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THAI Board of Directors Meeting no. 9/2019 Results

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On 24 September 2019, Thai Airways International Public Company Limited (THAI) held its Board of Directors Meeting no. 9/2019, chaired by Mr. Ekniti Nitithanprapas, THAI’s Chairman, with the following results:

  1. THAI President’s Performance Evaluation

The Board of Directors held a meeting to discuss the performance evaluation of THAI President, Mr. Sumeth Damrongchaitham, and unanimously agreed that THAI President passed the evaluation, based on the Key Performance Indicators (KPI) jointly established and agreed on since his appointment as President. Members of THAI Board of Directors are responsible for determining the company’s strategies and policies as well as supervising and assessing performances of THAI management. The Board of Directors agreed that Mr. Sumeth Damrongchaitham is dedicated and committed to working in accordance with the business plans, but due to various external and internal factors which affect the Company’s operations and performances, some of the targets have not been achieved. In order to reach operational targets, the Board has given additional instructions to the President to speed up the Company’s crisis recovery plans related to revenue generation and administration to further reduce unnecessary operational costs without affecting safety and service standards.  This will become one of the KPIs used in the next evaluation of the President.

  1. Progress on 38 Aircraft Acquisition

The Board of Directors instructed THAI management to revise the existing aircraft acquisition plan taking into consideration the current industry environment and to reconsider source of investment fund most appropriate for the current situation at THAI in order to ensure the highest benefit for both THAI and Thailand. The new plan must be submitted to the Board for consideration within the next six months.

The Board of Directors is fully aware of the concerns over THAI situation which have been mounted over the past decades caused by various external factors and fast changing global transportation industry. THAI Board of Directors is ready to provide support to THAI President and members of management in handling and tackling the current business challenges, enabling THAI to move forward into the future.

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