Sustainability Management in the Social Dimension

The Group conducts business with social responsibility as a key driver towards sustainability, creating shared value between the organization and stakeholders in and outside of society. This leads to greater competitiveness and business opportunities by preparing for rapid changes in digital technology, business environment, economic and social context, and innovation. By conducting business with consideration of social responsibility along the value chain, aiming to create positive social change and maximize benefits from business operations, and with a social goal to create sustainable well-being as a main responsibility mission through the CSR-in-Process and CSR-after-Process by taking care of people’s health and quality of life in society through continuous project development, such as knowledge and job skill development, safety culture, and health safety in the COVID-19 era, et cetera.

The Group recognizes the importance of sustaining continuous growth and development in business, and thus has formulated a human resource development strategy to enhance knowledge, skills, and expertise, as well as to retain potential employees and take care of them by developing a succession plan for key positions, respecting human rights, and managing compensation and benefits to ensure that employees work happily and are committed to the organization. Moreover, the Group participates in community and social development, which aligns with Goals 3, 4, 5, 8, and 9 of the Sustainable Development Goals (SDGs). In addition, the Group participates in community and social development, in alignment with Goals 3, 4, and 5 of the Sustainable Development Goals (SDGs).

The Group’s Practices Towards Society
  • Management and employees should participate or organize activities for social development and service, such as education and youth development, religion, arts and culture, and environment.
  • Management and employees should monitor, track, and evaluate their operations to reduce impacts on occupational health, safety, community, and environment.
  • Emphasis should be placed on activities for society, community, and environment, with a focus on social, community, and environmental development, creativity, and conservation of natural resources, as well as support for public service activities.
  • Continuously cultivate awareness of responsibility towards society, community, and environment in the Group among employees at all levels.
  • Cooperate and control activities rigorously in accordance with the spirit of laws, standards, and regulations relating to society, community, and environment.
  • Respond quickly and efficiently to events that have an impact on society, community, and environment resulting from the Group's operations and collaborate fully with government officials and related agencies.
Hiring or appointing government officials or ex-government officials

The Company is currently hiring one government official. His/her position in a government agency and such government agency are unrelated to the operations of the Company and/or its subsidiaries, and there is no conflict of interest between them and the Company and/or its subsidiaries.

Human Rights Due Diligence

Human Rights Due Diligence

SDGs8
SDGs16

The Group respects diversity and treats everyone equally, both in and outside the organization, without discrimination. The Group gives priority on the development of human rights mechanism in business operations to eliminate violations of labor and human rights throughout its the value chain.

Human rights are the fundamental rights and freedoms of human beings that must be guaranteed and respected equally, impartially, regardless of race, nationality, religion, skin color, gender, language, or any other status. Human rights are a major global issue today and are considered as an important factor in various business activities related to people, both directly and indirectly, such as production process and service delivery. As a result, the Group is aware of the importance and potential impacts of human rights issues, which pose risks to business operations and can affect the image of the organization among all stakeholders, including employees and business partners. To address these concern, the Company established a Sustainable Development Committee to oversee and provide guidance on human rights considerations, review processes, develop strategies and policies, and conduct comprehensive risk assessments of human rights. This helps the Company to ensure that its operations are aligned with the United Nations Guiding Principles on Business and Human Rights and helps to prevent human rights violation throughout its value chain.

Human Rights Policy

The Group is committed to conducting business based on human rights principles, which are in accordance with international labor standards and the laws of the countries where it operates. The Group has regulations and policies regarding work that comply with the Labor Protection Law and the Labor Relations Law, as well as other relevant laws. These regulations have been in effect since 2010. In addition, the Company has established a Human Rights Policy in 2019 by referring to international human rights principles such as the United Nations Global Compact (UNGC) and the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work. This aims to ensure that the Company's management of human rights covers all employees, business partners, and other organizations related to the Company.

Human Rights Risk
Risk Issues Prevention and Mitigation Measures
Health and Safety of Employees
  • Employees are provided with personal protective equipment and labor-saving equipment that suits their individual needs and job requirements.
  • Disseminate employee protocols amidst the COVID-19 pandemic.
Labor, health, safety, and wellbeing practices of suppliers’ employees
  • Provide and communicate the Code of Business Conduct for suppliers.
  • Require new suppliers to conduct a self-assessment.

More information on risk assessment and management guidelines can be found in the Company’s Form 56-1 One Report.

TTA

The Company has assigned the Sustainable Development Committee and the Sustainable Development Working Group, which consists of executives and managers from all business units and various related departments. The Company oversees and develops human rights management process, including human rights risk assessment, training, and monitoring. In addition, the Company also communicates human rights policies to relevant departments and stakeholders, including employees, partners, and other interested parties. Furthermore, it provides a channel for receiving complaints and developing complaint handling mechanisms to ensure efficient implementation of human rights mandate. According to the Company's policy on human rights, enforcement shall encompass all business units to cover the operations of the organization.

Monitoring Process of Human Rights Due Diligence

The Company imposes a systematic human rights due diligence process covering the scope of its business activities, which include both employees and suppliers.

Furthermore, the Company also considers human right issues that are possibly relevant to business operations, inclusive of stakeholders who are likely to be exposed to human rights violations, to ensure that its business activities will not violate any human rights.

