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THE USE OF TECHNOLOGY IN PSYCHOLOGY: EXAMPLES FROM AN INTRODUCTORY PSYCHOLOGY AND STATISTICS CLASS Isabelle D. Cherney Creighton University Department of Psychology 2500 California Plaza Omaha, NE 68178 Tel: (402) 280 1228 Fax: (402) 280 4748 Email: INTRODUCTION Teaching at its finest requires that instructors consider every educational tool at their command – various techniques and technologies – to give their students the richest educational experience possible.
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VISION To be a leading securities company
in Thailand
MISSION Excellence in
B : B rand
L : L eadership
S : S ervice
L : L earningVALUE
O : O pen
T : T rust
U : U nited
S : S ervice
To Serve You Better
The rare Four-leaf Clover is universally recognized as a Symbol of Good Luck. The four leaves
represent Hope, Faith, Love and Luck. BLS has arranged its logo Like the Four-leaf Clover, inspired
by its significance as a symbol of good luck and positive themes for living.CONTENTS
Message from the Chairman 2
Report of the Audit Committee 4
Report of the Nomination and Remuneration Committee 6
Report of the Risk Management Committee 7
Board of Directors 8
Management Team 9
Corporate Social Responsibility 10
Joint activities with Bangkok Bank 13
2009 Corporate Activities 14
Awards and Recognition 15
Financial Highlights 16
Profile of the Board of Directors and Management Team 17
General Information 25
Major Business 26
Market and Competition 35
Risk Factors 43
Shareholding Structure 47
Management 48
Corporate Governance 72
Supervision of Inside Information Usage 94
Internal Control 95
Dividend Policy 95
Related Party Transaction 99
Managementûs Discussion and Analysis 106
Report of the Board of Directors 113
Report of the Auditor 114
Financial Statements 115
2009 Auditorûs Remuneration 149
Branches 150
Bualuang Securities Public Company Limited 1Message from the Chairman of the
Board of Directors
Dear Shareholders,
The overview performance of the Thai capital market in 2009 improved over that of
2008, as a result of the economic recovery following the governmentûs economic stimulus
packages and investment spending and despite the prevailing uncertainties presented by the
global economy and the domestic political situation. The governmentûs budget
disbursements helped stimulate inflows of capital to the stock market, pushing up the index.
The combined turnover of the Stock Exchange of Thailand (SET) and the Market for Alternative Investments (MAI)
in 2009 was the highest since 2005-average daily trade of Bt18,226 million, up 13.1% compared with 2008. The market
capitalization of the SET and MAI at YE09 was at Bt5.91 trillion, up 64.77% over YE08, which was in line with the rise in
the SET index. Comparing YE09 with YE08, the SET Index rose to 737.54 from 449.96; it peaked at 751.86 in October 2009.
Operational performance
Bualuang Securities Public Company Limitedûs (çBLSé or çthe Companyé) net profit in 2009 was recorded at Bt224.3
million, an increase of Bt87.8 million or 64.4%, from the Bt136.4 million net profit posted for 2008. This was attributable
mainly to an increase in revenues from the securities and derivative brokerage businesses, investment banking and
reduced expenses (mainly the absence of a large provision on doubtful accounts booked in 2008).
Most of BLSûs revenues continued to come from the broking business. Our brokerage market share rose from 3.98%
in 2008 to 4.08% in 2009 (which ranked us eighth among securities firms) and contributed income of Bt773.5 million,
representing 71.9% of total revenues. The Companyûs market share last year rose in both the retail and local institutional
Brokerage fee income from our derivatives business increased 18.6% from Bt67.1 million in 2008 to Bt79.6 million in
2009, due to higher market turnover despite a decline in market share. The Companyûs TFEX market share in 2009 was
3.93%, down from 4.70% in 2008. This was due mainly to less trading by institutions.
Despite the 67.1% plunge in primary market fund-raising in 2009, BLSûs investment banking business reported
Bt123.2 million in income, representing 11.5% of total revenues-up 45.5% from 2008. It was another successful year for our
underwriting services, driven by the IPOs of Bangkok Life Assurance Public Company Limited (BLA) and the property fund
of TPARK Logistics (TLOGIS).
BLS also renders private fund and provident fund management services to investors. As of year-end 2009, assets
under management totaled Bt12,185 million, comprising Bt4,782 million in private funds and Bt7,403 million in provident
funds. Fee income from fund management in 2009 totaled Bt28.1 million, or 2.6% of total revenues.
