Remuneration to Directors and Executives

Remuneration to Directors

The Bank has established a set of well-defined and transparent remuneration policies for directors. The Human Resources and Remuneration Committee is responsible for reviewing these policies, taking into consideration the appropriateness of remuneration with respect to the scope of responsibilities of each director and related risks, long-term strategies and targets to ensure that the Bank’s remuneration is comparable to that of other commercial banks.

The General Meeting of Shareholders No.109, on April 9, 2021, approved director remuneration and bonuses, which shall remain effective until a General Meeting of Shareholders determines otherwise. A director who is also a member of other Board Committees shall receive additional remuneration in accordance with the increased responsibilities, except that the executive directors and executive receive no remuneration for their membership in a Board Committee as follows:

  1. Remuneration for directors for the Board of Directors Meeting

    • Chairperson of the Board Baht 250,000 per month
    • Vice Chairperson Baht 200,000 per month
    • Director Baht 150,000 per person / month
  2. Remuneration for Independent Directors

    • Lead Independent Director Baht 100,000 per month
    • Member Baht 70,000 per person / month
  3. Remuneration for Board Committees:

    1. The Audit Committee

      • Chairman Baht 90,000 per month
      • Member Baht 60,000 per person / month
    2. The Corporate Governance Committee

      • Chairperson Baht 50,000 per month
      • Member Baht 36,000 per person / month
    3. The Human Resources and Remuneration Committee

      • Chairperson Baht 50,000 per month
      • Member Baht 36,000 per person / month
    4. The Risk Oversight Committee

      • Chairman Baht 50,000 per month
      • Member Baht 36,000 per person / month
  4. Remuneration for the Legal Adviser Baht 300,000 per month

  5. Bonus for directors at the rate of 0.5 percent of dividend payments

Details of remuneration to directors are shown as follows:

  1. Remuneration

    Directors received remuneration as directors, Independent Directors and members of the Audit Committee, Corporate Governance Committee, Human Resources and Remuneration Committee, Risk Oversight Committee, and as Legal Adviser, together with a bonus at the rate of 0.5 percent of the dividend payments, totaling Baht 91,357.913.89.

  2. Other remuneration

    None


Remuneration to Executives

The Human Resources and Remuneration Committee shall propose remuneration of executives to the Board of Directors for consideration and approval in accordance with the Bank policies. Remuneration for executives, including that for Chief Executive Officer and Presidents are tied directly to short-and-long term performance of the Bank, which reflects our status as being a sustainable bank, and performance result of each executive, relative to four key performance indicators as specified in the Balance Scorecard, regarding finance, customers, development of operational process and risk management, and human capital development, plus indicators for being a sustainable bank on the economy, society and the environment. Such indicators include ROA, ROE, net interest margin, non-interest income growth, cost to income ratio, loan growth, customer satisfaction, growth in environmental project financing, reduction of GHG emissions, and feedback from employee engagement survey, plus operating results against our peers in all dimensions, e.g., total shareholder return, ranking in most preferred platform digital banking service, enhanced competitiveness and sustainable business operations over the long run. Such indicators will ensure sustainable success of the Bank under transparent regulations and scopes of responsibility, that reflect related risks, as well as the competitiveness of the Bank vis-à-vis other leading financial institutions in Thailand.

Details of remuneration to executives are shown, as follows:

  1. Remuneration

    Executives in the position of First Senior Vice President or equivalent and higher, totaling 96 persons (inclusive of six executives, who resigned during the year), received remuneration including salaries, living expenses, special contributions, and bonuses from the Bank, totaling Baht 1,016,006,004, while executives in the position of Senior Executive Vice President or equivalent and higher, totaling 11 persons (inclusive of one executive, who resigned during the year), received remuneration including salaries, living expenses, special contributions, and bonuses from the Bank, totaling Baht 267,925,013.

  2. Other remuneration

    Executives in the position of First Senior Vice President or equivalent and higher, totaling 96 persons (inclusive of six executives, who resigned during the year), received the Bank’s contributions to their provident funds, totaling Baht 31,374,500, while executives in the position of Senior Executive Vice President or equivalent and higher, totaling 11 persons (inclusive of one executive, who resigned during the year), received the Bank’s contributions to their provident funds, totaling Baht 7,555,339. In addition, the bank’s executives received benefits and other welfares under the bank’s regulations, similar to other employees, such as healthcare and medical checkup expenses, and loan welfares. The ratio of compensation for executives in the position of Senior Executive Vice President or equivalent and higher to employees was 1.21 percent.

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