SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED ESG Ratings Report

SUPER ENERGY CORPORATION
PUBLIC COMPANY LIMITED (SUPER)

Utilities | TH
RA
RATING
TING A
ACCTION D
DAATE: March 28, 2023
LAST REPOR
REPORT T UPD
UPDAATE: September 26, 2023
Score attribution by key issue ESG Rating history
This chart highlights the company's positioning relative to the industry average for each Key Issue that contributed
to its ESG Rating as of September 26, 2023.
Positive
Industr
Industryy ESG Rating history shows five most recent rating actions
Aver
erage
age
ESG Rating distribution
Universe: MSCI ACWI Index constituents, Utilities, n=141
Negative
ns
gy
abl ies in
sio
pm pital
ner
mis
ent
eE
e
it
a
anc
Ren ortun
Dev an C
nE
n
ew
elo
rbo
ver
m
p
Hu
Op
Go
Ca
Key scores
Last ESG Rating action
Weight Scor
Scoree (0-10)
Rating action date: Mar
March
ch 28, 2023 Industry-Adjusted Score 4.1
(Last Updated: Mar
March
ch 28, 2023)
We initiate coverage of SUPER at 'BB'.
◤ Weighted-Average Key Issue Score 5.2
Focus on renewable energy (RE) operations (FY 2021: ~88% of assets) lowers SUPER’s exposure to (Last updated: June 30, 2023)
environmental risks, particularly related to carbon, compared with peers with more substantial fossil fuel-
based assets. However, the company lags industry peers in talent management and global peers on ◤ Environmental Pillar Score 36% 8.4
business ethics. ◤ Social Pillar Score 23% 1.6
Thailand (FY 2021: ~61% of assets, domicile) and Vietnam (~35%) set RE targets of 30% of ◤ Governance Pillar Score 41% 4.4
◥
energy consumption by 2037 and 47% of electricity generation by 2030, respectively. As of March
2023, SUPER has ~460 MW of ongoing RE projects in both countries that may support their Report table of contents
respective targets. Thus, the company appears well positioned to capitalize on opportunities in
the RE space.
ESG Rating tearsheet Data rrepor
eportt
Based on our model, utility companies rely on skilled professionals and are thus exposed to
◥
Rating model details P02 Corporate governance P07

potential talent management challenges. However, we found no evidence of robust programs
data
to identify new talent, or engagement surveys to gauge workplace satisfaction by SUPER. In
addition, we found no disclosure on its turnover rates; this impedes comparison with peers. Recent developments P03 Key issue details P29
Our model indicates utilities are perceived to have high exposure to corruption-related risks. Corporate governance P04 Appendix P40
◥
However, SUPER’s business ethics framework lags that of global peers: we found no evidence of summary
regular audits of ethics programs and mechanisms or of a policy protecting whistleblowers from ESG Rating drill down P05 Glossary P55
retaliation.
Analysts: Joseph Benjamin De la Torre, Nilesh Nagdev What is an ESG Rating? MSCI ESG Ratings aim to measure a
company's resilience to long-term ESG risks. Companies are
scored on an industry-relative AAA-CCC scale across the most
relevant Key Issues based on a company's business model.
Page 1 of 58 ©2023 MSCI Inc. All rights reserved.

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ESG Rating scorecard

As of September 26, 2023
KEY ISSUE WEIGHT INDUSTRY SCORE CHANGE EXPLANATION
AVERAGE (0-10)
Weighted-Average Key Issue 5.8 5.2
Score
ENVIRONMENT 36% 6.6 8.4
Opportunities in Renewable 24% 6.0 8.0 ● 97% of revenues derived from power generation
● Relatively large proportion of renewable energy capacity compared to peers
Energy
Carbon Emissions 12% 7.4 9.3 ● 83% of operations from less carbon-intensive business lines relative to
peers
SOCIAL 23% 5.7 1.6
Human Capital Development 23% 5.5 1.6 ● Disclosed compensation practices are poor relative to peers; in particular
our research found limited to no evidence of stock-based awards
GOVERNANCE 41% 5.0 4.4 ▲1.1
Corporate Governance 6.0 6.3 ▲1.4 ● The company falls into the average scoring range relative to global peers,
reflecting relatively few areas of concern.
Corporate Behavior 5.3 3.1 ● No evidence of employee trainings on ethical standards
* denotes company-specific Key Issue

This table shows the Key Issue scores and weights contributing to the company's ESG Rating and any changes to those scores since the last ESG Rating action. The range of possible scores is
0-10, where 10 is best and 0 is worst.
Rating model details Company Data Feedback response
SUPER was rated based on a standard version of the Utilities Industry Data feedback in last 12 months? No
ESG Rating Model.
Date of last feedback N/A
MODEL VERSION: 4.1.1 This section only captures inputs provided by companies through our online issuer portal that may have an
impact on the weighted Key Issues for the company
Represents the MSCI ESG Ratings model version used to assess the
company. Please refer to the “ESG Ratings Methodology” document for more
details on the model versions.
Key documents used for updates, as of September 26, 2023
Company Fiscal Filing Release Incorpor

Incorporated
ated in data and Incorpor
Incorporated
ated in ESG
Filing Year Date scor
scores
es Rating
Key document types reflected here include Annual Reports (AR), CSR, Sustainability or ESG reports. Partially
Incorporated = some but not all of the underlying data and related scores reflect the latest filing; Pending =
Not yet incorporated; Fully Incorporated = All relevant data from filing has been incorporated into the
underlying data and scores. Updates related to Carbon data are not included here. Please refer to "Recent
developments affecting ESG scores" for more information.

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Recent developments affecting ESG scores
This table shows the last 10 score changes* and rating actions that have occurred in the past 12 months.
Date ▲ Type Scor

Scoree (0-10) Change Explanation
Curr
Current
ent W
Weighted-A
eighted-Avver
erage
age K
Keey Issue 5.2
Scor
Scoree
Jun 30, 2023 Data Update: Corporate Governance ▲0.4 Flags Added
Added: Related Party Transactions
Flags Remo
Removved
ed: Audit Committee Industry Expert, CEO Equity
Changes, Entrenched Board
Mar 28, 2023 ESG Rating action 4.8 ▲4.8 We initiate coverage of SUPER at 'BB'.
Mar 28, 2023 Data Update: Corporate Governance Flags Added

Added: CEO Equity Changes, Say on Pay Policy, Voting
Rights Limits Residency, Executives on Board
Flags Remo
Removved
ed: Dilution Concerns, Fair Bid Treatment Provisions
Go
Govvernance Scor
Scoree changed based on the listed Key Metric(s):
Entrenched Board
Mar 28, 2023 Data Update: Exposure Change in exposure score for the following Key Issue(s): Human
Capital Development, Opportunities in Renewable Energy,
Corporate Behavior, Corporate Behavior
Mar 28, 2023 Data Update: Carbon Increase in practices score, performance score, management
score, exposure score
This table outlines the latest changes to specific data points that have occurred, the trigger for change (e.g. issuer feedback, data update or methodology enhancements) and the overall impact
on the company's Weighted Average Key Issue Score.
Most recent controversies
There are no recent new controversies or updates to ongoing controversies for this company.

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Corporate governance summary
53r
53rdd global per
percentile
centile Ownership summar
summaryy
Capital Single Equity Class; Top shar

shareholders
eholders
89th home mark
market
et per
percentile
centile structur
structuree Foreign SUWINTHAWAONG GOLD
shareholder ASSET CO., LTD.-18.18% Mr.
restrictions Jormsup Lochaya 18.06%
Boar
Boardd of dir
direct
ectors
ors
Board type: Unitary Board Ownership Principal

classification Shareholder
● Non-executive and ● Non-executive with ● Executive
independent of links to
management management
CEO
62.5% 37.5%
Name: Jormsup Lochaya Total rrealiz

ealized
ed pa
pay*:
y*:
Tenur
enure:
e: 18 Years USD 8,315.29
Total summar
summaryy pa
pay*:
y*:
Board diversity
Male Female USD 8,315.29
50% 50%
*CEO pay figures are sourced from listed company annual reports and proxy filings. When a new CEO is named the pay figures for the previous CEO will be displayed until this information has
been updated for the new CEO
Peer benchmarking
Carbon Oppor
Opportunities
tunities in Renewable Human Capital Corpor
Corporate
ate Corpor
Corporate
ate Rating &
Emissions Ener
Energy
gy De
Devvelopment Go
Govvernance Beha
Behaviour
viour Trend
CEZ, a.s. ●●●● ●● ●● ●●●● ●● AA ◄►
Fortis Inc. ●●● ●● ●●● ●●●● ●●●● AA ◄►
Fortum Oyj ●●● ● ●● ●● ●● BBB ◄ ►
CENTERPOINT ENERGY, INC. ●● ● ●● ●●● ●● BBB ◄ ►
SUPER ENERGY CORPORATION PUBLIC ●●● ●●●● ● ●● ● BB ◄►
COMPANY LIMITED
Tokyo Electric Power Company Holdings, ● ●● ● ● ● CCC ◄ ►
Incorporated
QUARTILE KEY : Bottom Quartile ● Top Quartile ●●●●

RATING TREND KEY : Maintain ◄► Upgrade ▲ Upgrade by two or more notches ▲▲ Downgrade ▼ Downgrade by two or more notches ▼▼
The five industry peers are companies in the Utilities ESG Rating Industry, as of September 26, 2023, selected based on similarities in four attributes (ESG Key Issue weights, industry
classification, region, and size), sorted by ESG Rating (best to worst).

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ESG Rating drill down
As of prior rating action date: As of last rating action date: As of last report update date: Difference
Mar 28, 2023 Sep 26, 2023
Description Score Weight Score Weight Score Weight Score Weight
ESG Rating Letter Gr

Grade
ade BB BB - -
Industr
Industryy Adjusted Scor
Scoree 4.1 4.1 - -
Industr
Industryy Minimum Scor
Scoree 2.6 2.6 - -
Industr
Industryy Maximum Scor
Scoree 8.0 8.1 0.1 -
Weighted A
Avver
erage
age K
Keey Issue Scor
Scoree 4.8 5.2 0.4 -
Envir
Environmental
onmental Pillar Scor
Scoree 8.4 36.0% 8.4 36.0% - -
Carbon Emissions K
Keey Issue Scor
Scoree 9.3 12.0% 9.3 12.0% - -
Exposure Score 1.2 1.2 - -
Business Segment Exposure Score 1.2 1.2 - -
Geographic Exposure Score 4.6 4.6 - -
Management Score 4.3 4.3 - -
Management Score - Excluding 4.3 4.3 - -
Controversies
Practices Score 5.0 5.0 - -
Performance Score 3.0 3.0 - -
Oppor
Opportunities
tunities in Renewable Ener
Energy
gy K
Keey Issue 8.0 24.0% 8.0 24.0% - -
Scor
Scoree
Geographic Exposure Score 3.7 3.7 - -
Controversies
Controversy Deduction 0.0 0.0 - -
Social Pillar Scor

Scoree 1.6 23.0% 1.6 23.0% - -
Human Capital De
Devvelopment K
Keey Issue Scor
Scoree 1.6 23.0% 1.6 23.0% - -
Company-Specific Exposure Score 0.0 0.0 - -
Controversies
Controversy Deduction 0.0 0.0 - -
Go
Govvernance Pillar Scor
Score*
e* 3.3 41.0% 4.4 41.0% 1.1 -
Go
Govvernance Pillar Deductions** -6.7 -5.6 1.1 -
Corpor
Corporate
ate Go
Govvernance Deductions -4.0 -2.9 1.1 -

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As of prior rating action date: As of last rating action date: As of last report update date: Difference
Mar 28, 2023 Sep 26, 2023
Description Score Weight Score Weight Score Weight Score Weight
Board -2.0 -1.1 0.9 -

Pay -1.5 -1.3 0.2 -
Ownership & Control -0.4 -0.4 - -
Accounting -0.1 -0.1 - -
Corpor
Corporate
ate Beha
Behavior
vior Deductions -2.7 -2.7 - -
Business Ethics -2.7 -2.7 - -
Tax Transparency 0.0 0.0 - -
**Beginning November 2020, the Environmental Pillar Score and Social Pillar Score are calculated based on the weighted average of underlying Key Issue Scores, while the
Governance Pillar Score is calculated based on 10 minus the sum of Corporate Governance and Corporate Behavior deductions. In the ESG Rating drill-down, deductions are
scaled to indicate impact on the overall Governance Pillar Score. In subsequent sections of the report, deductions are scaled to show impact on the Corporate Behavior and
Corporate Governance Theme Scores.

