Page 46 - Annual report eng 2020
P. 46
Tycoons Worldwide Group (Thailand) Plc.
Father's Day tree planting activities
10 . Internal control and risk management
10.1 At the company’s Board of Director meeting No.1/2021 on February 24, 2021 which was
attended by the three independent directors and the audit committee members, the board review
the opinion of board of the audit committee and evaluated the internal controls of the company
by asking certain information of management. The board reviewed the company’s internal
controls in five key areas:
(1) Organization and environment;
(2) Risk management;
(3) Management control;
(4) Information technology and communication measures;
(5) Follow-up systems.
After such review, the board members were of the opinion that the company had adequate controls in
place. The company has policies in place to regulate business transactions with major shareholders,
directors and executive management so as to avoid conflicts of interest and to preserve its best interests.
Further, the audit committee was of the opinion that the internal control system regarding connected
transactions with interested parties (i.e. majority shareholders, directors, management and related
persons aforementioned) is sufficient, which opinion was approved by the Board of Directors
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