conservation. “Sustainability Awards of Honor” from the Stock Exchange of Thailand For the fifth consecutive year for operational approach that aligns with the sustainable development approach, guided by corporate governance to achieve business growth that goes together with social development and environmental stewardship. Awards and Recognition Key Developments in Sustainable Growth 17 56-1 ONE REPORT 2023
Green Industry Award 2023 from the Ministry of Industry Six IRPC factories, PPC, BTX, ABS & SAN, PP, HDPE & UHMWPE, ACB, won the Green Industry Award 2023, Level 4, Green Culture, and Level 5, Green Network. This is testament to the company’s continual development and improvement of its production process efficiency under environmentally friendly operational approach. Human Rights Model Organization 2023 from the Rights and Liberties Protection Department, Ministry of Justice Received the plaque and certificate of outstanding achievement: “Human Rights Model Organization” for the 5th consecutive year in the large business organization category. This reflects positively on IRPC as a company that conducts its business with utmost respect to fundamental human rights principles: equality, diversity and inclusion, as well as fair treatment of stakeholders. Asia Responsible Enterprise Award, or AREA 2023, from Enterprise Asia In the Circular Economy Leadership category from Enterprise Asia for IRPC’s From Waste to Walk project, a project to produce prosthetic devices from recycled plastic. “Transparent Organization” Award from the National Anti-Corruption Commission (NACC) In recognition to IRPC’s business operational approach guided by corporate governance, transparency, accountability along with effective measures to prevent corruption and conflicts of interest. Key Developments in Sustainable Growth 18 IRPC Public Company Limited
CAC Change Agent Award 2023 from the Thai Institute of Directors Association (IOD) For IRPC’scommitment tooperate as a transparent organization that promotes sustainability throughout the entire supply chain. Certificate of honor for Chief Innovation Officer who plays a pivotal role in driving innovation from the National Innovation Agency Plaque of Appreciation as a member of the private sector network that supports conservation and development of community forests from Ministry of Natural Resources and Environment In recognition of corporate executive’s visionary thinking to drive the organization through sustained innovation development. In recognition of IRPC joining the SET and government sector partners in implementing Care the Wild: “Plant and Protect” project in Ban Khok Phluang community forest area, Chakrat District , Nakhon Ratchasima Province. The reforestation project covering an area of 10 rai aims to create a community forest over 10 years. 14th Thai Tourism Industry Awards 2023 from the Tourism Authority of Thailand (TAT) IRPC’s Smart Farming Project, Yai Da-Jae Boonchuen Garden, an integrated agro-tourism/learning center, won two outstanding awards for Learning&Doing Destination category, and Low Carbon & Sustainability Destination category of the Thai Tourism Industry. Key Developments in Sustainable Growth 19 56-1 ONE REPORT 2023
Message from the Chairman Our focus has shifted toward accelerating expansion in core businesses, emphasizing our expertise and concentrating on products with significant potential. Additionally, strategic partnerships have been forged to explore new ventures. Simultaneously, IRPC has dedicated efforts to fortify the foundation for digital technology, reshaping the workforce to align with the redefined strategic direction. With unwavering confidence, we are committed to propelling our business with sustainable growth. 20 IRPC Public Company Limited Message from the Chairman
Dr. Siri Jirapongphan Chairman Dear shareholders, The volatility and uncertainty in both the global economy and international conflicts in the year 2023 are continuations of ongoing issues from previous years, exacerbated by factors such as the instability in financial institutions in the United States and Europe, as well as the recent conflict between Israel and Hamas. Additionally, the pronounced economic stagnation in China has had significant impacts on global businesses, all of which have had considerable effects on the Thai economy as well. In addressing these challenges, IRPC Public Company Limited had undertaken measures to enhance management agility to effectively navigate through rapidly evolving situations. With prudent decision-making and financial discipline as our guiding principles, the company initiated a comprehensive review and prioritization to rebalance its investment portfolio. Our focus has shifted toward accelerating expansion in core businesses, emphasizing our expertise and concentrating on products with