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Corporate Governance Score Change

(since rating)
Quartile Last score change date
6.3 ▲ 1.4 ●● May 09, 2023
Market Cap: 339,424,191 USD Home Market: Thailand Last Data Update: Aug 07, 2023
GOVERNANCE THEMES AND RANKINGS KEY DATES
100 Financial Year End December 31

74
75 89 61 89 62
53 81 83 Annual Filing Date Mar 25, 2023
50 43
26 AGM Date Apr 25, 2023
25
0
Overall Board Pay Ownership & Accounting
Control
WEBSITE
■ Global Percentile Rank ■ Home Market Percentile Rank
https://www.supercorp.co.th/
SUMMARY *Key areas of concern include flagged key metrics within the three sub-
issues that represent the largest scoring deductions. Please review the
full report to see the complete set of flagged key metrics.
SUPER ENERGY CORPORATION PUBLIC falls into the average scoring range for all the
companies we assess relative to global peers and reflects a relatively low level of governance
risk in most areas.
KEY AREAS OF CONCERN* SCORING DEDUCTIONS
Pay Figures (-1.18)

Executive Pay Disclosure
Pay Oversight (-0.59)

No Pay Committee and Execs on Board
Pay Performance Alignment (-0.40)

Clawbacks & Malus
Pay Linked to Sustainability

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CORPORATE GOVERNANCE SCORE HISTORY
10
0
Apr 2021 Feb 2023 Mar 2023 Apr 2023 Aug 2023
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED
CHANGES TO FLAGGED KEY METRICS (SINCE JUNE 2022)
Key Metric Key Metric Change Date Score Change* Change Notes
Related Party Transactions Flag Added Jun 26, 2023 -0.10
Entrenched Board Flag Removed Jun 26, 2023 1.19
CEO Equity Changes Flag Removed Jun 26, 2023 0.20
Audit Committee Industry Expert Flag Removed Jun 26, 2023 0.10
Pay Linked to Sustainability Flag Added Nov 22, 2022 -0.20
Executives on Board Flag Added Aug 19, 2022 -0.20
No Nomination Committee Flag Added Jun 12, 2022 -0.30 Methodology enhancements
BOARD OVERVIEW PAY OVERVIEW
Board Type: Unitary Board Highest Paid Executive - Jormsup Lochaya
Board of Directors 100%

90%
CEO Jormsup Lochaya Since: Sep 29, 2004 80%
Deputy Chair Jormsup Lochaya Since: Mar 01, 2021
70%
CFO Kulchalee Nuntasukkasem Since: Jun 01, 2022
Chair Kamthorn Udomritthiruj Since: Mar 01, 2021 60%
50% 288 000 (THB)
40%
30%
37.5%
20%
62.5% 10%
0%
2022 - 288,000 (THB)
■ Long Term Incentives Awarded 0 (THB)

■Executive ■Links to Management ■Independent of Management ■ Short Term Incentives Awarded 0 (THB)
■ Fixed Pay 288,000 (THB)

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BOARD
The policies and practices of the SUPER ENERGY CORPORATION PUBLIC board fall Global Home Market
within the average scoring range relative to global peers. We have flagged this board 0-10 Score Percentile Rank Percentile Rank
for potential concerns regarding the presence of certain related party transactions
and the absence of a pay committee. 61st (Average) 81st (Above
7.6
Average)
KEY METRICS SCORING BOARD PERFORMANCE VS.
Deduction ▼ Global ▼ Home Market
BOARD INDEPENDENCE ▼ ▼
Executives on Board -0.20
Related Party Transactions -0.10
BOARD SKILLS & DIVERSITY

Risk Management Expertise -0.20
NOMINATION PROCESS OVERSIGHT

No Nomination Committee -0.30
PAY OVERSIGHT
No Pay Committee and Execs on Board -0.59
LEADERSHIP
CHIEF EXECUTIVE OFFICER
History CEO Since Until Name Gender Age
Current Sep 2004 Jormsup Lochaya M 53
CHIEF FINANCIAL OFFICER
History CFO Since Until Name Gender Age
Current Jun 2022 Kulchalee Nuntasukkasem F 57
Former May 2013 Jun 2022 Warinthip Chaisangha F 55
CHAIR
History Chair Since Until Name Gender Age
Current Mar 2021 Kamthorn Udomritthiruj M 91
Former Sep 2004 Mar 2021 Jormsup Lochaya M 53

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BOARD OF DIRECTORS
The SUPER ENERGY CORPORATION PUBLIC board currently has an independent majority, which enables it to more effectively fulfill its critical function of
overseeing management on behalf of shareholders. The board includes at least one executive director in addition to the CEO, characteristic of 47% of
companies in this market. Multiple inside directors may increase management’s influence within the boardroom. Additionally, the company has split the
roles of CEO and chair and has named a fully independent chairman. An independent chairman is characteristic of 44% of companies in the home market.
Number of Board Meetings: 10

Non-executives meet in absence of Executives: No
Tenure Independent Management Link/

Name M/F Age (Years) Boards of Mgmt of Other Designation Reason Nationality
Interests
Jormsup Lochaya CEO DC I M 53 18 1 No Yes Executive Not Disclosed

Kamthorn Udomritthiruj COB M 91 17 1 Yes Yes Not Disclosed
Kulchalee Nuntasukkasem F 57 1 1 No Yes Executive Thailand

CFO I $
Piya Sorntrakul M 67 5 1 Yes Yes Not Disclosed
Sunsiri Chaijareonpat F 53 5 1 Yes Yes Not Disclosed
Trithip Sivakriskul I $ F 56 5 2 Yes Yes Thailand
Virasak Sutanthavibul M 65 <1 2 Yes Yes Not Disclosed
Warinthip Chaisangha F 55 10 1 No Yes Executive Thailand

I $
F # >= 70 # >= 15 yrs # >= 4
Total (of 8) 4 1 2 0 5 8
Percentage 50% 12.5% 25% 0% 62.5% 100%
Note: Board count includes the membership of this board.
$ - Financial Expert (3) I - Industry Expert (4) CEO - Chief Executive Officer COB - Chair of the Board
CFO - Chief Financial Officer DC - Deputy Chair
RELATED PARTY TRANSACTIONS
The risk to minority shareholders arising from related party transactions is a function of the nature of the related party, the relative size of the transaction
and the pricing of the transaction. The board, and in particular the independent directors or audit committee, play a key role in the protection of minority
shareholders’ interests, and monitoring and managing potential conflicts of interest of management, board members and shareholders.
Reported Transactions
The Group has transactions with related parties. These parties are related through common
shareholders The significant transactions with related parties as includes Electricity expense and parking fee.
For the two most recently reported fiscal years, these value of these transactions can be summarised as follows :

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Aggregate Transaction Value

Fiscal Year Related Party Types Value (CUR) % of Total Type
Dec 31, Other 1,011,000 THB 0.012% of Expenses Recurring purchases from related party
2022
Dec 31, Other 1,228,000 THB 0.020% of Expenses Purchases from related party
2021
Sources : 2022 FS p. 39-41 Note 6, 2021 FS p. 36-39 Note 6
BOARD EFFECTIVENESS
Nomination Committee
No details on this committee has been identified
BOARD SKILLS & DIVERSITY
The company's 'Below Average' rating for pay may be an indication of a management-friendly board because of the presence of one or more active CEO's
on the board.
AUDIT OVERSIGHT
Audit Committee - Number Of Meetings: 4
The SUPER ENERGY CORPORATION PUBLIC board of directors includes a fully independent audit committee and at least one member of that committee
meets our standards for financial expertise.
Independent
Name M/F Age Board Tenure (Years) Boards of Mgmt of Other Committee Status
Interests
Kamthorn Udomritthiruj M 91 17 1 Yes Yes Chair
Trithip Sivakriskul I $ F 56 5 2 Yes Yes Member
Virasak Sutanthavibul M 65 <1 2 Yes Yes Member
$ - Financial Expert I - Industry Expert
Risk Committee - Number Of Meetings: 8
Independent
Name M/F Age Board Tenure (Years) of Mgmt of Other Committee Status
Interests
Jormsup Lochaya I M 53 18 No Yes Member

Piya Sorntrakul M 67 5 Yes Yes Chair
Sunsiri Chaijareonpat F 53 5 Yes Yes Member
I - Industry Expert

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PAY OVERSIGHT
Pay Committee
No details on this committee has been identified
CONTROVERSIES & EVENTS
No major relevant controversies have been uncovered.

