The Board has established guidelines in the supervision of the company which are in accordance with best practices of the securities exchange and the Board of Directors of the company summarized as follow:

1. Governance Policy

The company recognizes good governance in order to keep investors and the general public informed and be able to examine the operation of the company. The company has established supervision policy emphasizing matters related to directors, transparency in company's conduct, the disclosure of information, and risk management to build confidence among shareholders, investor, and all relevant parties.

2. Right of Shareholders

As a matter of policy, the company recognizes shareholder's right by arranging to send out meeting invitation including meeting information and agenda to all shareholders in advance. The company will also record and prepare minutes of the meeting so shareholders may review and examine the results of the meeting.

3. Right of Interested Parties

The company recognizes the right of all interested parties particularly the community and employees. Over the past years, the company has recognizes the importance of the environment because the business of the company may create vibration and noise disturbing the nearby community. The company undertakes to implement various measures to reduce such impact as well as avoiding creation of nuisance to the community as much as it can. Concurrently, for its own employees, measures have been taken to prevent possible danger which may arise by providing them with appropriate protective gear.

4. General Shareholder's Meeting

The company has policy to facilitate the meeting of shareholders by organizing the meeting in a place and at a time convenient to all shareholders to participate in the meeting. The company shall provide information with sufficient time to study as well as preparing proxy document for shareholders who are not able to attend the meeting by themselves.

5. Leadership and Vision

The Board of Directors has participated in the establishment of vision, mission statements, strategy, goal, business plan, and budget of the company as well as supervising the management to perform according to its business plan, and established budget efficiently and effectively in order to maximize the economic value, and security to the shareholders.

6. Conflict of Interests

The company has policy to prevent conflict of interest by establishing policy and procedures in writing for the approval of related party transaction. The Board of Directors and the Audit Committee shall control and examine said transactions and provide disclosure within the Note to Financial Statement, Annual Report, and Form 56-1. In addition, the Board and the Committee shall supervise management and related party to comply to Section 59 of the Securities and Securities Exchange Act of BE 2535 relating to Disclosure of Security Holding and the Prohibition of Exploiting Insider Information for Self Interest.

7. Business Ethics

The Board and management have established policy and informed all employees to be conscientious to perform their duty with honesty, and be responsible to interested parties, the shareholders, and relevant parties consistently.

8. Balance of Voting Power of Non-Executive Directors

The Board of Directors consists of 9 directors broken down into
- Executive Directors 5 individuals
- Non-Executive Directors 1 individual
- Independent Directors 3 individuals

Non-Executive directors and independent directors combined accounted for 44.4% of all directors, and provided appropriate check and balance in the management of the company.

9. Combined or Isolated Position

The company has isolated the positions of the Board Chairman, and the Managing Director distinctively with the check and balance provided by independent directors.

10. Compensation for Directors and Management

The company has clear and transparent policy on director compensation at the same level as other companies in the industry and sufficiently high to retain qualified directors with proper approval at the General Shareholder's Meeting.

The company has established policy on management compensation at an appropriate level commensurate to duty and responsibility, sufficiently high to provide incentive for management to perform their duty to the highest of their ability.

11. Board of Director's Meeting

The Board convenes regularly at least quarterly with meeting invitation including information and clear agenda of the meeting delivered to all directors at least 7 days in advance. The company arranges to record minute of the meeting in writing to report the result of the meeting and retains the minute for the Board and relevant parties viewing and examining. During the year 2004, there were 4 Board Meeting with all directors attended in all the meetings.

12. Sub-Committee

The company has formed two sub-committees comprising the Audit Committee, and the Recruitment and Compensation Committee.

The Audit Committee: The company appointed its Audit Committee on March 2, 2004 with tenor of 3 years. The Audit Committee shall convene its regular meeting and report to the Board of Directors

The Recruitment and Compensation Committee
The Board appointed the Recruitment and Compensation Committee in accordance with its resolutions passed at the Board Meeting 4/2547, dated November 8, 2004, and 1/2547, dated February 25, 2004. The Committee was formed in order to consider recruiting qualified and appropriate individuals to be appointed as executive directors including consideration for an appropriate level of compensation for directors.

13. System Control and Internal Audit

The company commissioned KPMG Pumichai Co., Ltd. to provide operational audit and audit on essential financial activities. KPMG Pumichai was to assist in providing counsel to rectify weaknesses found in the company's system of internal control, to ensure the company maintains a good system of internal control, and conducting its business in full compliance with the law and regulation relevant to the company.

14. Board of Director's Report

The Board of Directors is responsible for the consolidated financial statements of the company and its subsidiaries, and financial information presented in the Annual Report. The Board assigned the Audit Committee to review financial statements and related party transaction prior to its presentation. Said financial statements are prepared based on Generally Accepted Accounting Principles in Thailand applying appropriate accounting policy, and adequate disclosure within Notes to Financial Statement.

15. Investor Relations

The Board of Directors recognizes the importance of disclosure of information which is accurate, complete, and transparent both for financial information and general information as well as important information which may affect company's stock price. The company distributes essential information via channel of communication in accordance with the Securities Exchange of Thailand requirement. Furthermore, the company has established specific unit for investor relation reporting directly to the Managing Director to provide news and information about the company for investors, shareholders, analyst, and the general public. Investor may contact for information at phone number 029-190-090-97 or visit company website: www. seafco.co.th or at e-mail address: seafco@seafco.co.th