Annual Report 2017

59 The Board • To set SET’s strategic policies and direction. Monitor the management’s operations to ensure effective implementation in compliance with rules and regulations • To approve the strategic plan, budget and manpower plan • To ensure effective and reliable accounting, financial reporting, internal control, internal audit, CG and risk management systems • To assign and delegate authority to the management appropriately for efficient operation, with decent internal control The President • To hold the highest executive position responsible for managing SET’s business in compliance with the policies, strategic goals, rules and regulations, as well as the Board’s decisions • To report the progress of SET operations, subsidiaries companies, and joint-venture capital companies regarding the strategic plan, the performance, and key business operations to the Board on a quarterly basis • For external affairs, the SET president, as SET’s representative, may delegate certain individual to act on his / her behalf, by following the rules and regulations set by the BoG. TheSETBoGhasdelegatedauthoritytothemanagement team to manage certain functions such as: • For fixed assets and operating expenditures within the budget approved by the BoG: Expenditure over THB 2 million must be submitted to the BoG for approval. • The purchase or procurement of products or services, within the budget approved by the BoG must not exceed THB 10 million. The purchase or procurement of products or services over THB 10 million must be submitted to the BoG for approval. • The increase of manpower or the increase of employees’ salary base must be within 10 percent. if over 10 percent, must be submitted to the BoG for approval. Committees appointment The BoG has appointed various committees to assist the operation and to review major functions that require expertise and specialization such as the Audit Committee, Nomination and Remuneration Committee, Corporate Governance and Social Responsibility Committee, and Risk Management Committee, and others. All the committees are independent in carrying out their duties as assigned by the BoG. Succession planning SET places importance on succession planning to ensure the work progress and continuity of top executive positions. The Nomination and Remuneration Committee will review and present recommendations to the Board for consideration and approval. The successor recruitment and development process is jointly planned with experienced consultants using criteria on knowledge, experience, capability, attitude and ethics. The committee will regularly report to the Board meetings. Board Responsibility The SET BoG has the authority and duty to formulate policies, supervise SET’s operations with the most benefit to the organization, stakeholders and the Thai economy as a whole. The details are as follows: 1. Vision, mission, goals and strategic plan Starting from 2015, SET’s vision, missions, long- term strategic framework have been conceived under the theme of “Towards Sustainable Growth”. SET has continuously monitored and assessed the changing economic landscape and has adjusted the framework accordingly, In 2017, the SET BoG approved SET’s More details are available under the topic “Committees of The Stock Exchange of Thailand”.