Mr. Phairuch Mekarporn
Chairman of the Audit Committee
To The Shareholders,
The Audit Committee of TTW Public Company Limited consists of a number of experts in various fields, three of which are Independent Directors, with Mr. Phairuch Mekarporn as the Chairman of the Audit Committee, and Mr. Somnuk Chaidejsuriya and Dr. Patarut Dardarananda as members of the Audit Committee.
Ms. Nisaraluk Sichapakornrat Internal Audit Manager of the Company is the Audit Committee Secretary.
In 2019, the Audit Committee, in the performance of its duties in accordance with the scope of responsibilities specified in the Audit Committee Charter as approved by the Board of Directors, convened four meetings and reported said meeting results to the Board of Directors each quarter, with assessment of key matters summarized as follows:
- Carried out examination of the annual audit plan and quarterly audit results in order to assess the work systems and internal control system of the Company, as well as to provide advice and propose solutions for the internal audit and supervision of operations to ensure that the internal audit system is satisfactory and is standardized in accordance with the regulations of the Office of the Securities and Exchange Commission (SEC).
- Carried out reviews of legal compliance with rules and regulations of relevant external agencies, as well as rules and regulations within the Company itself.
- Reviewed all connected transactions to ensure they were normal business operations and did not provide special benefits to those involved.
- Carried out reviews of quarterly and annual financial statements prior to proposal to the Board of Directors for consideration, with special emphasis on the implementation of accounting standards, related party transactions, and connected transactions, and provided assessment opinions to the Company’s management regarding the performance of asset management for the full benefit of the Company.
- Assessed the selection, nomination for appointment, and termination of independent persons to act as the Company’s auditors and proposed the remuneration for said persons. Convened meetings with the auditor without Company management in attendance.
The Audit Committee performed its duties with prudence and provided independent opinions in the best interests of the Organization without any restriction in the obtaining of Company data, resources, and the full cooperation of the Company. The Audit Committee carries out an evaluation of the performance of its duties annually for the continued improvement and development of its duties in an effective and efficient manner, in order to achieve the objectives assigned by the Board of Directors.
For the year 2020, the Audit Committee has proposed to the Board of Directors the appointment of Ms. Manee Rattanabynnakij, Certified Public Accountant No. 5313, and/or Ms. Sumalee Rivarabandit, Certified Public Accountant No. 3970, and/or Ms. Poonnart Paocharoen, Certified Public Accountant No. 5238, and/or Ms. Kunlapee Piyawanasuth, Certified Public Accountant No. 6137, of EY Office as the Company’s auditor for another year, with the Audit fees not exceeding 1,470,000 Baht. This shall be proposed for approval at the Annual General Meeting of Shareholders in 2020.