Page 166 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability Corporate Governance Policy Financial Statements Attachments
Operational Control of Management
The Company has established policies and procedures that are appropriate for the efficient operations of the business. These include the determination of clear scope, responsibility and authority for each level of management, and monitoring of the operation of the Company and its subsidiary on a regular basis. Both manual and automated controls are implemented to mitigate operational risks, prevent fraud, and ensure compliance with prevailing laws and regulations. Appropriate internal controls are also evident in transactions concerning major shareholders, directors, management or related parties.
Information and Communication
Helpline through toll-free phone / via the website as detailed in the Whistleblower Policy.
Monitoring
The annual business plan is reviewed and approved by the Board of Directors. The Company’s quarterly financial statements are reviewed by the Audit & Risk Review Committee and recommended to the Board of Directors for approval. Moreover, the Audit & Risk Review Committee reviews the annual audited financial statements and makes recommendations to the Board for its consideration and approval. The Management evaluates the capability of the internal control system on an annual basis and updates it accordingly to reflect the evolving needs of the business.
The Company’s Internal Audit Department formulates the annual internal audit plan which is approved by the Audit & Risk Review Committee. The risk-based audit plan considers the risk factors and the results of previous internal audit reviews. The Internal Audit Department reviews the internal control system throughout the various business processes and across a subsidiary according to its Annual Internal Audit Plan. The deficiencies and recommendations are communicated to agencies responsible for implementation. The audit reports and findings are presented to the Audit & Risk Review Committee on a quarterly basis.
The Board believes that the internal control system of the Company, in general, is adequate to assure that the financial statements of Tata Steel (Thailand) Public Company Limited and its subsidiary present, in all material respects, the financial positions, results of operations, and cash flows accurately.
The Company and its management ensure that adequate and sufficient information is provided to the Board for their review and consideration. The Board receives the essential information at least 7 days before the scheduled meeting, adhering to SEC-prescribed timelines. The minutes of the meeting of the Board of Directors are prepared by the Company Secretary. The minutes cover all aspects of discussion held during the Board meeting. The minutes of the meeting are reviewed and signed by the Chairman of the meeting. The Company Secretary fulfills any requirement or provides any information needed to provide assistance to the directors as requested. Critical data is securely stored and subject to periodic backup according to the Company’s IT policy, enabling prompt retrieval and correction in case of deficiencies, if any, identified by the auditors.
Whistleblower Policy
The Company has a Whistleblower Policy which provides channels for employees and other stakeholders to lodge any concerns or complaints anonymously. The website of the Company provides various communication channels for external parties, e.g., Investor Relations, Customer Relations, Whistleblower Channel Form, etc. The Company provides a communication channel to external parties who may wish to contact the Independent Director and Chairperson of the Audit & Risk Review Committee directly by sending an email to: anpan@pandora.net or may contact the third party TCoC
164 Tata Steel (Thailand) Public Company Limited