Mr. Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance and Chairman of the Board of Directors of Thai Airways International Public Company Limited (SET: THAI), revealed that at a special meeting of the THAI Board of Directors held yesterday (6 November 2025), several key resolutions were made as follows:
- Approval was granted to convene the Annual General Meeting of Shareholders on 19 December 2025.
- Approval was given to propose to the Annual General Meeting of Shareholders to increase the number of directors from 11 to 15.
- Approval was granted to propose that the AGM consider the appointment of 10 new directors. Currently, THAI has 11 directors, but 4 are due to retire as per the AGM’s rotation, and 1 has recently resigned, leading to the need to select 10 new directors to complete the board of 15 members.
Lavaron assured that regarding these 10 individuals, it is confirmed that once disclosed, they will certainly be recognized by the public and investors for their expertise and capabilities. All 10 will serve as independent directors, with none appointed from government agencies. As for the 2 additional director nominees named by groups of creditor shareholders and major shareholders of THAI (holding over 5%), the Board has acknowledged both candidates and will propose them for the AGM’s consideration.
Mr. Lavaron further addressed ongoing concerns that a 15-member Board for THAI may be too large and could affect operational agility. He clarified that for large companies, 15 directors are not excessively many — most listed companies on the SET have 15 directors. The key, he said, is not the number but the knowledge and capability of the directors; having more capable individuals works to the company’s advantage.
Regarding the scheduling of the AGM on 19 December, which exceeds the time frame stipulated by the Public Limited Companies Act B.E. 2535 (1992), requiring AGMs within four months after the fiscal year’s end (THAI’s fiscal year ends in December, so AGMs should be held by 30 April each year), Mr. Lavaron explained that the THAI Board had thoroughly reviewed relevant legal provisions and consulted with authorities such as the SET, confirming that THAI is eligible to hold the AGM. The shareholders’ meeting held in April was clearly marked as an extraordinary general meeting, as THAI had not yet exited its rehabilitation plan at that time.
In addition, holding the AGM ensures shareholders’ rights to elect directors. Mr. Lavaron emphasized that the government will not intervene in THAI’s management as some have feared. As Board Chairman, he reiterated that THAI will continue to operate professionally and will not revert to being a state enterprise. The nominated directors have the expertise and will significantly benefit THAI.
Reports confirm that yesterday, the Board approved 10 candidates for director positions:
- Mrs. Charita Leelayudth — Director
- Mrs. Chananyarak Phetcharat — Director
- Mr. Yol Phokasub — Director
- Mr. Plakorn Wanglee — Independent Director
- Mr. Rapee Sucharitakul — Independent Director
- Mr. Vachara Tuntariyanond — Independent Director
- Dr. Veerathai Santiprabhob — Independent Director
- Mr. Chai Eamsiri — Director (proposed for re-election)
- Air Chief Marshal Amnart Jeeramaneemai — Independent Director
- (Note that Mr. Piyasvasti Amranand was not selected in this round).
Two nominees from shareholder groups are the Electricity Generating Authority of Thailand Savings Cooperative proposes Associate Professor Dr. Pracha Koonnathamdee (Director), and Bangkok Bank Public Company Limited proposes Mr. Chansin Treenuchagron (Director). All will be presented for shareholders’ selection at the AGM on 19 December.
It was further reported that on the same day, Mr. Napakorn Thanasuwankasem submitted his resignation as director.
