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Annual Report 2017 : Aot ] 8.5x11.5inh sun 14.5 mm 60-09-132_COVER AR 2017 ENG_uncoatd_W.ai 8.5x11.5inh sun 14.5 mm CHIANG MAI INTERNATIONAL AIRPORT 60-09-132_IN COVER AR 2017 Thai+ENG_uncoatd_W.ai P.32 P.78 P.120 P.134 P.149 P.168 P.189 V i s i o n AOT operates the world’s smartest airports: Focusing on service quality by emphasizing on safety and balance of revenue generation P.32 P.78 P.120 P.134 P.149 P.168 P.189 V i s i o n AOT operates the world’s smartest airports: Focusing on service quality by emphasizing on safety and balance of revenue generation P 12 : Message from the Chairman : [ ANNUAL REPORT 2017 : AOT ] l l l Message from the Chairman l l l Dating back to the establishment of Airports Authority of Airport Carbon Accreditation at Level 3 Optimization for Thailand on 1 July 1979, which was later corporatized to be Suvarnabhumi Airport, Don Mueang International Airport, Airports of Thailand Public Company Limited (AOT), AOT has Chiang Mai International Airport, Mae Fah Luang-Chiang become a listed company in the Stock Exchange of Thailand Rai International Airport and Hat Yai International Airport. with its highest brand value in the transportation and logistics AOT has more recently been in the process of improving industry group, representing up to 400,000 million Baht1. its operations to apply for higher levels of accreditation in It has been with great pride that AOT has served airport line with its commitment to sustainable development in all users with happiness for over 38 years, which obviously dimensions. proves our experience and expertise in airport management. In terms of the future direction of AOT’s operations, its Throughout 2017, AOT has been committed to continuously airports will become more integrated and innovation-driven developing the infrastructure and services of all airports under to enhance service quality, reduce long waiting times and its responsibility amidst several opportunities and challenging increase the airports’ terminal capacity as well as develop factors. This offered a good opportunity for AOT to improve the infrastructure to increase the overall capacity of all 6 even further the service quality at its airports which not only airports under its responsibility. However, the management serve as welcoming gateways for all travellers from all over of airports, which are large-scale pieces of infrastructure, the world, but also as major hubs for the ASEAN region. This play a crucial role in driving the national economy. As such, has enabled AOT to achieve its vision “AOT Operates the this requires effective cooperation and solid relationships World’s Smartest Airports: Focusing on Service Quality by within all sectors to enable ongoing changes along the value Emphasizing Safety and Balance of Revenue Generation”. chain of the aviation industry. AOT realizes that it is faced Key success factors in 2017 were derived from strong with the challenge of managing those changes; therefore determination and unity of AOT’s executives, officers and its operations must be efficient and adaptable and in line employees who had collaborated with business partners, with the expectations of all stakeholders. AOT assures that regulatory agencies, and the local community to ensure the attention paid to its stakeholders will build trust among a balance of operations, covering economic, social and all sectors and ensure smooth operations leading to further environmental dimensions. This has led to AOT’s progress improvements in performance. towards sustainable growth - the utmost objective of its organizational management. Throughout the year, several On behalf of the AOT Board of Directors, I would like to awards AOT received, from both domestic and international express my sincere gratitude to all stakeholders for their agencies, provide evidence of the quality of AOT’s services trust and support in all aspects of AOT’s operations. I strongly and organizational management. At the Corporate level, believe that the AOT Board of Directors, executives and for example, AOT was the first airport operator in Asia to officers will devote their wholehearted efforts in all missions be selected as a member of the Dow Jones Sustainability to enhance the airports’ businesses with excellent standards, Indices (DJSI) in the Transportation and Transportation a service-minded approach, cutting-edge technologies, value Infrastructure (TRA) Industry Group from 2015 to the present. addition and social and community responsibility towards In 2017 AOT was selected as a member of the FTSE4Good sustainable growth. Index which was designed to measure the performance of companies in terms of management and information disclosure encompassing Environmental, Social and Governance (ESG) standards. At the airport level, AOT’s