Roles of I-EA-T Board and Committees

Roles of I-EA-T Board

The I-EA-T Board of Directors has the authority to propose policy guidelines, as well as to supervise and ensure that the overall operations of I-EA-T – which serves as an economic and industrial development mechanism – conform to the good corporate governance principles, with the aim of bringing about sustainable development and benefits to the country.

Appointed by the Cabinet’s resolution, the I-EA-T Board of Directors is comprised of 11 members – consisting of senior executives from both public and private sectors, experts, and I-EA-T Governor. All members are selected, based on experience and expertise – to effectively and efficiently devise and develop I-EA-T policies, directions, strategies and goals; as well as to supervise and ensure that all operations fully correspond to the action plan and the allocated budget.

In addition, the I-EA-T Board is obligated to clearly identify and define the roles and responsibilities of committees, sub-committees, and management teams. Through constant communication, the I-EA-T Board must ensure that committee and sub-committee members, together with employees at all levels, are fully aware of their roles and responsibilities.
For efficiency, the I-EA-T Board of Directors has appointed one board member for each of the 8 different committees and sub-committees:

1. Audit Committee
The Committee assumes the responsibility for the reliability and credibility of financial reports; I-EA-T management reports; I-EA-T performance reports on efficiency and cost-effectiveness; reports of potential conflict-of-interest activities that could significantly affect I-EA-T’s financial condition and operating performance, plus other relevant reports; and reports on compliance with the Cabinet’s rules, regulations, requirements, and resolutions, as well as those on compliance with I-EA-T policies.

2. Risk Management Sub-Committee

The Sub-Committee has the authority to inspect, supervise, and advise the Risk Management Committee on risk management implementation. In addition, the Sub-Committee has the responsibility of developing the internal control system, as well as putting in place the risk management system and assessing its adequacy.

3. Corporate Affairs Committee

The Committee has the authority to issue advisory opinions on the improvement of I-EA-T operations; promote and develop labor relations; compromise and restrain internal conflicts; improve rules and regulations for the benefit of employers, employees, and I-EA-T; provide consultation in order to solve problems raised in the complaints submitted by employees or the labor union – including those related to disciplinary punishments; as well as seek to improve employment conditions.

4. Corporate Governance Sub-Committee

The Sub-Committee assumes the responsibility of proposing guidelines and provide advice on corporate governance to the I-EA-T Board of Directors and management teams; reviewing guidelines and principles of I-EA-T corporate governance, and reporting on governance performance to the I-EA-T Board every 6 months.

5. Corporate Social Responsibility Sub-Committee

The Sub-Committee has the authority to propose policies regarding social and environmental responsibility to the Review Committee on Corporate Social Responsibility and Environmental Policies on a regular basis, to be in accordance with international guidelines and other relevant entities’ recommendations; promote social and environment contribution projects/activities conducted by I-EA-T; encourage involvement of communities and stakeholders in I-EA-T operations; as well as appoint sub-working groups to support social and environmental responsibility implementations as deemed appropriate.

6. I-EA-T Governor Performance Assessment Sub-Committee

The Sub-Committee assumes the responsibility of determining assessment criteria and procedures, as well as reporting the results of I-EA-T Governor’s performance assessment over the contract period to the I-EA-T Board.

7. Sub-Committee on the Consideration of Privileges and Service Business Project

The Sub-Committee has the authority to act on behalf of the I-EA-T Board in the approval and authorization of privileges in the I-EA-T Free Zone, based on the criteria and conditions prescribed by I-EA-T.

8. Sub-Committee on the Screening of I-EA-T Organizational Plan

The Sub-Committee assumes the responsibility of providing advice and consultation on the development of I-EA-T policies and strategies, as well as pre-screening the operating plan before submitting to the I-EA-T Board for approval.

9. Finance, Budget and Investment Sub-Committee

The Sub-Committee has the authority to consider and screen matters related to the management of finance, budgets, and investment in industrial estates and industrial ports; determine appropriate financial strategies that correspond to the strategic development and management of industrial estates and ports; develop strategies and guidelines for the investment in extra businesses that not only contribute to the business development of operators in the industrial estates and industrial ports, as well as general business operators, but also yield returns in the form of both financial gain and an equitable society; establish guidelines for the utilization of I-EA-T assets to optimize income and added value.

10. Legal Sub-Committee

The Sub-Committee assumes the responsibility of inspecting and rendering opinions to the I-EA-T Board on issues regarding laws, regulations, and contracts; as well as reviewing existing rules, regulations, notices, and criteria governing internal management and operations to ensure appropriateness and proper amendment. The aim is to streamline management for maximized efficiency.

11. Sub-Committee on the Consideration of the Appeal Against the Punishment Order

The Sub-Committee has the authority to consider the appeal; verify facts and relevant documents; call upon the Disciplinary Investigation Committee or other individuals to provide additional information; and submit the results of its consideration to the I-EA-T Board.

Board Self-Evaluation

To assess operational efficiency according to the good corporate governance principles, the I-EA-T Board has to undertake 3 different types of self-evaluation: individual, collaborative, and cross-sectional. The I-EA-T Board is also responsible for reviewing and revising the questionnaires used in all three types of self-evaluation – making them clear, appropriate, and easy-to-understand; so that the evaluation results are accurate and beneficial.

Board Remuneration

The remunerations for state-enterprise board members – e.g. attendance premiums, and bonuses – are in accordance with criteria and guidelines specified by the Ministry of Finance; while other expenses – e.g. daily allowances, accommodation allowances, clothing allowances, and entertainment allowances – are in line with the I-EA-T regulations.

Board Reports

The I-EA-T Board of Directors upholds the policy of maintaining an effective and efficient internal control system, in order to ensure the accuracy, completeness, and sufficiency of accounting records for asset portfolios, as well as to identify weaknesses and prevent significant operating irregularities.

The Audit Committee is appointed by the I-EA-T Board to assume the responsibility for maintaining the quality of financial reports – including quarterly and annual financial reports, which consist of balance sheets, profit and loss statements, changes in equity statements, cash flow statements, notes to financial statements; monthly performance reports, together with relevant details and analysis; as well as internal control system reports that cover relevant opinions of the Audit Committee, as stated in the Audit Committee Report section of annual reports.