Financially, we are in good health. As of December 31, 2009 assets totaled Bt2,774.1 million and shareholder equity
stood at Bt1,483.9 million. Our net capital ratio was 98.7%, testifying to substantial capacity to expand the range and
breadth of business activities without need for a recapitalization.
Business direction and framework in 2010
The year 2010 will be one of challenges, as securities firms gear up for brokerage fee liberalization in 2012. Fierce
pricing competition in the broking business is set to break out this year with the adoption of sliding scale commissions,
which will vary based on the securities trading volume. Also, brokerage fees will be negotiable cases where more than
Bt20 million is traded per day.
In preparation for the upcoming changes, we have made adjustments to our business operations. We have worked
to develop and improve our quality of service and IT infrastructure, our staff servicing efficiency and the quality and
breadth of our securities research. We have focused more on generating fee income and have started to diversify into new
businesses. We now offer a greater range of products and services to our customers, which also means new income
channels for the Company.
2 Annual Report 2009We also continue to enjoy strong support from BBL, our major shareholder, which will help to create and build
further business opportunities. We will continue to focus on leveraging off our parent companyûs client base relationships,
distribution assets and network reach to build a strong securities franchise in Thailand.
Corporate social responsibility
BLS realizes that business operations should be conducted with due regard and responsibility to society and the
environment and in an ethical manner. This realization is in keeping with the SETûs policy of encouraging private entities
to run their businesses with social responsibility in mind. The Company in 2009 rendered support to the çCharitable Stock
Trading with BLS for H.R.H. Princess Maha Chakri Sirindhorn Buildingé Project. Under the project, individual and
institutional investors were invited to make merit by trading stocks on December 3, 2009. The Companyûs individual and
institutional investors cooperated by trading stocks through Bualuang, generating brokerage fee income (after deducting
expenses for marketing officers) of Bt5,040,000. Furthermore, another Bt274,333 was donated by customers and staff.
Bualuang Securities also joined in various social contribution projects e.g. çCoins on Silomé organized by the Rotary
Club of Bangkok South. These projects are meant to benefit the underprivileged and the disabled. The Company also
arranged public charitable activities by donating money and materials and providing lunches to students at Petchburi
Panyanukul School. Moreover, Bualuang Securities promoted supplementary learning and education outside the classroom
by welcoming undergraduate and graduate students studying at various universities to visit and tour the Company and
listen to brief presentations on the securities business
We are pleased to inform you that the Thai Institute of Directors assessed and rated the Corporate Governance (CG)
practices of BLS in 2009 as çExcellenté. The Company was one of only 52 listed firms to receive such a CG rating in the
2009 assessment.
Furthermore, the Securities and Exchange Commission in association with the Thai Investors Association assessed
the quality of BLSûs 2009 Annual General Meeting of Shareholders (AGM) as çExcellenté for the fourth consecutive year.
The total score we received was 100 (the highest possible score), which was assessed as a commendable example of
holding an annual general meeting of shareholders.
To Serve You Better
BLS is committed çto serve you betteré, as our corporate motto reminds us ceaselessly. For our customers, we are
committed to improving our service quality further, developing new products and enhancing the expertise of our
personnel. For our stakeholders, we are committed to adhering to good corporate governance principles. We believe our
good corporate governance practices enhance confidence among, and protect the interests of, our shareholders and all
concerned parties, as well as help to raise the Companyûs competitiveness.
Our undertakings, innovations and commitments are made possible by the concerted support, cooperation,
dedication and contribution of all the parties concerned-our shareholders, customers, patrons, business allies and our staff.
I would like to take this opportunity to thank all of you, and to wish you happiness and success in your careers and family
(Mr. Sansern Wongcha-um)
Chairman of the Board of Directors
Bualuang Securities Public Company Limited 3Report of the Audit Committee
Dear Shareholders,
The Audit Committee of Bualuang Securities Public Company Limited (çthe
Companyé) comprises three members of the Board of Directors, each of whom
possesses sufficient knowledge and experience to review the integrity of the
financial statements and a good understanding of the securities industry. Every
member of the Committee is an independent director, namely Mr. Prin Chirathivat (Chairman), Dr. Upatham
Saisangjan and Mr. Kaveepan Eiamsakulrat*.