Human Rights Due Diligence process
1. Scope Definition: The Company defines the scope of human rights due diligence process to ensure that human rights issues concerning employees and business partners are covered. The process will consider human rights issues such as labor rights, environmental concerns, enforcement of labor laws, human trafficking, child labor, et cetera.
2. Potential Human Rights Risk Identification: The Company reviews both actual and potential human rights issues that may arise from its business operations.
3. Human Rights Risk Assessment: The Company conducts risk assessment on human rights by considering the severity of impacts and likelihood of potential human rights violations that may arise from its operations. The assessment covers employees, business partners, contractors, and customers. The Company has established four levels of risk severity: extreme, high, moderate, and low. The issues of human rights risk assessed as moderate to extreme will be reviewed to ensure that the Company's management approach is aligned with the results of the risk assessment. Currently, the human rights risk assessment is at the low level.
4. Human Rights Impact Mitigation Measure Establishment: The Company considers measures to address human rights risks as guidelines to control and minimize the impact to an acceptable level.
5. Monitoring and Review of Human Rights Performance: The relevant departments of the Company are responsible for monitoring and reviewing the Company's human rights measures. They will carry out these tasks consistently for each issue, ensuring that such issues are improved and corrected.
6. Remediation for affected parties of human rights violations
Raising Awareness of Human Rights

On 23 November 2023, the Company conducted a refresher training aimed at reinforcing understanding of the Human Rights Policy and labor practices and ensuring compliance for both executives and employees. The participation rates were 100 and 72 percent for executives and employees, respectively. Furthermore, the information was shared via the Company's Portal and website.

Improving Mechanisms for Complaints and Remedies
social-humanrights

The Company has established procedures for handling various complaints and provides opportunities for employees to express their opinions and concerns regarding human rights issues. The first step in addressing any issues is to consult with a supervisor. If the problem cannot be resolved, the employee can submit a written complaint to a higher level of management. The supervisor must investigate and decide within 7 days. If step 2 is unsuccessful, the employee can file a complaint with the management within 7 days to appoint a review committee to investigate the matter. The management will consider and act with fairness and justice. The outcome of this investigation is considered as a final decision. In addition to this procedure, the employee can also express their opinions through the Welfare Committee in the workplace. If the Company find that the employees are truly affected, those affecting will receive a remedy regarding the Company’s remedial measures. To submit complaints or share their opinions to the Company, the employee can send through e-mail at whistleblowing@thoresen.com.

Human Rights Performance

The Company respects and values diversity of personnel. There are two main dimensions of diversity including the primary dimension, which encompasses age, gender, race, ethnicity, sexual orientation, physical abilities, and the secondary dimension, which consists of language, culture, tradition, value, education, and experience. The Company does not have a set of criteria for employee recruitment as we believe that individual differences will be a key driver of diverse business operations. In this regard, the operation of the Welfare Committee will cover all employees2-30).

In 2023, the Company received no reports of incidents or complaints about human rights violations.

Diversity and Number of Personnel
Gender Type 2021 2022 2023
Male Senior Management 5 5 5
Mid-level management 4 3 4
First-line Management 6 12 8
Employees (including disabled people) 13 10 20
Worker 0 0 0
Female Senior Management 1 1 1
Mid-level management 5 11 8
First-line Management 22 33 25
Employees (including disabled people) 26 16 37
Worker 0 0 0
Total 82 91 108
Number of Employees by Age
Age 2021 2022 2023
Male Female Total Male Female Total Male Female Total
< 30 years old Person 3 8 11 3 14 17 2 16 18
Percentage 3.7 9.8 13.4 3.3 15.4 18.7 1.9 14.8 16.7
30 – 50 years old Person 19 41 60 22 41 63 5 6 11
Percentage 23.2 50.0 73.2 24.2 45.1 69.2 4.6 5.6 10.2
> 50 years old Person 6 5 11 5 6 11 30 49 79
Percentage 7.3 6.1 13.4 5.5 6.6 12.1 27.7 45.4 73.1
Occupational Health and Safety

Occupational Health and Safety

SDGs03
SDGs8
SDGs16

The Group strives to become a zero-accident organization by considering the quality of life and safety of all employees and contractors in the workplace and strictly complying with relevant regulations and international safety standards.

The Group recognizes a critical role of employees in business operations, even though there are several machines and technologies to support the operation. The Group always considers safety of employee as a top priority in every step from the production process to the delivery of products to consumers. The safety concern is not only scoping the employees, but also suppliers, and relevant parties. Therefore, an effective management of occupational health, safety, and environment is essential to ensure good health, efficient work, and operational safety of all personnel. In this regard, the Group formulated the policy to take care of the employees, contractors, and other relevant parties to work in the safest work environment. By complying with legal requirements and international standards as practical guidelines, it helps reduce work-related risks and loss of life and property, as well as promoting good occupational health and safety of employee and relevant parties. The aforementioned guidelines are as follows:

  • The Labor Ministry Regulation regarding the Establishment of Standards for Occupational Safety, Health, and Environment Management B.E. 2549 (2006)
  • The Occupational Safety, Health and Environment Act B.E. 2554 (2011)
  • The Occupational Safety, Health and Environment Act B.E. 2554 (2011) RE: Occupational Safety, Health and Work Environment Standard Relating to Fire Protection and Prevention B.E. 2555 (2012)

The Company is committed to managing safety, occupational health, and environment safeguards with an aim to reduce work-related accident frequency rate to zero. The Company and its affiliates have a clear goal of managing safety, occupational health, and environment as below:

  • Reducing Lost Time Injury Frequency Rate
  • Reducing Fatal Accident Frequency Rate

The strategies for implementation are as follows:

  • Foster a workplace safety culture at corporate level by instructing all employees to set their first priority to save lives through the implementation of occupational health and safety management system that covers employees and contractors or visitors working in the area.
  • Encourage all supervisors to be safety leaders to show that the Company pays attention to the safety of employees, contractors, and other related third parties throughout the working process.
  • Analyze and review accident prevention measures, including assessing occupational health and safety risks based on job characteristics, in order to establish mitigation plans to lower the level of risk and establish more comprehensive operating regulations.
  • Collect comprehensive and disclose accurate data on safety performance to improve the effectiveness of risk reduction plans.
  • Develop a workplace safety manual and provide training to all executives and employees on occupational health, safety, and environment related to their jobs to ensure that management is appropriate and efficient and corresponds with job characteristics.
  • Regularly review and monitor work practices and documentation systems to ensure strict compliance with relevant safety regulations, laws, and standards.
Management Guidelines
1. Introduce Controls for Workplace Safety in Every Step

Workplace safety and health are everyone’s ultimate responsibilities. This includes the management, employees, suppliers, and other related third parties who enter the workplace, at the headquarters or at sea, on rigs, whether for the purpose of loading goods onto the vessels, drilling oil, maintaining machines, et cetera. All of them must strictly follow the safety regulations such as wearing personal protection equipment (e.g., gloves, helmets, glasses, masks/respirators, et cetera) to limit the damage or prevent workplace injuries.

