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Audit Committee
  • Profile
  • Scope of Duties and Responsibilities
  • Nomination of the Board
  • Report
 
Pol. Lt. Gen. Dr. Nukool Jeamanukoolkit
Board of Director, Independent Director, Non-Executive Director and Chairman of the Audit Committee
Shareholding (%) -
Academic Degree and Training
  • Bachelor Degree of Medicine, Siriraj Hospital, Mahidol University
  • Management, Institute of Police Administration, Class 14
  • Director Accreditation Program (DAP) Class 94/2012
Working Experience
2014 - Present Co-director of the Heart Center and Director of the Medicine Center of Chaophya Hospital Public Company Limited
2012 - Present Independent Director, Chairman of the Audit Committee of Project Planning Service Public Company Limited
2011 - 2013 Director of Hospital, Chaophya Hospital Public Company Limited
2008 - 2013 Director of Personnel/Administration, Research and Academic Affairs of Chaophya Hospital Public Company Limited
Mrs. Vipavee Boonyaprasit
Board of Director, Independent Director, Non-Executive Director, Audit Committee, Chairman of the Nomination and Remuneration Committee and The Corporate Governance and Social Responsibility Committee
Shareholding (%) -
Academic Degree and Training
  • Bachelor Degree, Bachelor of Accountancy, Faculty of Commerce and Accountancy, Chulalongkorn University
  • Bachelor Degree, Bachelor of Business Administration, Major in General Management, Sukhothai Thammathirat Open University
  • Director Accreditation Program (DAP) Class 91/2011 Thai Institute of Directors
  • Role of the Compensation Committee 17/2013
  • Anti- Corruption Seminar 2/2013 Thai Institute of Directors
  • Governance as a driving force for business sustainability (2015) The Stock Exchange of Thailand (SET)
  • Anti-Corruption: The Practical guide (2015) Thai Institute of Directors
Working Experience
2015 - Present The Corporate Governance and Social Responsibility Committee of Project Planning Service Public Company Limited
2013 - Present Chairman of the Nomination and Remuneration Committee of Project Planning Service PublicCompany Limited
2012 - Present Independent Director and Audit Committee of Project Planning Service Public Company Limited
1998 - 2010 Audit Partner of Deloilte Touche Tohmastsu Jaiyos Audit Company Limited
1986 - 1998 Vice President, Provident Fund of Dhana Siam Finance Public Company Limited
1975 - 1985 Audit Manager of Jaiyos Advisory Company Limited
Mr. Kachen Benjakul
Board of Director, Independent Director, Non-Executive Director and Audit Committee, The Nomination and Remuneration Committee
Shareholding (%) -
Academic Degree and Training
  • Bachelor of Engineering, Major in Industrial Engineering, Faculty of Engineering, Chulalongkorn University
  • Master of Liberal Arts, Major in Economics and Finance, Faculty of Economics, Chulalongkorn University
  • Director Accreditation Program (DAP) Class 56/2006 Thai Institute of Directors Association
Working Experience
2013 - Present The Nomination and Remuneration Committee of Project Planning Service Public Company Limited
2012 - Present Independent Director and Audit Committee of Project Planning Service Public Company Limited
2009 - Present Audit Committee of Se-Education Public Company Limited
2008 - Present Human Resources Advisor of Plearn Patt Company Limited
2005 - Present Independent Director of Se-Education Public Company Limited

