minor children of securities in the Company. This includes penalty provisions under the Securities and Exchange Act B.E. 2535 and regulations of the Stock Exchange of Thailand; 2. to inform the Management of their duty to report their holdings of securities in the Company to the Board in every quarter on which the Board meeting is called; 3. to inform the Management that material inside information of the Company should not be revealed to others. This included impacts which may occur to the Company’ securities, and the penalty provisions of a law that the Management may face according to the Securities and Exchange Act B.E. 2535, as a result of their violation; 4. to prohibit the Management to trade the Company’ s shares 1 month prior to the Company’ s financial statements being publicised. 10.2.10 Internal Control Management At the Board Meeting No.1/2005 on 24 February 2005 also attended by 3 independent directors and members of the audit committee, the meeting, based on information acquired from the Management, reached the conclusion on internal control system consisting of 5 parts: the organization and environment, risk management, operation control of the Management, information technology and data communication and follow-up system. The Board was of the view that the Company had sufficient internal control system regarding activities with major shareholders, Directors, the Management and related people to the aforementioned. The Board also deemed the internal control in other areas in the system as appropriate.
10.3 Dividend Payout Policy The Company’s policy is to pay dividends to shareholders no less than 40% of net earnings after tax. For its subsidiaries, the dividend payout policies are as follows:United Palm Oil Industry Plc. pays dividends at approximately 50% of net earnings after tax depending on the company’s performance and economic situation. Universal Food Plc. pays no dividends due to accumulated retained losses.
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