At the 2026 Annual General Meeting of Shareholders (AGM) held on April 10, 2026, Bangchak Corporation Public Company Limited (SET: BCP) shareholders reached a significant decision regarding the company’s governance framework. While most agendas passed with high approval, Agenda 7—the proposal to amend the Company’s Articles of Association—was officially disapproved.
The proposed amendment targeted Article 24, intending to introduce additional grounds for the termination of directorship. The primary objective was to align BCP’s internal regulations with international standards. The proposed clauses, specifically 24 (6), (7), and (8), sought to disqualify directors if they or the entities they represent were prosecuted for money laundering, had assets seized or frozen by government agencies, or were subject to international sanctions by authorities such as the U.S., U.K., Singapore, EU, or the United Nations.
The voting results revealed that 69.5007% (759,728,803 votes) of the shareholders approved the change, while 29.0472% (317,522,622 votes) disapproved. Under BCP’s regulations, an amendment to the Articles of Association requires a supermajority vote of at least three-fourths (75%) of the total votes from shareholders attending and entitled to vote. Because the approval fell short of this threshold, the motion was defeated.
This agenda was highly scrutinized due to its immediate implications for BCP’s board composition. If the amendment had passed, it would have led to the immediate termination of Mr. Natthakorn Athithanavanich, a director representing Alpha Chartered Energy Co., Ltd. (ACE). Currently, ACE holds a 16.82% stake in BCP, but these shares have been seized by the Anti-Money Laundering Office (AMLO) as part of an ongoing investigation. However, it is important to note that the case is still under judicial consideration, and there is currently no final court judgment confirming any wrongdoing or definitive link to money laundering.
By rejecting the amendment, shareholders have opted to maintain the existing director qualification standards, effectively preserving the current board structure while legal proceedings regarding major stakeholders continue in the Thai court system.
