addition, the Group, mainly through its Watches & Fine Jewellery division, may be exposed to changes in the prices of certain precious metals, such as gold. It cannot be excluded that such fluctuations could

20T H ANNIVERSARY 1 Securities and Exchange Commission, Thailand Annual Report 2012 SEC ANNUAL REPORT 20122 THE YEAR OF CHANGE The year 2012 was the time for change to become the visionary partner whose balance between proactive and preventive approaches has led to stakeholders’ confidence in the Thai capital market. THE YEAR OF CHANGE 20T H ANNIVERSARY 1 02 MESSAGE FROM THE CHAiRMAN 04 MESSAGE FROM THE SECRETARY-GENERAl 06 SEC BOARd 09 CApiTAl MARkET SupERviSORY BOARd 12 ExECuTivE OFFiCERS 13 O...

to investors may arise that are equally valuable for the board to be aware of. An example is seen in Duke Energy, which saw a massive coal ash spill at a time when precious few of its board members had