Investors seek info from THAI directors
Thai Investors Association is prepared to seek a discussion with Thai Airways International's independent directors, primarily on the airline's rehabilitation process.
Mongkol Leelatham, chairman of the association representing retail investors, said that the investors also want the independent directors to play a role in pushing for more disclosure of information.
"It’s their responsibility to audit the company on behalf of shareholders," he said.
The association makes it a routine job to hold discussions with independent directors of listed companies, particularly those serving companies which show a significant change in their performances.
He said that among listed companies, the number of individual shareholders of THAI is the highest, amounting to 110,000. In the annual shareholder meeting in 2014, THAI’s meeting was extended to 8.55 hours, the longest among listed companies, reflecting overwhelming interest by individual investors.
According to the Stock Exchange of Thailand’s data, there are five independent directors in THAI’s 12-seat board of directors. The latest set is led by ACM Prajin Juntong, deputy chief of the National Council for Peace and Order who is also the airline’s chairman. Of the remaining four, two represent the Royal Thai Air Force - ACM Satipong Sukvimol and ACM Suprija Kamalasana. The other two are Areepong Bhoocha-oom, former permanent secretary of the Finance Ministry; and Kanit Sangsubhan, a senior official at the Finance Ministry and also a member of Bank of Thailand’s board.
Posting a net loss of Bt12 billion last year after a net profit of Bt6 billion a year earlier, the national carrier has been criticised for inefficiency. In the first quarter of this year, it showed a net loss of Bt2.63 billion. The second quarter results are not yet released.
The airline last week announced a 3-year rehabilitation plan.