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. 110, on April 7, 2022, approved the remuneration for directors, Board Committees members, the Legal Adviser, and Director’s bonuses for 2022, to remain at the same rate as that of 2021, and the termination of remuneration for Independent Directors, as well as approved the payment of remuneration for Credit and Investment Screening Committee members at the same rate as that of the remuneration for Independent Directors. Chairperson receive Baht 100,000 a month and member Baht 70,000 a month, as the Board of Directors approved the dissolution of Independent Directors Committee and appointment of Credit and Investment Screening Committee, 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 executives receive no remuneration for their membership in a Board Committee as follows:
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
Remuneration for Credit and Investment Screening Committee Members
- Chairperson Baht 100,000 per month
- Member Baht 70,000 per person / month
Remuneration for Board Committees :
The Audit Committee
- Chairperson Baht 90,000 per month
- Member Baht 60,000 per person / month
The Corporate Governance Committee
- Chairperson Baht 50,000 per month
- Member Baht 36,000 per person / month
The Human Resources and Remuneration Committee
- Chairperson Baht 50,000 per month
- Member Baht 36,000 per person / month
The Risk Oversight Committee
- Chairman Baht 50,000 per month
- Member Baht 36,000 per person / month
Remuneration for the Legal Adviser Baht 300,000 per month
Bonus for directors at the rate of 0.5 percent of dividend payments
Details of remuneration to directors are shown as follows :
Remuneration
Directors received remuneration as directors, Independent 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 95,399,573.39. Remuneration for members of the Independent Directors Committee was paid from January to March 2022, and remuneration for members of the Credit and Investment Screening Committee from April to December 2022.
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 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 and companies in Thailand.
Details of remuneration to executives are shown, as follows :
Remuneration
Executives in the position of First Senior Vice President or equivalent and higher, totaling 102 persons, received remuneration including salaries, living expenses, special contributions, and bonuses from the Bank, totaling Baht 1,282,016,790, while executives in the position of Senior Executive Vice President or equivalent and higher, totaling 10 persons, received remuneration including salaries, living expenses, special contributions, and bonuses from the Bank, totaling Baht 319,250,987.
Other remuneration
Executives in the position of First Senior Vice President or equivalent and higher, totaling 102 persons, received the Bank’s contributions to their provident funds, totaling Baht 35,532,018, while executives in the position of Senior Executive Vice President or equivalent and higher, totaling 10 persons, received the Bank’s contributions to their provident funds, totaling Baht 7,808,610. 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 1.20 percent.