Staff’s compensation The Bank is well aware that employees are its valued resources and key contributors towards its success and achievement. Therefore, the Bank gives priority to the boosting of the employees’ morale and ensure that they receive compensation based on their performance, skills and competence, as well as other welfare and benefits that are reasonable, fair and comparable to other financial institutions’. Total compensation and types of compensation for employees The Bank has compensation scheme in the form of base salary and variable pay depending on the business achievement. The industry benchmarking is conducted among financial institutions to ensure the competitiveness. The Bank has continued to review and update the information to ensure proper compensation package including the required working tools to be aligned with the scope of work and responsibilities, regardless of the corporate title or ranking. Corporate operational risk is also taken into consideration for total compensation. The overall compensation scheme is designed to drive the “Pay for Performance” culture depending on the performance of the Bank and employees. In 2021, total compensation for the employees given in the forms of salary, cost of living allowance, other allowance that related to work, variable pay by performance and others accounted for THB 14,584 million. In 2021, the Bank received approval from the Extraordinary General Meeting of Shareholders No. 1/2019 on 23 September 2019 to issue newly issued ordinary shares for TMB Stock Retention Program, with the aim of talent retention to achieve the integration purpose. The offer for sale of the newly issued shares in this structure would cover the span of 3 years (2020 – 2022). In addition, the Bank received approval of “2021 TMB Stock Retention Program”, which is 3-year subscription period (2021-2023) for the purpose of talent retention, from the Annual General Meeting of Shareholders on 23 April 2021. Other subsidies The Bank provides other forms of subsidies to employees on several occasions, e.g. grants for staff’s wedding, child’s birth, ordination, Islamic pilgrimage, and scholarship for staff’s children. The Bank also grants gratuity to the employees in case they themselves or any of their family members have passed away. Provident fund The Bank and Employees have jointly established The Registered Provident Fund of TMBThanachart Bank Public Company Limited which is managed by The Board of Directors of The Registered Provident Fund that comprised of employers, which come from the appointment and employees which come from the election from the member. The fund is managed with Employee’s Choice which contribution at 5% - 10% of the staff’s salary is paid by the Bank into the Fund and The Bank’s employee may choose to pay their own portion into the Fund at the rate of 2% - 15% of their salary. 194 TMBThanachart Bank Public Company Limited
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