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. 111, on April 7, 2023, approved the remuneration for directors, Credit and Investment Screening Committee members, Board Committees members, the Legal Adviser, and Director’s bonuses for 2023, to remain at the same rate as that of 2022, 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

      • 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, 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 104,302,551.86.

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 the 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 three key performance indicators, as specified in the Balance Scorecard, regarding key stakeholders, finance based on proper risk management and new business undertakings under the good governance principles and development of business capability to maintain the Bank’s status as a Bank of Sustainability. 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 and companies in Thailand.

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 six executives, who resigned during the year), received remuneration including monthly remuneration, living expenses, special contributions, and bonuses from the Bank, amounting to Baht 1,534,493,982, and the Bank’s contributions to their provident funds, amounting to Baht 39,890,567, totaling Baht 1,574,384,549. There are fixed remuneration amounting to Baht 1,036,277,518 and variable remuneration amounting to Baht 538,107,032.

Executives according to the definition of the Securities and Exchange Act and Capital Market Supervisory Board's Notification include executives in the position of Senior Executive Vice President or equivalent and higher, totaling 11 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 417,304,638 and the Bank’s contributions to their provident funds, amounting to Baht 7,842,636, totaling Baht 425,147,274 (such special contributions to be received in 2024 are inclusive of remuneration of executives that retired or resigned at the end of 2023). The ratio of compensation for executives in the position of Senior Executive Vice President or equivalent and higher to employees was 1.54 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.