Scope of the Duties and Responsibilities of the Audit Committee

  1. Review for the Company and its subsidiaries. Report financial matters accurately and in an open manner. The committee is to coordinate with the auditor and the responsible executive members to produce financial reports quarterly and annually. The audit committee may suggest the auditor to review or check any item that is deemed necessary and important during the Company’s period of audition.
  2. Review for the Company and its subsidiaries with regards to sui table and efficient Internal Control system and Internal Audit System. The audit committee is to consider the independence of the Internal Audit Office as well as to approve the appointment, transfer or dismis sal of the head of internal audit office or any other unit under jurisdiction with regards to internal audition.
  3. Review the work of the Company and its subsidiary companies to make sure that it is in compliance with the legislation on securities and the Stock Exchange of Thailand, regulations of the Stock Exchange of Thailand and other legislation related to the Company’s businesses.
  4. Propose the appointment and dismissal of the external auditor for the selection and appointment will be considered for selection an independent person to perform the duties of the Company and its subsidiary companies auditor and also propose the remuneration of the external auditor with regard to reliability, resource adequacy, the audit of the office accounting and effectiveness of external auditor’s performance, as well as attending meetings with the Company’s external auditor, without the attendance of management, at least once a year.
  5. Consider connected items/transactions or any item that suggests a conflict of interest to comply with the legislation and the regulations of the Stock Exchange of Thailand. This is to ensure that such items are reasonable and are for the best interest of the Company.
  6. Produce reports of the audit committees which are to be revealed in the Company’s annual reports. Such reports are to be signed by the Chairman of the Audit Committee. A report should comprise the following information;
    • Opinions on the accuracy, completeness and credibility of the production and revelation of information in the financial reports of the Company and its subsidiary companies.
    • Opinions on the sufficiency of the internal audit system of the Company and its subsidiary companies.
    • Opinions on the compliance with the legislation on securities and the Stock Exchange of Thailand, the regulations of the Stock Exchange of Thailand or legislation related to the businesses of the Company and its subsidiary companies.
    • Opinions on the suitability of the auditors of the Company and its subsidiary companies.
    • Opinions on certain items/transactions that may result in conflict of interests.
    • The number of Audit Committee meetings and the attendance of each member of the Audit Committee.
    • General opinions or observations that the Audit Committee has received from working according to the Charter.
    • Any other opinion that is deemed beneficial for shareholders and general investors to know under the scope of duties and responsibilities assigned from the Company’s Board of Directors.
  7. Review on the policy on financial management and risk management, a review on the compliance with the business ethics of the executive members, a review with the Company’s executives on important reports that are to be publicized following the legislation including the report and analysis of the executives (MD&A).
  8. The Audit Committee is to work for any other assigned task from the Company’s Board of Directors that has been agreed.

The three members of the Company’s Audit Committee are from the independent board members who are qualified according to article 16 of the Announcement No. Tor Jor. 28/2008 by Capital Market Supervisory Board.

Components and the Recruitment of the Audit Committee

Members of the Audit Committee of the Company are to be appointed by the Board of Directors to the positions of the Company’s Board of Directors. They are to be qualified according to the legislation on securities and the Stock Exchange of Thailand as well as announcement, regulations and/or rules of the Stock Exchange of Thailand. The Audit Committee comprises at least three members. One member in the Audit Committee is to have good knowledge in Accounting and Finance. The term of a member of the Audit Committee is three years from the date of appointment. When the term lapses and the shareholders’ meeting has not appoint a new Audit Committee, the incumbent Audit Committee is to continue working until the Company’s Board of Directors or the shareholders’ meeting appoints a new committee to replace the incumbent Committee whose term has lapsed and/or whose members’ terms have lapsed as members of the Board of Directors. Members of the Audit Committee that have been selected must be independent members and are qualified to b e members of the Audit Committee.

Qualifications of an Independent Member

The Company defined the independent directors of the company referred to the Securities and Exchange Commission (SEC) definition. The details as follows.

