Page 137 - Amata-one-report2020-en

BUSINESS OPERATION AND OPERATING RESULTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS ENCLOSURES

• Since the Company is a Holding Company, it does not have its own Internal Auditor. However, its subsidiary
has appointed an Internal Auditor to examine the business operations of all departments of the subsidiary.

After completion of the examination, the Internal Auditor will report to the Audit Committee and the Chief
Executive Officer/President so that the Management of the company can immediately solve any problems.
The performance of the Internal Auditor shall be evaluated by the Audit Committee. However, the Company
Secretary shall be the person responsible to coordinate between the Internal Auditor and the Audit Committee.

The company values appropriate and sufficient internal control system. It has put in place an internal control system

that is comprehensive from both financial and operational standpoints. Roles, duties and authorities are defined in
accordance with the laws and the company’s regulations. For the internal control system to be efficient and independent
and free from interference, the company has appointed Porama Consultant Co., Ltd., led by Miss Naruemon Khunthong
(Bachelor of Business Administration, Rajamangala University of Technology Phra Nakhon, with more than 8 years
internal audit experience) for its outsourced internal auditor. The internal auditor audits the operations of all units
and reports the results directly to the Audit Committee and the Chief Executive Officer, so that the management
is able to deal with problems in time. The internal auditor must be evaluated by the Audit Committee as well.
The secretary of the Audit Committee will work as an administrator and liaison between Porama Consultant Co., Ltd., and
the Audit Committee.

The Audit Committee has meeting with the external auditor and Porama Consultants Co., Ltd., to know the weakness of
i
the nternal control system and has reported to the committee about the appropriateness and adequate of nternal controls.
i
For 2020, the Audit Committee has reported to the Board of Directors about the inspection in the Board of Directors
Meeting No. 1/2021 on February 25, 2021 that the company and its subsidiaries has efficiency internal control systems
to be able to protect the assets of the company and its subsidiaries which arising from its illegal use. In the fiscal year
ended December 31, 2020 the Audit committee found no such an action.

Related Party Transactions

The Board of Directors has observed with care both direct and indirect connected transcations and transactions
with conflicts of interest by setting policies, regulations and guidelines for practices in compliance with related laws,
company’s regulations, and regulations of the SEC, SET and good corporate governance. Anyone having interest
in any transactions with the company or having any connected transactions shall not be allowed to make decisions

and will have no authority to approve such transactions. That means transactions shall be approved by disinterested
persons. The decision-making process shall be transparent, for the firm’s best interests and on an arm’s length
basis, open and accompanied by sufficient disclosure of information as shown in the Notes to the Financial Statements
ended December 31, 2020 - Item No. 7.

Amata Corporation Public Company Limited 137