Internal Control and Connected Transactions Internal Control PTT Global Chemical Public Company Limited (GC) implements an Internal Control System in accordance with the international standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to achieve internal control objectives relating to operations, reporting, and compliance with laws and regulations. At the Board of Directors Meeting No. 2/2024 held on February 12, 2024, GC’s system was evaluated based on an internal control assessment report prepared by executives following the Securities and Exchange Commission’s (SEC) guidelines. Together with the results of the Audit Committee’s internal control review, the Board of Directors viewed that GC’s internal control was adequate and effective for its businesses. No significant problems or material shortcomings were detected that could interfere with the achievement of internal control objectives. GC’s Internal Control System functioned properly in an adequate manner. The operation and process were efficiently managed with sufficient numbers of qualified and competent employees. In addition, GC implemented a monitoring system to ensure the achievement of business objectives with effective and efficient operations, reliable reporting, and compliance with applicable laws and regulations as well as the safeguarding of GC’s assets against misuse or unauthorized use by the Board of Directors, executives, and employees. In 2023, GC improved its internal control procedures and processes to increase efficiency, optimize resource utilization, and promote a sound internal control system that enhances the robustness and speed of risk identification. In accordance with COSO, GC’s Internal Control System consists components as follows: 1. Control Environment The Board of Directors and executives strive to promote a corporate culture that focuses on integrity and ethics. They also govern business conduct to ensure alignment with the organizational vision and mission along with a sufficient and appropriate control environment as detailed below. The Board of Directors establishes the Corporate Governance Policy, Business Code of Conduct, Corporate Compliance Policy, and Anti-Corruption Policy and Guidance, setting out preferred practices for the Board of Directors, executives, and employees. Executives and employees are required to provide their signatures in Hook Acknowledgement & Learning System to acknowledge the Corporate Governance and Business Code of Conduct Handbook and pledge their compliance with the policy, principles, and business ethics. The Company also places emphasis on communicating these policies, subsequent penalties and arranging an online system for reporting any potential conflict of interest annually to executives and employees. GC has also expanded the online system to subsidiaries to strengthen good corporate governance. GC continuously builds awareness of the Ethic and Business Code of Conduct among executives and employees through training courses, orientation, e-Mail communications, video clips, and other activities such as Hook Talk video clip, conducted by top management in order to communicate the Ethics and Business Code of Conduct to employees and promote a good corporate governance culture. In addition, GC has published the corporate governance principles and code of conduct on the Company’s website to communicate them to suppliers/vendors, joint-venture partners, and company representatives and encourage them to operate their businesses with integrity. In 2023, GC conducted “Fraud Risk Management in Practice 221 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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