Ethics of Investor Relation
- 1. Disclosure of material information correctly, sufficiently, and in a timely manner.
- Must disclose correct, sufficient, and up-to-date information by following the regulations of governing authorities such as the SEC or the Stock Exchange of Thailand.
- Must disclose information on a reasonable basis, where investor relations may deny disclosing information thoughtfully considered as a trade secret.
- Precise explanation about the background and the cause of change in the company's operating result that is over 20 percent and/or information in MD&A must be given.
- Investor relations must provide explanation to the general public according to the Stock Exchange of Thailand's regulation about information disclosure of the listed company when in case of rumor circulation or information leakage.
- Investor relations must not disclose false information in order to inflate artificial demand for the company's stock.
Investor relations must disclose information to information recipient on an equal basis in the following channels
- The Stock Exchange of Thailand's distribution channel
- The company's website
- Form 56-1 and Form 56-2
- Any printed material
- 2. Keeping and maintaining insider information.
- Only the investor relations manager can access insider information, and s/he shall not disclose such information to other people or any group of investors before public disclosure in accordance with regulations, and must follow the insider information maintenance policies strictly.
- The company forbids investor relations to trade the company's stock within a month ahead of the financial statements release to general public.
- The company has specified the period where the company will not accept any appointment or answer questions regarding upcoming operating results to analysts and investors (Quiet Period) or holding an analyst meeting and site visit two weeks ahead of the financial statements releases.
- Investor relations must be careful when using the information and shall not disclose such information that is forbidden, such as the estimation of revenues and incomes for that fiscal period.
- 3. Equal and fairness information disclosure
- Investor relations allow stakeholders to access information on an equal basis and must not make any investor in advantaged or disadvantaged circumstances, and also provide an opportunity for information query as appropriate without favoring any particular group.
- Disclose the information presented privately to the general public, by distributing presentations in the company's website soon after the meeting finish.
- Investor relations must be careful about communication through social networks, if they found mislead information then they should provide an explanation through the SET's system.
Investor relations should treat each stakeholder in the following manner.
- All investors must be treated equally regardless of the size of their investment.
- Individual investors must have equal information access with analysts or institutional investors
- Information presented in the One-on-One Meeting with institutional investors or a group of investors must be uploaded to the company's website shortly after the meeting.
- Events such as company visit or investor meeting must be organized by considering benefits to the company and its worthiness.
- Investor relations should invite analysts from all securities companies to attend the analyst meeting.
- Investor relation should not present remunerations or gifts to analysts to persuade them to favor the company in their analysis, and should respect their works and comments, but investor relations can explain the fact if incorrect information is used.
- Provide information to the media appropriately.
- Do not use conditional bargaining with the media such as placing an advertisement in the media in order to have them publish positive information towards the company
- Do not present remunerations or gifts to the media to influence them to publish false report about the company.
Governmental organizations treatment
- Should collaborate with governmental organizations to provide information upon request.
- Do not offer gifts to the government organization officers to obtain special privileges in any case.
Treatment to internal colleagues
- Should coordinate with the management to meet with stakeholders as opportunity permits.
- Provide report to the committee and management about value-added information such as the result of investor relation activities, opinions from analysts and investors, and capital market movement information, for instance.
- Must be the company's central communication point to communicate with colleagues about the ethics of investor relations to promote the investor relations practices, such as managing insider information.
Treatment to other stakeholders such as financial institutions or credit rating agencies
- Must provide information to other stakeholders equally unless required by business operations, such as some internal information must be provided to obtain project financing from financial institutions, in this case the investor relations must be very careful and ask the information recipient to sign in the non-disclosure agreement.
- Investor treatment
- 4. Faithful performance of duties
- Avoid any performance that conflict with the company's interest such as using the assets or information of the company to seek own benefits.
- Do not seek own benefits from relationship and information obtained as a performance of investor relations
- Do not consider own benefits in any form when conducting activities or participation with external organizations such as attend the Road Show with only specific securities companies that offer special privileges, for example.
- Follow the company's policies and the employee's code of conduct.
- Dress appropriate to the venues or the events.
- Do not provide negative information about the competitors or any stakeholder.