The Audit Committee performed duties under the delegation of authority set out by the Board of
Directors and stipulated under the Charter of the Audit Committee, which can be summarized as follows:
1. In 2009 a total of six Audit Committee meetings were held, attended by every committee member
with the joint attendance of management, the Auditor and the Compliance and Internal Audit
Department, as deemed necessary, and there was one meeting with the Auditor without the
management. The meeting attendance of each committee member was as follows:
Name Number of Meetings Attended
1. Mr. Prin Chirathivat 6 6
2. Mr. Upatham Saisangjan 6 6
3. Mr. Kaveepan Eiamsakulrat 4 4
4. Mr. Pichet Sithi-Amnuai** 1 1
2. Intensively and carefully reviewed the quarterly and yearly financial statements of the Company to
ensure their accuracy, completeness, reliability and compliance with generally accepted
accounting standards prior to approving the statements.
3. Reviewed and monitored the quarterly compliance and internal audit reports and the annual
corporate compliance and internal audit plan; followed up on and corrected any issues found by
internal or external auditors and made recommendations aimed at ensuring compliance with
procedures, policies and the rules and regulations of the Company, regulatory bodies and
international professional standards. The Committee also provided reasonable assurance that the
internal control system was sufficient and appropriate, as well as encouraging the independence of
the Compliance and Internal Audit Department.
4. Reviewed compliance with the Securities and Exchange Act and the Stock Exchange of Thailandûs
regulations and with laws related to the business of the Company. In the case where the operation
did not comply with a requirement, the error was properly revised and improved and guidelines
were set to prevent such an error recurring.
* Mr. Kaveepan Eiamsakulrat became a member of the Audit Committee, effective April 28, 2009
4 Annual Report 20095. Reviewed related-party transactions and transactions that could potentially involve conflicts of
interest, ensured that any relevant information was disclosed properly and that the related-party
transactions that occurred were fair and reasonable and in keeping with normal business practice
and set according to standard commercial terms.
6. Considered and provided opinions on the risk management report and audit results in order to
ensure that the overall risks to which the Company was exposed were contained at a low level and
that any high-risk transactions were controlled and managed properly.
7. Followed up on the business operation to ensure that it complied with good corporate governance
principles and encouraged the further development of good corporate governance.
8. Reviewed the performance of Ernst & Young Limited, the assigned Auditor of the Company.
In 2009 the Auditor performed its duties properly. The service rendered was of a high level of
quality and preciseness. Moreover, the Auditor demonstrated a mature understanding of the
securities business. For those reasons, the Audit Committee considered and re-nominated Ernst &
Young Limited as the Auditor of the Company and set a fixed audit fee at an amount not
exceeding Bt1.30 million for the year 2010.
9. The Audit Committee performed an assessment in 2009 (çthe Self-Assessment Formé), in
accordance with the requirements laid out in the Charter of the Audit Committee. The Committee
also improved the Charter of the Audit Committee in order that it complied more fully with the
laws, notifications and requirements of related regulators and the Company.
We are firmly of the opinion that the Company has appropriate and reliable procedures for financial
information preparation and disclosure, in addition to adequate corporate governance, internal control systems
and risk management. Moreover, the Company complies with all the laws related to the securities business.
Disclosure of related-party transactions has been carried out in order to effect transparent management. The
Auditor performed its duties properly and with full independence. The Company has also complied with good
corporate governance in accordance with the corporate governance principles of the Stock Exchange of
(Mr. Prin Chirathivat)
Chairman of the Audit Committee
Bualuang Securities Public Company Limited 5Report of the Nomination and
Remuneration Committee
Dear Shareholders,
In 2009, the Nomination and Remuneration Committee (çthe Committeeé) comprises
three members of the Board of Directors, namely Mr. Upatham Saisangjan (Independent
Director) as Chairman of the Committee, Mr. Chong Toh and Mr. Kaveepan Eiamsakulrat
(Independent Director).
The Nomination and Remuneration Committee has performed its duties as assigned
by the Board of Directors. In 2009, the Committee held altogether five meetings, with attendance by all members*. Joint
meetings were also held with the Companyûs President and the management of the Company to access information that will
support the Committee in the consideration of the issues under its responsibility. The results of the Committeeûs meetings are
reported regularly to the Board of Directors. The Committeeûs significant undertakings in 2009 are detailed below:
1) Considered and proposed to the Board of Directors the nomination of a qualified person as an independent
director/Audit Committee Member to replace the independent director/Audit Committee member who
resigned to take office as the president.