significant potential. Additionally, strategic partnerships have been forged to explore new ventures. Simultaneously, IRPC has dedicated efforts to fortify the foundation for digital technology, reshaping the workforce to align with the redefined strategic direction. With unwavering confidence, we are committed to propelling our business with sustainable growth. Throughout 2023, the Board of Directors diligently fulfilled its duties in alignment with the roles and responsibilities outlined by the charter and sustainability management framework. This commitment was made with a paramount focus on the best interests of the company, shareholders, and all stakeholders. The Board proactively enhanced internal control, risk management, and organizational development under the guidance of robust corporate governance principles. This strategic approach aims to ensure the company’s operations are conducted with integrity, transparency, and fairness, fostering a professional mindset among its workforce. These initiatives collectively contribute to business resilience, fortifying the corporate immune system. The corporate culture and sustainability management framework are not confined to IRPC but are embraced by subsidiary companies within the IRPC Group and its suppliers. Notably, IRPC has achieved inclusion in the Dow Jones Sustainability Index for the 10th consecutive year and has been honored with the “Sustainability Awards of Honor” for the 5th consecutive year. The company has consistently received an Excellent CG Scoring in the Corporate Governance Report of Thai Listed Company (CGR) for 15 years, alongside recognition as a “Model Human Rights Organization” for the fifth consecutive year and the prestigious “Transparent Organization” Award from the Office of the National AntiCorruption Commission. On behalf of the Board of Directors, I extend heartfelt appreciation to our shareholders and stakeholders for their unwavering confidence and steadfast support in the company’s operations. Our gratitude also extends to the management team and all colleagues, whose dedication and diligence have played a pivotal role in building stability and contributing to the sustainable growth over the years. 21 56-1 ONE REPORT 2023 Message from the Chairman
Message from the President and Chief Executive Officer Dear shareholders, In 2023, IRPC navigated through a myriad of challenges and shifts, brought on by escalating geopolitical conflicts that triggered disruptions in the global supply chain and a surge in inflation. Many countries remained susceptible to recessionary pressures. Despite initial optimism surrounding the reopening of China’s economy, its recovery was weaker than expected due to unresolved internal issues. Faced with weakened domestic demand, China ramped up its exports, flooding the region’s markets with Chinese-manufactured goods, adversely impacting local industries, specifically Thailand’s automotive and plastic sectors. Meanwhile, the repercussions of El Niño heightened concerns about global warming, prompting stricter measures to combat climate change. These developments compelled the manufacturing and business sectors to reassess strategies, preparing for accelerated change ahead. The company has diligently assessed prevailing situations and implemented additional measures to address emerging issues, thereby minimizing potential impacts on our businesses. Our strategic focus centers on enhancing efficiency, augmenting production capabilities, and bolstering competitiveness. We place emphasis on fostering collaboration with strategic allies to implement Core Uplift, particularly in petroleum and petrochemical businesses, as well as Step up & Beyond, actively exploring new opportunities. This strategic approach is designed to position the company to embrace emerging Megatrends and capitalize on opportunities presented by the Eastern Economic Corridor Development projects. It aligns seamlessly with the country’s strategy to promote S-Curve industries to drive growth, in accordance with our company’s vision to “Shape Material and Energy Solutions in Harmony with Life.” Core Uplift IRPC has achieved a significant milestone with the successful implementation of the Ultra Clean Fuel Project and started the sale of Euro 5-compliant diesel. In collaboration with Bangkok Fuel Pipeline and Logistics Company Limited (BFPL), the company has expanded its fuel transportation logistics to the new fuel depot in Bang Pa-in District, Ayutthaya Province. Additionally, IRPC has accomplished the target to boost the production output of Specialty Products under the brand POLIMAXX” by 33 percent. Step Up & Beyond IRPC is actively cultivating partnerships across industrial sectors, aiming to penetrate new markets and diversify its portfolio with innovative products and services. Notably, the