Page 72 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

8. Consider the approval of business plans, annual budgets and sales/acquisitions of the
asset exceeding 50 MB, joint ventures in expanding its business and approval of any other
loans besides the working capital loans, which are solely authorized by the Executive
Board.
All aforementioned responsibilities can be enforced and approved by the Board of
Director except for the following items, which require shareholders’ approval.
a. In compliance with the law, requiring a shareholders’ resolution in regard to transfers or
disposals of an entity, increases in paid-up capital, merger etc;
b. Connected transactions as set out in SET regulations;
Apart from the resolution of a shareholder meeting, a vote of not less than three quarters
of the total number of votes of shareholders who attend the meeting and have the right to
vote is required to approve the following events:
c. The sale or transfer of the whole or important parts of the business of the company to
other persons;
d. The purchase or acceptance of transfer of the business of other companies or private
companies by the company;
e. The making, amending or terminating of contracts with respect to the granting of a lease
of the whole or important parts of the business of the company, the assignment of the
management of the business of the company to any other persons or the amalgamation of
the business with other persons with the purpose of profit and loss sharing;
f. The amending of the articles of association and memorandum of association;
g. The increase and reduction in company capital;
h. The merger or termination of the company; and
i. Any other relevant issue stipulated by law.

The Audit Committee

The audit committee of the company has the scope of duties and responsibilities to the
Board of Director on the following matters:
1. To review the Company's financial process to ensure that it is accurate and adequate
2. To review the Company's internal control system and internal audit system to ensure that
they are suitable and efficient, to determine an internal audit unit's independence, as well
as to approve the appointment, transfer and dismissal of the chief of an internal audit unit
or any other unit in charge of an internal audit
3. To review the Company's compliance with the law on securities and exchange, the
Exchange's regulations, and the laws relating to the Company's business
4. To consider, select and nominate an independent person to be the Company's auditor,
and to propose such person's remuneration, as well as to attend a non-management meeting
with an auditor at least once a year
5. To review the Connected Transactions, or the transactions that may lead to conflicts of
interests, to ensure that they are in compliance with the laws and the Exchange's
regulations, and are reasonable and for the highest benefit of the Company
6. To prepare, and to disclose in the Company's annual report, an audit committee's report
which must be signed by the audit committee's chairman and consist of at least the
following information

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