The Company complies with the policy on succession plan which is considered a part of the manpower management strategy and is a sub-mission of the human resource planning strategy, where remuneration and benefits are determined and supervised for personnel appropriately and fairly in order to retain personnel to be ready to grow together with the Company in the long term. In addition, the Company plans to select personnel who will be responsible for all important management positions appropriately and transparently to ensure that the Company has professional executives and to prepare qualified personnel with sufficient knowledge and skills to replace executives and senior executives in the event of resignation, retirement, retirement by rotation or failure to perform duties under any circumstances so that the operations of such position are conducted continuously, smoothly, and effectively and the risk of lack of successor is minimized.
Guidelines on Nomination and Criteria on Selection
The Nomination and Remuneration Committee prepares a succession plan for Chairman of the Executive Committee, Managing Director, and Executive of the Company to propose to the Board of Directors for consideration. Regarding the nomination and selection of persons to be an executive of the Company, the Nomination and Remuneration Committee supervises the follow-up to the progress of the succession plan and reports the progress of the succession plan to the Board of Directors for acknowledgement. Such plan includes the following positions.
1.
Chairman of the Executive Committee / Managing DirectorWhen the executive position at the level of Chairman of the Executive Committee / Managing Director is vacated or the person holding the position is unable to perform his/her duties of the position, the Company will provide a nomination approach which requires executives at similar or secondary levels to be an acting officer until the nomination and selection of qualified persons is complete according to the rules specified by the Company. The Nomination and Remuneration Committee shall be a nominee to present the list to the Board of Directors to consider and approve the appointment of the qualified person to hold the position.
The Qualifications of the Chairman of the Executive Committee / Managing Director are as follows:
Individual Development Guidelines
2.
ExecutiveIn the event that the management positions at the level of department manager and above are vacant or the individual in such positions cannot perform their duties, the Company shall have the selected successor of the position proposed to the Board of Directors of the Company. The succession planning of the executive position level is as follows.