Page 94 - PSTC - One Report 2023 (EN)

Annual Report 2023 (Form 56-1 ONE REPORT)
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8. Supervise the Company to track its results of performance on investments and other business operations. There is a review of acceptable risk appetite and a process to identify possible risks from investments, including an adequate internal control system to monitor the Company’s investments and other business operations to be in accordance with the investment policy framework and the requirements of relevant laws, directions, strategies, business plans, large investment projects, and budgets with efficiency and effectiveness.
9. The Company and its subsidiaries shall have an appropriate and efficient accounting system and policy in line with reliable financial reports, as well as an efficient, adequate, and appropriate internal control system, including an effective internal audit system and control in compliance with the rules, regulations, and policies which affect the Company’s operating results. The internal audit department is established to ensure that the Company operates efficiently and in accordance with the specified guidelines, with regular monitoring and evaluation. This internal audit department is independent and reports the results of performance directly to the Audit Committee. There are penalties for non-compliance with various rules, regulations, and policies. Also, the Company has hired a third party (outsource) to work with its internal audit department, which consists of personnel of sufficient knowledge and ability to perform duties of auditing the internal control system and inspecting important issues regularly. This is to ensure that the Company has an efficient internal control system which covers all operations and compliance control, including management of risks and all unusual transactions.
10. Consider and approve the Company’s organizational structure from the director level and up.
11. Consider and approve human resource management for efficiency which covers recruitment, selection, appointment, employment, transfer, termination, remuneration, compensation, and promotion of executives, including Chief Executive Officer (CEO), Chief Financial Officer (CFO), and C-Level executives, as well as the Managing Director and Deputy Managing Director of subsidiaries.
12. Consider for the appointment of Executive Committee and Sub-committees, including the determination of authority and duties of the sub-committees to assist and support the Board of Directors’ performance and duties as necessary and appropriate.
13. Consider the appointment of representatives as directors of subsidiaries and/or associated companies.
14. Arrange for the accurate preparation of the Company and subsidiaries’ financial statements at the end of the accounting period to present the financial position and operating results in the past accounting period truthfully, completely, and correctly according to the generally accepted accounting standards, and have them examined by an auditor before presenting them to the shareholders’ meeting for consideration and approval.
15. The Board of Directors may authorize one or more directors or sub-committees or any other persons to act on behalf of the Board of Directors. They shall be under the control of the Board of Directors or authorized to have authority as deemed appropriate for a period of time as specified by the Board of Directors. The Board of Directors may cancel, revoke, change or amend the authorization when appropriate. However, the authorization must not be in the nature of granting authority to allow for consideration and approval of any issues with conflicts of interest or benefits in other manners to the Company or subsidiaries (if any) as defined in the announcement of the Capital Market Supervisory Board and/or the Stock Exchange of Thailand and/or other relevant agencies, unless it is an approval of transactions in accordance with the policies and criteria which have already been considered and approved by the Board of Directors.