The Board of Directors is aware of the importance of preventing the use of insider information of the Company for self-interest. Therefore, they develop a policy to keep information that has not yet been disclosed to the public as confidential by limiting the audience to those who are involved only.
In this regard, the Company has informed the executives to report their securities holdings in the Company, including spouses and minor children as well as reporting changes in securities holdings to the SEC and the SET under Section 59 and penalties under Section 275 of the Securities and Exchange Act B.E. 2535.
Also, such mentioned persons as directors, management and employees including their spouse and minor children, are prohibited to make any security transaction; either purchasing, or selling, or transferred by taken advantage of the inside information, which has not yet been disclose to the public. However, in case of the transactions occur in normal business, directors and management including their spouse and minor children, he/she had to report to the office within three working days after the transaction date, and send the copy of documents to company as evidence.
In addition, the company provides ethical policy that director, management and employees are always expected to observe honestly and virtuously, should not participate to any immoral behaviors deteriorating company recognition. If any evidence has shown that confidential information are used for self-interest, it’s doomed that such a person is accused of severe disciplinary violation and may be deserved condemnation according to employee regulation.
Opinion of Audit Committee
In the Audit Committee Meeting No. 2/2024 held on February 22, 2024. Audit Committee had evaluated the sufficient and appropriated of internal control system. This annual evaluation based on summary data of 5 main categories as follows:
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring
The Audit Committee give an opinion that the Company’s internal control system is sufficient and all of functions work effectively. The 2023 Annual Evaluation Questionnaire of Sufficient of an Internal Control System is submitted to Board of Directors for consideration in the Board of Directors’ Meeting No. 2/2024 held on February 22, 2024.
The Company provides effective management and internal control system where executives have contributed to aware of the importance on internal control by providing effective organizational supervision, definitely assign roles and responsibilities, including regulations, rules, policies, management level and authorization level in written form.
The Company also provides Internal Control Department, whose independently follow-up and evaluate internal control system and report directly to Audit Committee, to review operating systems to meet overall corporate objectives and goals. In previous audit, there are no significant deficiency that affect internal control.
Furthermore, the external auditors of the Company for 2023 is Dharmniti Auditing Ltd.,, they reviewed the effectiveness of company’s internal controls, and found no significant deficiencies in the company’s internal control system.