2. Establish Occupational Health and Safe Working Environment Committee

The company has established the Occupational Health and Safe Working Environment Committee which consists of representatives from the management and employees to observe unsafe working environment, consider policies, create plans, and set up standards for workplace safety, in order to prevent work-related accidents, dangers, sickness, annoyance resulting from work or other risky incidents that might occur to employees, contractors, and visitors in the workplace.

3. Implement Risk Control Measures

In order to evaluate effects and improve safety measures, TTA makes an observation on workplace safety procedures and review accident frequency rate at least once a month.

Thoresen Shipping

On-board security guards have been assigned to observe and record all accidents to prepare a risk assessment report in reference to statistics regarding management of occupational health, safety, and environment from reliable institutions such as HOPM/12 and SOPM/04. Thoresen Shipping also holds a Toolbox Meeting, a small-scale meeting for potential risk and harm assessment, before resuming any operations. This allows operators to predict potential operational risks and harms, review preventive measures, and prepare protective equipment against accidental impact. For example, emergency equipment is provided at the beginning of any operation to promote safety and reduce work-related accident frequency rate.

Moreover, on-board security guards are responsible for training and explaining the safety policy to all on-board personnel, especially new employees who need to be cautious about hazardous substances, to be appropriately aware of their physical limitations and cargo weight, and to be trained for correct shipping methods for safety of their lives and cargos.

Mermaid

Health and Safety Risk Management System has been developed; Supervisors have been assigned to explain workplace safety measures to all employees before starting any new projects at Safety Meetings, orientations, and ‘toolbox talks’. On-board security guards check all parts of the ship at least once every three months to ensure safety and their compliance with regulations and Merchant Shipping Notices. They are also required to patrol the whole working area and keep safety records every month to develop further safety measures and maintain continuous improvements.

4. Report and Investigate Causes of Accidents

Promoting occupational health, safety, and environment is everyone’s responsibility. Working environment and nature of work need to be taken into consideration in every area to ensure the safety of life. If there is something unusual or something wrong in an area, supervisors in that area must be informed immediately, especially when accidents occur at work, so that the supervisors could assess the level of severity and then report to all related parties. If it is found that the working environment is likely to pose harm to life and property, everyone shall stop working in that area immediately and safety measures must be taken the soonest to maintain safety standards.

To maximize the standards of occupational health, safety, and environment measures, the Company has evaluated the performance of the operation to see whether it is in line with the safety policy and continuously improved it. The Occupational Health and Safe Working Environment Committee is responsible for preparing an annual performance report indicating problems faced during operation and making suggestions for further improvement to its members. This is to prove that the measures for occupational health, safety, and environment yield maximum benefits to the Company.

5. Develop the Knowledge of Occupational Health and Safety

Trainings on occupational health and safety are arranged to all executives and employees according to their job characteristics and in compliance with the laws. For example, trainings on prevention and extinguishment of fire, prevention of occupational diseases, practice on first aid in the workplace, knowledge of the International Maritime Dangerous Goods (IMDG) Code are carried out to prevent the risks that might occur during sea transport. This is to ensure that all the operators have acquired sufficient knowledge about occupational health and safety.

6. Promote Good Health

The Company provides checkups for new employees and annual checkups for all employees by considering individual risk factors according to their nature of work and taking precautions for potential operational impacts . This includes lung and heart health checkups, hearing tests, et cetera. The Company also pursues health promotion activities such as setting up a corporate gym with standard equipment to encourage employees to exercise.

7. Prevent and Decrease Impacts Along the Value Chain

The Company and its affiliates are required to set up a Contractor Management System, a system that covers the process of selecting contractors, dealing with contractors, and auditing in order to prevent risks associated with occupational health and safety that might happen in the workplace or during work.

In addition, the Company follows practical guidelines relating to occupational health, safety, and environment measures as below:

  • W.H.M.I.S (Workplace Hazardous Materials Information System)
  • IMO (International Maritime Organization), including law, regulations, and best practices between countries set by the International Maritime Organization
  • ISO 9001: Quality Management System standard
  • ISO 14001: Environmental Management System standard
  • OHSAS 18001: Occupational Health and Safety System
  • SOLAS (Safety of Life at Sea), an international agreement on the safety of life at sea is a maritime treaty between countries that establishes minimum safety standards for the construction, equipment, and operation of seagoing vessels

These regulations and legal requirements are enforced both on board and at the headquarters to ensure operations are in alignment with global standards, with an aim of ensuring safety in ship operations, preventing injury and loss of life, and avoiding potential social and environmental harms.

TTA

TTA takes occupational health measures in a form of health care for employees. There is a monitoring and control of working environment to reduce the negative impacts on well-being of employees based on 5S principles. 5S is a five steps methodology for creating a more organized and productive workplace: 1) sorting or clearing up. 2) setting in order or organizing 3) shining or cleaning, 4) standardizing or creating hygiene, and 5) sustaining or character and discipline building. This will help pave the path to safety excellence while achieving a zero-accident workplace.

Occupational Health, Safety, and Environment Safeguard

The target for the year 2023 was to achieve a zero case of Lost Time Injury Frequency Rate (LTIFR), and this year's performance is in line with the set target. The Company set the communication plan for safety within the organization via noticeboards, email, and its portal. In addition, new employees are provided with training on safety while existing employees take regular refresher courses on the topic. The Company also has safety management officers who are responsible for promoting, supporting, and monitoring safety-related activities to ensure that approaches are aligned with the Company's plans and projects with the aim of creating a suitable and effective safety management system in the workplace.

