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68 Annual Report 2012
Roles and responsibilities of the Board Roles and responsibilities of the president
• Establish SET strategic policies and direction and monitor
the supervision of operations to ensure effective
implementation and compliance with related rules and
regulation.
• Approve the strategic plan, budget, and manpower.
• Appoint the SET president and executive management
• Ensure the adequacy and effectiveness of accounting,
financial reporting, internal control, internal audit, corporate
governance, and risk management systems.
• Delegate authority to operations to ensure that operations
are conducted with effectiveness and proper internal control.
• SET’s president is the highest executive responsible for
managing the SET’s business in compliance with laws, rules
and regulations, strategic directions and implementing Board
decisions.
• Report progress of SET operations against SET’s strategic plan
to the Board quarterly.
• In working with third parties, the president, as the SET’s
representative, may delegate authority following guidelines or
rules and regulations determined by BoG.
SET has adopted internal guidelines setting forth matters that require approval and empowerment by the Board. This is to
facilitate day-to-day operations and administration with effective internal control and reporting. BoG has approved procedures for
delegation of authority, e.g.:
• For fixed assets and operating expenditures within the budget approved by the Board. Budgets over THB 2 million
shall be approved by the Board,
• For investments or procurement not exceeding THB10 million. Investments or procurement over THB 5 million shall
be reported to the Board quarterly.
(3) Succession planning
SET realizes the importance of succession plans to ensure the progressive and orderly continuation of the work of SET’s
president and other members of executive management. The process to select the successor is clear and transparent, considering
the knowledge, background, competency, ethics, and leadership of candidates. Results of succession planning shall be reported for
Board acknowledgement regularly.
As SET’s senior executive of the Market Operation Division retired on January 1, 2013, SET nominated a successor for
BoG approval on May 1, 2012. As a result, SET had a successor for this important position to ensure continuity in management and
operation.
(4) Corporate governance
BoG approved the SET CG policies and Code of Conduct to maintain the standards of SET Group operations and assigned
the Nomination and Corporate Governance Committee to review the CG policies and guidelines and report to the Securities and
Exchange Commission regularly.