company collaborates with the Bangpakok-Piyavate Hospital Group to explore investment opportunities in the Health & Wellness sector, leveraging its prime properties with great potential in Rayong and nearby provinces. In a separate initiative, the company is spearheading the development of the country’s first world-class paint and coating products. This project focuses on providing coating solutions for steel structures of oil refineries, petrochemical production complexes, airports, sea ports, and bridges. The Sustainable Growth Pathway IRPC has made a commitment to achieving Net Zero greenhouse gas emissions by 2060 aligning with the Environment, Social, Governance frameworks (ESG). The company has actively engaged in collaborative projects with a network of partners, including its collaboration with the PTT Group and various public and private sector organizations. Together, they are dedicated to planting an additional 2 million rai of forests throughout the country. Furthermore, in partnership with PTT Public Company Limited and Boonrawd Brewery Company Limited, IRPC is pioneering the reuse of industrial waste and developing innovative products. A noteworthy initiative includes collaboration with the Prostheses Foundation of the late HRH Princess Srinagarindra, 95 royally bestowed prosthetic leg factories and various institutions, such as the Sirindhorn National Institute for Medical Rehabilitation, Department of Medical Services, Chulalongkorn Hospital, Thai Red Cross Society, Veterans Hospital, and Eastern Polypack Co., Ltd. Under the “From Waste to Walk” project, waste plastic from prosthetic production is repurposed to create prosthetic devices, like ankle braces and foot supports. These devices are then donated to amputees or individuals with abnormal foot structures, congenital deformities or muscular dystrophy. With an unwavering commitment to conducting business in alignment with sustainable development principles and corporate social responsibility, IRPC’s achievements in 22 IRPC Public Company Limited Message from the Chairman
Mr. Krit Imsang President and Chief Executive Officer 2023 garnered widespread recognition. The company was honored with the Asian Excellence Awards 2023 in four categories: Asia’s Best CEO Award, Asia’s Best CFO Award, Best Investor Relations Company, and Best Environmental Responsibility. Furthermore, the IRPC Smart Farming Project, an innovative initiative that integrates a learning center with agro-tourism at Suan Yai Da-” Jae Boonchuen” was acknowledged with the prestigious Thailand Tourism Awards. Notably, it received recognition in the Learning & Doing category and Low Carbon & Sustainability category. The collective achievements underscore the unwavering determination of both the management and employees spanning all departments and business units. Their dedication to achieving objectives and goals within the framework of a robust business code of conduct, prioritizing the best interests of all stakeholders. Our commitment to environmental stewardship and social responsibility underpins the company’s core value to make a positive contribution today and in the future along the pathway to sustainable growth. 23 56-1 ONE REPORT 2023 Message from the Chairman
Boards of Directors 1. Dr. Siri Jirapongphan Independent Director/ Chairman 2. Mr. Yordchatr Tasarika Independent Director/ Chairman of the Audit Committee 3. Miss Siriwan Chierapong Independent Director/ Chairman of the Risk Management Committee 4. Mr. Chansak Chuenchom Director/ Chairman of the Nomination and Remuneration Committee 5. M.D. Korn Pongjitdham Independent Director/ Member of the Audit Committee 6. General Aittipol Suwannarat Independent Director/ Member of the Nomination and Remuneration Committee 7. Mr. Petai Mudtham Director/ Member of the Nomination and Remuneration Committee 1 2 4 3 5 6 7 24 Boards of Directors IRPC Public Company Limited
8. Mr. Supot Laosuarpha Director/Member of the Corporate Governance and Sustainability Committee (Passed away on December 26, 2023) 9. Asst. Prof. Dr. Chaiyaporn Puprasert Independent Director/Member of the Corporate Governance and Sustainability Committee 10. Mrs. Pranot Tirasai Director/Member of the Corporate Governance and Sustainability Committee 11. Mr. Somchai Rungsrithananon Independent Director/ Member of the Audit Committee 12. Mr. Prasong Intaranongpai Director/Member of the Risk Management Committee 13. Mr. Pornchai Thiraveja Director/Member of the Risk Management Committee 14. Miss Peangpanor Boonklum Director/Member of the Risk Management Committee 15. Mr. Kris Imsang Director/Member of the Risk Management Committee/ President and Chief Executive Officer/Secretary of the Board of Directors 8 9 10 15 11 13 12 14 25 Boards of Directors 56-1 ONE REPORT 2023
