Page 158 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability
Corporate Governance Policy Financial Statements Attachments
4) The Committee deliberated on the Management Discussion and Analysis (MD&A) in consultation with the management every quarter. The Committee approved the quarterly MD&A reports and reviewed the annual MD&A report before recommending the same to the Board of Directors.
The Committee believes that the Management Discussion and Analysis (MD&A) report is presented fairly with adequate information.
5) The Committee reviewed and approved the Annual Internal Audit Plan for the financial year 2024-25. The audit findings were reviewed by the Committee and recommendations were given to follow up the corrective actions. The Committee reviewed quarterly presentation of Internal Audit which include progress of audit coverage according to the plan, significant findings and follow up status of audit recommendations. The Committee also reported some of the significant audit issues to the Board for their information.
Based on its review, the Committee is of the opinion that the Company’s internal audit function, including its independence and team size, is adequate and effective.
6) The Committee assessed the adequacy of internal control systems with the Company’s management, external auditors and internal audit and reviewed significant findings on internal controls of the subsidiary of the Company, recommended corrective actions. The Committee works together with the internal audit and management to streamline the internal control systems and procedures as a continuous process.
7) The Committee reviewed the Enterprise Risk Management of the Company in its quarterly meetings. The risk register covers the corporate risks related to competition from Induction Furnace based operation, risks related to MBF dismantling project,
risks related to IT and cyber security, and risk related to Environmental, Social, and Governance (ESG). The Committee took note of these risks, risk mitigation plans and also provided recommendations for further improvements in the risk management process.
8) TheCommitteehasconductedaself-assessmentto review and evaluate its performance with respect to the Audit & Risk Review Committee Charter and best practice guidelines. The Audit & Risk Review Committee is satisfied that it has been effective in carrying out its duties and has followed the terms of reference in its charter. The results of the self- assessment were reported to the Board of Directors of the Company.
9) The Committee considered, proposed the appointment and remuneration of the external auditors by assessing their knowledge, ability, experience, and independence of the performance for the financial year 2024-25 and resolved to propose to the Board of Directors to propose to the shareholders’ meeting to consider reappointment of the auditors for the financial year 2025-26.
In summary, the Audit & Risk Review Committee performed its duties as specified in the Board-approved charter with competence, prudence, and independence in equitable interests of stakeholders. In the opinion of the Committee, The Company’s financial reports were accurately prepared in all material aspects under Financial Reporting Standards. The Company has adequate risk management practices, appropriate internal control and internal audit system, compliance with good corporate governance, and obligations relevant to its businesses.
Anuttara Panpothong
Chairperson of the Audit & Risk Review Committee
156 Tata Steel (Thailand) Public Company Limited