Page 137 - Thailand Post Annual Report 2024

Part 1
Overview of the Organization
Part 2
Business Trends
Part 3
Business Model
Part 4
Strategies and Resource Allocation
Part 5
Risk
Part 6
Corporate Governance
Part 7
Operating Results
Part 8
Other Information
Remuneration of THP Senior Executives
Payment of Remuneration to Senior Executives
• Procedures for payment of remuneration to senior executives
1) PaymentofremunerationtotheTHPChiefExecutiveOfficershallbeinaccordancewiththeCabinetResolution dated 13 June 2000 Re : Procedures and Guidelines for Payment of Remuneration to Top Executives under the Employment Contract, and dated 22 June 2004 Re : Relaxation of Procedures and Guidelines for Payment of Remuneration to Top Executives. In relation to variable remuneration, payment shall be made at the rate of not more than 30% of the total return after performance appraisal at the end of year. The remuneration will be paid in accordance with performance as established by THP Board of Directors. A rise in fixed remuneration shall not exceed 10% of the fixed remuneration received, taking the results of performance appraisal into account.
2) As for the remuneration of senior executives (according to the employment contract), THP Board of Directors shall determine a policy and supervise the amount of remuneration to be at an appropriate level and consistent with the duties and responsibilities in order to incentivize and retain knowledgeable executives with the organization.
3) As for the remuneration of non-contractual senior executives (at the chief officer level), THP has established details of criteria for evaluating the performance of senior executives and criteria for linking the evaluation results with the remuneration determination, in line with the salary structure of THP. In regard to salary adjustments of senior executives, THP Board of Directors shall consider individual performance as well as performance according to the pre-defined goals of each line of work.
• Remuneration of THP Senior Executives
THP paid to Senior executives, including Chief Executive Officer and Chief Officers, the remuneration which was divided into payment for work, welfare benefits, employer contribution to provident fund, and other compensations, as detailed in the overall payouts 2024 and in the past 3 years as follows :
Payment for work
Welfare benefits
Employer contribution to provident fund Other compensations
Type of remuneration
Remuneration of Senior Executives (baht)
2021
2022
2023
2024
11,974,605.07
15,125,981.13
16,670,542.06
13,975,915.20
284,815.25
4,930,885.50
640,843.00
2,984,602.27
237,197.00
586,951.20
354,182.40
221,661.00
3,359,484.61
3,242,631.82
3,176,869.01
2,335,563.80
Annual Report 2024 135