MESSAGE FROM CHAIRMAN
MESSAGE FROM CHAIRMAN
MESSAGE FROM CHAIRMAN
Mr.Suwat Summashipvitsavakul
Chairman of The Audit Committee
Dear all contributors to success
The Audit Committee was appointed by the Board of Directors. It consists of three independent directors: Mr. Suwat Sammachipwisawakul, Chairman of the Audit Committee, who possesses accounting expertise; Ms. Puangthip Silpasat, Member of the Audit Committee; and Ms. Kornsiri Pinrat, Member of the Audit Committee.
In 2024, the Audit Committee held four meetings, and all members attended every meeting. Each member’s attendance is reported in the 2024 Annual Report. The Committee performed the following activities:
- Reviewed the quarterly and annual financial reports of the Company and the consolidated financial statements of its subsidiaries. The committee considered accounting information, compliance with financial reporting standards, and internal controls related to the preparation of these financial statements. Regular meetings were held with the Company’s accounting executives and AMC Company Limited, the external auditor. Observations from the review and audit were reported. During the review and audit, the external auditors found no fraud or violations of the law in the Company and its subsidiaries.
- Attended meetings with Dharmniti Internal Audit Company Limited, the internal auditor, to evaluate the effectiveness and adequacy of the internal control systems of various departments, identify any significant issues, and monitor the progress of corrective actions. Issues identified and preventative measures to prevent damage were presented by the internal auditors, emphasizing the independence of both the internal and external auditors.
- Consider and approve the 2024 internal audit plan, focusing on issues that could significantly impact the business of the Company and its subsidiaries. Follow up on the results of corrective actions based on the internal auditors’ recommendations to ensure correct and continuous implementation to ensure the efficiency and effectiveness of the subsidiaries’ operations.
- Review the compliance system in accordance with legal requirements related to the Company’s business operations, including compliance with the requirements of the Stock Exchange of Thailand and other relevant laws, by holding meetings with accounting executives, auditors, and internal auditors.
- Review related party transactions between the Company and its subsidiaries, including related transactions or transactions that may lead to conflicts of interest, to ensure that the transactions are conducted in accordance with normal business conditions, are reasonable, and in the best interests of the Company. Information is disclosed adequately and transparently, and there are no transactions that materially impact the Company.
- Evaluate the performance of the auditors and internal auditors, and consider their knowledge, capabilities, and experience, as well as appropriate audit and internal audit fees. This will be submitted to the Board of Directors for approval to nominate auditors and their remuneration. To the shareholders’ meeting for approval of the appointment for 2024.
In carrying out its duties and responsibilities in 2024, the Audit Committee reviewed and considered the Company’s operations, in collaboration with the responsible executives, internal auditors, and external auditors. Overall, the Audit Committee concluded that the Company has an appropriate and adequate internal control system, and that its operations comply with relevant legal requirements and the Company’s policies. Furthermore, the Company’s financial statements have been prepared in accordance with generally accepted accounting principles and are reliable, taking into account the risk management system and auditing processes.
Mr. Prapas Chutimavoraphand
Chairman of Executive Director
Dear all contributors to success
In 2024, the country’s economy grew by 2.7%. The company has prioritized internationally recognized production standards, including BRC, FSSC 22000, and ISO 22000 certifications. Furthermore, it has prioritized cost management to maintain industry competitiveness, including building partnerships and creating investment opportunities for new products. This has enabled TSTE Public Company Limited and its subsidiaries to maintain sustainable profitability, reinforcing its position as a “leading logistics and food-related business.”
The management and employees at all levels strictly adhere to the company’s vision and mission, and operate in accordance with the organization’s core values of work discipline, honesty, service-mindedness, and competence. This, coupled with prudent business practices, will serve as a guideline for continued success.
TSTE Public Company Limited and its subsidiaries are committed to conducting business with due care for its stakeholders, the economy, society, and the environment, with morality, ethics, and code of conduct. Good governance is a key element in ensuring that all activities are conducted with honesty, integrity, transparency, and fairness, while also being mindful of the impact on the economy, society, and the environment. This will be the key to truly sustainable organizational growth.
Mr. Pricha Attavipach
Chairman
Dear all contributors to success
Over the past year, the Thai economy grew by 2.7%. In 2024, agricultural production, particularly sugarcane, decreased by 11.72 million tons of cane delivered to factories. The decrease was from 93.88 million tons in the 2022/2023 sugar production season to 82.16 million tons in the 2023/2024 sugar production season. This decrease stems from the company’s emphasis on sustainable business strategies, which have been implemented through the Board of Directors’ vision, mission, policies, and procedures. Furthermore, an internal audit unit has been established to monitor compliance with the sustainability policies and guidelines. Furthermore, the company prioritizes various stakeholders and has established numerous business partnerships.