Number of Injuries
Type Number (Cases)
2021 2022 2023
Employee Contractor Employee Contractor Employee Contractor
Injury Frequency Rate (IFR) 0 0 0 0 0 0
Injury Severity Rate (ISR) 0 0 0 0 0 0
Lost Time Injury Frequency Rate (LTIFR) 0 0 0 0 0 0
High-Consequence Injury Rate (excluding fatalities) 0 0 0 0 0 0
Fatal Accidents 0 0 0 0 0 0
Creation of Awareness of Occupational Health, Safety, and Environment
Training on the topic of occupational health, safety, and environment 2023
Number of courses 2
Number of participating executives (percentage) 50
Number of participating employees (percentage) 72
Complaints

In 2023, there were no complaints about occupational health and safety.

Thoresen Shipping

Operating dry bulk cargo transportation, Thoresen Shipping places great importance on preventing accidents and hazards that may occur on board the vessel. The company therefore implements safety measures by referring to the Workplace Hazardous Materials Information System (WHMIS) and complying with all the regulations and conventions established by the International Maritime Organization (IMO). These regulations and requirements are mandatory both on board the vessel and at the headquarters to align operations with global standards with an aim to ensure a safe working environment, prevent injury and loss of life, and avoid environmental impacts. The company has established a ship safety committee for all ships, comprising the heads and designated officers on board from each department with at least 7 members. During each meeting, a progress report on operations has to be submitted to the superiors and relevant parties for their acknowledgement to ensure that each ship of the company manages and maintains the occupational safety for all personnel on board. Furthermore, the company organizes toolbox meetings, which are pre-work meetings where potential risks and hazards are assessed, preventive measures briefed, and emergency equipment tools prepared in order to prevent accidents and reduce work-related accident rate.

Types of Violations 2022 2023
Target Performance Target Performance
Violation of International Safety Management Code (ISM Code) Non-Conformity 0 0 0 7
Observation 0 0 5 0
Violation of International Ship and Port Facility Security Code (ISPS Code) Non-Conformity 0 0 0 0
Observation 0 0 0 0
Training Programs for Merchant Marine Cadets

Thoresen Shipping recognizes the importance of continuous development of safety management skills for its merchant marine cadets. Hence, all merchant marine cadets are required to participate in training programs and training records are documented in Training Record Book. The training programs enhance the knowledge of life and property safety of marine cadets while keeping a standardized and professional working environment on board. The curriculum of the training programs is mainly about country-specific laws and regulations, such as ISM, STCW, SOLAS, and MARPOL. These programs help them familiarize with the use of safety equipment, working processes, and preventive measures against environmental pollution. Additionally, emergency mock drills for merchant marine cadets, such as ISPS drills, ECP (Emergency Contingency Plan) drills, Grounding & Oil spill, Fire, Collision, et cetera, are part of the trainings. Fundamental training programs and special training programs are provided to merchant marine cadets on a monthly basis, and the specified training courses must be carried out as well. Chief merchant marine cadets are responsible for completely implementing the policy to continuously enhance merchant marine cadets’ knowledge and skills.

Merchant marine cadets are obliged to be trained on occupational health and safety when they officially work on board. This is to ensure that Thoresen Shipping merchant marine cadets can carry out their duties efficiently with proper knowledge and skills in a safe working environment.

Mermaid

Fatalities (Numbers) 2021 2022 2023 Target Standards
Employee 0 0 0 0 GRI 403-9
Contractor 0 0 0 0
Workforce 0 0 0 0
High Consequence Work Related Injuries (Frequency)
Employee 0 0 0 0.65 GRI 403-9
Contractor 0 0.31 0 0.65
Workforce 0 0.31 0 0.65
Recordable Work-Related Injuries (Frequency)
Employee 0 0 0 Less than 2.0 GRI 403-9
Contractor 1.68 0.61 0 Less than 2.0
Workforce 1.68 0.61 0 Less than 2.0
Recordable Work Illness Health (Frequency)
Employee 0 0 0 0 GRI 403-9/IMA/MARPOL
Contractor 0 0 0 0
Workforce 0 0 0 0
Human Capital Development

Human Capital Development

SDGs03
SDGs04
SDGs05
SDGs08
SDGs10
SDGs16

The Group is determined to encourage all employees at all levels to become talented individuals with positive attitudes, skills, knowledge, and abilities to keep up with a rapidly changing global society through continuous learning culture, which is a key driver in achieving any goal and setting up the organization for a sustainable future.

The Group recognizes that employees are important resources that can drive the organization to achieve its sustainable development goals. Effective human resource management is considered as one of the key indicators of success in driving a successful business. In addition to good human resource management, a provision and promotion of employee welfare and well-being as well as an offering of reasonable and fair benefits and incentives to employees can attract and retain talented individuals. Effective management of human capital also requires clear measurement of performance to assess the effectiveness of personnel development within the Group. This is necessary for future improvement and development.

Policy and Management

The Group conducts a performance evaluation that is fair, appropriate, and in consistent with position and duties. In maritime businesses, there is a Fatigue Policy for offshore workers and annual performance evaluation of employees. The performance evaluation consists of three parts:

  • Evaluation of business performance (Corporate KPI)
  • Evaluation of overall department and individual performance (Department KPI and Individual KPI)
  • Evaluation of individual core competencies (Core Competency)

In addition to the three-part evaluation, there is also an individual-level survey to be used as part of training and development plans tailored to employee positions and duties in future years.

Human Capital Development Approach

The Group has a plan for developing the capacities and enhancing the skills of personnel at all levels through role-based training courses. This is to ensure that the acquired knowledge is utilized to its full potential in their respective positions, and to provide the equal career advancement opportunities without discrimination. Creation of motivation in the form of salaries, bonuses, health insurance, welfare, benefits, provident funds, overtime payment, increased vacation days based on seniority, and proper rewards for employees who have worked with the Company for a long period are important for retention and commitment. Furthermore, the Company also provides opportunities for job rotation based on personal preferences to expand the career path within the organization and to reduce turnover rate among competent employees.