Dr. Siri Jirapongphan Age: 69 Years Appointed Positions Independent Director/Chairman Date of being an Independent Director 19 December 2022 Date of being a Director/Chairman 5 April 2022 Years of being a Director/Chairman 1 Year 7 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor’s Degree in Chemical Engineering (Honor), California Institute of Technology, USA • Doctor’s Degree in Chemical Engineering, Massachusetts Institute of Technology, USA • Director Luncheon Briefing (M-DLB) Class 2/2008, Thai Institute of Directors Association (IOD) • Director Certification Program (DCP) Class 77/2006, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Jun. 2021 - Oct. 2022 Business rehabilitation plan administrator, Thai Airways International Public Company Limited Apr. 2021 - Apr. 2022 Chairman of The Nomination and Remuneration Committee/Member of the Audit Committee, Bangkok Bank Public Company Limited Nov. 2017 - Jul. 2019 Minister of Energy Nov. 2015 - Nov. 2017 Independent Director/ Member of the Audit Committee, Thai Oil Public Company Limited Oct. 2014 - Sep. 2015 Member of the National Reform Council Sep. 2014 - Apr. 2015 Independent Director/Member of the Risk Management Committee, PTT Global Chemical Public Company Limited Jan. 2010 - Nov. 2017 Executive Director, Petroleum Institute of Thailand Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Dec. 2022 - Present Independent Director, IRPC Public Company Limited Apr. 2022 - Present Chairman, IRPC Public Company Limited Apr. 2022 - Present Chairman of the Audit Committee, Bangkok Bank Public Company Limited Jul. 2020 - Present Independent Director, Bangkok Bank Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Oct. 2021 - Present Director, Petroleum Institute of Thailand Foundation Boards of Directors, IRPC Public Company Limited 26 Board of Directors, IRPC Public Company Limited IRPC Public Company Limited
Mr. Chansak Chuenchom Age: 56 Years Appointed Positions Director/Chairman of the Nomination and Remuneration Committee Date of being a Director 1 October 2021 Date of being the Chairman of the Nomination and Remuneration Committee 1 December 2022 Years of being a Director 2 Years 2 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Engineering Program in Mechanical Engineering, Khon Kaen University • Master of Business Administration Program, Kasetsart University • Diploma, National Defence Program, Class 65, Thai National Defence College • 9th Strategy and Innovation for Businesses in Asia (SIBA) Training, The College of Management, Mahidol University, in collaboration with Sloan School of Management, Massachusetts Institute of Technology (MIT) • Training course for senior anti-corruption strategists (NYPD10), Office of the National Anti-Corruption Commission • Leadership Development Program, MDP III Business Management, MDP III People Management, Advanced Management Program (AMP) 3 - Business and People Management, PTT Leadership and Learning Institute • Director Certification Program (DCP), Class 211/2015, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Oct. 2021 - Nov. 2022 Director/Member of the Nomination and Remuneration Committee, IRPC Public Company Limited Apr. 2019 - Nov. 2021 Director, Energy Complex Company Limited Oct. 2015 - Sep. 2021 Executive Vice President, Engineering and Project Management, PTT Public Company Limited Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Dec. 2022 - Present Chairman of The Nomination and Remuneration Committee, IRPC Public Company Limited Oct. 2021 - Present Director, IRPC Public Company Limited Oct. 2021 - Present Senior Executive Vice President, Engineering and Infrastructure, PTT Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand 29 Sep. 2022 - Present Chairman, Global Multimodal Logistics Company Limited 23 Nov. 2021 - Present Chairman, Energy Complex Company Limited 27 Board of Directors, IRPC Public Company Limited 56-1 ONE REPORT 2023
Miss Siriwan Chierapong Age: 69 years Appointed Positions Independent Director/Chairman of the Risk Management Committee Date of being an Independent Director 3 April 2019 Date of being the Chairman of the Risk Management Committee 18 April 2023 Years of being an Independent Director 4 Years 8 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Accountancy, Chulalongkorn University • Master of Business Administration (M.B.A.), Thammasat University • Senior Executive Program (SEP), Class 16, Sasin Graduate Institute of Business Administration of Chulalongkorn University • NIDA-Wharton Executive Leaders Program, The Wharton School University of Pennsylvania • PTT Executive Leadership Program, General Electric, New York, USA • Advanced Certificate Course in Public Economics Management for Executives, Class 7/2008, King Prajadhipok’s Institute • The Role of the Board in IT Governance, Year 2020, Thai Institute of Directors Association (IOD) • Director Certificate