Thai Airways revamp board with zero-tolerance corruption vow
Selection panel prepares to appoint 8 new directors this month
The Ministry of Finance has confirmed that all 17 nominees for Thai Airways International’s board of directors are seasoned professionals, as the airline prepares for a major leadership shake-up following its return to the stock market.
Lavaron Sangsnit, the ministry’s permanent secretary and chairman of the Thai Airways board, assured the public yesterday, October 10, that the selection process is entirely transparent and geared towards protecting the airline’s independence and efficiency.
“Thai Airways must have a professional board of directors, and we affirm that all the nominees we have proposed are top-tier and highly professional.”
The selection committee is currently reviewing the candidates and aims to finalise eight new board members by October 19. These will replace outgoing directors and fill new posts, with the names forwarded to the Thai Airways board on October 23 for preliminary approval. The final decision will rest with shareholders at a meeting in December.
Importantly, the selection process excludes any nominations from shareholders holding 5% or more, who may submit their own candidates for consideration separately.
Lavaron emphasised that Thai Airways will remain a listed company and not revert to state enterprise status, despite the Ministry of Finance still being the largest shareholder with a 38.9% stake. That figure has dropped from 47.9% in December last year, following efforts to reduce state control during the airline’s four-year business rehabilitation.
The restructuring, initiated to eliminate bureaucracy and political interference, saw Thai Airways lose its state enterprise status when government holdings dipped below 51%, reported Bangkok Post.
Former board member Banyong Pongpanich recently urged the government to divest entirely to boost operational freedom.
Lavaron, however, remains firm on ensuring clean governance and accountability.
“As long as I remain chairman, there will be no corruption — everything must be transparent in every aspect.”
He also pushed for an expansion of the board from 11 to 15 members, noting that limitations on committee participation are hampering the airline’s ability to establish a much-needed risk management committee.
Currently, the airline has only two active committees, audit and nomination and remuneration, as required by stock exchange rules. Expanding the board would allow Thai Airways to establish additional oversight committees vital to its recovery and future growth.
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