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PAY
Executive pay practices at SUPER ENERGY CORPORATION PUBLIC fall into the average Global Home Market
scoring range relative to global peers. Areas of particular concern include poor 0-10 Score Percentile Rank Percentile Rank
disclosure in relation to executive pay.
26th (Below 89th (Above
2.3
Average) Average)
KEY METRICS SCORING

PAY PERFORMANCE VS.
Deduction
▼ Global ▼ Home Market
NON-EXECUTIVE DIRECTOR PAY
▼ ▼
Director Equity Policy -0.10
PAY FIGURES
Executive Pay Disclosure -1.18
PAY PERFORMANCE ALIGNMENT

Clawbacks & Malus -0.20
Pay Linked to Sustainability -0.20
ANALYSIS
Pay values of the executives only reflect their remuneration as directors of the company.
PAY FIGURES
DISCLOSURE
Disclosure should include, at minimum, pay for each executive member of the Board of Directors (or Management Board for companies with a two-tier
board structure) on an individualized basis or in cases where there are no executive members, the CEO. The individualized disclosure should include
separate information on the amount of each of the following (where such a component is provided): salary, short-term Incentives, long-term Incentives,
pensions, benefits, and any one-off payments (such as recruitment or retention awards).
EXECUTIVE PAY - 2022
Executive Title Tenure Total Awarded Pay (USD) Total Realized Pay (USD)
(Years)
Jormsup Lochaya I CEO 18 8,315 8,315
Kulchalee Nuntasukkasem I $ CFO 1 3,032 3,032
Warinthip Chaisangha I $ Director 10 4,331 4,331
$ - Financial Expert (2) I - Industry Expert (3)

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CEO PAY DETAILS - Jormsup Lochaya
Pay Awarded 2022 Pay Realized
Fixed Pay Fixed Pay
Salary Salary
Fees 0 THB Fees 0 THB
Pension Pension
Perks & Other Pay 288,000 THB Perks & Other Pay 288,000 THB
Variable Pay Variable Pay
Short-term incentives Short-term incentives
Annual Bonus 0 THB Annual Bonus 0 THB
Other Non-equity Incentive Plan Other Non-equity Incentive Plan
Long-term incentives Long-term incentives
Grant date value of Stock Options Options Exercised
Grant date value of Stock Awards Stock Awards Vested
Total Awarded Pay 288,000 THB Total Realized Pay 288,000 THB

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PAY PEER GROUP
SMALLCAP - EMERGING - INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS (33 COMPANIES)

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Company Home Market Market Pay 1 Yr Total CEO CEO Name CEO
Cap Year TSR Annual Since
(USD m) Pay (USD)
CONCORD NEW ENERGY GROUP LIMITED China 699 2022 -0.13% 572,666 Gui Aug 2020
MALAKOFF CORPORATION BERHAD Malaysia 651 2022 -0.08% 550,390 Abdul Ajib Dec 2020
TERNA ENERGY S.A. Other EMEA 1,912 2022 0.44% 362,471 Maragoudakis Jan 1997
Emerging
CECEP Wind-Power Corporation China 2,892 2021 0.00% 359,670 Liu Jun 2013
CANVEST ENVIRONMENTAL PROTECTION GROUP COMPANY China 1,294 2022 0.05% 337,350 Yuan Sep 2014
LIMITED
..........
GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Thailand 3,696 2022 -0.19% 102,506 Pitayasiri Dec 2020
SHANGHAI ELECTRIC POWER CO., LTD. China 3,524 2022 -0.28% 102,277 Wei Jun 2020
TPI Polene Power Public Company Limited Thailand 774 2022 -0.16% 51,558 Leopairut Jan 2007
CK Power Public Company Limited Thailand 776 2022 -0.11% 24,542 Trivisvavet Jul 2015
Gunkul Engineering Public Company Limited Thailand 848 2022 -0.07% 24,109 Aueatchasai Mar
2021
Banpu Power Public Company Limited Thailand 1,184 2022 -0.04% 14,898 Limpaphayom Apr 2020
ABSOLUTE CLEAN ENERGY PUBLIC COMPANY LIMITED Thailand 454 2022 -0.25% 10,972 Bunditvorapoom May
2017
RATCH GROUP PUBLIC COMPANY LIMITED Thailand 1,931 2022 0.05% 10,266 Kietkajornkul Oct 2021
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Thailand 372 2022 -0.33% 8,315 Lochaya Sep 2004
SPCG PUBLIC COMPANY LIMITED Thailand 360 2022 -0.20% 3,898 Khunchornyakong Apr 2011
Juljarern
China Datang Corporation Renewable Power Co., Limited China 1,748 2022 -0.35% 0 Liu Mar
2019
ELECTRICITY GENERATING PUBLIC COMPANY LIMITED Thailand 1,833 2022 -0.02% 0 Theppitak Jul 2020
ACEN CORPORATION Philippines 3,283 2022 -0.36% 0 Francia May

2019
MEGA FIRST CORPORATION BERHAD Malaysia 692 2022 -0.08% 0 Goh Jul 2011
B.GRIMM POWER PUBLIC COMPANY LIMITED Thailand 2,280 2022 -0.04% 0 Link Dec 2020
TAQA MOROCCO SA Frontier 2,259 2022 -0.05% Houssaini Mar

2009
FIRST GEN CORPORATION Philippines 1,228 2022 -0.39% Lopez Feb 2008
..........
PT Cikarang Listrindo Tbk Indonesia 805 2022 0.08% Labbaika Jan 2015
Shamal Az-Zour Al-Oula Power and Water Company KSCP Other EMEA 681 2021 -0.11% Frain Nov
Emerging 2017
Omega Energia S.A. Brazil 1,198 2021 -0.20% de Bastos Filho May
2015
SHINFOX ENERGY CO., LTD. Taiwan 649 2022 0.00% Huisen Dec 2012
AKSA ENERJI URETIM ANONIM SIRKETI Turkey 1,701 2020 0.00% Kazanci Jul 2019
Due to the large size of this peer group, only a subset of companies is displayed in this table.

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CEO TOTAL AWARDED PAY VERSUS PAY PEER GROUP
0.5
0.25
TSR - 1yr
-0.25
-0.5
-100k 0 100k 200k 300k 400k 500k 600k 700k 800k 900k
Total Awarded Pay (USD)
Pay Peers (♦) are used in the calculation of the Key Metric CEO Pay Total Summary and selected as set out in the MSCI Governance Metrics Methodology Document.
CEO TOTAL REALIZED PAY VERSUS PAY PEER GROUP
7.5
5
TSR - 5yr
2.5
0 SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED
-2.5
-100k 0 100k 200k 300k 400k 500k 600k 700k 800k 900k
Total Realized Pay (USD)
PAY PERFORMANCE ALIGNMENT
CEO & EXECUTIVE EQUITY
No effective stock ownership guidelines have been identified.

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No CEO equity policy found.
Executive Tenure Shares Held YoY % Shareholding

(Years) Change As % of
Salary
Jormsup Lochaya I 18 4,888,380,123 4.15%
Kulchalee Nuntasukkasem I $ 1 0
Warinthip Chaisangha I $ 10 0
$ - Financial Expert (2) I - Industry Expert (3)
PAY LINKED TO SUSTAINABILITY
The company has failed to incorporate links to sustainability performance in its current incentive pay policies.
CLAWBACK & MALUS
No clawback or malus provisions have been identified.
NON-EXECUTIVE DIRECTOR PAY
NON-EXECUTIVE EQUITY
Director Tenure (Years) Shares Held
Kamthorn Udomritthiruj 17 0
Piya Sorntrakul 5 0
Sunsiri Chaijareonpat 5 0
Trithip Sivakriskul I $ 5 0
Wanida Machimanon N/A (Resigned) 0
NON-EXECUTIVE PAY TABLES
Director Tenure (Years) Cash Fees Other Comp Total Pay Total Pay (USD)
Kamthorn Udomritthiruj 17 840,000 THB 424,000 THB 1,514,000 THB 43,713
Piya Sorntrakul 5 840,000 THB 398,000 THB 1,488,000 THB 42,962
Sunsiri Chaijareonpat 5 720,000 THB 282,000 THB 1,152,000 THB 33,261
Trithip Sivakriskul I $ 5 720,000 THB 168,000 THB 1,088,000 THB 31,413
Wanida Machimanon N/A (Resigned) 720,000 THB 209,000 THB 1,079,000 THB 31,153

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OWNERSHIP & CONTROL

The company's ownership structure and shareholder rights at SUPER ENERGY Global Home Market
CORPORATION PUBLIC fall within the average scoring relative to global peers. 0-10 Score Percentile Rank Percentile Rank
62nd (Average) 83rd (Above
8.1
Average)
KEY METRICS SCORING
Deduction OWNERSHIP & CONTROL PERFORMANCE VS.

DIRECTOR ELECTIONS ▼ Global ▼ Home Market
Strong Classified Board Combination -0.20 ▼ ▼
Annual Director Elections -0.10
ONE SHARE ONE VOTE

Voting Rights Limits Residency -0.15
OWNERSHIP STRUCTURE
SHAREHOLDER RIGHTS
Say on Pay Policy -0.10
CORPORATE STRUCTURE
Public Company
CAPITAL STRUCTURE
Capital Type Votes Per Share Shares Outstanding
Ordinary share 1.0 27,349,473,107
OWNERSHIP STRUCTURE
OWNERSHIP CATEGORIES
• Principal Shareholder
NOTABLE SHAREHOLDERS
SUWINTHAWAONG GOLD ASSET CO., LTD.-18.18% Mr. Jormsup Lochaya 18.2%

18.06%
5%+ shareholders - Aggregate Voting Power 18.2%
Insider Voting Power 18.1%
Even in the absence of a controlling shareholder, differential voting rights mean that the economic exposure of certain shareholders is higher than their
voting power.

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CONTROL MECHANISMS
Strong Classified Board Combination
Director Removal for Cause Only No

Director Removal without Cause Vote % 75.0
Shareholders can Fill Board Vacancies No
Effective Classified Board Yes
Bylaw Vote Percent 75.0
Country Law Mandate Of Thailand.
TAKEOVER PROVISIONS
Fair Price Provision Mandatory Bid Provision Mandatory Bid Ownership Threshold
Yes Yes 25.0
% of Votes to Approve a Merger
75%
GOVERNING DOCUMENTS
MAJORITY REQUIREMENTS
Bylaws Charter
Default percentage of votes required to amend a provision 75% 75%
SHAREHOLDER RIGHTS
There may be governance risks for investors in relation to shareholder rights and management-controlled takeover defense mechanisms at SUPER ENERGY
CORPORATION PUBLIC including:
• Limits on the right of shareholders to take action by written consent

• Voting rights limitations based on the shareholder’s country of residence
SHAREHOLDER MEETINGS & RESOLUTIONS
Call Special Meeting Requisition a Resolution at AGM Act by Written Consent
Percentage of shares required 10%

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RESTRICTIONS ON LEGAL ACTION BY SHAREHOLDERS
No exclusive forum provision has been identified.
SAY ON PAY
Despite a global trend towards providing shareholders with the ability to review and approve executive pay practices, the company does not operate in a
market which requires regular 'say on pay' votes nor has it extended this right to shareholders.
DIRECTOR ELECTIONS
BOARD RE-ELECTION PROVISIONS
Not all board members are subject to annual re-election. While considered by some governance experts as a means of ensuring board continuity, a
classified board structure may limit the ability of shareholders to hold directors accountable and serve as a takeover defense. The combined effect of these
mechanisms may reduce board accountability to shareholders.
Board Re-election Provisions
Board Re-election Frequency (Years) 3
% of Board subject to re-election 100%
DIRECTOR ELECTION STANDARD
The company has a majority standard for director elections (with immediate resignation if the director does not receive a majority of the votes cast), which
enables shareholders to hold directors accountable in uncontested elections.
Director Election Rules
Vote Standard Majority
Immediate Binding Resignation Yes
The directors are divided in three parts. And at every AGM one third of directors retire and stand for re-election.
The resolution is passed by simple majority of votes.

