106
Annual Report
2013
Planning Division. The division is responsible for setting
objectives of riskmanagement, identifying risk factors,
settingmeasures inmanagingandcontrolling therisks to
the acceptable level by coordinatingwith and holding
meetings with different disciplines on quarterly basis
to appraise risk management and possible impact
after implementation of risk management measures.
Results and related information are later presented
to the Risk Management Working Group which
comprises high-level executives fromall disciplines for
screening before presenting respectively to the Risk
Management Committee and the Board of Directors
on quarterly basis.
Details on risks, risk assessment and
management are unveiled in the Risk Factors
and the Form 56-1 as published on
and
.
•
Supervising the Management’s operation
To ensure that the policy and direction set
by the Board of Directors have been well executed
and responded. The Company has, therefore,
provided for a control system for accounting and
finance, operation and supervision as follows:
- Identifying scope of responsibility,
authority and financial approval limit and cheque
issuing authority of different level of executives in
writing as stated in the Company’s regulations/order
- Transactions that are considered
as connected transaction must be approved by
authorized personwho has no conflict of interest and
must be screened by the Audit Committee based on
the Company’s benefit.
- Regularly monitoring the Company’s
Group’s performance, which is responsible by the
business group under the Deputy CEO. Business
direction is set according to the Company’s regulation
on the supervision of subsidiaries, affiliates and joint
ventures requiring the Board of Directors to formulate
policy through the Company’s representatives who
are seconded to be shareholders, directors or top
executives of those businesses. Significant decision,
however, must be approvedby the Company’s Board
of Directors.
•
Information technology and
communications :
The Company views that the information
and communications system are important tools for
the Company’s operations. The Management has
provided for efficient communications channels as
follows :
- The Company sends meeting notice
and related document to each committee prior to
themeeting date, providing themwith sufficient time
to study the information. Questions and concerns
raised at themeeting, answers, clarifications, opinions,
notice and recommendations of each director on
each agenda are recorded. The meeting resolution
is summarized in the meeting report for reference
and audit.
- Arranging separate meetings between
the CEO and head of each business group, from
director level up, onmonthly basis to communicate,
disseminate policy and plans throughout the
organization; monitoring the progress of work;
acknowledging and preventing problems that may
affect the Company’s ability to achieve goals; and
reviewing and improving plans to better address the
changing environment.
- Finance and accounting executives in
cooperationwiththeAuditorspresenting informationto
the Audit Committee for accounting review according
to the changing generally accepted accounting
standard and international accounting standards.
- The Company provides for advanced IT
systemfor finance and taxmanagement, enabling the
Company to collect, assess and analyze accounting
andfinancial informationof theCompany, subsidiaries,
affiliates and joint venture to ensure they are accurate,
precise, convenient and fast. The Company also has
in place effective storage of information, document,
accounting records, financial reports and significant
documents in good order and group. As a result, the
Company has never been informed of significant
problems related to document from the Auditors.
- The Company provides for efficient
internal communications through the Intranet and
LotusNote, enablingall employees tohaveeasyaccess
to significant information related topolicy, regulations,