The Company assigned the Corporate Human Resource Department to be responsible for managing the human resource effectively, while complying with international laws and regulations relating to basic human rights standards and respecting individuals along the value based on the determined practical guideline.

Human Capital Development Performance

TTA

Promotion and Development of Individuals within the Company

The Company has an Individual Development Plan that aligns with the needs of each employee based on their duties and position. Details of individual development plan are as follows:

  • Arrangement of activities and seminars for employee’s participation to enhance their knowledge in various areas such as Board Nomination & Compensation Seminar, AACP Training Program, Financial Model 3Financial Projection, review PDPA and Anti-Corruption program Certificated Internal Audit Review, Financial Modeling with Microsoft Excel, Important Finances for Accountants, TFRS for year 2566 and Corporate Fraud Controls & Detection, IIAT Annual Conference 2566, Investment Analysis and Management Training, Basic Enneagram Workshop, and a provident fund investment course by TISCO Asset Management Company Limited.
  • The sustainable development training courses by third parties are provided to all relevant staff and the Sustainable Development Working Group for the benefit of developing the sustainable approach through TTA and its subsidiaries and encouraging a strong corporate culture.
Employee Engagement and Satisfaction Survey

The Company conducts an employee engagement and satisfaction survey and categorizes the issues before considering efficiency improvement and development for appropriate group of employees, such as human resource management for business growth, employee learning and development, and job rotation for development and learning to expand business opportunity.

The employee engagement and satisfaction survey is a comprehensive survey that is conducted every two years.

The Company aims to get an employee engagement and satisfaction assessment with more than 70 percent employee satisfaction and more than 60 percent employee engagement. The performance for the year 2024 was evaluated for 2023–2024. The target groups of these surveys were all levels of employees, and the employees could access the survey through an online system. About xx percent of employees participated in survey. The employee engagement and satisfaction survey consists of x main topics and x sub-topics, and the survey results are as follows:

  1. Employee satisfaction: high satisfaction level, xx percent
  2. Employee engagement: high satisfaction level, xx percent

In addition, the Company communicated the employee survey results through the public relations boards and internal e-mail on x March xxx as appeared in the below table.

Table of TTA Human Resource Management Performance
Operation Human Resource Management Performance
2021 2022 2023
Training
Training target for employee 10 5 5
Average training hours (hours/person/year) 3.78 6.91 6.87
Number of courses 21 22 30
Performance Appraisal
Number of employees were evaluated by MAX Performance (percent) 100 100 100
Employee Retention and Attraction
Employee Turnover Rate (percent) 23.60 4.65 15.74
Resigned employees by gender
  • Male (person)
7 1 12
  • Female (person)
11 9 3
New Hire Rate (percent) 20.03 4.15 16.24
New hires by gender
  • Male (person)
6 6 15
  • Female (person)
13 12 21
Training expense (Baht) 135,973 381,682 482,463
Social Protection and Safeguarding of Employees' Working Conditions
  • Develop and improve regulations and rules for appropriate work practices in accordance with the Labor Protection Act of 1998 and the Labor Relations Act 2005, as well as other relevant laws.
  • Ensure fair employment conditions for employees and provision of appropriate compensation according to potential.
  • Provide benefits for pregnancy and childbirth, allowing employees to work to their full potential and take time off for their families.
  • Find suitable workspace for employees to work.
  • Establish regulations for overtime pay, regular weekly rest days, and annual leave days.
Employee Performance Appraisal
Systematic, Transparent, and Fair Performance Evaluation
  • The Company establishes policy and criteria to evaluate the annual performance of employees at all levels using the MAX Performance Evaluation Scheme, which consists of annual performance planning, mid-year reviews, and year-end reviews. Supervisors and staff are required to discuss the job description and knowledge development plan at least twice per year, according to the MAX Performance Cycle.
  • The Company has improvement measures for employees with sub-par performance. The employee will be provided an opportunity to improve his or her performance through a 3-month Performance Plan training program held twice per year.

With an ambition to improve the effectiveness of human resource management and enhance accessibility among employees, the Company established various channels of communication, so that employees experiencing unequal treatment can submit any complaints to Audit Committee via Company’s website or PO Box. Furthermore, a staff line group serves as an additional channel for communicating and publicizing the Company's activities and welfare.

Additionally, the Company established the Welfare Committee, which is comprised of employee representatives, to collaborate in managing employee rights and welfare. The committee serves as an intermediary between employees and the Company to communicate the employee welfare needs by engaging the employer to solicit suggestions and opinions. The committee also inspects, monitors, and manages employee welfare, including proposing beneficial guidelines for welfare arrangements. The Welfare Committee conduct conferences at least twice per year to discuss appropriate welfare as specified in the Labor Protection Act.

Long-Service Awards Project

The Company recognizes and appreciates the long serving employees. As a morale booster, the Company offers long service awards at 5 years, 10 years, 15 years, 20 years, 25 years in the amounts of Baht 10,000, Baht 20,000, Baht 40,000, Baht 60,000, and Baht 80,000 respectively. Employees who complete their 30th and 35th anniversary of work receive a prize of Baht 100,000.

Complaints

In 2023, there were no complaints about human capital development.

Thoresen Shipping

Thoresen Shipping recognizes the importance of social media, which helps connect all staff, including offshore crew and office staff. To relieve stress and create a comfortable environment during offshore operations, the company provides internet services on ships to allow communication during offshore operations. The company also carries out various activities through social media, by creating different projects that employees on board can participate, as follows:

Seafarer English Project

The Company is dedicated to enhancing the skills of seafarers through the implementation of the "Seafarer English" program. This program was designed to offer English language training in an enjoyable and interactive manner, fostering learning in a new way to enhance English language skills. It encompasses courses led by proficient English language educators, delivered to seafarers via online platforms. In 2023, a total of 40 participants enrolled in and successfully completed the course.