Program (DCP), Class 102/2008, Thai Institute of Directors Association (IOD) Work Experience within the past 5 years Apr. 2019 - Apr. 2023 Member of the Audit Committee, IRPC Public Company Limited 2014 - 2018 Advisor, PTT Polymer Marketing Company Limited 2013 - 2014 President, PTT Polymer Marketing Company Limited 2012 - 2013 Executive Vice President, Strategy and Portfolio Management, Corporate Strategy and Organization Development, PTT Public Company Limited 2009 - 2012 Executive Vice President, Business Development and Project Management, Petrochemicals and Refining Business Unit, PTT Public Company Limited 2005 - 2009 Executive Vice President, Subsidiary Planning and Management, Petrochemicals and Refining Business Unit, PTT Public Company Limited Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Apr. 2023 - Present Chairman of the Risk Management Committee, IRPC Public Company Limited Apr. 2019 - Present Independent Director, IRPC Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand - None - Mr. Petai Mudtham Age: 57 Years Appointed Positions Director/Member of the Nomination and Remuneration Committee Date of being a Director 19 January 2022 Date of being the Member of the Nomination and Remuneration Committee 19 January 2022 Years of being a Director 1 Year 11 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Economics, Ramkhamhaeng University, Bangkok, Thailand • Master of Science Program in Applied Statistics, National Institute of Development Administration, Bangkok, Thailand • Master of Science in Economics, Murray State University, USA • Inspector General Program 2021, Government Inspection Development Institute, Office of the Permanent Secretary, Prime Minister Office • Diploma, National Defence College, Class 62, Thai National Defence College • The Executive Program in Energy Literacy for a Sustainable Future, TEA 12, Thailand Energy Academy • Budgeting for Executives Program, BEP 5, Budget Bureau Personnel Development Institution, Budget Bureau • Director Certificate Program (DCP), Class 329/2022, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Dec. 2020 - Jan. 2022 Acting Manager of ENCON Fund Office Oct. 2017 - Dec. 2020 Deputy Director General, Energy Policy and Planning Office Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Jan. 2022 - Present Director/Member of the Nomination and Remuneration Committee, IRPC Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Dec. 2020 - Present Inspector General, Ministry of Energy 28 Board of Directors, IRPC Public Company Limited IRPC Public Company Limited
Mr. Yordchatr Tasarika Age: 44 Years Appointed Positions Independent Director/Chairman of the Audit Committee Date of being an Independent Director 5 April 2022 Date of being the Chairman of the Audit Committee 18 April 2023 Years of being an Independent Director 1 Years 7 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Laws, Thammasat University • Bachelor of Laws, University of Bristol • Master of Laws, University of Bristol • Master of Laws (Harlan Fiske Stone Scholar), Columbia University School of Law • Administration of Justice, Advanced Level, Class 14, Office of Justice Affairs • State Sector Public Lawyer Training Certificate, Office of the Council of State • Krisdika Lawyer Training Certificate, Office of the Council of State • New Wave Leaders, Class 9, Office of the Civil Service Commission • Director Accreditation Program (DAP), Class 197/2022, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Apr. 2022 - Apr. 2023 Member of the Nomination and Remuneration Committee, IRPC Public Company Limited 2020 - 2022 Member and Secretary of the Urgent Law Reform Committee 2022 Director of Division 2, Strategic Transformation Office 2016 - 2022 Director of Special Affairs, Thai Law Division, Office of the Council of State 2019 - 2020 Member of the Ad Hoc Committees of the House of Representatives and Senate to Deliberate the Bill on Organization to Assign Radio Frequencies and to Regulate Broadcasting and Telecommunication Services (No. ..) B.E. …. (Selection of NBTC Commissioners) 2017 - 2020 Member of the Legal Committee, Thai Airways International Public Company Limited 2019 Member of the Ad Hoc Committee of the National Legislative Assembly to Deliberate the Bill on Electronic Transactions (No. ..) B.E. …. (Digital Identification) 2019 Member of the Ad Hoc Committee of the National Legislative Assembly to Deliberate the Bill on Protection of the Public in Contracts for Sale with Right of Redemption of Land for Agricultural or Residential Purposes B.E. …. 2019 Member of the Ad Hoc Committee of the National Legislative Assembly to Deliberate the Bill on Leasehold Rights B.E. …. Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Apr. 2023 - Present Chairman of the Audit Committee, IRPC Public Company Limited Apr. 2022 - Present Independent Director, IRPC Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Nov. 2023 - Present Director, National Telecom Public Company Limited Sep. 2023 - Present Member of the Law Drafting Committee, Srinakharinwirot University Sep. 2023 - Present Member of the Law Revision and Amendment Committee, Ministry of Energy 2022 - Present Director of Legal Affairs Division, Office of the Permanent Secretary, Ministry of Justice 2022 - Present Member of the Legal Subcommittee, Tobacco Authority of Thailand 29 Board of Directors, IRPC Public Company Limited 56-1 ONE REPORT 2023
