Internal Controls Principle 12 Our Board values a sound management internal control system. To safeguard shareholders’ investments and the Company’s assets, it appointed an Executive Committee, each member of which oversees different departments and business units to ensure the adequacy of financial, operational and compliance controls, including risk management policies. In support of this, the Board also assigned the Office of Corporate Secretariat to oversee compliance with the laws concerning the limited and public companies and the Securities Laws, which are applicable to the Company. Based on the information provided to it, the Audit Committee believes that the system of internal controls and risk management of the Company is adequate.
According to the financial statements ended December 31, 2008, there was no payment made by the Company for the Non-Audit Fee to the auditor.
Communication with Shareholders Principle 14 Not only we make various announcements via SGX-NET to communicate with our shareholders, but Mr. Richard W. Jones, head of Investor Relations Unit, also works closely with our top management to ensure timely disclosure. The unit arranges quarterly briefings following the disclosure of interim and full year results, so that investors may query management about financial, marketing or strategic issues. Between reporting periods, the unit regularly meets with investors to communicate the policies and strategies of the Company so that investors have a good understanding of them. Investor Relations provides timely detailed information via the corporate website.
Internal Audit Principle 13 The Company established the Office of Internal Audit to assist the Board through Audit Committee (AC) in promoting sound risk management and good corporate governance by assessing the adequacy and effectiveness of the internal controls for key businesses and operations in areas described in the audit plan. In this respect, the AC appointed the Vice President, Office of Internal Audit, as the Secretary to the AC. Annual audit was prepared to ensure that the performance of internal audit is accurate.
The unit also reports to management about investors’ comments and concerns. Contact information for the Investor Relations Unit appears in this annual report or on the investor relations section of the corporate website ht tp: // w w w.thaibev.com / StoreFile /integration _files / investor.html.
The AC will propose its opinions on the appointment of the auditors of the Company and its subsidiary companies including their remuneration to the Board of Directors in order to propose to the Shareholders’ Meeting for approval. The 2008 Annual General Meeting of Shareholders held on April 28, 2008, unanimously resolved to approve the appointment of Ms. Nittaya Chetchotiros, Certified Public Accountant No. 4439 or Ms. Boonsri Chotpaiboonpun, Certified Public Accountant No. 3756, or Mr. Santi Pongjareanpit, Certified Public Accountant No. 4623 of KPMG Poomchai Audit Ltd. to be the auditor of the Company. This appointment is also complied with Rule 713(1) of the Listing Manual.
Thai Beverage Public Company Limited
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