Corporate Gorvernance and Business Ethics
Corporate Governance
KBank’s Board of Directors is responsible for managing the Bank’s business operations. The Board’s decisions are independent, taking into account the highest benefit of KBank,
shareholders and all stakeholders. Every year, the Board approves the review of Vision, Purpose, Core Values and operational strategies, which covers sustainable development.
The Board also approves strategic directions and policies of KASIKORNBANK, ensuring an effective internal control system and risk management processes while working with the Management in order to achieve strong operating performance and sustainable growth.
The Board of Directors has appointed Credit and Investment Screening and Board Committees to assist in studying and screening important issues that need close oversight in each aspect, proposing opinions to the Board of Directors. Furthermore, the Board has established a Management Committee to manage and operate the Bank’s affairs as specified by the Board, as well as ensuring that senior management from various divisions report operational progress to the Board of Directors.
KBank has a policy to operate businesses in accordance with applicable laws, rules, regulations, standards and relevant practices. The Board of Directors is responsible for overseeing compliance risk management and has assigned the Risk Oversight Committee to supervise compliance risk management.
KBank requires the Compliance Department, which operates independently, to oversee regulatory compliance, assess compliance risks from the Bank’s business operations, develop and review compliance policies and procedures to align with current regulatory requirements, and provide communication and training to the Board of Directors, senior management, and employees.
The Compliance Department is also responsible for monitoring and notifying the Board of Directors, senior management, and employees about changes or amendments in laws and regulations, as well as providing advice and consultation on various laws and regulations. It oversees the Bank’s operations to ensure compliance with regulatory requirements, ensuring that business
operations comply with relevant laws and regulations, and prevent violations or non-compliance with laws and regulations. The Department reports on its performance to senior management, relevant committees, and regulatory authorities according to established criteria.
Business Ethics
KBank conducts business with a strong commitment to ethical standards and responsibility towards all stakeholders. As a testament to this commitment, we are a member of the United Nations Global Compact (UNGC), underscoring our dedication to ethical business practices.
The Board of Directors has approved the Statement of Business Conduct and Code of Conduct which cover actions that all directors, executives and employees are expected to perform within the scope of their responsibilities for all stakeholders, and key practical guidelines in matters such as advertising promotion policies, confidentiality, integrity and accuracy of bank records, and the prevention of insider trading, conflicts of interest, bribes and inducements, etc. We are obliged to perform our functions with integrity and honesty. The Board of Directors has assigned the Corporate Governance Committee to establish principles and effective practices for corporate governance at KBank and arrange for the annual review of the Statement of Business Conduct and Code of Conduct to ensure that they are consistent with business targets, regulatory requirements and corporate governance at international scales.
Anti-Corruption
KBank is committed to operating business with transparency and in adherence to anti-corruption practices. KBank signed a declaration of the Private Sector Collective Action Coalition against Corruption (CAC) in 2013 and has been certified by the CAC Council. In addition, the Bank has prepared the Code of Business Conduct, Code of Conduct, Anti-corruption Policy and
No-gift Policy, to ensure that the Bank’s operational procedures comply with relevant rules and regulations. KBank has posted our Anti-corruption Policy on our website. We have regularly communicated the Anti-corruption Policy to directors, executives and employees via internal media and channels. In addition, we have provided training courses and evaluated their knowledge after training in order to promote anti-corruption actions in all aspects.
Anti-Money Laundering and Counterterrorism and Proliferation of Weapons of Mass Destruction Financing
KBank has mechanisms in place to prevent the Bank from being used as a channel for money laundering, terrorism financing, and proliferation of Weapons of Mass Destruction Financing
(AML/CTPF)* policies and regulations that are in line with the regulations of the Anti-Money Laundering Office (AMLO) and required international standards. We have adopted Know Your
Customers and Customer Due Diligence (KYC/CDD)**, examination of Sanction List, as well as appropriate management of risks associated with each customer, in compliance with AMLO.
This includes the efficient and effective AML monitoring system that has been put in place, while data analytics has been used to analyze transactions and steadily enhance system efficiency
and effectiveness. Additionally, KBank has organized training sessions and communicated with employees about compliance with the relevant laws. Their knowledge of AML/CTPF is assessed
regularly.
* AML/CTPF : Anti-Money Laundering and Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing
** KYC : Know Your Customer / CDD: Customer Due Diligence
Whistleblowing
The Bank has established a written whistleblowing policy and provided channels for reporting information or whistleblowing related to fraud, misconduct, or inappropriate actions, including violations of laws, regulations, codes of conduct, policies, or operational procedures, internal control weaknesses that may lead to potential losses. Whistleblowers can report directly to the Board of Directors or to the Internal Audit Department, which is an independent unit, via letter or email. Whistleblowers are not obliged to disclose their identity or remain anonymous. Whistleblower’s information and detailed information reported are kept confidential with limited access to those who are responsible for the investigation. Whistleblowers are protected from retaliation, threats, and negative consequences from reporting. Evidence is also protected. The Bank has established fair measures to protect the interests of the affected stakeholders.
Whistleblowing investigation processes are in place. If the investigation confirms fraud or misconduct, the Bank will take disciplinary action in accordance with the Bank’s policies and procedures. The cases will be reported to the Audit Committee.
The Bank regularly communicates the Whistleblowing Policy to employees through various channels and encourages the companies within Kasikornbank Financial Conglomerate to establish their own whistleblowing channels. Additionally, the Bank also provides training on Whistleblowing Policy and reporting channels to employees through new employee orientation and code of conducts annual review.
Read more in KBank's Sustainability Report 2024 Chapter Corporate Governance and chapter Business Ethics
Document
Statement of Corporate Governance Principles
Statement of Business Conduct
Code of Conduct