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Corporate Governance

Board of Directors

Tune Insurance Public Co., Ltd. (“TIPCL”) or Tune Protect Thailand (“TPT”) runs insurance business based on the corporate good governance practice and code of conduct principle strictly and systematically. The Company has the segregation of the internal control and the Board of Directors’ role and responsibilities in accordance with the international standards and insurance core principles, yet aligns with the Company’s strategies.

The members of Board of Directors are;

  • 1. Dr. Sorajak Kasemsuvan - Chairman of Board of Directors
  • 2. Mr. Somchai Chaisuparakul - Director
  • 3. Mr. Tassapon Bijleveld - Director
  • 4. Mr. Sittichai Kritvivat - Director
  • 5. Mr. Mohamed Rashdi bin Mohamed Ghazalli - Director
  • 6. Mr. Rohit Chandrasekharan Nambiar - Director
  • 7. Mr. Mohd Yusof Hafiz Bin Mohamad - Director

TPT’s Corporate Governance Policy & Framework

Tune Protect Thailand has established the corporate governance framework which is the core of the insurance business based on trust, integrity and accountability to the insured and others. In this regard, the Company has set out the roles and responsibilities of the Board of Directors and key persons e.g. Management, Subcommittee and all employees to ensure that the Company has internal control process and efficient mechanism with the following:

Roles and Responsibilities of Board of Directors

  • 1. To determine the direction and strategic target of the Company as well as consider and approve significant policies and business strategies.
  • 2. To oversee, review and monitor the Company’s policies namely, conflict of interest policy, whistleblowing policy, remuneration policy and business code of conduct.
  • 3. To oversee, monitor and maintain the efficiency of internal control and audit system also to ensure the company’s risk management is in line with the risk appetite. Besides, to appoint subcommittees and oversee the financial audit including its reports.
  • 4. To supervise and oversee the business operations for ensuring that the Company is fully complied with laws and regulations, also to monitor the capital adequacy including any incidents or significant matters which affect business operations. Moreover, to encourage the Company to treat the insureds, customers and stakeholders equally.

Roles and Responsibilities of Executives and Managements

  • 1. Implement the strategies and policies efficiency by taking into account of the Company’s long-term values and sustainable business operations.
  • 2. Report key information and matters about the Company’s performance, risk level and performance of the Executives to the Board of Directors correctly, considerably and timely so that the Board of Directors can supervise and monitor the performance effectively.
  • 3. Promote the risk management culture in the Company in order to monitor and maintain the Company’s risks within the risk appetite as set out by the Board of Directors.

Furthermore, the Company has implemented an appropriate internal control system to support the Board of Directors and the Executives or Senior Management Team (“SMT”) to perform their duties properly and transparently. We also focus to treat stakeholders in accordance with corporate governance and market conduct principles to achieve the purpose of the Company’s long-term benefits with sustainable growth.

Internal Controls

Internal control principle is as part of the corporate good governance and in furtherance of the safe and sound operation, which is set out and deemed as basic principle in order to achieve sustainable and robust business amidst rapid changes. The internal control covers information technology, all business operations, financial management process, financial report, risk management and compliance. The internal control structure and its components include but not limited to the followings:

  • 1. The Board is ultimately responsible for ensuring that the Company has in place with effective internal control system, and oversee internal control system in the Company appropriately.
  • 2. Internal control management performed by business units and the Management as the 1st Line of Responsibilities for ensuring that the internal control has undertaken, operated and maintained efficiently.
  • 3. Risk Management and Compliance functions facilitate and monitor the implementation of effective risk management and monitoring of various compliance matters with applicable laws and regulations as the 2nd Line of Responsibilities.
  • 4. Internal Audit function governs and oversee the effectiveness of the first line and the second line of defence.
  • 5. To support the risk management culture and compliance system with the aim of having the appropriate internal control principle.
  • 6. To protect the customer information and establish the measurement of information protection for ensuring that their data have been collected, used and stored appropriately under the data privacy policy.

Subcommittees

Audit Committee

Audit Committee Member

  • 1. Mr. Mohamed Rashdi bin Mohamed Ghazalli - Chairman of the Audit Committee
  • 2. Mr. Somchai Chaisuparakul - Audit Committee Member
  • 3. Mr. Sorachak Kasemsuwan - Audit Committee Member

Roles and Responsibilities of Audit Committee

  • 1. To consider, approve and oversee the Company to comply with the policies such as Anti-Corruption Policy, Anti-Money Laundering and Counter-Terrorism Financing Policy (AML-CTF), Conflict of Interest Policy and Fraud Risk Management Policy and so on.
  • 2. It is a must to ensure that the Company has accurate and reliable financial reporting processes, and discloses key information correctly, sufficiently and timely to the public and the regulators as specified by related laws and standards.
  • 3. To supervise and ensure that the Company complies with laws, rules and regulations in relation to its business operations.
     

Risk Management Committee

Risk Management Committee member

  • 1. Mr. Mohd Yusof Hafiz Bin Mohamad - Chairman of Risk Management Committee
  • 2. Mr. Somchai Chaisuparakul - Risk Management Committee Member
  • 3. Mr. Ben Assanasen - Risk Management Committee Member
  • 4. Mr. Dixon Wong Kit Seng - Risk Management Committee Member
  • 5. Ms. Seng Soo Wy - Risk Management Committee Member

Roles and Responsibilities of Risk Management Committee

  • 1. To determine and consider risk management framework, risk management policy covers risk appetites which impact to capital adequacy, Company’s reputation and business operation and so on
  • 2. To ensure that the Company has appropriate, sufficient and effective risk management process that complies with the Company’s risk management policy, rules, regulations, and criteria regulating all the business operated by the Company, and being in line with the good corporate governance.
  • 3. To ensure that the Company has the properly organized meetings for tracking and monitoring of the risk appetite and risk management including giving the proper advisory service to be in line with its framework, Company’s policies and strategies and then ensuring those are proposed to the Board of Directors for acknowledgement and/or approval.
  • 4. To support the risk management unit for achieving the target or goal as set forth.
     

Investment Committee

Investment Committee Member

  • 1. Mr. How Kim Lian - Chairman of Investment Committee
  • 2. Mr. Somchai Chaisuparakul - Investment Committee Member
  • 3. Mr. Ben Assanasen - Investment Committee Member

Role and Responsibilities of Investment Committee

  • 1. Determine and develop the investment policy and framework and propose its framework to the Board of Directors.
  • 2. Consider and approve the investment plan to align with investment policy and risk management policy.
  • 3. Undertake and manage investment activities to align with investment policy and regulatory requirements.
  • 4. Oversight investment report and human resources for managing and performing investment activities.
  • 5. Conduct the investment performance valuation periodically and report its performance to the Board of Directors.

 


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