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ACCOUNTING
Based on the company's disclosures and other public information, accounting and Global Home Market
financial reporting practices at SUPER ENERGY CORPORATION PUBLIC appear to be 0-10 Score Percentile Rank Percentile Rank
generally appropriate and effective relative to global peers.
9.4 43rd (Average) 74th (Average)
KEY METRICS SCORING ACCOUNTING PERFORMANCE VS.
Deduction ▼ Global ▼ Home Market
AUDITOR INDEPENDENCE ▼ ▼
Auditor Tenure -0.10
EXTERNAL AUDITORS
Type Since Firm Most Recent Fiscal Year Auditor Vote

End Signed Off 1%
Primary Deloitte Touche Tohmatsu 2022
00 00 00
0%
2020 2022 2023
■Against ■Abstain/Withhold

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AUDITOR FEES
Fees paid to: Deloitte Touche Tohmatsu (Primary)
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020

Fee (THB) (THB) (THB)
Audit
Audit 1,440,000 17,610,000 28,813,000
Related
Related:: 0.0 %
Audit
Related Non-audit
Tax
ax:: 0.0 %
Total Audit + 1,440,000 17,610,000 28,813,000
Audit Related Non-audit
Other
Other:: 0.0 %
Tax Audit
Audit:: 100.0 %
Compliance/
Advice
Other Non-
audit
Services
Total Non- 0 0 0
audit Fees
Total Fees 1,440,000 17,610,000 28,813,000
AUDITOR'S REPORT
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020

Report Disclosed Yes Yes Yes
Opinion Unqualified Opinion Unqualified Opinion Unqualified Opinion
Emphasis of Matter No No No

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Corporate Behavior 0-10 Change

Score (since rating)
Quartile Last score change date
3.1 0.0 ● Mar 28, 2023
CORPORATE BEHAVIOR THEME AND KEY ISSUE RANKINGS METHODOLOGY NOTE

This theme evaluates the extent to which companies
100 may face ethics issues such as fraud, executive
100 100 misconduct, corruption scandals, money laundering,
75 anti-trust violations, or tax-related controversies.
50 *
[ For symbols and terms used in this report, refer to
25 the Glossary section at the end of the report ]
9 4 8 4
0
Overall Business Ethics Tax Transparency
■ Global Percentile Rank ■ Home Market Percentile Rank
KEY AREAS OF CONCERN* SCORING DEDUCTIONS
Business Ethics Policies & Practices (-4.90)

Bribery and Anti-Corruption Policy
Regular Audits of Ethical Standards
Whistleblower Protection
Employee Training on Ethical Standards
Business Ethics Risk & Controversies (-2.00)

Corruption Risk Exposure & Controversies
*Key areas of concern include flagged key metrics that represent the largest scoring deductions. Please review the full report to see a
complete set of flagged key metrics.
CORPORATE BEHAVIOR SCORE HISTORY
10
0
Mar 2023

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BUSINESS ETHICS
Global Home
KEY METRICS SCORING 0-10 Score Change Percentile Market
(since rating) Rank Percentile
Rank
Deduction
0.0 8th (Below 4th (Worst
BUSINESS ETHICS POLICIES & PRACTICES -4.90 3.0
Average) In Class)
Bribery and Anti-Corruption Policy -0.70
Regular Audits of Ethical Standards -1.40 METHODOLOGY NOTE
Whistleblower Protection -1.40 Companies are evaluated on their oversight and management of business
Employee Training on Ethical Standards -1.40 ethics issues such as fraud, executive misconduct, corrupt practices,
money laundering, or anti-trust violations.
BUSINESS ETHICS RISK & CONTROVERSIES -2.00 *[ For symbols and terms used in this report, refer to the Glossary
Corruption Risk Exposure & Controversies -2.00 section at the end of the report ]
Note: Business Ethics Policies & Practices deductions as well as Business Ethics Risk & Controversies are capped BUSINESS ETHICS VS.
at a maximum of -7.0. Cumulative deductions are capped at 10.
▼ Global ▼ Home Market

▼▼
BUSINESS ETHICS POLICIES & PRACTICES
Indicators Company Practice Best Practice Deduction
Oversight for Ethics Issues Board-level committee Board-level committee or C-suite or Executive committee 0.00
Bribery and Anti-Corruption General statements of commitment to address bribery Detailed formal policy on bribery and anti-corruption -0.70
Policy and corruption issues
Regular Audits of Ethical No evidence Audits of all operations at least once every three years -1.40
Standards
Whistleblower Protection No evidence Policy provides whistleblowers with protection from retaliation -1.40
Employee Training on Ethical No evidence Programs covering all employees (including part-time) and -1.40
Standards contractors
Anti-Corruption Policy for NA All suppliers are required to have anti-corruption policies and 0.00
Suppliers programs to verify compliance
Policies Related to Anti-Money NA Policy and implementation strategy articulated 0.00

Laundering
*Business Ethics Policies & Practices deductions are capped at a maximum of -7.0.

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CORRUPTION RISK EXPOSURE
Exposure to: Regulatory risks or lost market access due to corruption scandals or political and social instability
Business Types : Percentage of operations in business segments perceived most likely to pay or receive bribes
■ High Risk ■ Medium Risk ■ Low Risk
0%
■ Electric power generation, Solar power
generation , Wind power generation,
Biomass power generation, Non-irrigation
water supply Source: Bribe Payers Index (Transparency International); State
■ Integrated systems design (0.11%) Capture Index (Transparency International); Refinitiv; MSCI ESG
100%
■ No exposure to low risk segments Research; company disclosures
Business Locations : Percentage of operations in countries with high/moderate/low level of corruption and political instability, violence or terrorism
■ No operations in markets with high risks Source: Corruption Perceptions Index (Transparency International);
■ Vietnam, other countries, Thailand World Governance Indicators (World Bank); Refinitiv; MSCI ESG
100%
■ No operations in markets with low risks Research; company disclosures
CORRUPTION RISK EXPOSURE SCORING DEDUCTION KEY
% of operations in medium and high risk % of operations in high risk business >=20% government <20% government No evidence of government
geographies segments ownership ownership ownership
20% or more 50% or more -4.00 -2.60 -2.00
Less than 50% -1.20 -1.20 -1.20
Less than 20% 50% or more -0.60 -0.60 -0.60
Less than 50% 0.00 0.00 0.00
*The Corruption Risk and Controversies Deduction is based on the maximum of deductions from the corruption risk exposure and corruption controversies category listed below
BUSINESS ETHICS CONTROVERSIES
Controversy Cases
Category Assessment Headline Status Last Updated Deduction
Business Ethics & Fraud -- No ongoing controversies. -- -- --
Anticompetitive Practices -- No ongoing controversies. -- -- --
Corruption -- No ongoing controversies. -- -- --
*The maximum deductions from the Anticompetitive Practices and Business Ethics & Fraud categories are summed to arrive at the overall Business Ethics Controversies deduction, which is capped at a maximum
of -7.0.

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TAX TRANSPARENCY
Global Home
Change Percentile Market
0-10 score
TAX GAP ASSESSMENT (since rating) Rank Percentile
Rank
Indicators 0.0 100th (Best In 100th (Best

10.0
Class) In Class)
Tax Gap
Estimated Effective Tax Rate 4.3% METHODOLOGY NOTE
Estimated Corporate Income Tax Rate 20.0%
Companies are evaluated on their estimated corporate tax gap (i.e. gap
Estimated Tax Gap (15.7%)
between estimated effective tax rate and estimated corporate income tax
Tax Gap Assessment High Gap
rate) and their involvement in tax-related controversies.
Revenue *[ For symbols and terms used in this report, refer to the Glossary
Foreign Revenue 34.6% section at the end of the report ]
Confidence TAX TRANSPARENCY VS.
Confidence Level of Estimation High ▼ Global ▼ Home Market
Involvement in Controversies NO ▼
▼
TAX CONTROVERSIES
Controversy Cases
Category Assessment Headline Status Last Updated Deduction
Tax Transparency -- No ongoing controversies. -- -- --
TAX CONTROVERSIES SCORING DEDUCTION KEY
Involvement in tax controversies Estimated tax gap Tax gap assessment Deduction
Yes Below 5% Low -0.80
5-10% Moderate -1.40
Above 10% High -2.00
No Below 5% Low 0.00
5-10% Moderate 0.00
Above 10% High 0.00
Tax related controversies are not considered for companies in Real Estate Management services or Mortgage REITs industries. Tax gap assessment is effectively low for companies with less than 5% of total
revenue categorized as foreign.

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Opportunities in Score Change

(since rating)
Quartile Weight Last score change date
Renewable Energy
8.0 0.0 ●●●● 24.0% Mar 28, 2023
SUPER ENERGY
Strong Risk Management
10 CORPORATION
Top Quartile Second Quartile Third Quartile Bottom Quartile
PUBLIC COMPANY KEY ISSUE SCORE DISTRIBUTION*
9 LIMITED
8 27%
22%
7 16% 15%
6 9%
6%
3% 3%
5 0% 0% 0%
0 1 2 3 4 5 6 7 8 9 10
4
Key Issue Score
3
2 TOP 5 INDUSTRY LEADERS
1 ENGIE Brasil Energia S.A. 9.0

High Risk Exposure
0
CECEP Solar Energy Co., Ltd. 8.8
0 1 2 3 4 5 6 7 8 9 10
CHINA LONGYUAN POWER GROUP 8.8
CORPORATION LIMITED
China Three Gorges Renewables 8.6

Company 8.0 (Group) Co., Ltd.
KEY ISSUE
Industry 6.0
ASSESSMENT NATIONAL GRID PLC 8.6
0 5 10
Low Mod High
BOTTOM 5 INDUSTRY LAGGARDS

RISK EXPOSURE ASSESSMENT RISK MANAGEMENT ASSESSMENT
ENTERGY CORPORATION 2.8
Company 8.4 Company 8.3
Zhejiang Zheneng Electric Power CO., 1.2
Industry 5.8 Industry 6.3 LTD
0 5 10 0 5 10
Low Mod High Low Mod Strong Risk ADANI POWER LIMITED 1.1
Risk Management
Drivers of Risk Exposure Drivers of Risk Management WINTIME ENERGY GROUP CO.,LTD. 1.1
Business Types Practices Score CGN Power Co., Ltd. 0.5

0 5 10 0 5 10
METHODOLOGY NOTE
Business Locations Performance Score Companies are evaluated on their efforts to develop
Company 3.7 Company 10.0 renewable power generation capacity and/or enable
renewable power development through network
0 5 10 0 5 10
expansion and “green power” offerings.

