Page 150 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability Corporate Governance Policy Financial Statements Attachments
Remuneration Policy for
Senior Management Executives
The Corporate Governance, Nomination and Remuneration Committee (CG & NRC) assesses the performance of the President & CEO based on the Company’s operating results, implementation of the Board’s policies, sustainability aspects (economy, environment and society), international compensation trends, 360-degree behavioral assessment as well as economic indicator and recommends Annual Salary Increase (ASI) and Variable Bonus (VB) to the Board of Directors for approval.
Simultaneously CG & NRC assesses and recommends ASI and VB to the Board for the employees of the Company taking into account the following information:
1. Thebusinessoperatingresults,includingEBITDA,PBT
and PAT.
2. Thecapabilitytodevelopthebusinessandimprove operational efficiency each year.
3. Theoperatingresultsofothercompaniesinthesame industry.
Based on the approval from the Board of Directors, remuneration in terms of Promotion Adjustment (if any), Annual Salary Increase and Variable Bonus for the Vice Presidents (VPs) are considered and approved by President & CEO as per the Delegation of Authority.
The remuneration policy is to ensure that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate the Senior Management Executives to perform effectively. The remuneration for the Senior Management Executives includes;
1. Basic salary and Fixed Bonus
2. VariableBonusbasedontheexecutive’sperformance in a particular financial year and the performance of the Company
3. Certainperquisites,allowances,andbenefitstoenable a certain level of lifestyle and to offer scope for savings
4. Medical welfare and hospitalization through re-imbursements and accidental insurance
5. Retirement benefits as per the law
Remuneration for the Senior Management Executives of the Company and its subsidiary
Total remuneration in the form of salary, bonus, and other incentives for the financial year 2024-25 (1 April 2024 – 31 March 2025) for the Senior Management Executives was Baht 44.49 million (financial year 2023-24: Baht 46.89 million).
Other forms of remuneration paid to Senior Management Executives of the Company
Other remuneration in the form of up-country allowance / housing allowance and driver allowance for the financial year 2024-25 was Baht 5.88 million (financial year 2023- 24: Baht 5.83 million).
The Company has provided Company cars to Company’s Senior Management Executives and contributes to the Provident Fund for all Senior Management Executives of the Company at the rate of 10% of total basic salary. The contribution in financial year 2024-25 on this account was Baht 3.31 million (financial year 2023-24: Baht 3.19 million).
As of March 31, 2025, there were 966 employees (769 male employees, 197 female employees) out of a total of 1,070 employees, representing 90.28 percent, who were members of the provident fund.
148 Tata Steel (Thailand) Public Company Limited