Panjawattana Plastic Public Company Limited

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Panjawattana Plastic Public Company Limited Annual Report 2012employees shall adhere, for example, respect and compliance with the laws, conflicts ofinterest, the use of internal information and protection of confidential information, internal controland auditing system, receiving and giving gifts, properties or other benefits, property right,information technology and communications, political right and impartiality, treatment toward theemployees and responsibility toward the stakeholders.To this end, all employees have been informed of the Code, including their compliancetherewith.Conflicts of InterestA conflict of interest policy was defined on the basis that any decision made in thecourse of business activity should inure to the best interests of the Company and to avoid anyaction leading to conflicts of interest. Directors, executives and employees must review andinform the Company of their relation or linkage with such transaction. The person relating orlinked to the transaction being considered must not participate in the consideration andapproval of such transaction. Connected transactions and transactions in conflicts of interestmust be carefully considered in terms of appropriateness based on the price and sameconditions as conducted with outsiders.Connected transactions and transactions in conflicts of interest carefully considered bythe Audit Committee in terms of appropriateness and in accordance with the rules of the SET willbe proposed to the Board of Directors.The directors and the executives including their spouse and minors are required toreport on any change to their shareholding to the Company and the Office of the SEC inaccordance with Section 59 of the Securities and Exchange Act, B.E. 2535 (1992) within 3working days following the date of buying, selling, transferring or having been transferred. Thedirectors, executives, and employees who have known about significant internal informationmust not disclose internal information to outsiders or unauthorized persons and must refrainfrom buying and selling the Company’s shares for at least one month before the financialstatements or internal information are released to the public, and at least three days afterdisclosure to the public in order to prevent the abuse of internal information.60
Panjawattana Plastic Public Company Limited Annual Report 2012Internal ControlThe Company gives importance to efficient supervision and internal control at bothexecutive and operational levels. Internal control system is the key mechanism to assure themanagement in mitigating business risks. It enables efficient business operations byappropriately allocating resources to achieve the set targets, guards against asset loss due tocorruption, ensures accuracy and creditability of financial statements, guides the employeestoward compliance with the relevant laws and regulations, and protects the shareholders’capital. Therefore, the obligations, duties and authority for operatives and executives have beenclearly defined in writing. The use of Company assets in meaningful ways is put under control.Delineating of duties among the operatives, supervisors and evaluators is clear-cut to ensureappropriate check and balance.The Board of Directors assigns the Audit Committee to take charge of reviewingefficiency and reliability of the internal control system arranged by the management, arrangeand revise the control systems relating to the operations, financial reporting, compliance withthe rules, regulations, and policies, and supervise overall performance as well as managerisks, including any signaling warnings and irregular transactions. The Company hires KarinAudit Co., Ltd. as its internal auditor to monitor and examine the internal control system and toensure that it has adequate internal control system. To guarantee the internal auditor’sindependence and ability to perform its duties in the check and balance work, the auditor willreport directly to the Audit Committee. The Company has regularly followed up the work andassess adequacy of the internal control system at least once a year to ensure that the system isfunctioning in an efficient manner.Risk ManagementThe Board of Directors emphasizes the importance of risk management and isresponsible for setting out risk management policy of the organization, carrying out riskassessment, and managing the organization’s risks at an acceptable level. At present, theCompany has set up the Risk Management Committee to ensure efficient risk management inline with the policies based on the principle that the Company must have risk managementmeasure in place to mitigate any risk that may obstruct the achievement of business in61
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VISION :“Panjawattana Plastic as
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