- 59 - (l) Current derivative liabilities Unit : Million Baht Consolidated financial statements Separate financial statements As at December 31, 2021 2020 2021 2020 A related party 9 110 9 110 Total 9 110 9 110 (m) Directors’ and management’s remuneration Unit : Million Baht Consolidated financial statements Separate financial statements For the years ended December 31, 2021 2020 2021 2020 Salaries and other short-term benefits 70 80 67 77 Long-term benefits 1 1 1 1 Total 71 81 68 78 38. FINANCIAL INSTRUMENTS 38.1 Financial risk management objectives The Group’s Corporate Treasury function monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group seeks to minimise the effects of these risks by using financial instruments such as derivatives to hedge these risk exposures. The use of financial derivatives is governed by the Group’s policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk. The use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity, compliance with policies and exposure limits are reviewed by the internal auditors on a continuous basis. The Group does not enter into or trade financial instruments, including, financial derivatives for speculative purposes. The Corporate Treasury function reports the result of risk management on a quarterly basis to the Group’s risk management committee, an independent body that determines the policies and monitors the risk management implemented to mitigate risk exposures. 38.2 Market risk The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of financial derivatives to manage its exposure to interest rate and foreign currency risk, including: Forward foreign exchange contracts to hedge the exchange rate risk arising on the export and import of goods and including foreign currency loans Interest rate swap contracts to mitigate the risk of rising interest rates; Commodity derivative contracts to mitigate the price risk of purchased inventory 361 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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