Year 2007

4. Data Disclosure and Transparency
The Company’s Board has a policy for the Company to disclose both its financial and non-financial data, as defined by the
SEC and SET. Of course, data disclosure focuses on transparency, accuracy, completeness and timeless, through the channels of
the SET, as well as the Company’s annual report and the annual report presentation form (Form 56-1). Additionally, the data is
disclosed both in Thai and English via the Company’s website, and always updated for reliability and easy and equal access by
shareholders and other related persons. The following is a summary of the significant, disclosed data.
4.1 Policy on Corporate Governance and Its Implementation Consequences
Through 2007, the Company had performed in accordance with its policy on good corporate governance, except for
the following issues.
(1) The Company’s Chairman is also its President, who is not an independent director since the non-life insurance
industry strongly needs a knowledgeable and capable person with long business experience to lead the Company to its
established goals. Nonetheless, the Company and its Board of Directors is based on the principles of good corporate governance
and in line with those of the SET. Therefore, though the Chairman and President is the same person, in practice, the Chairman of
the Board will not exercise his authority on behalf of the Board of Directors, all under the Company’s rules and regulations.
Similarly, the President’s performance must be approved by the Company’s management and the Board of Directors, comprising
independent members, who make up more than half of the Board, giving rise to a concise and transparent check-and-balance
mechanism of the performance. Furthermore, any authorization given to the President will not allow him to approve any transaction
in which he is involved as a stakeholder, or which may engender a conflict of interest with the Company, subsidiary companies or
associated companies.
(2) The Company does not limit the number of companies where its Board and senior management may hold office
because it is afraid that it will lose an opportunity of getting quality people to sit on the Board. However, it constantly reviews the
number of companies where each Board member holds office.
(3) The Board of Directors’ self-assessment is under way for consideration and definition for an appropriate guideline
and approach. Since this a sensitive issue, the Company has to be very careful before making a decision.
4.2 The Board of Directors’ Responsibility for Financial Statements
The Board of Directors is responsible for the correctness of all the financial statements, which must provide accurate
financial data that is transparent in accordance with the suitable and accepted accounting principles that are regularly practiced,
in addition to disclosing sufficient data in financial statements. The work thus goes through an examination only by the auditors
officially certified by the Securities and Exchange Commission, Thailand, and/or related agencies, including an examination by the
Audit Committee. In this regard, the Board has made a report on the Board of Directors’ responsibility for financial statements and
also displayed it in the Company’s annual report and the annual report presentation form (Form 56-1).
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