outstanding environmental performance contributed to (Mr. Prasong Poontaneat) the achievement of the Airports Council International Chairman 1 Based on the use of the assessment tool called 2017 Corporate Brand Success Valuation (CBS Valuation), developed by the Faculty of Commerce and Accountancy, Chulalongkorn University. BEYOND THE BOUNDARY : P 13 In 2017 AOT was selected as a member of the FTSE4Good Index which was designed to measure the performance of companies in terms of management and information disclosure encompassing Environmental, Social and Governance (ESG) standards. Dow Jones Airport Carbon Sustainability FTSE4Good Accreditation Indices: DJSI Index Level 3 Optimization 2015 - 2017 2017 2017 AOT passed international standards-based assessments conducted by both domestic and international organizations, which can ensure the organization’s high quality. P 14 : Report of the Audit Committee : [ ANNUAL REPORT 2017 : AOT ] l l l Report of the Audit Committee l l l The AOT Audit Committee was appointed according to of those reviewed and audited by the auditor. The auditor the AOT’s Order No.1976/2016 dated 7 October 2016. was invited to participate in every meeting to consider The Committee comprised 3 independent directors with quarterly and annual financial statements. The Audit expertise, including Air Marshal Prakit Skunasingha as committee and the auditor also held 5 meetings, without Chairman of the Committee, Mr. Manit Nitiprateep and Mr. the presence of the management, to discuss independently Wara Tongprasin as Members of the Committee and Vice the receipt and verification of information crucial for President of the Office of Audit as Secretary of the Committee. preparation of financial statements, improvement of significant accounting information affecting financial The Audit Committee independently carried out its duties statements, adequacy and appropriateness of accounting as assigned by the Board of Directors by adhering to the records and scope of audit, disclosure of accurate, Audit Committee Handbook for State Enterprises of the complete, adequate key audit matters (KAM) in the State Enterprise Policy Office, the Ministry of Finance, and auditor’s report and independence of auditor. This aimed the AOT Audit Committee Charter, as in line with the best at ensuring that the financial statements were reliable practice guidelines of the Stock Exchange of Thailand. and prepared according to the legal requirements and It reviewed the Company’s management and operations in accounting standards according to the generally the areas of good corporate governance, risk management, accepted accounting principles in a timely manner and internal control, internal audit, financial reporting and the information disclosed in the financial statements other functions in compliance with relevant laws, rules and was adequate for the benefits of the investors or users. regulation to contribute to ensure of operational efficiency and effectiveness as well as to encourage compliant 2. Good Corporate Governance Review The Audit practices to the Company’s anti-corruption policy for Committee reviewed the specified operating processes corporate transparency. and the Company’s operations compliance with the rules and regulations of the Stock Exchange of Thailand, In the fiscal year 2017, the Audit Committee held 13 meetings other laws related to the Company’s operations, and with senior executives, concerned parties and auditor anti-corruption measures in accordance with the good participating in various meeting agenda items and corporate governance principles. It also conducted preparing reports on its performance to be proposed to the self-assessments of the entire Committee and each Board of Directors for continual acknowledgement. Its key individual member following the best practices for the performance can be summarized as follows: Audit Committee of State Enterprises and the Stock 1. Financial Reporting Review The Audit Committee reviewed Exchange of Thailand, covering the composition of the the Company’s quarterly and annual financial statements Audit Committee, scope of responsibility, independence, for the fiscal year 2017 as well as the connected transactions meetings, reviews, provision of comments and and conflicts of interest. The Company’s financial statements recommendations beneficial to the Company’s internal were prepared according to financial reporting standards control, risk management system, preparation of financial with an emphasis on key issues explained by the auditor, reporting, accounting audit of the auditor, internal audit the management and Vice President of the Office of Audit. system, compliance with rules and regulations, and The Committee was to ensure that the preparation of preparation of
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