  1. Holds shares of not more than 1 percent of the total number of shares that may be counted as votes of the Company, the Main Company, subsidiary Companies, joint-companies, large shareholders or those who are authorized to control the Company. The number of shares held by an independent member is to include the shares held by those related to that particular independent member.
  2. An independent member is not and has never been a member of the Board that has the authority to supervise the businesses, employees, personnel, salaried consultants or those who have the authority to control the Company, the Main Company, subsidiary companies, joint-companies, same-level subsidiary companies, large shareholders or of those who have the authority to control the Company unless the member has been out of such position for at least 2 years prior to the date of submitting a request to the Office. Such forbidden character does not include the case where an independent member had been a civil servant or a consultant of a government agency who is a large shareholder or the authorized entity that controls the Company.
  3. An independent member is not to have a blood relationship or legal relationship as a parent, spouse, sibling and child including a spouse of a child of an executive, large shareholder, an individual with the authority to control or the person who is about to be nominated as an executive or the individual with the authority to control the Company or its subsidiary companies.
  4. An independent member does not have and has never had a business relationship with the Company, the Main Company, a subsidiary company, joint-company, a large shareholder or an individual with the authority to control the Company in a way that may obstruct the use of one’s independent thoughts. An independent member is not and has never been a significant shareholder or an individual with the authority to control under a person who has a business relationship with the Company, the Main Company, a subsidiary company, a joint-company, a large shareholder or a person with the authority to control the Company unless the member has left that position for at least 2 years prior to the date of submission of the request to the Office.
  5. An independent member is not and has never been an auditor of the Company, the Main Company, a subsidiary company, a joint-company, a large shareholder or an individual with the authority to control the Company. An independent member must not be a significant shareholder, an individual with the authority to control or a partner of the auditing office which auditor(s) of the Company, the Main Company, a subsidiary company, a joint-company, a large shareholder or an individual with the authority to control the Company works for unless the member has left that position for at least 2 years prior to the date of submission of the request to the Office.
  6. An independent member is not and has never been a provider of any professional service including the service of legal consultancy or financial consultancy receiving a service fee of more than 2 million baht a year from the Company, the Main Company, a subsidiary company, a joint-company, a large shareholder or an individual with the authority to control the Company. An independent must not be a significant shareholder, an individual with the authority to control or a partner of a provider of a professional service unless the member has left that position for at least 2 years prior to the date of submission of the request to the Office.
  7. An independent member is not a member appointed to represent the Company’s Board of Directors, a large shareholder or a shareholder who is related to a large shareholder.
  8. An independent member does not operate a business that is of similar type and significantly competing with the business of the Company or a subsidiary company. An independent member must not be a significant partner in a partnership or a committee member who participates in the management, an employee, a personnel, a regularly paid consultant or a shareholder with more than 1 percent of the total shares eligible to vote of another Company that operates in a similar type and significantly competing with the business of the Company or a subsidiary company.
  9. There is no other quality that prevents one from giving an independent opinion on the Company’s operations.
  10. An independent member with the above qualifications may be assigned by the Company’s Board of Directors to decide in the operations of the Company, the Main Company, a subsidiary company, a joint-company, a subsidiary company of the same level, a large shareholder or an individual with the authority to control in the form of collective decision.

Qualifications of an Audit Committee Member

  1. An Audit Committee member must not be a member who has been assigned by the Board of Directors to decide on the operations of the Company, the Main Company, a subsidiary company, a joint company, a subsidiary company of the same level, a large shareholder or an individual with the authority to control the Company and;
  2. An Audit Committee member must not be a member of the Board of Director of the registered Main Company, subsidiary company or a subsidiary company of the same level.
  3. An Audit Committee member has enough knowledge and experience to act as a member of the Audit Committee. At least one member of the Audit Committee needs to have enough knowledge and experience to review the credibility of the financial statements.
  4. An Audit Committee member performs duties in the same way that is determined in the announcement of the Stock Exchange of Thailand on the qualifications and the scope of the work of the Audit Committee.