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*
the Glossary section at the end of the report ]
EXPOSURE
RISK EXPOSURE Company 8.4

ASSESSMENT Industry 5.8
0 5 10
Low Mod High
Risk
Key Drivers of Risk Exposure
Exposure to: Opportunity to increased revenues from capturing changing consumer demand, enjoying early mover advantage or regulatory incentives
(mandates or subsidies)
Business Types : Percentage of assets in power generation business segment
3% ■ Electric power generation, Solar power

Biomass power generation
■ No exposure to medium opportunity
segments
■ Non-irrigation water supply, Integrated
97%
systems design Source: MSCI ESG Research; Refinitiv; company disclosures
Business Locations : Percentage of operations in markets with government subsidies in support of renewable power production
35%
■ No operations in markets with high

65% opportunities
■ Thailand
■ Vietnam Source: Refinitiv; MSCI ESG Research; company disclosures
MANAGEMENT
RISK MANAGEMENT Company 8.3

0 5 10
Low Mod Strong Risk
Management
Renewable Capacity as Percentage of Total Capacity

Solar 98.94%

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Other Renewable 1.06%

Total Renewable 100.00%
Renewable Capacity (MW)

Solar 836.72
Other Renewable 9
Total Renewable Capacity (MW) 845.72

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Human Capital Score Change

(since rating)
Development
1.6 0.0 ● 23.0% Mar 28, 2023

10
KEY ISSUE SCORE DISTRIBUTION*
9
8 20%
15% 15% 16%

7 13%
10%
6 5% 4%
1%
5 0% 0%
0 1 2 3 4 5 6 7 8 9 10
4 SUPER ENERGY
CORPORATION Key Issue Score
3 PUBLIC COMPANY
LIMITED
1 SEVERN TRENT PLC 9.3

High Risk Exposure
0
ENTERGY CORPORATION 8.9
0 1 2 3 4 5 6 7 8 9 10
AMERICAN WATER WORKS 8.8
COMPANY, INC.
FIRSTENERGY CORP. 8.8

Company 1.6
KEY ISSUE REDEIA CORPORACION, S.A. 8.6
Industry 5.5
ASSESSMENT
0 5 10
Low Mod High BOTTOM 5 INDUSTRY LAGGARDS
RISK EXPOSURE ASSESSMENT RISK MANAGEMENT ASSESSMENT BKW AG 1.7
Zhejiang Zheneng Electric Power CO., 1.7

LTD
Industry 7.4 Industry 5.8
0 5 10 0 5 10 CECEP Solar Energy Co., Ltd. 1.6
Low Mod High Low Mod Strong Risk
Risk Management GD POWER DEVELOPMENT CO., LTD. 1.1
Drivers of Risk Exposure Drivers of Risk Management
Indraprastha Gas Ltd 0.9
Business Types Practices Score
0 5 10 0 5 10
METHODOLOGY NOTE
Companies are evaluated on their workforce talent
Performance Score requirements and their ability to attract, retain, and
Company 3.0 develop a highly skilled workforce.
0 5 10 *

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Controversy Deduction
Company 0.0
-5.0 -2.5 0
EXPOSURE

0 5 10
Low Mod High
Risk
Exposure to: Risk of increased turnover and associated costs of rehiring, loss of intellectual and human capital through attrition, reduced ability to attract
talent
Business Types : Percentage of operations in business segments with high/moderate/low levels of employee qualification needs and compensation per
employee
2%
■ Electric power generation, Solar power
Biomass power generation, Integrated
systems design Source: Employment Projections, US Bureau of Labor Statistics;
■ Non-irrigation water supply Occupational Employment and Wage Statistics, US Bureau of Labor
98%
■ No exposure to low risk segments Statistics; Refinitiv; MSCI ESG Research; company disclosures
Layoffs and Restructuring Events

Major merger or acquisition in the last three years (affecting large No Evidence
proportion of staff):
Major layoffs in the last three years (affecting 10% of staff or over 1,000 No Evidence
employees):
MANAGEMENT

0 5 10
Low Mod Strong Risk
Management

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Description Company Practice Best Practice Practices Score2

Practices
Scope of support for degree programs General statements on Programs covering all
- LOW MID TOP
and certifications training and development employees (including part-
time and contractors)
Strategy
Extent of grievance reporting or No evidence Formal grievance
- LOW MID TOP
escalation procedures escalation/reporting
(confidential)
Engagement surveys to monitor No evidence Surveys conducted annually

- LOW MID TOP
employee satisfaction
Talent pipeline development strategy

Formal talent pipeline development Not Disclosed Yes
- LOW TOP
strategy (forecasts hiring needs,
actively develops new pools of talent)
Graduate traineeship/apprenticeship Not Disclosed Yes

- LOW TOP
program
Partners with educational institutions Not Disclosed Yes

- LOW TOP
to develop or deliver joint training
programs for staff
Programs & Initiatives

Scope of employee stock ownership No evidence of ESOP or Sector-leading number of
- LOW MID TOP
plan (ESOP) or employee stock ESPP employees eligible for ESOP
purchase plan (ESPP) and/or ESPP
Non-salary benefits and work/life Scope not determinable Benefits cover all employees
- LOW MID TOP
balance
Regular performance appraisals and Not disclosed Sector leading programs

- LOW MID TOP
feedback processes
Job-specific development training Yes Sector leading programs

- LOW MID TOP
programs
Evidence of managerial/ leadership General statements on Comprehensive succession

- LOW MID TOP
development training leadership training with planning & development
unknown scope or achieved programs at multiple levels
results
Training
Year (YYYY) Percentage of employees receiving training Annual training hours per employee
2021
2020

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Year (YYYY) Percentage of employees receiving training Annual training hours per employee
2019
Workforce Diversity
Year Annual employee Profit per employee Percentage of women in executive
(YYYY) turnover (USD '000) management Details
2021 50.00%
2020 36.40%
2019 KMP
1 Mr. Jormsup Lochaya Managing Director

(Acting)
2 Miss Rungnapa Prominent Moon Assistant

Managing Director
3 Mr. Phumanan Sirithanakorn, Director of

Operations
4 Mr. Apicha Sripinit, HR / Administration

Manager
CONTROVERSIES
All controversies are assessed as part of the annual review of a company's ESG rating. MSCI ESG Research tracks controversies for all companies on a regular
basis. There is no evidence of the SUPER's current involvement in prominent controversial events or alleged misconduct.

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Carbon Emissions Score Change

(since rating)
9.3 0.0 ●●● 12.0% Mar 28, 2023

10
KEY ISSUE SCORE DISTRIBUTION*
9
8 28%
7 16%
15%
SUPER ENERGY
11% 11%
6 CORPORATION
4% 4% 5% 4%
PUBLIC COMPANY 1% 2%
5 LIMITED 0 1 2 3 4 5 6 7 8 9 10
4
Key Issue Score
3
1 ADANI GREEN ENERGY LIMITED 10.0

High Risk Exposure
0
ALGONQUIN POWER & UTILITIES 10.0
0 1 2 3 4 5 6 7 8 9 10
CORP.
Acciona, S.A. 10.0
BROOKFIELD RENEWABLE 10.0

Company 9.3 CORPORATION
KEY ISSUE
Industry 7.4
ASSESSMENT CENTRICA PLC 10.0
0 5 10
Low Mod High
BOTTOM 5 INDUSTRY LAGGARDS

RISK EXPOSURE ASSESSMENT RISK MANAGEMENT ASSESSMENT
Huadian Power International 0.9
Company 1.2 Company 4.3 Corporation Limited
Industry 4.9 Industry 5.8 ADANI POWER LIMITED 0.6
0 5 10 0 5 10
Low Mod High Low Mod Strong Risk HUANENG POWER INTERNATIONAL, 0.5
Risk Management
INC.
Drivers of Risk Exposure Drivers of Risk Management
WINTIME ENERGY GROUP CO.,LTD. 0.2
Business Types Practices Score
Company 1.2 Company 5.0 Datang International Power 0.0
0 5 10 0 5 10
Generation Co., Ltd.
Business Locations Performance Score

METHODOLOGY NOTE
Companies are evaluated on the carbon intensity of
0 5 10 0 5 10
their operations and their efforts to manage climate-
related risks and opportunities.

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*
EXPOSURE

0 5 10
Low Mod High
Risk
Exposure to: Risks of having to pay increased compliance costs tied to carbon emissions regulations
Business Types : Percentage of operations in business segments with high/moderate/low carbon intensity
9%
8%
■ Electric power generation
■ Biomass power generation, Non-irrigation
water supply Source: IERS' Comprehensive Environmental Data Archive (CEDA);
83% ■ Solar power generation , Wind power Air Emissions Accounts (Eurostat); Refinitiv; MSCI ESG Research;
generation, Integrated systems design company disclosures
Business Locations : Percentage of operations in countries with strengthening or pending carbon emissions regulation
■ No operations in markets with high risks

■ Vietnam, other countries, Thailand
100%
■ No operations in markets with low risks Source: MSCI ESG Research; Refinitiv; company disclosures
MANAGEMENT

0 5 10
Low Mod Strong Risk
Management

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Description Company Practice Best Practice Practices Score2

Targets
Aggressiveness of the company's No target Aggressive target with a low
- LOW MID TOP
reduction target in the context of its base
current performance
Mitigation
Strength of Greenhouse Gas Mitigation 10.00
Strategy (0-10 Score, 0=worst, 10=best)
Programs or actions to reduce the emissions intensity of core operations

Use of cleaner sources of energy Aggressive efforts Aggressive efforts
- LOW MID TOP
CDP disclosure No Yes

- LOW TOP
Performance
Carbon Emissions Performance Relative to Peers (0-10 Score, 0=worst, 10=best) 3.00
GHG Emissions - metric tons CO2e

Scope 1 Scope 2 Scope 1+2 Scope 3 Scope 3 Scope 3 Scope 1 Scope 2 Scope 1+2
Year Disclosed Scope 1 Estimate Key Disclosed Scope 2 Estimate Key Disclosed (upstream) (downstream) (undefined) Estimated Estimated Estimated Scope 1+2 Estimate Key GHG Emissions Details
2021 E.Segmt-Low E.Segmt-Moderately 5,513.0 3,859.0 9,372.0 E.Segmt-Low Mar 2023 Emissions
Low Estimation Update
2020 E.Segmt-Low E.Segmt-Moderately 12,868.0 4,306.0 17,174.0 E.Segmt-Low March 2022
Low Emissions Estimation
Update
2019 E.Segmt-Moderately E.Segmt-Moderately 436.0 2,018.0 2,454.0 E.Segmt-Moderately Mar-2021 Estimation
Low Low Low Update
2018 E.Segmt-Moderately E.Segmt-Low 4.0 903.0 907.0 E.Segmt-Low Jan-2020 Emissions
Low Estimation Update
2017 E.Segmt-Moderately E.Segmt-Moderate 4.0 729.0 733.0 E.Segmt-Moderately April 2019 Estimation
Low Low Update
2016 E.Segmt-Moderately E.Segmt-Moderately 3.0 443.0 446.0 E.Segmt-Moderately Feb-2018 Emission
Low Low Low Estimation Update
2015 E.Segmt-Low E.Segmt-Moderate 1,504.0 83.0 1,587.0 E.Segmt-Low March 2017
Estimation Update
2014 E.GICSSI - LOW E.GICSSI - LOW 1,301.0 30.0 1,331.0 E.GICSSI - LOW March 2017
Estimation Update
2013 E.GICSSI - LOW E.GICSSI - LOW 770.0 13.0 783.0 E.GICSSI - LOW March 2017
Estimation Update
Estimation Update
Estimation Update
Estimation Update
Estimation Update
GHG Emissions Intensity - metric tons CO2e / USD million sales

Year GHG Intensity GHG Intensity Details GHG Intensity - Reported GHG Intensity - Reported Details
2021 36.70

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Year GHG Intensity GHG Intensity Details GHG Intensity - Reported GHG Intensity - Reported Details
2020 79.00
2019 11.80
2018 5.20
2017 4.30
2016 4.40
2015 144.10
2014 213.60
2013 281.70
2012 349.20
2011 349.10
2010 349.20
2009 349.20

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APPENDIX
CONTENTS
CONTROVERSIES DETAIL
ADDITIONAL CORPORATE GOVERNANCE CONTENT
KEY METRIC & SCORE CHANGES
CEO PAY CHARTS
DIRECTOR VOTES
SHAREHOLDER/MANAGEMENT PROPOSALS
GOVERNANCE STANDARDS
DIRECTOR PROFILES

