SEC revokes ban on eight Nation directors

Corporate February 21, 2017 01:00

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All eight Nation Multimedia Group board members previously blacklisted by the Securities and Exchange Commission have been allowed to resume their duties with the group.



NMG chairman Thepchai Yong said the SEC had informed the company yesterday that it had withdrawn its previous resolution to bar the eight directors from their work.

They had been suspended after the public prosecutor charged them with failing to perform their duties in accordance with the law at NMG’s 2015 annual general shareholders’ meeting.

The SEC’s latest ruling lifting the ban became effective on February 16.

The eight NMG directors in question were Suthichai Yoon, Pakorn Borimasporn, Chaveng Chariya-pisuthi, Adisak Limprungpatanakit, Kaemakorn Vachiravarakarn, Pana Janviroj, Duangkamol Chotana and Sermsin Samalapa.

Last August, the public prosecutor concluded the consideration of the case and prosecuted the aforementioned directors on the grounds that they had denied the right of certain shareholders to attend the shareholders’ meeting.

The prosecution resulted in the aforementioned persons being deemed unqualified to hold the positions of director or executive of any issuing or listed company while they were under the legal proceedings.

THAI SELECTS FORMER PRESIDENT CHARAMPORN FOR STRATEGY PANEL 

Thai Airways International’s board has appointed former president Charamporn Jotikasthira to the new THAI Strategy and Transformation Committee, while pay rises and bonuses will be considered at its next meeting on February 28.

Damrong Waiyakanee, president of THAI’s labour union, said the board chaired by Areepong Bhoocha-oom approved the new THAI Strategy and Transformation Committee on February 7 with Areepong as chairman. 

Charamporn left the president’s office on February 9.

Areepong signed an order on February 15 for the appointment of the THAI Strategy and Transformation Committee for the THAI board’s resolution, which came into effect on February 10.

The new committee’s main duty is supervising and overseeing the airline’s strategic and reform plans, while screening the plans prior to forwarding to the THAI board for consideration.

Damrong said that while Charamporn was president, foreign advisers were engaged for millions of baht.

He said he discussed salary raises and bonuses last week with acting president Usanee Sangsingkeo, who said the board agreed on a 6-per-cent salary hike excluding other expenses.

Previously, the salary raise included three expenses – taxes, provident fund contributions and overtime pay – that accounted for 40 per cent of the salary raise.

This meant that THAI employees did not gain the whole raise.

If THAI raises salaries by 7.5 per cent, it will include these three expenses into the raise.

Bonuses have not been decided yet as THAI is waiting for its formal performance figures and still records a retained loss. If it pays bonuses, it is required to pay dividends to its shareholders.