KR’s Board of Directors is responsible for ensuring proper standards of corporate governance are maintained at all times in fulfilling its mandate to its shareholders, employees, customers and community.

The Board is elected by the shareholders of the Company. At each annual meeting, at least one third of the Directors retire by rotation. The Directors to retire are those who wish to retire, or those who have been longest in office since last being elected.

The Board establishes the Company’s objectives, major strategies for achieving those objectives, the overall policy framework within which the business of the Company is conducted, and monitors management performance with respect to those matters. The Board met six times during the 2001 financial year. 

The Board has delegated the day-to-day management of the Company to the Chief Executive Officer. The Board committees addressed a variety of matters during 2001.

Audit Committee

The Audit Committee guides the Company in fulfilling its responsibilities for the establishment, maintenance and review of a system of internal control that provides reasonable assurance of effective and efficient operations, internal financial control, and compliance with laws and regulations.

The Audit Committee, which consists entirely of outside Directors, met five times during financial year 2001. The Committee  receives reports on the findings of internal and external audits and on actions taken in response to these. It meets with the Company’s  auditors  and reviews the scope and findings of the audit. It also reviews the annual and interim financial statements before the Board approves them.  In addition, the Committee regularly reviews and reports to the Board on the effectiveness of the Company’s system of internal control and risk management processes. The review is supported by an annual review of the overall internal control self-certification process recommended by the Stock Exchange of Thailand.

Executive Committee

The Executive Committee met eleven times during the year.