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CONTROVERSIES DETAIL
Here you will find the narratives for all controversies relevant to the ESG Ratings issues covered for the company in addition to those controversies that do not map to the ESG
Ratings issues.
CONTROVERSY CARD NUMBER OF CONTROVERSIES BY PILLAR
MOST SEVERE 6
CONTROVERSY CONTROVERSY COUNT
Environment
Carbon Emissions None 0

4
Opportunities in Renewable Energy None 0
Social
Human Capital Development None 0 2

Governance
Corporate Governance None 0

0 0 0
Corporate Behavior None 0 0
Environment Social Governance
CONTROVERSIES
NUMBER OF CONTROVERSIES BY ASSESSMENT
• Very Severe: Indicates an action by a company that results in a very large
impact on society and/or the environment.
6
• Severe: Indicates an action by a company that results in a large impact on
society and/or the environment.
• Moderate: Indicates an action by a company that results in a moderate
impact on society and/or the environment. 4
• Minor: Indicates an action by a company that results in a low impact on
society and/or the environment.
• None: There is no evidence that a company is involved in any controversy. 2
0 0 0 0
0
Very Severe Severe Moderate Minor

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KEY METRIC & SCORE CHANGES

ALL KEY METRIC & SCORE CHANGES (SINCE JUNE 2022)
Key Metric Key Metric Change Date Score Change* Change Notes
Related Party Transactions Flag Added Jun 26, 2023 -0.10
Entrenched Board Flag Removed Jun 26, 2023 1.19
CEO Equity Changes Flag Removed Jun 26, 2023 0.20
Audit Committee Industry Expert Flag Removed Jun 26, 2023 0.10
Pay Linked to Sustainability Flag Added Nov 22, 2022 -0.20
Executives on Board Flag Added Aug 19, 2022 -0.20
Revenue Recognition Score Change Jun 12, 2022 0.20 Methodology enhancements
No Nomination Committee Flag Added Jun 12, 2022 -0.30 Methodology enhancements
Asset-Liability Valuation Score Change Jun 12, 2022 0.29 Methodology enhancements
CEO PAY CHARTS

Due to the large size of this peer group, only a subset of companies is displayed in this table.
CEO TOTAL AWARDED PAY VERSUS PAY PEER GROUP
0.5
0.25
TSR - 1yr
-0.25
-0.5
-100k 0 100k 200k 300k 400k 500k 600k 700k 800k 900k
Total Awarded Pay (USD)

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CEO TOTAL REALIZED PAY VERSUS PAY PEER GROUP

7.5
5
TSR - 5yr
2.5
0 SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED
-2.5
-100k 0 100k 200k 300k 400k 500k 600k 700k 800k 900k
Total Realized Pay (USD)
DIRECTOR VOTES
Proxy Year Name Age Tenure Votes For Votes Against, Withheld and / or Abstained
2023 Kamthorn Udomritthiruj 91 17 93.7% 6.3%
2023 Virasak Sutanthavibul 65 0.44901 94.9% 5.1%
2023 Warinthip Chaisangha 55 10 94.9% 5.2%

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SHAREHOLDER/MANAGEMENT PROPOSALS
MANAGEMENT PROPOSALS
Proxy Proposal Proposal Summary Outcome Votes Votes Abstain/
Year For Against Withheld%
2023 Other 1. The Meeting certified the Minutes of the Annual General Meeting Shareholders for the Year 2022 held on Approved 100% 0% 0%
April 22,2022, with the following voting results:
2023 Other 3. The Meeting approved the financial statements for the year ended December 31, 2022, which were Approved 99.9% 0% 0.1%
audited by the auditor, with the following voting results:
2023 Other 4. The Meeting approved the reserve funds as stipulated by the laws in the year 2022 is equal to Approved 99.6% 0.4% 0%
6,651,971.27 baht,and omissions of dividend payments the year 2022. This is because the Company needs to
reserve for workingcapital and to support the economic uncertainty in 2023, with the following […]
2023 Director 6. The Meeting approved the director’s remunerations for the year 2023, the details are as follows: Approved 98% 2% 0%
Compensation
2023 Auditor 7. The Meeting approved to appoint the auditor from Deloitte Touche Tohmatsu Chaiyos Audit Co., Ltd. as the Approved 100% 0% 0%
Ratification auditorof the year 2023as follows:
2023 Amend 8. The Meeting approved the amendment of the Company's Articles of Association in 3 items, consisting of Approved 100% 0% 0%
Certificate of Article 21,Article 25, and Article 39, to support the meetingmanagementelectronically. Keeping meetings up-
Incorporation to-date and efficient, including facilitating the shareholders with the following votes.
2022 Other 1. The Meeting certified the Minutes of the Annual General Meeting Shareholders for the Year 2021 was held Approved 100% 0% 0%
on April 30, 2021, with the following voting results:
2022 Other 3. The Meeting approved the financial statements for the year ended December 31, 2021, which were Approved 99.9% 0% 0.1%
audited by the auditor, with the following voting results:
2022 Other 4. The Meeting approved the reserve funds as stipulated by the laws in the year 2021 is equal to Approved 100% 0% 0%
16,037,118.25 baht and approve a dividend payment for the year 2021 performance operating profit as cash
dividend in amount of 0.006 Bath per share for existing shareholders. Total dividend payment not […]
2022 Board Size 6. The Meeting approve the increase in the number of directors of the Company by 1 person, from the Approved 92.2% 7.8% 0%
original 7 persons to 8 persons, and deem it appropriate to propose to appoint Mrs. Kulchalee
Nuntasukkasem ,as a new director of the Company, with the following voting results:
2022 Director 7. The Meeting approved the director’s remunerations for the year 2022, the details are as follows: Approved 100% 0% 0%
Compensation
2022 Other 9. The Meeting approved the issuance and offering of debentures with the offering value not exceeding of Approved 99.1% 0.9% 0%
Baht 20,000,000,000 (- twenty billion baht -) or equivalent. , with the following votes;
2022 Auditor 8. The Meeting approved to appoint the auditor from Deloitte Touche Tohmatsu Chaiyos Audit Co., Ltd. as the Approved 100% 0% 0%
Ratification auditor
*For Management Proposals at AGM’s held more than three years ago, please refer to the Screener tool on ESG Manager.

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THAILAND
CURRENCY: BAHT (THB)
The legislative framework for corporate governance in Thailand is based on the Thai Civil and Commercial Code, Public Limited Companies Act (Companies Act), the Securities
and Exchange Act, The Stock Exchange of Thailand Listing Rules (Listing Rules), The Principles of Good Corporate Governance for Listed Companies 2012 (Principles) and the
Corporate Governance Code 2017 (Code), which adopts an “apply or explain” approach.
Companies in Thailand adopt a unitary board structure. The Companies Act establishes that the board should consist of at least five directors and at least half shall be residents
of Thailand. The Code recommends the maximum number of directors be no more than 12.
Listed companies must have at least three independent directors or comprise one-third of the board. The Principles recommends the independent directors constitute 50% of
the board when the roles of the chief executive officer (CEO) and chair are combined, the CEO and chair are immediate family members, the chair is part of the management
team or the chair is not an independent director. The Principles recommends board memberships at listed companies be limited to five.
The Listing Rules stipulate the establishment of an audit committee comprised of at least three members in which all members must be independent. The Principles
recommends the establishment of a nomination and pay committees. The majority of the pay committee shall be comprised of independent directors, including its chair. The
nomination committee shall consist entirely of independent directors.
Under the Principles, directors must inform the board of their conflicts of interest regarding any agenda item before consideration and such conflicts should be recorded.
Interested members must abstain from participating in the discussion.
The Principles state that companies shall disclose the pay for directors and executives. Directors’ pay is disclosed individually while aggregate disclosure for top executives is
required. The pay of directors, including bonuses, is set by the company’s pay committee and requires shareholder approval at its annual general meeting.
Ownership structure in Thailand is mainly concentrated in founding families. The Companies Act states that a notice of shareholders’ meeting must be delivered to
shareholders no less than seven days before the date of the meeting and published in a newspaper no less than three days prior to the meeting. The Principles recommends
the proxy material to be released 28-days before the date of the meeting.
A mandatory takeover bid is triggered upon the acquisition of 25%, 50% or 75% of the total voting rights of a target company. There is no concept of minority squeeze-out
under Thai laws, as of the date of this publication.
The law requires all companies to prepare audited financial statements, although specific rules differ for each type of company. A listed company must disclose information
which may affect market price along with other compulsory disclosures such as quarterly financial statements, yearly financial statements, annual registration information and
annual reports. The board should be confident that all information presented in the financial reports is correct and has been audited by an independent external auditor.

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DIRECTOR PROFILES
JORMSUP LOCHAYA
Age: 53 Financial: No
Gender: M Risk: No
Nationality: Not Disclosed Industry: Utilities - Independent Power and Renewable
Electricity Producers
BIOGRAPHICAL INFORMATION
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED - Executive, Board Member, CEO, Deputy Chairman Source Date: 03/25/2023
Jomsup Lojaya, Position: Chairman of the Board (Date of appointment 29 Sep 2004 By being a director who has authority to sign to bind the company As specified in the
certificate) Educational qualifications: Doctor of Laws (Juris Doctor) Loyola Law School, Los Angeles, California USA Bachelor's Degree in Economics, University of California, Los
Angeles, California, USA. Training courses: Passed the Director Accreditation Program (DAP) Thai Institute of Directors Association (IOD) Family Relation with Executives: -
Experience: Period Position Company / Department Type of Business Public Company Limited 2006-present Chairman of the Board, Super Energy Corporation Plc. Holding
Company 2011-present Acting Managing Director, Super Energy Corporation Plc. Holding Company 2013-present Chairman of the Board, Open Technology IT Business Plc.
2004 - 2006 Director, Managing Director, Super Energy Corporation Plc. Holding Company Company Limited / other organization 2015-Present Director, WXA 4 Solar Power
Plant Co., Ltd. 2015-Present Director, WXA5 Solar Power Plant Co., Ltd. 2015-Present Director, WXA 6 Solar Power Plant Co., Ltd. 2015-Present Director, WXA7 Solar Power
Plant Co., Ltd. 2015-Present Director, Seoul Kid Solar Co., Ltd. Solar Power Plant 2015-Present Director, Northeast Future Energy Company Limited Solar Power Plant
2015-Present Director, SPPC Solar Power Plant Co., Ltd. 2015-Present Director, N Serve Technology Co., Ltd. Investment / Development of Renewable Energy Power Plant
2015-Present Director, Srinaka Power Co., Ltd. Solar power plant 2015-Present Director, Amanuf Solar Power Plant Co., Ltd. 2015-Present Director, Energy Serve Solar Power
Plant Co., Ltd. 2015-Present Director, Power Technology International Co., Ltd. Solar power plant 2015-Present Director, Infinite Alternative Co., Ltd. Invest / develop alternative
energy power plants 2015-Present Director, Apollo Solar Co., Ltd. Solar power plant 2015-Present Director, STFE Solar Co., Ltd. Solar Power Plant 2015-Present Director, Tang
Xiang Green Power One Co., Ltd. Solar Power Plant 2015-Present Director, North Solar Power Co., Ltd. Solar power plant 2015-Present Director, Electrica Asia Co., Ltd. Solar
Power Plant 2015-Present Director, Media Mark Co., Ltd. Solar power plant 2015-Present Director, 17 Anyavee Holding Solar Power Plant Co., Ltd. 2015-Present Director
Millennium Act Co., Ltd. invest / develop alternative energy power plants. 2015-Present Director, Energy Surfland Investment / Land Development Co., Ltd. 2015-Present
Director, NPS Starland Investment / Land Development Co., Ltd. 2015-Present Director, Generalas Land Investment / Land Development Co., Ltd. 2015-Present Director, World
Exchange Asia Land Investment / Land Development Co., Ltd. 2015-Present Director, Power Technology International Land Investment / Land Development Co., Ltd.
2015-Present Director Super Sky Energy Co., Ltd. Investment / Development of Waste Power Plant 2015-Present Director Super Earth Energy 5 Co., Ltd. Investment /
Development of Waste Power Plant 2015-Present Director Super Earth Energy 4 Co., Ltd. Investment / Development of Waste Power Plant 2015-Present Director Super Earth
Energy 3 Co., Ltd. Investment / Development of Waste Power Plant 2015-Present Director Super Earth Energy 2 Co., Ltd. Investment / development of waste-to-energy power
plants 2015-Present Director Super Earth Energy 1 Co., Ltd. Investment / Development of Waste Power Plant 2015-Present Director Super Earth Energy Co., Ltd. Investment /
Development of Waste Power Plant 2014-Present Director, Green Bi-O Mahasarakham Company Limited Solar Power Plant 2014-Present Director, PT Dire (Thailand) Solar
Power Plant Co., Ltd. 2014-Present Director, Pro Solar One Co., Ltd., Solar Power Plant 2014-Present Director Lemon Gold Farm Co., Ltd. Investment / development of wind
power plants.
CORPORATE BOARDS
Company Role Tenure Appointed Resigned Independent of Independent of Other Attendance
Management Interests
SUPER ENERGY CORPORATION PUBLIC Executive, Board Member, CEO, 18 Sep 29, 2004 No Yes
COMPANY LIMITED Deputy Chairman
BOARD COMMITTEES
Company Committee Type Position
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Risk Member
EXECUTIVE PAY (all values USD)

