Page 133 - PSTC - One Report 2023 (EN)

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Power Solution Technologies Public Company Limited
9. Internal Controls and Connected Transactions between them
9.1 Internal Controls
The Company has given priority to internal control systems at both the management and operational levels. In order to achieve operational efficiency, the company has clearly established duties responsibilities and authority for the work performance of operations-level employees and executives, while the authority to act on operators and executives in writing with oversight in use of the Company’s assets. In the interests of the Company, duties are delegated among employees at the operations, supervisory and audit levels. Furthermore, the Board of Directors has assigned the Audit Committee to supervise the audit system with appropriate internal control and internal audit systems.
The Company requires an Internal Audit Department by outsourcing to monitor the Company’s core operations and key financial activities in accordance with the guidelines set forth effectively in compliance with the laws relating to the Company, internal control system, auditing key transactions, and reporting the audit results directly to the Audit Committee, thereby making the internal audit section independent, auditable and balanced.
9.2 Connected Transactions 1) Relationship Characteristics
The Company has transactions with persons who may have various conflicts of interests, among which the connected transactions are transactions with directors and/or executives and/or major shareholders of the Company and related companies where persons with potential conflicts of interest are directors and/or executives and/or shareholders of the Company. The nature of the aforementioned relationships can be summarized as follows:
Mr. Thanat Pawarawipulyakorn A major shareholder in the Company with a shareholding of 21.34% in registered and paid-up capital; also an authorized signatory director of the subsidiary, Biggas
Technology Company Limited, Thai Pipeline Network Company Limited.
Mr. Soammaphat Traisorat Hold position as director and Acting Chairman of Excutive Committee of the Company
Persons with Potential Conflicts of Interest
Relationship