Fiduciary duty generally means a professional practice to act in a position of trust, good faith, candor and responsibilities on behalf of other involved persons, a company, organization, and charity. A fiduciary duty is expected to be extremely loyal to the person to whom they owe the duty (the “principal”): they must not put their personal interests before the duty, and must not profit from their position as a person in charge of responsibility.
The Securities and Exchange Committee (SEC) has applied fiduciary duty to the SEC Act (No. 4) B.E. 2551 [2008] by specifying that directors and executives shall perform their duties with responsibility, due care and loyalty; and shall comply with all laws, the objectives of the Company’s articles of association, the Board of Directors’ resolutions, and the shareholders’ meeting resolutions.
Banpu not only complies with regulatory changes, but also provides public access to updated information about its regulatory changes and performance of the Company’s Board members and management’s performance according to the “fiduciary duty” guidelines. Good corporate governance principles have been embedded in the Banpu culture, as is reflected through various internal management checks and balances i.e. ‘Banpu Spirit’ principles, corporate governance policy and code of conduct, corporate governance awareness and implementation, regulatory compliance, fraud management, and the monitoring of compliance to the Board’s resolutions. These mechanisms help promote awareness and shared belief among Banpu’s stakeholders in performing roles with due care, loyalty, and responsibility.