Company Role Tenure Pay Year Total Annual Pay Total Awarded Pay Total Realized Pay Shares Held
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED CEO,Deputy Chair 18 2022 8,315 8,315 8,315 4,888,380,123

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KAMTHORN UDOMRITTHIRUJ
Gender: M Risk: No
Nationality: Not Disclosed Industry:
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED - Board Member, Chairman Source Date: 03/25/2023
Mr. Kamthorn Udomritthiruj, Position: Vice Chairman of the Board (Date of appointment 29 Sep 2004) Chairman of the Audit Committee And independent director (Date of
appointment 26 July 2006) Educational qualifications: Bachelor of Political Science, University of California, Berkeley, USA Training courses: Passed the Director Accreditation
Program (DAP) Thai Institute of Directors Association (IOD) Family Relation with Executives: - Experience: Period Position Company / Department Type of Business Public
Company Limited 2004-present Vice Chairman of the Board, Super Energy Corporation Plc. Holding Company 2006-present Chairman of the Audit Committee, Super Energy
Corporation Plc., Holding Company 2007-present Vice Chairman of the Board, Chairman of the Audit Committee Everland Plc. Real estate business Company Limited / other
organization 2005-Present Director, Superblock South Co., Ltd. Construction contractor and consulting 2006-2008 Chairman of the Commission for the Inspection of the State
Budget The National Legislative Assembly Draft and consider laws 2001-2002 Election Commission Board of Directors Elections, control and conduct of elections.
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC COMPANY Board Member, 17 Jul 26, 2006 Yes Yes
LIMITED Chairman
BOARD COMMITTEES
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Audit Chair
VOTING RESULTS
Company Year For % Against, Withheld and / or Abstained %
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED 2023 93.7% 6.3%
DIRECTOR PAY (all values USD)

Company Role Tenure Pay Year Cash Fees Total Awarded Pay Shares Held
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Chair 17 2022 24,253 43,713 0

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KULCHALEE NUNTASUKKASEM
Age: 57 Financial: Yes

Gender: F Risk: No
Nationality: Thailand Industry: Utilities - Independent Power and Renewable
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED - Executive, Board Member, CFO Source Date: 03/25/2023
Kulchalee Nuntasukkasem, Education : - Bachelor of Accounting, Chulalongkorn University - Master of Business Administration National Institute of Development
Administration; Director Training : - Directors Accreditation Program (DAP) Class 315/2022 Thai Institute of Directors Association (IOD); - Director Refreshment Program (Lesson
Learnt from Financial Cases: How Board Should React) 2005 – present, Director ADVANCE PLANNER COMPANY LIMITED; 2005 – present, financial advisor EVERLAND PUBLIC
COMPANY LIMITED; 2005 – present, financial advisor SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED. 2000-2005, Assistant Director of Debt Restructuring 2 Thai
Asset Management Corporation (TAMC); 2001-2003, Deputy Director of Investment Banking The Book Club Finance And Securities CO., LTD.; 1998-2001, Assistant Director of
Property Management Organization for the Reform of Financial Institutions.
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC Executive, Board 1 Apr 22, 2022 No Yes
COMPANY LIMITED Member, CFO

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED CFO 1 2022 3,032 3,032 3,032 0

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PIYA SORNTRAKUL
Gender: M Risk: No
Nationality: Not Disclosed Industry:
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED - Board Member Source Date: 03/25/2023
Piya Sorntrakul, Director / Chairman of the Risk Management Committee ; Date of serving as director 9 May 2018 ; Education ; Bachelor of Public Administration (Royal
Society), Year 1978 (Nor Sor. 31) Master of Public Administration (Public Administration) NID ; Shareholding Proportion (%) without ; Family Relation with Executives without
Work experience: Public Company Limited ; 2018-Present Director Super Energy Corporation Plc. Work Experience: Company Limited / Other Organization ; 2015-2016,
Assistant Commissioner, National Police ; 2013-2015 Commander, Maintenance Office ; 2007-2013 Police Deputy Commander Phuthon 1 ; 2003-2007 Commander of Police,
Phuthon 1 ; 2001-2003, Deputy Commissioner of Police, Phuthon 1 ; 1996-2001 Deputy Commander of the Technical Division, Region 1 ; 1995-1996 Commander, Public Works
Division 1 Supervisor 2, Command Division Phuthon Police 5 ; 1991-2001 Inspector, Division 3, Investigation Division Phuthon Police Headquarters 1 ; 1991-1995 Deputy
Director of Education Administration Institute of Police Service Development ; 1989-1991, Protective Governing Body. Metropolitan Police Station Chakrawat ; 1986-1989,
Inspector of the Armed Forces, Director of the Metropolitan Police Division Thonburi ; 1986-1989, Inspector of the Armed Forces, Director of the Metropolitan Police Division
Thonburi.
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC COMPANY Board 5 May 09, 2018 Yes Yes
LIMITED Member
BOARD COMMITTEES
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Risk Chair

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Non-Executive 5 2022 24,253 42,962 0

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SUNSIRI CHAIJAREONPAT
Gender: F Risk: No
Nationality: Not Disclosed Industry: Consumer Services - Diversified Consumer
Services
Sansiri Chaicharoenpat, Director, Educational background ; Master of Public Health Epidemiology, University of California, Los Angeles, USA Training course ; Received the
Director Accreditation Program (DAP) ; Thai Institute of Directors Association (IOD) Shareholding Proportion (%) ; without Family Relation with Executives ;without Work
Experience: Public Company Limited ; 2018-Present Director Super Energy Corporation Plc. ; 2011-present Director and Audit Committee Everland Plc. ; 2008-2011 Director and
Vice Chairman of the Board Check Open Technology Plc. Work Experience: Company Limited / Other Organization ; 2005-present Vice President Xinxere Edutainment Company
Limited ; 2003 - 2006 Business Development Coordinator California Finess Centers ; 2000-2003 Director and Project Manager Advance Web Studio ; 2000 Research Executive
Research International.
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC COMPANY Board 5 May 09, 2018 Yes Yes
LIMITED Member
BOARD COMMITTEES
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Risk Member


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TRITHIP SIVAKRISKUL

Gender: F Risk: No
Nationality: Thailand Industry: Software & Services - IT Services,Consumer
Services - Hotels, Restaurants & Leisure
SISB PCL - Board Member Source Date: 03/13/2023
TRITHIP SIVAKRISKUL Independent Director / Audit committee Ms. Trithip Sivakriskul is the director serving boards of the Government Pharmaceutical Organization, Express
Authority of Thailand, State Railway Thailand and CFO of Inception Technology Limited. She was formerly worked at Minor International Plc as CFO. She has experience in
investment banking business including advisory services such as corporate restructuring, corporate reorganization, fundraising, and merger and acquisitions. She holds a
Master in Business from SASIN of Chulalongkorn University.
Trithip Sivakritkul, Director, Date of appointment 25 April 2018 Educational background Master of Business Administration Graduate Institute of Business Administration Sasin,
Chulalongkorn University Kellogg Graduate Student Exchange Program Management, Northwestern University, USA Bachelor Degree in Banking Finance, Chulalongkorn
university Training course Apply for Director Accreditation Program (DAP) Thai Institute of Directors Association (IOD) Value of shareholding in the company (%) None Family
Relation with Executives None Work Experience: Public Company Limited 2018-present Director and Vice Chairman Check Super Energy Corporation Plc. Independent Director
and Audit Committee Triton Holding PCL. Singapore International School o King Telecom Plc. Work Experience: Company Limited / Other Organization 2016 - 2017 Chief
Financial Officer Ek-Chai Distribution System Co., Ltd. 2011-2016 Chief Financial Officer Minor International Plc. 2011 - 2011 Executive Vice President, Finance Ratchaburi
Electricity Generating Holding PCL. 2007 - 2011 Executive Vice President, Planning Division And business development IRPC Plc. 2006-2007 Director Open Technology Plc.
Executive Vice President, Accounting and finance IRPC Plc. 2008 - 2008 Cost Management Consultant The Stock Exchange of Thailand 2005-2007 Advisor to the Managing
Director Muang Thai Life Assurance Co., Ltd. 2003-2006 The Faculty of Finance Working Group Plan administrator Industrial Plc. Thai Petrochemicals 2003-2003 Advisor
Institutional System Development Fund finance 2001-2003 Director of Asset Management 2 Thai Asset Management Corporation 1997-2001 Partner Deloitte Touche Tomasu
Corporate Structure Co., Ltd. Jering / accounting and auditing 1994-1997 Director, Investment Banking Department Peregrine Nithi Finance & Securities Co., Ltd.
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC COMPANY Board 5 Apr 25, 2018 Yes Yes
LIMITED Member
SISB PCL Board 7 Dec 17, 2015 Yes Yes

Member
BOARD COMMITTEES
SISB PCL Audit Member
SISB PCL Pay Member
SISB PCL Nomination Member
SISB PCL Risk Member
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Audit Member
VOTING RESULTS
SISB PCL 2023 100% 0%

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SISB PCL Non-Executive 7 2022 22,232 22,232 0

