The Company is certified a membership of the Private Sector Collective Action Coalition against Corruption (CAC) which is the Company’s 2nd renewal of the certificated. The Board of Directors clearly defines roles and duties of each committee and the management and monitors the performance pursuant to the roles and duties and the organization structure and line of command designed to create balance of power and internal control. Goals and key performance indicators are established to evaluate efficiency and to monitor the work result in comparison to the corporate objectives regularly.
The Board of Directors annually evaluates the sufficiency of internal control system in accordance with the guidelines provided by the Securities Exchange Commission and the framework set by the Stock Exchange of Thailand with reference to the 5 elements and 17 principles of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Board of Directors and the Audit Committee consider that the Company has sufficient and appropriate internal control system suitable to the business characteristics.
Information and Communication
In 2020, the Risk Management Committee and the Office of Risk Management implemented the Risk Management Activity Plans as follows:
1. The Committee revised Charter of the Risk Management Committee, objectives, scope of authority and responsibility, manual on risk management and operational manual of the risk management office year.
2. The Committee specify causes of organizational risk and the responsible persons in each division for each risk for the year 2019/2020 as approved by the Risk Management Committee.
3. The Committee provided plans to support analysis and evaluation of new risks in 2020/2021 and make preliminary guidelines with measures to respond the risks.
4. The Committee held preparatory meeting for the risk management office to work on various sites pursuant to the supporting plans.
5 The Committee supported the making of report stating risk status by the responsible person of each division in 7 sites with head office.
6. The Committee reported the risk status to the Board of Directors showing information as to risks that are stable, decreasing and increasing together with causes so that the management can use for planning and operation on quarterly basis respectively.
7. The Committee monitored a result of the Business Continuity Plan (BCP) and rehearsal an emergency plan especially situation of COVID – 19 pandemics.
By virtue of dedication and cooperation of all parties concerned, the internal control system and the risk management of the group of companies are regarded acceptable by the Company and can be developed to serve the objectives and goals of each department.