Asst. Prof. Dr. Chaiyaporn Puprasert Age: 55 Years Appointed Positions Independent Director/Member of the Corporate Governance and Sustainability Committee Date of being an Independent Director 31 March 2021 Date of being the Member of the Corporate Governance and Sustainability Committee 19 June 2023 Years of being an Independent Director 2 Years 9 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Engineering in Sanitary Engineering, Chulalongkorn University • Master of Engineering (Environmental Engineering), Chulalongkorn University • Ph.D. in Environmental Engineering, Institute National de Science Applique’e de Toulouse (INSA-Toulouse), France • Certification in Top Executives in the Poom Palung Pandin Program, Class 5, Chulalongkorn University • Director Accreditation Program (DAP), Class 102/2013, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Apr. 2021 - Jun. 2023 Member of the Corporate Governance Committee, IRPC Public Company Limited May 2016 - Apr. 2018 Assistant to the president for Student and Alumni Affairs, Chulalongkorn University Apr. 2010 - May 2016 Head of Environmental Engineering Department, Faculty of Engineering, Chulalongkorn University Mar. 2013 - Feb. 2016 Independent Director/Member of the Audit Committee, Daii Group Public Company Limited Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Jun. 2023 - Present Member of the Corporate Governance and Sustainability Committee, IRPC Public Company Limited Mar. 2021 - Present Independent Director, IRPC Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Apr. 2021 - Present Director, Chulalongkorn University Alumni Association Oct. 2019 - Present Expert member in Water Pollution Control Sub-Committee, Department of Pollution Control, Ministry of Natural Resources and Environment May 2018 - Present Vice President for Student Affairs, Chulalongkorn University Dec. 1995 - Present Assistant Professor, Department of Environmental Engineering, Faculty of Engineering, Chulalongkorn University General Aittipol Suwannarat Age: 61 Years Appointed Positions Independent Director/Member of the Nomination and Remuneration Committee Date of being an Independent Director 5 April 2022 Date of being the Member of the Nomination and Remuneration 18 April 2023 Years of being an Independent Director 1 Year 7 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Science Program, Chulachomklao Royal Military Academy, Class 22 • Master of Political Science, Burapha University • National Defence College (NDC), Class 60/2017 Work experience within the past 5 years Apr. 2022 - Apr. 2023 Member of the Corporate Governance Committee, IRPC Public Company Limited Oct. 2021 - Sep. 2022 Army Senior Advisor, Office of the Commander Oct. 2020 - Sep. 2021 Army Advisor Apr. 2019 - Sep. 2020 Deputy Commanding General, Territorial Defense Command Oct. 2018 - Mar. 2018 1st Corps Deputy Commander Oct. 2016 - Sep. 2018 Commanding General, The 13th Military Circle Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Apr. 2023 - Present Member of the Nomination and Remuneration Committee, IRPC Public Company Limited Apr. 2022 - Present Independent Director, IRPC Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Dec. 2021 - Present Director, KTB General Services and Security Company Limited 30 Board of Directors, IRPC Public Company Limited IRPC Public Company Limited
Miss Peangpanor Boonklum Age: 57 Years Appointed Positions Director/Member of the Risk Management Committee Date of being a director 20 January 2021 Date of being the Member of the Risk Management Committee 1 April 2021 Years of being a director 2 Years 11 Months Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Laws (Second Class Honor), Chulalongkorn University • Master of Laws (Business Law), Chulalongkorn University • Master of Laws (LL.M.), Columbia University School of Law, New York, USA • Top Executive Pragram, Class 33/2024, Capital Market Academy (CMA) • The Cullinan: The Making of the Digital Board, Batch 2, Thailand Management Association (TMA) • The Executive Program in Energy Literacy for a Sustainable Future, Class 15, Thailand Energy Academy • Leadership Development Program (LDP 3) Class 4/2019, PTT Leadership and Learning Institute • TIJ Executive Program the Rule of Law & Development, (TIJ RoLd), class 3, Thailand Institute of Justice (TIJ) • TIJ Workshop for Emerging Leaders on the Rule of Law and Policy, class 3, Thailand Institute of Justice (TIJ) • Certificate in Anti-Corruption Strategic Management for Senior Executives, Class 9/2018, Office of the National Anti-Corruption Commission • TLCA Executive Development Program Class 1/2008, Thai Listed Companies Association (TLCA) • Director Certification Program (DCP), Class 7/2001, Thai Institute of Directors Association (IOD) • Anti-Corruption: The Practical Guide (ACPG), Class 38/2017, Thai Institute of Directors Association (IOD) • Ethical Leadership Program (ELP), Class 15/2019, Thai Institute of Directors Association (IOD) • Risk Management Program for Corporation Leaders (RCL), Class 18/2019, Thai Institute of Directors Association (IOD) • Board Nomination and Compensation Program (BNCP), 7/2019, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Jan. 2021 - Mar. 2021 Member of The Corporate Governance Committee, IRPC Public Company Limited Dec. 2019 - Jan. 2023 Director, Energy Complex Company Limited Dec. 2019 - Nov. 2021 Chairman, Energy Complex Company Limited Mar. 2018 - Dec. 2020 Director, PTT Oil and Retail Business Public Company Limited Apr. 2017 - Dec. 2019 Director, Global Power Synergy Public Company Limited Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Apr. 2021 - Present Member of the Risk Management Committee, IRPC Public Company Limited Jan. 2021 - Present Director, IRPC Public Company Limited Oct. 2017 - Present Senior Executive Vice President, Office of General Counsel, PTT Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand May 2023 - Present Director/Member of the Nomination Committee and Compensation Committee, Thai Institute of Directors Association Feb. 2023 - Present Chairman, PTT Saving and Credit Cooperative Limited Nov. 2021 - Present Director, CU Engineering Enterprise Company Limited Nov. 2021 - Present Director, Primate Enterprise Company Limited Oct. 2021 - Present Chairman, Global Renewable Power Company Limited 31 Board of Directors, IRPC Public Company Limited 56-1 ONE REPORT 2023
Mr. Prasong Intaranongpai Age: 55 Years Appointed Positions Director/Member of the Risk Management Committee Date of being a Director 1 December 2022 Date of being the Member of the Risk Management Committee 1 December 2022 Years of being a Director 1 Year Possession of IRPC shares (%) No. of share “IRPC”: - Share Possession: - % Family relationship within the Company, major shareholder or subsidiaries None Education/Training • Bachelor of Engineering (Industrial Engineering), Chiang Mai University • Bachelor of Laws, Sukhothai Thammathirat Open University • Master of Business Administration (General management), Kasetsart University • Advanced Strategic Management (ASM) - Advanced SMCP, Class 1/2018, PTT Leadership and Learning Institute (PLLI) • Advanced Management Program (AMP) 3 (Year 2018), PTT Leadership and Learning Institute (PLLI) • Leadership Development Program 3 (LDP 3), Class 4 (Year 2019), PTT Leadership and Learning Institute (PLLI) • Director Development Program (DDP) (Year 2021), PTT Leadership and Learning Institute (PLLI) • Director Certification Program (DCP), Class 287/2019, Thai Institute of Directors Association (IOD) • Financial Statement for Directors (FSD), Class 38/2019, Thai Institute of Directors Association (IOD) Work experience within the past 5 years Apr. 2022 - Nov. 2022 Chairman, Sport Services Alliance Company Limited Jan. 2022 - Dec. 2022 Director, NUOVO PLUS Company Limited Oct. 2021 - Nov. 2022 Director, Alpha Com Company Limited Oct. 2021 - Nov. 2022 Director, Global Renewable Power Company Limited Oct. 2021 - Nov. 2022 Chairman, PTT RAISE Company Limited Jul. 2021 - Nov. 2022 Chairman, EVME PLUS Company Limited 2021 - Sep. 2022 Executive Vice President, New Venture Development, PTT Public Company Limited (and assigned to work for Arun Plus Company Limited) May 2020 - Oct. 2021 Chairman, PTT Global Management Company Limited Sep. 2019 - Nov. 2022 Director, Sport Services Alliance Company Limited 2017 - 2021 Executive Vice President, Strategy & Portfolio Management, PTT Public Company Limited Current Position Board member/Management in Listed Company - The Stock Exchange of Thailand Dec. 2022 - Present Director/Member of the Risk Management Committee, IRPC Public Company Limited Oct. 2022 - Present Senior Executive Vice President, Downstream Business Group Alignment, PTT Public Company Limited Board member/Management in Non-Listed Company - The Stock Exchange of Thailand Feb. 2023 - Present Director, PTT Tank Terminal Company Limited Dec. 2022 - Present Director, GPC International Terminal Company Limited 32 Board of Directors, IRPC Public Company Limited IRPC Public Company Limited
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