Message from Chairperson of the Risk Management Committee Dear Shareholders, IRPC underscores the importance of and is committed to efficient and effective risk management, thus enabling the company to live up to its vision and mission as well as to achieve goals in alignment with the strategy to deliver sustainable value to all stakeholders. In this regard, the company’s Board of Directors has assigned the Risk Management Committee to formulate policy, provide supervision, and give advice on enterprise risk management and investment risk management that corresponds to the company’s strategy with a view to ensuring, efficient business operations and sustainable growth. To this end, the company also promotes and enhances enterprise-wide risk management while seeking out new business opportunities to leverage innovations and transform existing businesses. The Risk Management Committee consists of five highly qualified directors with deep knowledge, expertise, and experience in risk management as follows: 1. Ms. Siriwan Chierapong 1 Chairperson 2. Mr. Prasong Inthonnongphai Director 3. Ms. Phiangpanor Boonklam Director 4. Mr. Phonchai Teerawet Director 5. Mr. Kris Imsang Director 1) Ms. Siriwan Chierapong and Mr. Phonchai Teerawet assumed their positions on the Risk Management Committee according to the resolution of the Board of Directors on April 18, 2023. In 2023, the Risk Management Committee held a total of 12 meetings, including 1 joint meeting with the Audit Committee and Corporate Governance and Sustainability Committee. 2023 was another year the company faced great challenges of uncertainty and volatility brought on by factors, such as geopolitical tensions linked to the breakout of wars in several countries, inflation, and economic slowdown as GDP growth missed the forecasts. The market situation was beset by price volatility while global warming and climate change impacts presented risk factors affecting the company’s business operations in the past year. The Risk Management Committee kept a tight rein accordingly. The Risk Management Committee’s performance is summarized as follows: 1. Reviewed policies, supervised operations, and recommended risk management approaches relevant to the company’s operations that corresponded to the business context and environment. 2. Scrutinized risk assessment results and plans to manage risks as well as recommending or proposing risk mitigation approaches to keep corporate risks at an acceptable level to ensure there is an adequate and appropriate risk management system. 3. Provided opinions and recommendations on strategic risk management, such as risk management for sales of petroleum products and readiness to switch to EURO 5-compliant diesel standard, which comes into effect on January 1, 2024. The management of risks associated with raising the share of sales of specialized products to align with the strategic direction of the company and the strategic investment corresponding to the greenhouse gas reduction vision to accomplish the Net Zero Emission goal by 2060, etc. 60 IRPC Public Company Limited Message from Chairperson of the Risk Management Committee
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