2) Considered and proposed to the Board of Directors the appointment of directors that completed their terms of
3) Considered and proposed to the Board of Directors the nomination of a qualified person as the president in
replacement of the president who resigned in early 2009.
In the process of nominating the director and the president, the Nomination and Remuneration Committee
considered each personûs qualifications, his or her relevant breadth of knowledge, expertise, competence and experience,
as well as leadership skills, vision and attitude. The Committee also took into account the proper size, structure and
composition of the Board of Directors. This was aimed at enhancing good corporate governance, the efficiency of business
management, while complying with regulatory requirements and aligning with the changing
1) Considered and proposed to the Board of Directors the remuneration of the directors and sub-committees.
2) Evaluated the Presidentûs performance on a biannual basis, 1) mid-year 2) year-end (previously it was
assessed year-end only). This will improve communication between the Nomination and Remuneration
Committee and the President in the year-end evaluation.
3) Considered and proposed to the Board of Directors the remuneration for the president.
The Committee has considered remuneration for the director and the president that is commensurate with their
respective duties and responsibilities, their performance results and the Companyûs operating outcome.
In 2009 the Committee performed its assigned duties fully and properly with competence, dedication and
independence in the best interests of the Company and its shareholders.
(Mr. Upatham Saisangjan)
Chairman of the Nomination and Remuneration Committee
* Mr. Kaveepan Eiamsakulrat performed as a Nomination and Remuneration Committee Member on April 28, 2009. He attended
all four of the Nomination and Remuneration Committee meetings.
6 Annual Report 2009Report of the Risk Management Committee
Dear Shareholders,
The Risk Management Committee of Bualuang Securities Public Company
Limited (çthe Companyé) comprises three members, all of whom are
non-management directors, one of which must be an independent director. Each
member possesses substantial knowledge regarding risk management-namely
Mr. Yarnsak Manomaiphiboon (chairman), Ms. Chanida Sophonpanich and Mr. Prin Chirathivat (members).
The Risk Management Committee performed its duties under the delegation of authority set out by the
Board of Directors. In 2009 the Risk Management Committee held six meetings, each of which was attended
by all three members. When deemed necessary Company managers were also asked to attend. The Committeeûs
significant undertakings in 2009 are detailed below:
1. Considered risk management policy and guidelines and tools for managing the risk entailed in
normal business operations. Areas looked at included credit risk, market risk, operational risk,
strategic risk, liquidity risk and other themes, such as legal risk and relevant rules and regulations.
2. Defined the risk management policy, guidelines and tools to control the risk entailed in operating
new business and trading new products.
3. Determined the Companyûs risk management policy in accordance with the risk management
policy of Bangkok Bank Plcûs financial business group and Bank of Thailand rules and regulations.
The Committee determined to set out appropriate and adequate corporate governance and risk
management measures aimed at limiting the Companyûs exposure to risk while at the same time enabling it
to conduct efficient business operations and transactions.
(Mr. Yarnsak Manomaiphiboon)
Chairman of the Risk Management Committee
Bualuang Securities Public Company Limited 7Board of Directors
Front Row (from left to right) 2. Mr. Yarnsak Manomaiphiboon
● Authorized Director1. Mrs. Yaowadee Nakhata
● Chairman of the Risk Management Committee
● Authorized Director
● Executive Director
● Executive Director
3. Mr. Upatham Saisangjan2. Mr. Sansern Wongcha-um
● Director (Independent Director)
● Chairman of the Board of Directors
● Chairman of the Nomination and Remuneration(Independent Director)
Committee3. Mr. Chong Toh
● Audit Committee Member
● Authorized Director
4. Mr. Kaveepan Eiamsakulrat
● Executive Chairman
● Director (Independent Director)
● Nomination and Remuneration Committee Member
● Chairman of the Corporate Governance4. Ms. Chanida Sophonpanich
Committee (Effective Jan 15, 2010)
● Authorized Director
● Audit Committee Member
● Risk Management Committee Member
● Nomination and Remuneration
Committee MemberBack Row (from left to right)
5. Mr. Prin Chirathivat
1. Mr. Pichet Sithi-Amnuai ● Director (Independent Director)
● Authorized Director ● Chairman of the Audit Committee
● Executive Director ● Risk Management Committee Member
● Corporate Governance Committee Member 6. Mr. Piya Sosothikul
(Effective Jan 15, 2010) ● Authorized Director
● President ● Executive Director
8 Annual Report 2009