Blink Application Project

The Blink Application project serves as a communication channel linking office-based employees with seafarers both on board and on leave. It facilitates seamless interaction, enabling convenient and swift discussions, experience sharing, and convenient expression of feedback, fostering smooth and efficient workflow.

Community Development and Engagement

Community Development and Engagement

SDGs03
SDGs04
SDGs05
SDGs08
SDGs14

The Group is committed to being a part of demonstrating social responsibility through the process of conducting business (CSR-in-Process) and outside the main process of conducting business (CSR-after-Process) in taking care of health and improving the quality of life in society through continuous implementation of various projects.

The Group realizes that a strong community and society is an important factor for sustainable development in business, society, and national economic sector. The Group's operations are always involved with the community; therefore, it is important to conduct business without causing negative impacts or harm the community and collaborate in continuous community development. This implementation will support the Group to operate the business smoothly, receive a cooperation or facilitation from the community. Furthermore, it enhances development projects and builds a society engagement by creating value through stakeholders.

In 2015, the Group implemented a policy aimed at promoting the importance of contributing to society as a fundamental aspect of its organizational culture. Additional information about organizational mission is available at https://www.thoresen.com/en/about-tta/vision-mission. This policy covers both the executives and employees of the Company and its affiliates. Giving back to society is not limited to monetary donations, but also includes time, labor, working processes, and fulfilling responsibilities towards communities, society, and the environment. The policy is aimed at creating a positive impact on both social and economic sectors while taking care of the environment of the communities in which it operates. In addition, advancing the prosperity of communities, society, and the country requires concerted efforts from all parties. Therefore, the Group has adopted the Sustainable Development Goals (SDGs) to cover all dimensions of sustainable development including promoting education, improving quality of life, conserving natural resources, and remediation and philanthropy. The Company also aims to raise awareness and promote cooperation from various sectors towards building a sustainable society.

CSR Projects in 2023

1. Education Promotion

BuddyThai: An Application Designed to Support Youth Affected by Bullying

education
education
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education

TTA, the developer of the "Buddy Thai" application, has partnered with government agencies to host the "Buddy Thai Anti-Bullying" event as a component of the "CYC Plus: Understanding Love during School Years" project. The objective is to promote awareness regarding the significance of preventing violent behavior and to disseminate valuable information for self-protection and aiding others. Through training sessions and the development of promotional materials, this initiative aims to empower children and youth to stay informed about social issues, environmental concerns, and cultural influences that could potentially impact their physical and mental well-being adversely.

This activity exemplifies the Company's commitment to raising awareness and advocating for children and youth to recognize bullying behaviors, understand emotions, and prevent acts of violence in all dimensions. This initiative also aims to equip children and youth with the knowledge, understanding, and resources to seek help from relevant agencies when encountering instances of bullying, utilizing the application as a medium. The "BuddyThai" application serves as a counseling channel for children and youth, with three prominent features and functions:

  1. There is a consultation button directly connecting children and youth to psychologists. Users can press this button to contact hotlines such as 1323 from the Department of Mental Health and 1300 from the Social Assistance Center under the Ministry of Social Development and Human Security (MSDHS). Alternatively, they can opt to consult with psychologists via the Facebook page of the Department of Mental Health, with psychologists and volunteers at the LoveCare Station of the Path2Health Foundation, or with experts from the Royal Thai Police’s “Because We Care” office. Additionally, consultation options are available via the Facebook page of the BuddyThai App.
  2. The "BuddyThai" application provides self-assessment tools for emotional intelligence (EQ), complemented by knowledge sets and exercises aimed at developing essential life skills. These resources empower children and youth to navigate diverse life situations effectively, particularly when encountering instances of bullying. Moreover, it offers valuable recommendations from reputable psychologists.
  3. A daily mood tracking system is in place for children and youth, enabling them to log their emotions multiple times throughout the day along with identifying potential triggers. These mood entries are compiled into weekly and monthly statistics, allowing users to reflect on their emotional patterns and understand underlying causes. The application provides resources for self-guided emotional management. Additionally, if any individual consistently records feelings of stress, depression, or exhibits signs of suicidal ideation over consecutive weeks, the administrative team implements close monitoring. Should such concerning trends arise, the team can proactively engage with schools and teachers, or connect the individual with a psychologist hotline for support.

Currently, the "BuddyThai" application is leading the way for students in schools under the Bangkok Metropolitan Administration to download and use it. Additionally, there are plans to organize activities to promote the application to students in schools across different provinces. For further information, visit the website www.buddy4thai.com or the Facebook page BuddyThai App.

Scholarships for Children of Ship Crew

Thoresen Maritime Awards have been supported by Thoresen Shipping for the 21th consecutive year with the objective to present scholarships to crew’ children with good behavior and excellent academic record. This program not only helps lighten the financial burden on employees but also expands educational opportunities for crew’ children who will grow up to be decent and capable individuals. In 2023, we granted 30 scholarships, which was a total of Baht 255,000.

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Maritime Awards

Since 2003, there has been an annual event aimed at recognizing the exceptional performance of ship crew during the current year. The primary objective of this event is to promote qualitative development of both seafarers and the ship itself, as well as the company's office workers. Additionally, the event recognizes the importance of fostering relationships between the seafarers and the company's office workers by awarding scholarships to the children of crew members in the crew class who meet the company's criteria and demonstrate excellent academic performance. This initiative aims to develop the education of the youth and alleviate some of the cost-of-living squeeze for the crew on board.

Professional Maritime Workforce Development Project

Thoresen Shipping, in collaboration with 11 maritime network establishments, has entered into a memorandum of understanding with the Vocational Education Commission Office. The aim is to cultivate a proficient maritime workforce in Thailand. As part of this endeavor, the company will collaborate in developing a comprehensive maritime business curriculum tailored to meet the industry's requirements. Additionally, internships aboard Thoresen Shipping vessels will be offered, and upon graduation, students may be considered for immediate employment.

