(Mr. Chainoi Puankosoom)
Chairman of the Corporate Governance Committee

The Board of Directors of Golden Land Property Development PLC (“Company”) appoints the Company’s Audit Committee consisting of 3 independent directors who are highly knowledgeable and have expenditures in accounting, finances, laws, business administration and organizational management, that is fully qualified to oversee the integrity of the Company’s financial reporting in compliance with regulatory requirements imposed by the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET). The Audit Committee is currently comprised of the following members: Mr. Chainoi Puankosoom in his capacity as the Chairman, Mr. Udom Puasakul as the Committee Member and Mr. Chinnavat Chinsangaram as the Committee Member.

In 2017, the Audit Committee convened four meetings for the purposes of reviewing the adequacy and effectiveness of the Company’s internal control systems, operational effectiveness, risk management, reliability of financial reporting and management, compliance with applicable laws and regulations, and the protection of the Company and its subsidiaries’ properties and assets. The number of meetings attended by three independent directors are as follows:

Name Position Meeting attendance
(times)
Mr. Chainoi Puankosoom Chairman of the Audit Committee 4/4
Mr. Udom Puasakul Member of the Audit Committee 4/4
Mr. Chinnavat Chinsangaram Member of the Audit Committee 4/4

The Audit Committee has fulfilled its duties independently, acted in compliance with the Charter of the Audit Committee and served other functions as assigned by the Board of Directors. In 2017, the Audit Committee drew up additional agendas in the fourth meeting, without the presence of the management, in which the Audit Committee, an internal auditor and a certified public accountant attended to discuss with an external auditor in respect of relevant issues such as a scope of work and a level of independence from the management. The external auditor informed that the management were actively cooperative in disclosing information accurately and adequately, and there was a high level of independence in reviewing the Company and its subsidiaries’ financial statements. The scope of duties and responsibilities performed in the year 2017 are summarized as below:

  1. Review the Company’s financial statements The Audit Committee reviewed the Company and its subsidiaries’ quarterly and annual financial statements for the year 2017 (ended 30 September 2017), together with the management, internal auditor and certified public accountant, and examined significant accounting policies, significant changes in the prior year, potential impact, unusual material transactions and comments from the external and internal auditors. The Audit Committee was of the opinion that the financial statements and operating results of the Company and its subsidiaries were correct, accurate, reliable and duly prepared in accordance with generally accepted accounting principles. Moreover, the disclosure of information in the financial statements was adequate, and there were no circumstances or events that may materially affect the financial statements.
  2. Review and monitor the effectiveness of the Company’s internal control and oversight of internal audit The Audit Committee considered and approved a 2017 audit plan submitted by the internal auditor, in which a risk assessment was conducted to determine priorities within internal control systems to ensure alignment with corporate goals and objectives. The Audit Committee provided constructive recommendations as regards the functioning of an internal audit department to achieve desired results according to agreed plans. In addition, the Audit Committee approved the internal audit structure, appointment and transfer of Head of Internal Audit executive, determined the number of the internal audit personnel as appropriate to the current capacity and annual audit plan, and assessed the performance of the internal audit department to encourage improvements in the audit function.
  3. Review the Company’s internal control relating to good corporate governance and anti-corruption policy The Audit Committee examined and reviewed the internal control systems of the Company and its subsidiaries for the year 2017 and conducted an assessment of adequacy of the internal control systems based on the Forms of the Securities and Exchange Commission (SEC). The Audit Committee was of the opinion that the systems were appropriate and effective enough to ensure the transparency in the conduct of business, without significant exceptions that may affect the execution of the anti-corruption policy. The Audit Committee also approved the anti-corruption policy and self-assessment of the anti-corruption measures and submitted them to the Board of Directors for consideration in order to seek certification granted by Thailand’s Private Sector Collective Action Coalition Against Corruption.
  4. Review the Company’s risk management The Audit Committee reviewed the Company and its subsidiaries’ risk management policies and compliance to ensure the Company put in place the appropriate and effective risk management measures. The Committee conducted a follow-up on the assessment of risks that may arise from changes in the business landscape, financial risk, interest rate risk, market risk and operational risk, and decided on short- and long-term measures to eliminate or mitigate risks on a regular basis. Based on the review, it was noted that the risk management measures were implemented effectively and adequately in corresponding to the Company’s policies and strategic plans.
  5. Review the Company’s compliance with laws The Audit Committee reviewed the regulatory compliance to ensure the Company and its subsidiaries strictly adhered to applicable rules and regulations and operated the business legally in accordance with the Securities and Exchange Act, SEC and SET regulations, and laws relating to the conduct of the Company’s business. Thus far, the Audit Committee found no indication of non-compliance and/or misconduct or breach of relevant rules, regulations and laws.
  6. Consider, nominate and appoint the Company’s external auditor for the year 2017 The Audit Committee screened and selected qualified candidates based on a level of independence, knowledge, skills, experience, credentials and remuneration to conduct an audit of the Company and its subsidiaries, and submitted the nomination to the Board of Directors for consideration and approval in a 2017 annual shareholder meeting. The meeting passed a resolution appointing Mrs. Wilai Buranakittisopon, CPA Registration No. 3920, from KPMG Phoomchai Audit Limited as an external auditor to express an opinion on the Company’s financial statements for the year 2017.
  7. Review connected transactions or transactions that may lead to conflicts of interest The Audit Committee reviewed the connected transactions to ensure compliance with the SET regulations and laws dated B.E. 2546 governing the disclosure of information and conduct of listed companies in relation to connected transactions that may lead to conflicts of interest. The Audit Committee was of the opinion that the connected transactions were under normal business conditions, no conflicts of interest and were conducted in a fair and reasonable manner. As such, no unusual transactions were identified, and there was full, accurate and adequate disclosure of information.
  8. Submit performance reports to the Board of Directors The Audit Committee prepared its performance reports and submitted them together with the results of an auditor’s review of the Company’s financial statements to the Board of Directors on a quarterly basis and compiled the Audit Committee report for disclosure in a 2017 annual report in conformity with the SET guidelines. In the prior year, the Audit Committee did not identify or suspect any events or circumstances indicative of transactions or actions that may lead to a material effect on the Company’s financial position and performance.
  9. Consider, review and revise the Audit Committee Charter The Audit Committee considered, reviewed and approved the revision of the Audit Committee and Internal Audit Charters, of which additional amendments were made to be in alignment with the anti-corruption policy, and submitted them to the Board of Directors for approval on 12 May 2017. The revised contents of the Charters are appropriate and cover roles and responsibilities of the existing Audit Committee.

In 2017, the Audit Committee has fully discharged its responsibilities as set out in the Audit Committee Charter, harnessed knowledge and skills to deliver positive results and possessed an adequate degree of independence in the oversight of the performance of the Company and its subsidiaries. The Audit Committee was of the opinion that the Company and its subsidiaries have provided accurate and reliable financial statements in accordance with generally accepted accounting principles and ensured the adequate disclosure of information. In conducting connected transactions or transactions that may lead to conflicts of interest, the Company has enforced full compliance with the SET regulations and laws and adherence to rules and procedures relating to the conduct of business. Moreover, the Company has implemented the adequate and effective risk management measures and good corporate governance practices as well as engaged qualified external and internal auditors with the highest level of independence to enhance the appropriateness and effectiveness of auditing and internal control systems.

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