​​​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. 112, on April 11, 2024, approved the remuneration for directors, Credit and Investment Screening Committee members, Board Committees members, the Legal Adviser, and Director’s bonuses for 2024, to remain at the same rate as that of 2023, which shall remain effective until a General Meeting of Shareholders determines otherwise. A director who is also a member of Credit and Investment Screening Committee and Board Committees shall receive additional remuneration in accordance with the increased responsibilities, except that the executive directors and executives 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 Credit and Investment Screening Committee Members

   • Chairperson Baht 100,000 per month
   • Member Baht 70,000 per person/month

3. Remuneration for Board Committees Members:

   1. The Audit Committee

      • Chairperson 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

      • Chairman 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, members of the Credit and Investment Screening Committee, 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 140,243,784.74

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. The Bank reviews the appropriateness of executive compensation in relation to their scope of responsibilities and benchmarks against compensation rates of executives in comparable commercial banks.

Remuneration for the Chief Executive Officer, including that of executives, is determined in accordance with their duties and responsibilities, as well as the Bank’s strategies and short-term performance and long-term value creation, which reflects our status as a Bank of Sustainability. Moreover, the remuneration shall be able to attract and retain high potential executives, and shall align with the performance results of each executive, per key performance indicators designated in 2 dimensions, i.e., Key Stakeholders and 3+1 Strategic Priorities, based on appropriate risk management and new business opportunities under Corporate Governance principles.

The executive compensation structure consists of fixed pay and variable pay, which linked to the Bank’s performance and individual performance, balancing short-term and long-term goals.

Details of remuneration to executives are shown, as follows:

Executives according to the definition of the Financial Institutions Business Act mean persons empowered to manage, including executives in the position of First Senior Vice President or equivalent and higher, and persons holding equivalent positions called by other names, totaling 112 persons (inclusive of two executives​ who resigned during the year), received remuneration including monthly remuneration, living expenses, special contributions, and bonuses from the Bank, amounting to Baht 1,540,918,059, and the Bank’s contributions to their provident funds, amounting to Baht 41,106,339, totaling Baht 1,582,024,398. There are fixed remuneration amounting to Baht 1,186,523,933 and variable remuneration amounting to Baht 395,500,465.

Executives according to the definition of the Securities and Exchange Act and Capital Market Supervisory Board’s Notification include executives in the position of Executive Vice President or equivalent and higher, totaling 38 persons (inclusive of one executive who resigned during the year), received remuneration including monthly remuneration, living expenses, special contributions, and bonuses from the Bank, amounting to Baht 738,942,733 and the Bank’s contributions to their provident funds, amounting to Baht 18,203,873, totaling Baht 757,146,606 (such special contributions to be received in 2025 are inclusive of remuneration of executives that retired or resigned at the end of 2024). The ratio of compensation for executives in the position of Executive Vice President or equivalent and higher to employees was 2.69 percent.

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.