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Undergraduate Curriculum Development Project: Bachelor of Technology Program in Naval Mechanical Technology

Thoresen Shipping collaborated with Nakhon Si Thammarat Seaboard Industrial College to develop an undergraduate curriculum leading to a Bachelor of Technology in Naval Mechanical Technology. This curriculum adheres to the standard criteria set by the Office of the Vocational Education Commission, Ministry of Education. The program is to be implemented in the academic year 2024.

Seafaring Cooks Training Initiative

TTA prioritizes the well-being of its employees aboard shipping vessels, particularly in ensuring high-quality and hygienic food preparation. To meet this standard, professional cooks with specialized training in food and beverage catering services aboard vessels are essential. Thoresen Shipping, in partnership with Nakhon Si Thammarat Vocational College, has developed an Advanced Vocational Certificate course focused on cooking for international cruise ships, emphasizing nutritional principles aimed at cultivating kitchen personnel capable of operating at a professional level on seagoing vessels. This comprehensive program, spanning approximately two years, combines theoretical instruction with hands-on practice. Upon graduation, students have the option to pursue immediate employment opportunities with Thoresen Shipping. Since its inception in 2011, this project has garnered recognition from the Ministry of Education and Vocational Education, earning praise as one of the 50 exemplary programs. This achievement underscores the success of Thoresen Shipping's effect, as it not only ensures access to quality personnel for the Company but also contributes to the enhancement of the shipping industry workforce. To date, over 120 students have completed the program across 8 cohorts.

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Internship Program

Thoresen Shipping has been organizing an annual internship program for merchant marine cadets to provide them with real-life work experience in the industry and to enhance qualified personnel in the navigation industry of Thailand. In 2023, the company welcomed more than 20 students from Navigation and Engineering Branches of Merchant Marine Training Center to intern in the engineering and navigation departments. Students who performed well during the internship were given the opportunity to continue working with the company. In the past year, 15 interns were employed by the company which reducing the recruitment process and costs associated with job postings and training.

Furthermore, Thoresen Shipping continues to organize activities and initiatives beneficial to both seafaring and office-based employees regularly. These efforts aim to promote positive relationships within the organization, foster a sense of collective responsibility, and encourage participation in caring for the organization, community, and environment.

“3Mor” Project of PHC and STC

In line with the commitment to societal and environmental welfare, PHC, managing the Pizza Hut franchise, and STC, managing the Taco Bell franchise in Thailand, initiated an internship program open to students from the Northeastern and Eastern regions. Plans are underway to expand this program to encompass various regions across the country in the future. Selected Mathayom 6 students who meet the selection criteria will have the opportunity to intern at different Pizza Hut branches. These interns will receive compensation based on hourly earnings, along with a monthly accommodation allowance and scholarships throughout the two-year internship period. Participation in the 3Mor. project enables the companies to identify high-quality students for potential future employment within the organization. This initiative also serves to address unemployment issues in society and promotes an improved quality of life for students post-graduation.

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In 2023, 19 students participated in internships at Pizza Hut and 10 students at Taco Bell stores. These students signed contracts for employment and apprenticeship agreements for a duration of 2 years, working full-time for 8 hours per day, 6 days a week, with flexible working hours according to suitability—with growth and advancement opportunities once graduated.

In addition to collaborating with educational institutions in the 3Mor. Project, PHC continues to strive to create partnerships in education, supporting the education and training of cooperative education students to acquire knowledge and skills that meet the needs of businesses during their internships. This aims to prepare students for the workforce and provide valuable resources for the organization, fostering lasting relationships. PHC also donates towards education and accommodation expenses if students receive off-site training in other provinces. Furthermore, there is planned training to help build sustainable relationships between the company and educational institutions. As of 2023, PHC has established partnerships with a total of 8 educational institutions, including Rajapruek University, Chanapollakhan Technological College Nakhonratchasima, Tharntechnological College, Phetchaburi Vocational College, Wimol Business Administration Technological College, E-Tech College, Aksorn Institute of Technology Pattaya (A-tech), and Charansanitwong Technological College.

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PHC Bilateral Curriculum

PH Capital Company Limited (PHC) has entered into a memorandum of understanding focusing on bilateral vocational education and training management. This initiative aimed to enhance practical skills and facilitate employment opportunities for students through the Pizza Hut network, which encompasses branches nationwide. Currently, this initiative employs over 21 different positions.

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PHC has collaborated with Phetchaburi Vocational College to provide cooperative education programs and professional training courses to students in the fields of management, retail business, marketing, and accounting. This partnership aims to help students develop skills to better meet the demands of the business world. Additionally, it allows students to earn income while studying.

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Furthermore, PHC has signed a memorandum of understanding (MOU) with Rajapruek University as part of the Work-integrated Learning (WiL) project, which underscores the importance of practical learning, authentic knowledge acquisition, and hands-on work experience. The primary objective of this collaboration is to provide job opportunities and career paths for students pursuing higher vocational certificates. They are offered positions as Trainee Managers at Pizza Hut branches, both new and existing ones. Additionally, the program aims to cultivate these employees into proficient and high-quality store manager teams. In 2023, the company admitted its third cohort of employees from the WiL project, totaling 15 individuals. These WiL project employees were then assigned to Pizza Hut branches in Bangkok Metropolitan Area.

2. Health Promotion

Pizza Hut Shares Happiness: An Equal Slice for Everyone

PHC, which manages the Pizza Hut franchise in Thailand, has initiated the "Pizza Hut Shares Happiness – An Equal Slice for Everyone" project. This project aims to promote social equality in Thailand. Pizza Hut aims to provide opportunities for children to access nutritious food, promote health, quality education, and a good standard of living. This will be achieved through the sharing of food and essential items, enabling children and youth to grow into quality members of society in the future.

