-- Glass Lewis issued a controversy alert for TPI Polene (BKK:TPIPL) shareholders ahead of the company's annual general meeting on April 24, according to a recent release.
The alert relates to issues of corruption and environmental violations at the company.
A criminal court convicted Prachai Leophairatana and the company in August 2025 for the joint use of 11 counterfeit land title deeds relating to mining operations.
Leophairatana is up for election as director in the upcoming meeting.
The company is also the subject of several civil judgments due to unlawful mining activities and is required to conduct large-scale environmental rehabilitation.
TPI Polene could be fined more than 5.8 billion baht and additional interest if it fails to meet rehabilitation requirements.
The company has started remediation measures and recognized about 479 million baht in provisions for mining-related litigation.
The alert's rationale relates to potential material ESG risk and egregious governance practices and falls under environmental incident, other environmental issue, board effectiveness, ethics, and oversight issue.