Thai Airways boosts board, plots fresh flight to recovery
Airline overhaul includes new aircraft and stronger oversight plans
Thai Airways is expanding its board and fleet as part of a major governance overhaul aimed at boosting transparency and competitiveness post-rehabilitation.
The airline’s chairman, Lavaron Sangsnit, confirmed the move as part of sweeping changes ahead of a key Annual General Meeting (AGM) in December.
The expanded board will include a long-awaited risk management committee, aimed at strengthening oversight of financial and operational risks. Lavaron, who also serves as permanent secretary of the Ministry of Finance, said the current structure, limited to audit and nomination committees, was no longer fit for purpose given the airline’s scale and complexity.
“Thai Airways must operate with a professional and transparent board.”
Lavaron said that the expansion is crucial for aligning with best governance practices.
Under Stock Exchange of Thailand rules, directors cannot serve on multiple committees, and the chairman typically does not sit on any. This has made it difficult to introduce essential bodies such as risk management, especially with so few board members.
Nominations for eight new directors are already underway. Four will replace outgoing members, while four are new appointments. The shortlist will be finalised by October 19, with the board set to confirm the names tomorrow, October 23. Shareholders will vote at the AGM.
Despite the Ministry of Finance remaining the largest shareholder with a 38.9% stake, Lavaron stressed that the airline would not revert to being a state-owned enterprise. Thai Airways lost its state enterprise status during the pandemic-era business rehabilitation, when the government’s shareholding dropped below 51%.
Lavaron also dismissed concerns about political interference, saying the airline would remain independent and accountable.
In addition to board changes, Thai Airways plans to lease eight to ten new wide-body aircraft to replace nine recently decommissioned planes. The fleet boost will help meet rising international demand and support the airline’s post-pandemic recovery.
The proposal will be discussed at the board meeting tomorrow. If approved, the new aircraft will strengthen the airline’s long-haul capacity as global tourism rebounds, according to Travel and Tour World.
Travellers are advised to stay updated on Thai Airways’ evolving strategy, as changes to routes and schedules might follow in the coming months.
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