Furthermore, the company’s continuous improvement of its logistics service standards to meet international standards has enabled the Group to maintain profitability and liquidity. This includes the Group’s ability to repay debt. Overall, in 2024, the Group reported a net profit of 102.38 million baht and announced a dividend payment of 0.10 baht per share. Despite numerous external impacts, the Group was able to maintain its ability to generate net profits and debt repayment, as well as maintain its ability to pay dividends. This affirms the Group’s success in operating sustainably.
On behalf of the Chairman, I would like to thank all executives and employees for their trust and confidence in our business operations with dedication, dedication, perseverance, and honesty, which has led to the Company’s success to this day. The Company reaffirms its commitment to conducting business in accordance with the principles of good corporate governance, respect for all stakeholders, and responsibility towards the environment and society, ensuring sustainable growth.
Ms. Puangtip Silpasat
Chairwoman of the Nomination and Remuneration Committee
The Nomination and Remuneration Committee is appointed by the Board of Directors. It consists of three members: Ms. Puangtip Silpasat, Chairwoman of the Nomination and Remuneration Committee; Mr. Suwat Sammacheepwisawakul; and Ms. Chutathip Arunanontchai. In 2024, the Nomination and Remuneration Committee held two meetings, with all members attending each meeting. The committee’s report is included in the 2024 Annual Report (Form 56-1 One Report). The committee performed its duties in accordance with its charter, with the following key points:
- Recruitment and Selection of Directors
In the selection and selection of independent directors, directors, and subcommittees to replace directors whose terms have expired, shareholders were invited to nominate candidates for consideration from October 1 to December 31, 2024. The committee will review their qualifications and ensure they meet the requirements of the Securities and Exchange Commission and the Stock Exchange of Thailand. They will not possess any prohibited characteristics as defined by law. The committee will also take into account their qualifications, experience, knowledge, and abilities that will benefit the Company before presenting them to the Board of Directors and shareholders’ meetings. for further consideration and approval.
- Determination of Remuneration for the Board of Directors and Subcommittees
In determining remuneration and other benefits for directors, the Nomination and Remuneration Committee conducts transparent remuneration,
appropriate to the scope of duties and responsibilities, and aligns with the Company’s performance. The Committee studies, analyzes, and compares remuneration for directors and senior executives to ensure that it is comparable to that of listed companies in the same industry or other companies of similar size. This aims to motivate and retain quality directors and senior executives.
- Evaluation of the Board’s Performance and Report to the Board of Directors
To ensure efficient performance and maximum benefit to the organization, the Nomination and Remuneration Committee conducts annual performance evaluations of the Board, subcommittees, and individual directors. This is in line with the principles of good corporate governance, with a focus on using the evaluation results to improve the Board’s performance.
Ms. Kornsri Pinrat
Chairman of the Risk Management Committee
The Risk Management Committee was appointed by the Board of Directors and consists of five members: Ms. Kornsri Pinrat, Chairman of the Risk Management Committee, Mr. Suwat Sammacheepwitsawakul, Ms. Puangthip Silpasat, Mr. Chanachai Chutimavoraphan, and Mr. Thanakorn Charoenwongsa.
In 2024, the Risk Management Committee held four meetings, with all members attending each meeting. The Committee’s report is included in the 2024 Annual Report (56-1 One Report). The Risk Management Committee performs its duties under good corporate governance to ensure the Company’s risk management is efficient and effective, achieving business goals, and building confidence and credibility among shareholders and stakeholders that the Company has a risk management system capable of addressing all aspects of risk.
The key functions of the Risk Management Committee are as follows:
- Overseeing risk management to minimize the impact on business operations.
The Company monitors key global situations that may impact the operations of the Company and its subsidiaries. Proactive and reactive measures are in place, and management plans are developed to mitigate the likelihood of all risk events. In 2024, the Risk Management Policy was reviewed and revised. and acceptable risks in line with the current situation.
- Oversee the organization’s stakeholder management.
To ensure the stakeholder management process covers all stakeholder groups, the following was approved:
2.1 The Company’s Stakeholder Management Strategy
2.2 Stakeholder Priority Issues and Operational Guidelines
- Follow up on the organization’s risk management for 2024.
This is done by closely monitoring the situation quarterly. Risk indicators are established for early warning and monitoring. Advise management on improving risk management by reviewing the risk plan to align with the strategy and changing business environment, and reporting the results to the Board of Directors.
- Review and refine the organization’s risk report.
This report was submitted for approval by the Board of Directors. This resulted in a clear risk management plan aligned with the strategy and business goals. It is implemented throughout the organization to ensure effective and timely risk management.
In summary, the Company’s Risk Management Committee is committed to maintaining and dedicating itself to improving the efficiency of risk management to ensure effective, appropriate, and controllable risk management at an acceptable level, achieving sustainable business goals in a challenging environment