Since 2018, the GPF has endeavored to upgrade its operations and services following the member-centric approach. This new vision has transformed the way in which the Fund operates to become more responsive to its members’ expectations. The technological advancement has prompted the GPF to revamp its provision of services in the areas of communications and knowledge dissemination, to restructure its provision of welfare, to adjust its investment and corporate governance strategies, and to introduce a big data analytics system as part of the digital transformation. In 2019, the GPF’s strategies will continue in this direction in the following 3 main areas.
The GPF aims to achieve the right balance between the short-term returns and the long-term gains to minimise the risk of negative returns in any given year. The Fund plans to review its long-term strategic asset allocation plan, taking into consideration economic and investment data as well as the risk level that members find acceptable. It also intends to reassess its global tactical asset allocation to efficiently allocate fund for short-term investments while keeping risks low.
With the ongoing rise in exchange rates fluctuations, the GPF plans to enhance its foreign exchange management by reviewing the policy, altering the way in which it manages exchange rates and setting appropriate benchmarks.
Moreover, as one of Thailand’s largest institutional investors, the GPF recognises its duties to invest responsibly for members’ long-term benefits and to ensure that the Thai investment image is positively perceived at the global level. To fulfil its duties, the Fund is determined to continue integrating environmental, social, and governance (ESG) factors into its business practices. Since 2018, the GPF has set out to become a leader in responsible investment as it launched an ESG-focused portfolio with the initial investment of 1 billion Baht. The portfolio aimed at investing in companies in the “Thailand Sustainability Investment” list (THSI) introduced by the Stock Exchange of Thailand (SET). The GPF strongly believes that it can set an inspiring example for other institutional investors to follow.
GPF’s Member Engagement Strategy is based on the member-centric model. In late 2018, the Fund launched the “My GPF My Mobile” Application, which has been downloaded more than 100,000 times. The application provides innovative solutions to serve the needs of members in the digital era. In 2019, the GPF plans to offer more comprehensive services by developing new functions to enable members to view a summary of personal investment portfolio, to register for seminars organised by the Fund, to receive remittance confirmation (for members who choose to receive payments in installments) and to request individual fund account statements, among others. Moreover, the GPF will implement big data and data analytics system to innovate its database of members’ information as well as the collection and use of information to better respond to the needs of members.
In parallel, the GPF will communicate effectively with members to familiarise them with these new developments and will launch new activities and campaigns via GPF Community which includes Facebook, Line@ and My GPF My Mobile Application. The number of users at the end of 2018 was 176,702, a 98% increase from April in the same year. The Fund aims to expand members engagement to ensure a high level of satisfaction and strengthen loyalty and engagement in the long term.
Corporate governance is a crucial factor in supporting an organisation towards its goals. The GPF is committed to continuing to transform itself into a digital organisation by training its staff to embrace and employ new technologies at work. The Fund has also developed and utilised Digital Memo, Digital Approval System, Digital Signature and Digital Conference to increase productivity and ensure that the whole operational process is on the digital platform.
Apart from fostering employee engagement to boost the sense of ownership, mutual trust and inter-departmental collaboration, succession planning is another aspect of corporate governance that GPF has to prioritize. Over the next 3 years, several senior executives will retire, and it is crucial to formulate a plan and train new managers to ensure continuity of leadership and management.
As a governmental entity that considers good governance of utmost importance in all aspects of its operations (i.e. member relations, investment and corporate governance), the GPF has joined the Integrity and Transparency Assessment (ITA) Project to affirm that its business practices are transparent and of high standard. The Fund also pledged to continue to uphold the principles of good governance and joined the collective action coalition against corruption to foster sustainability both in the organization and the capital market.