The Company believes that business should not focus only on profitability but it should also consider how to distribute economic values to related stakeholders. The economic distribution is therefore important for the Company at the heart of sustainability.
The Company aims to share wealth to related stakeholders in order to show a good corporate citizenship. The Company places emphasis on taking responsibility to the countries where it operates by paying taxes and fees to the local authorities, local employment, and spending on the local products or services as much as possible. For transparency, the economic value distributed data and the transfer pricing documents for intra-group services transactions are verified by the third party and made available to related stakeholders. The data related to community and society is collected based on international standards such as London Benchmarking Group (LBG) framework. The key channels that the Company distributed economic value generated are as follows:
|Supplier and Contractor||· Contractor costs
· Fuel cost
· All other operating costs
|Employee||· Remuneration and benefits
· Provident fund contribution
· Employee development expenses
|Financial Institution||· Interest
· Finance expenses
|Governance||· Royalty fee
· Corporate income tax and local maintenance tax
· Property tax, specific business tax and other taxes
· All other payment to government
|Community||· Community development programs
· Corporate social responsibility activities
· Land compensation
Being a good corporate citizen in every country where it operates is the Company’s top priority and is considered as one of the sustainable development strategies. In addition to compliance with applicable laws and regulations of each country, the Company demonstrates its commitment to transparency through disclosure of tax payments. Moreover, all business transactions between Banpu’s subsidiaries are based on transparency and fairness for the benefit of the host countries and relating stakeholders.
Banpu has operated its business by embracing environmental, social and governance or ESG principles to achieve business growth together with creating sustainable values for all stakeholders. The Company; therefore, supports a variety of philanthropic activities, both directly and indirectly related to the business that helps to create benefits for society. The Company is committed to supporting activities in 7 focus areas according to the corporate philanthropy policy. In addition, the Company does not support the activities that are associated with non-compliance with laws or ethics, disrespect to nations or religions, and conflict with the Company’s code of conduct.