Krungthai Bank realizes the importance of conducting business with transparency, honesty and fairness according to the principles of good corporate governance to have efficiency and excellence in business. The Bank also operates business on the basis of ethical responsibility for all groups of stakeholders. This will build confidence and benefits to the shareholders and make the Bank have sustainable and inclusive growth.
The Board of Directors has worked by strongly adhering to the principles of good corporate governance and encouraged directors, executives and employees at all levels to adhere to and comply with corporate governance policy. This will lead to a culture that creates good corporate governance within the organization and raises the Bank's corporate governance to meet international standards. The Board of Directors is aware of its duty for the utmost benefit of the Bank and shareholders. The duty and responsibility of the Board of Directors and the management have been separated obviously. The Board of Directors is responsible for formulating policy and overseeing the Bank’s systems to be in accordance with law and ethics
As at December 31, 2021, the Board of Directors consisted of 12 members who are suitable with the size of the organization and they can perform their duties effectively as well as behaving with appropriate balance of power. The members have gone through the recruitment process of the Nomination and Remuneration Committee in accordance with legal procedures, good corporate governance principles and director recruitment policy. Directors were considered recruiting from various sources including the director pool to acquire persons with expertise according to the specified skill matrix that is consistent with the Bank's current and future missions and strategies. Hence, the Board of Directors consists of a group of persons with various qualifications in terms of skills, experience and talents that are beneficial to the Bank. The Board comprises at least 1 person having knowledge or working experience related to the commercial banking business, at least 1 person in accounting and finance, and at least 1 person in information technology. Personal differences in religion, culture, race, ethnics, gender, etc. are not a limitation for holding office of a director of the Bank.
The structure of the Board of Directors consist 1 executive director and 11 non – executive directors, 6 independent directors which are 50% of the total numbers of the Directors. In this regard, it shaped the ratio of Independent Directors of the Bank to exceed the requirement from the Securities and Exchange Commission (SEC) stating that at least one third of the Board of Directors must be the Independent Directors and it must not be less than 3 Independent Directors. To prove that their roles are transparently counterbalance, the Chairman of the Board of Executive Directors and President shall not be the same person. In addition, there are 2 female Board of Directors, Ms. Patricia Mongkolvanich and Ms.Nitima Thepvanangkul, which are 16.66 of the total numbers of the Directors and 9 Board of Directors have relevant work experience in the business sector. And the Board of Directors has 4 years of average tenure.
Structure of the Board of Directors and Organization