In 2023, under the "Pizza Hut Shares Happiness – An Equal Slice for Everyone" project, the company organized several activities, including:

1. Pizza Hut Delivers Happiness” at Ban Nok Khamin, Bangkok, which involved organizing a fun-filled activity to create smiles and treating the children to delicious pizzas. Additionally, Pizza Hut also provided essential consumer goods to the Ban Nok Khamin Foundation to support the ongoing care of the children.
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2. Project for the Visually Impaired

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Pizza Hut donated old calendars, consumer goods, and monetary contributions to support activities for visually impaired individuals to the Foundation for The Blind in Thailand under the Royal patronage of H.M. the Queen. Additionally, volunteers assisted in transcribing Braille books, scanning study materials, and providing lunch for staff and trainees at the Communication Technology Center for the Blind in Nonthaburi Province.

3. Delicious Learning with Pizza Hut

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Pizza Hut delivered delicious pizzas for lunch to 110 upper secondary students participating in the 8th Biomedical Engineering Alternative Movement Camp. The camp aims to guide further education in biomedical engineering at the Faculty of Engineering, King Mongkut's Institute of Technology Ladkrabang, Bangkok.

4. National Children's Day

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Pizza Hut set up a booth to distribute pizzas to over 1,500 students on National Children's Day at Wat Pracharatsatbamrung (Wat Rang Man), Kamphaeng Saen District, Nakhon Pathom Province.

5. Pizza Hut’s Happy Kitchen Project

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Pizza Hut organized the “Happy Kitchen Project” for the second year at Ban Ma Temple School, Ayutthaya Province. The project involved renovating the school's kitchen, arranging kitchen equipment and food shelves to be suitable for use, and ensuring hygiene for improved quality of living.

6. Happy Restroom Project

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The "Happy Restroom Project" entered its second year with TTA partnering with Pizza Hut. This year, the focus was on renovating restroom facilities at Ban Ma Temple School in Ayutthaya Province. These enhancements catered to both male and female students from kindergarten to primary levels at three locations within the school premises. The upgrades included installing handwashing sinks, water taps, toiletry provisions, and tiled flooring, all aimed at improving the health and hygiene standards for the students.

3. Environmental Conservation

TTA Coral Restoration: Planting Coral to Revitalize the Thai Marine Ecosystem

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Global warming, marine garbage, and natural disasters have led to extensive destruction of coral reefs. In response, TTA GROUP, under the leadership of its executives and with the participation of 62 volunteer employees, collaborated with the Marine Science and Conservation Camp and Baan Din Thai volunteers. Together, they ventured to the Samae San Sea area in Sattahip, Chonburi, to organize the TTA Volunteer Spirit activities, aimed at giving back to society and promoting environmental protection and conservation of natural resources. During these activities, artificial coral was planted to restore coastal ecosystems and replenish the marine life in the Thai seas. Coral reefs play crucial roles in the ecosystem, serving as nurseries and vital habitats for marine life, while also protecting against coastal hazards such as wind and waves. The primary objective of this initiative was to instill environmental consciousness among employees and contribute to the restoration of damaged coral reefs, ensuring a balanced and sustainable marine ecosystem. Furthermore, participants were educated on the significance of restoring coastal ecosystems and were involved in preserving and cultivating corals using PVC pipes as a form of first aid for marine animals.

4. Philanthropic Contribution

Monetary Donation to Support Foundations

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TTA, under the leadership of Mr. Chalermchai Mahagitsiri, President and Chief Executive Officer, contributed Baht 1,000,000 to the Siriraj Foundation to aid in the acquisition of medical equipment. Additionally, TTA has donated Baht 1,000,000 to the Foundation for the Blind in Thailand, under the Royal Patronage of Her Majesty the Queen, to assist and support the visually impaired community.

Funding Support for King Mongkut's Hospital Construction

To promote good health among Thai people, TTA and its employees jointly donated Baht 500,000 towards the construction of the "King Mongkut's Hospital" project. This hospital represents the pioneering initiative in medical innovation research within Thailand. Its primary goal is to establish a medical facility for patients while serving as a focal point for medical technology research led by regional-level Thai professionals.

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Wheelchairs for Children Project

In Thailand, many individuals with disabilities continue to face social disadvantages and require ongoing rehabilitation to enhance their quality of life across all aspects. TTA recognizes the numerous challenges confronted by people with disabilities and is committed to offering assistance. Hence, the Company continually supports the "Wheelchairs for Children Project" organized by the Thai Disabled Development Foundation each year. In 2023, TTA contributed to the provision of wheelchairs for disabled youth, aiming to encourage and enhance the quality of life for individuals with disabilities. This support aimed to increase opportunities for education, employment, and social interaction, thereby fostering happiness and inclusion within society.

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TTA Happiness Enrichment Project

With the belief that everyone can play a role in building a thriving society, TTA launched the "TTA Happiness Enrichment Project" to foster a sense of community among its employees. This project aimed to nurture altruism for the betterment of society, assisting individuals within the community in their positive development while promoting moral and ethical values. TTA allocated a budget to support and enable employees to participate in public service initiatives, encompassing activities such as environmental conservation, educational advocacy, philanthropic contributions, and religious endeavors. The project included a range of activities, such as:

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Contributing to the "Vision for Children" project of the Children's Hospital Foundation.

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Contributed to environmental preservation through the Plastic Straw Recycling Project involves collecting, cleaning, and drying plastic straws. Subsequently, they are cut into small pieces and repurposed as pillow stuffing, which is then donated to bedridden patients.

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Participating in the "Notebooks for Children Volunteer Project," crafting handmade notebooks and distributing them to underprivileged children in need of educational resources.

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Arranging an educational outing for students from Wat Chorakhe Yai School to visit a planetarium exhibition, providing them with the opportunity to view the astronomy presentation and explore other exhibits.

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Contributing to the funding for the rescue of cows and buffaloes and donating goods to those in need at Rungroj Farm, located in Ayutthaya Province.