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VIRASAK SUTANTHAVIBUL
Gender: M Risk: No
Nationality: Not Disclosed Industry: Banks - Banks
Krung Thai Bank Public Company Limited - Board Member Source Date: 03/07/2023
Mr. Virasak Sutanthavibul Class 21/2003, Director Accreditation Program (DAP), Thai Institute of Directors Association (IOD) Class 18/2005, The Joint State - Private Sectors, The
National Defence College Class 10/2010, Top Management Program, Capital Market Academy, The Stock Exchange of Thailand Class 1/2012, Top Executive Program in Energy
Literacy, Thailand Energy Academy Class 17/2012-2013, Top Executive Program in Justice Administration, Judicial Training Institute Class 2/2015, Completion and Graduation
Pin , Institute of Business and Industrial Development (IBID) Class 2/2018, Business Revolution and Innovation Network (BRAIN), The Federation of Thai Industries Advanced
Management Program, Harvard University, U.S.A. Financial Institution for Private Enterprise Development, Harvard University, U.S.A. Other Positions Independent Director,
Member of the Audit Committee and Member of the Nomination and Remuneration Committee, Nirvana Daii Pcl. Independent Director, Chairman of the Audit Committee and
Member of the Nomination and Remuneration Committee, Thai Plaspac Pcl. Independent Director and Member of the Audit Committee, T.Krungthai Industries Director, TFMJV
Co.,Ltd.
Mr. Virasak Sutanthavibul be appointed as an independent director of the company
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC COMPANY Board Apr 25, 2023 Yes Yes
LIMITED Member
Krung Thai Bank Public Company Limited Board Apr 07, 2023 Yes Yes
Member
BOARD COMMITTEES
Krung Thai Bank Public Company Limited Audit Member
Krung Thai Bank Public Company Limited Risk Member
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Audit Member
VOTING RESULTS
Krung Thai Bank Public Company Limited 2023 96.9% 3.1%

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WARINTHIP CHAISANGHA

Gender: F Risk: No
Nationality: Thailand Industry: Utilities - Independent Power and Renewable
SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED - Executive, Board Member Source Date: 03/25/2023
Warinthip Chaisangha, Director, Educational background ; Bachelor of Business Administration (Accounting), Ramkhamhaeng University Training course ; Certificate of Director
Accreditation Program (DAP) ; Thai Institute of Directors Association (IOD) Shareholding Proportion (%) ; without Family Relation with Executives ; without Work Experience:
Public Company Limited ; 2018-Present Director Super Earth Energy 8 Co., Ltd. ; 2013-Present Director Super Energy Corporation Plc. ; 2007-Present Director, Director of
Accounting Department finance Open Technology Plc. Work Experience: Company Limited / Other Organization ; 2015-Present Director o Super Sky Energy Co., Ltd. o North
Solar Power Co., Ltd. o Super Earth Energy Co., Ltd. ; 2014-Present Director o Lemon Gold Farm Co., Ltd. o Green Bi-O Mahasarakham Co., Ltd. o PT DRY (Thailand) Co., Ltd. ;
2013-Present Director Super Energy Group Co., Ltd. ; 2006 Assistant Manager, Finance ABN Amro NL Bank ; 2004-2006 Assistant Managing Director Bangkok Micro Bus Co., Ltd.
; 2001-2004 Accounting and Finance Manager Mechai Thai Legal Counseling Office Co., Ltd. Land ; 1994-2001 Assistant Auditor KPMG Audit (Thailand) Co., Ltd
CORPORATE BOARDS
SUPER ENERGY CORPORATION PUBLIC Executive, Board 10 May 14, 2013 No Yes
COMPANY LIMITED Member
VOTING RESULTS

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED Executive 10 2022 4,331 4,331 4,331 0

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GLOSSARY
MSCI ESG RATINGS AND SCORES
FINAL ESG RATING

• Letter ratings are relative within each MSCI ESG Ratings industry. Each Final Industry-Adjusted Company Score is converted to an equivalent
rating on the AAA-CCC scale.
ESG PILLARS
• the Environment Score represents the weighted average of all Key Issues that fall under the Environment Pillar
• the Social Score represents the weighted average of all Key Issues that fall under the Social Pillar
• the Governance Score represents the sum of score deductions derived from Key Metrics included in Corporate Governance (including Board,
Pay, Ownership & Control, and Accounting) and Corporate Behavior (including Business Ethics and Tax Transparency)
• the Environment Weight represents the sum of the weights of all Key Issues that fall under the Environment Pillar
• the Social Weight represents the sum of the weights of all Key Issues that fall under the Social Pillar
• the Governance Weight represents the sum of the weights of Corporate Governance and Corporate Behavior, with a minimum weight set at
33% for all rated issuers
KEY ISSUES
For each industry and Company-Specific Key Issue that contributes to the final rating:
• Weight contribution to the final rating
• Exposure Score (available for companies published since June 2011; excluding Raw Material Sourcing – Environmental)
• Management Score (available for companies published since June 2011; excluding Raw Material Sourcing – Environmental)
• Overall Key Issue Score
WEIGHTED-AVERAGE KEY ISSUE SCORE VS. INDUSTRY RELATIVE SCORE

• the Weighted-Average Key Issue Score is dynamic, reflecting changes in any underlying scores as of the Last Update date, while the Industry
Relative Score is more static and corresponds to the Rating Date. Issues that we determine do not present material risks or opportunities to
companies in a given industry receive 0% weight and do not impact the overall ESG rating.
SCORES AND CALCULATION OF AVERAGE, PERCENTILE AND RATING DISTRIBUTION

All averages, percentiles, and rating distributions found in the report are based on companies in the relevant MSCI ESG Ratings Industry that are constituents of the MSCI
ACWI and are calculated based on industry scores as of the date of publication of this report.
ESTIMATED CARBON EMISSIONS

Carbon estimates are based on carbon intensity (carbon emissions/sales). The Estimate Key represents the source of the estimated carbon emissions data. E.CSI represents
Company-Specific Intensity estimates based on previously disclosed data. E.GICSSI represents estimates based on the GICS Sub-Industry average. For E.GICSSI we set five
levels of confidence (High, Moderately High, Moderate, Moderately Low, and Low). The Carbon Estimation Methodology document, available on ESG Manager, describes the
estimation model in greater detail.

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GOVERNMENT SUPPORT RATING

We calculate the 'government support rating' for Supranationals and Development Banks based on the weighted average of member countries' Governance scores using the
MSCI ESG Government Ratings methodology. These scores are based on measures of political governance (strength of institutions, corruption control, civil liberties, and
human rights) and financial accountability.

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NOTICE AND DISCLAIMER

• This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries
(collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”) and is
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rights in the Information are reserved by MSCI and/or its Information Providers.
• The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indexes,
databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles
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• Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly,
constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell, or hold such
security, nor is it considered to be investment advice.
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endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI’s products or services are not a
recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such, provided that applicable products or services from MSCI ESG Research may
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Indexes, Analytics and Real Estate are products of MSCI Inc. that utilize information from MSCI ESG Research LLC. MSCI Indexes are administered by MSCI Limited (UK).
• Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI ESG Research and/or MSCI Inc. (collectively, “MSCI”) and that these
relationships create potential conflicts of interest. In some cases, the issuers or their affiliates purchase research or other products or services from one or more MSCI affiliates. In other cases, MSCI ESG
Research rates financial products such as mutual funds or ETFs that are managed by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity
indexes include companies that subscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken a number
of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about these conflict mitigation measures is available in our
Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222
• Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service
marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property
of MSCI and S&P Global Market Intelligence. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence.
• MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution
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independent provider of ESG data.
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ABOUT MSCI ESG RESEARCH PRODUCTS AND SERVICES

MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are designed to provide in-depth research, ratings and analysis of environmental, social and governance-related
business practices to companies worldwide. ESG ratings, data and analysis from MSCI ESG Research LLC are also used in the construction of the MSCI ESG Indexes. MSCI ESG Research LLC is a Registered
Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc.
ABOUT MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better
investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced
solutions that clients use to gain insight into and improve transparency across the investment process.

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED ESG Ratings Report

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SUPER ENERGY CORPORATION

PUBLIC COMPANY LIMITED (SUPER)

Score attribution by key issue ESG Rating history

Rating model details P02 Corporate governance P07

Page 1 of 58 ©2023 MSCI Inc. All rights reserved.

ESG Rating scorecard

ENVIRONMENT 36% 6.6 8.4

SOCIAL 23% 5.7 1.6

GOVERNANCE 41% 5.0 4.4 ▲1.1

Corporate Behavior 5.3 3.1 ● No evidence of employee trainings on ethical standards

* denotes company-specific Key Issue

Rating model details Company Data Feedback response

Company Fiscal Filing Release Incorpor

Page 2 of 58 ©2023 MSCI Inc. All rights reserved.

Recent developments affecting ESG scores

Date ▲ Type Scor

Mar 28, 2023 Data Update: Corporate Governance Flags Added

Most recent controversies

Page 3 of 58 ©2023 MSCI Inc. All rights reserved.

Corporate governance summary

Capital Single Equity Class; Top shar

Board type: Unitary Board Ownership Principal

Name: Jormsup Lochaya Total rrealiz

QUARTILE KEY : Bottom Quartile ● Top Quartile ●●●●

Page 4 of 58 ©2023 MSCI Inc. All rights reserved.

ESG Rating drill down

ESG Rating Letter Gr

Social Pillar Scor

Page 5 of 58 ©2023 MSCI Inc. All rights reserved.

Board -2.0 -1.1 0.9 -

Page 6 of 58 ©2023 MSCI Inc. All rights reserved.

Corporate Governance Score Change

6.3 ▲ 1.4 ●● May 09, 2023

GOVERNANCE THEMES AND RANKINGS KEY DATES

100 Financial Year End December 31

KEY AREAS OF CONCERN* SCORING DEDUCTIONS

Pay Figures (-1.18)

Pay Oversight (-0.59)

Pay Performance Alignment (-0.40)

Page 7 of 58 ©2023 MSCI Inc. All rights reserved.

CORPORATE GOVERNANCE SCORE HISTORY

SUPER ENERGY CORPORATION PUBLIC COMPANY LIMITED

CHANGES TO FLAGGED KEY METRICS (SINCE JUNE 2022)

Related Party Transactions Flag Added Jun 26, 2023 -0.10

Entrenched Board Flag Removed Jun 26, 2023 1.19

CEO Equity Changes Flag Removed Jun 26, 2023 0.20

Pay Linked to Sustainability Flag Added Nov 22, 2022 -0.20

Executives on Board Flag Added Aug 19, 2022 -0.20

BOARD OVERVIEW PAY OVERVIEW

Board Type: Unitary Board Highest Paid Executive - Jormsup Lochaya

Board of Directors 100%

■ Long Term Incentives Awarded 0 (THB)

Page 8 of 58 ©2023 MSCI Inc. All rights reserved.

KEY METRICS SCORING BOARD PERFORMANCE VS.

Deduction ▼ Global ▼ Home Market

BOARD SKILLS & DIVERSITY

NOMINATION PROCESS OVERSIGHT

CHIEF EXECUTIVE OFFICER

History CEO Since Until Name Gender Age

Current Sep 2004 Jormsup Lochaya M 53

CHIEF FINANCIAL OFFICER

History CFO Since Until Name Gender Age

Current Jun 2022 Kulchalee Nuntasukkasem F 57