Report of the Audit Committee

To Shareholder(s)

The Audit Committee has proceeded according to the charter of the Audit Committee conforming to scope of duties and responsibilities assigned by the Board of Directors. To monitor and to review the company's corporate governance and internal control systems are adequate. To benefit all stakeholders equally. In year 2015, the Audit Committee held total of 4 meetings. All members of the Audit Committee had attended every meeting. The Audit Committee proceeded consideration through various agenda which can be summarized as follows;

  1. The Accuracy and Credibility of the Financial Reports : The Audit Committee has reviewed the quarter and annual financial statements for year 2015 to ensure that the preparation of financial statements of the Company has been in accordance with the generally accepted accounting standards and the information has been publicized in correct, comprehensive and credible manners. The auditor has given their opinions on financial statements which have been submitted to the Board of Directors and shareholders.
  2. Sufficiency of the Internal Control System of the Company : The Audit Committee has reviewed the sufficiency, appropriateness and efficiency of the internal control system by supervising, providing suggestions and supporting the independent work of Internal Audit office, reviewing the reports on the audit results in year 2015 including of monitoring the improvement and correction following recommendations and suggestions stated in the internal auditor’s report to ensure the efficiency and effectiveness of the work. The Committee is of the opinion that the internal control systems of the Company and subsidiary companies are sufficient and appropriate in preventing and reducing possible risks. No significant deficiency has been found.
  3. Compliance with the law on securities and the Stock Exchange, regulations of the Stock Exchange of Thailand and other legislation related to the businesses of the Company including the compliance with the regulations and obligations that the Company has agreed with external parties : The Audit Committee has reviewed the compliance with the law on securities and the Stock Exchange, regulations of the Stock Exchange of Thailand and other legislation related to the businesses of the Company including the compliance with the regulations and obligations that the Company has agreed with external parties. The Audit Committee has concurred that a significant breach of legislation and regulations as well as obligations that the Company has made with external parties has not been found.
  4. Selection of the Auditor : The Audit Committee perform selection of auditor based on competency, experiences, independency and reasonable remunerations therefore proposed DIA International Auditing Company Limited to as the Board of Directors for appointment as auditor of the Company for year 2015. A meeting was quarterly held between the Audit Committee to the auditor discussed all issues regarding auditing process and solutions of significant issues.
  5. Risk Management : The Company’s Board of Directors and executives have regarded the risk management as important aspect and carefully performed to it. The Risk Management Committee has also contributed to the consideration and the set-up of risk management systems throughout the organization. There are regular risk monitoring and reviewing processes to ensure that they are up-to-date and correspond to the current situations. Hence, it is believed that the risk management procedures accommodate benefit to the Company and all shareholders.
  6. Report that may result in a conflict of interest : The Audit Committee has reviewed and provided opinion on related items or items that result in conflict of interest as well as the data publication of such reports according to the regulations of the Stock Exchange of Thailand and the Se curities and Exchange Commission.
  7. Good Corporate Governance : The Company’s Board of Directors and executives regard good corporate governance as important issue to generate confidence among shareholders.
  8. Anti-Corruption : The Company’s Board of Directors and executives regard anti-corruption after Company’s launch of anti-corruption policy in year 2013 which assigned major involvement to the audit committee. The Company has joined to the “Collective Action Coalition Against Corruption in Private Sector” in the year 2014. This is the current Joint Committee of Collective Action Coalition Against Corruption in Private Sector in Thailand had certified the company as a member on January 22, 2016

Overall, the Audit Committee has acted independently within the scope of duties and responsibilities assigned by the Company’s Board of Directors and those determined in the Charter of the Audit Committee. Using the knowledge, ability and discretion are sufficiently independent. To benefit all stakeholders equally. The Audit Committee has concurred that the Company has reported its financial information correctly. The Company has operated under the internal control system that is efficient and under an effective risk Management. The Company has complied with the legislation, rules and regulations that are related to the Company’s businesses. There were appropriate publication of related items and operations is in accordance with sufficient good corporate governance, transparency and creditability.



(Pol. Lt. Gen. Nukool Jeamanukoolkit)
Chairman of the Audit Committee