. In response to such change, the SEC closely monitors mega trends in international markets and aims to ensure the Thai capital market regulatory framework does not impede new developments. Equity
or person who may have conflicts of interest that may impede the exercise of independent judgment, and any relationship that causes the inability to freely give comments on the operation of the
business relationship with the securities company, parent company, subsidiary company, affiliate company or person who may have conflicts of interest that may impede the exercise of independent judgment, and
may have conflicts of interest that may impede the exercise of independent judgment, and not have any characteristic that causes the inability to freely give comments on the operation of the derivatives
impede the proceeding of the SEC Office; (6) record or any other past demeanor which indicates inappropriateness to be a personnel in the capital market business or director of the derivatives exchange or
would impede the ability of these individuals to perform their required business activities for the issuer. For example, this could include whether any of the issuer’s directors also serve as directors
impede the proceeding of the SEC Office, for instance, providing fact or evidence which is beneficial to the consideration or undertaking of the SEC Office, concealing or destroying 15 relevant evidence or
Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...