Audit committees in the near future will take charge of considering connected transactions, the SET said in a statement. They currently have the duty only to consider whether information disclosed about connected transactions is accurate.

The SET said internal audit committees would now be eligible to arrange a meeting at least once a year with accounting auditors - in which company executives are prohibited from participating.

Listed companies will also be required to report the reasons for an audit committee's resignation immediately, as there might be some irregularity related to the resignation.

The change is subject to approval from the Securities and Exchange Commission.

Dumping action

Glass block imports from China will be subject to a wide range of anti-dumping duties, from 11.42 per cent to 82.78 per cent, because that country's export prices have damaged Thai manufacturers.

The Foreign Trade Department will impose the charge as a temporary measure for four months. The extra tariff will be calculated based on cost, insurance and freight.

Director-general Apiradi Tantraporn yesterday said a committee found that Chinese glass-block imports had engaged in price-dumping practices that hurt local manufacturers. -

Insurance review

The Commerce Ministry has ordered the Insurance Department to inspect the cash flows of all the country's insurance companies, to protect policyholders from mismanagement by cash-strapped insurers.

The order came after a recent announcement by the department to stop Thanasin Insurance from issuing new insurance policies, because the company could not maintain its insurance fund as required by the Insurance Law.

Companies who fail to meet the regulations will have their licences withdrawn.

Investment plan

Deputy Prime Minister Kosit Panpiemras yesterday said the government believed Bt500 billion to 600 billion worth of new investment would be spent to stimulate the country's economy.

For instance, Bt300 billion from the private sector is being prepared to invest in the petrochemical industry at the Map Ta Phut Industrial Estate in Rayong. However, the National Environment Committee will announce environmental regulations to prevent pollution problems in the next three months.

In addition, government approval for five electric-train lines will require an investment of Bt200 billion to 300 billion.