Good Governance of the Company

Good Governance of the Company

Good governance is an important concept for the administration of any organization, however, this is more relevant today as the world has become increasingly globalized.  Today, managers no longer focus solely on the development of their specific industry because the impact of one organization’s actions impacts another no matter their location.

Good governance is an issue that is of interest to employees and stakeholders of every business. It impacts efficient and effective management where the principles of fairness, honesty and equality are key deliverables.  These principles are delivered via organizations being transparent and accountable, by providing verifiable information and responding to all stakeholders concerns. Participation in the organization’s decisions making process and its outcomes provide ownership to stakeholders.

In order to raise the level of good corporate governance in our business, we seek to adhere to the following 10 principles of good corporate governance:

1. Effective management achieves objectives and goals as set out in an approved management plan so as to maximizebenefits to the company. Management must have strategic direction and clear goals, implement standardized management processes and work systems that include monitoring, evaluating and developing such systems continuously and systematically.
   
   
2. Efficient management implements the organization’s guidelines and management processes using appropriate techniques and management tools. Management must use resources in terms of costs, labor and time to manage tasks and meet the needs of clients so as to maximize outcomes for the company.
   
   
3. Responsive management is an administration that can perform within a specified period of time so asto build confidence, trust and meet the expectations or needs of customers and diverse stakeholders.
   
   
4. Accountablemanagement takes responsibility for the organization’s management and performance towards set goals. Accountability should be at a level that satisfies public expectations and demonstrates a sense of responsibility for both company and public issues.
   
   
5. Transparent management is the open and honest administration of the organization with processesimplemented that can clarify public and stakeholder doubt.
   
   
6. Participatory management is when employees and stakeholders have an opportunity to participate in recognition, learning, understanding, sharing views, present problems, offer ideas, contribute to problem solving, engage in decision-making and in the development process as a development partner.
   
   
7. Decentralization of management is the transfer of decision-making authority, resources, and tasks from administrative functions to various departments so that they may act on behalf of personnel with reasonable autonomy. This includes the delegation of authority and responsibility for decision-making and actions to personnel.
   
   
8. Rule of Law is the use of the power of laws, rules and regulations by management in the fair and non-discriminatory administration of the organization while taking into account the rights and liberties of stakeholders.
   
   
9. Equity is where employees are treated equally without discrimination by the management of the organization.
   
   
10. Consensus oriented managementfinds common agreement among relevant stakeholder groups. This agreement results from the use of processes that address comments from groups of stakeholders who may benefit and lose benefits in the decision making.

     

Somnuek Wongsaming
Director of Future Medical Supply Co.Ltd.