Our Approach and SDGs Environment Society Business Resilience Reporting Center Sustainability in Actions Awards and Recognitions
Business Conduct, Ethics and Compliance Risk and Crisis Management Customer Relationship Management Organization Contributions Tax Strategy Innovation Management Supply Chain Management Information Security, Cybersecurity and System Availability Sustainability Valuation
Corporate Governance Structure Board Effectiveness and Compensation Shareholder Center

Executives Compensation and Ownership

CEOs & Executive Performance and KPIs

GC evaluates the performance of CEO, Executives and Employees annually using Corporate Key Performance Indicator (KPI). The performance is assessed base on: Initiatives (70%), which support corporate KPIs and special assignments and core behavior (30%), which is evaluated based on four core behaviors of GC-SPIRIT.

This four core behaviors fosters the employees' behaviors to support company's sustainability performance.

2017 - 2027 Corporate KPI CEO Executives Employees
1. Sustain Core Performance Excellence
2. Accelerate Growth Opportunity Diversify Chemicals Business
3. Drive Sustainability Sustainability Role Model (Global & Local)
4. Strengthen Enablers Organization Transformation

GC has set the KPIs in short-term and long-term as evaluation criteria to assess the performance CEO and Executives. The KPIs are inclusive of financial return performance indicators (e.g. EBITDA, Net Profit), relative financial performance indicators (e.g. Return on Invested Capital: ROIC)), external perception performance indicators (e.g. social satisfaction rate, etc.), environmental performance indicators (e.g. energy efficiency, GHG emissions reduction, etc.), and social performance indicators (e.g. Process Safety Event – Tier 1, etc.). The success of these KPIs are reflect to short-term and long-term remunerations for CEO and executives which GC has transparency and reasonable process to determine their compensation. The short-term remuneration comprises salary, bonus and other benefits. The long-term remuneration (e.g. bonus based on long-term performance, etc.) will be awarded to the CEO and executives over a four years vesting period.

Executive Compensation

GC discloses the fixed and variable compensation of the CEO and executives in the below table

2020 Executive Compensation 2020
CEO Other Top Executive1
(4 persons excluding CEO)
Salary (THB) 10,440,000 32,247,488
Bonus (THB) 4,568,000 14,157,139
Provident Fund (THB) 1,020,000 4,326,349
Total (THB) 16,028,000 50,730,976

Note:

  1. GC's Top Executives consists of: i) President; ii) Chief Operating Officer – Upstream Petrochemical Business; iii) Chief Operating Officer – Downstream Petrochemical Business; iv) Chief Operating Officer– Center of Excellence

Furthermore, GC discloses the mean and median of the annual compensation of all employees and the ratio between the mean and median employee compensation and the total annual compensation of the CEO in the table below

Employee Compensation (in THB) Median Employee Compensation Mean Employee Compensation
Median/mean annual compensation of all employees, except the CEO 1,584,000 1,960,000
Ratio of the mean or median employee compensation and the total annual compensation of the CEO 10 8

GC applies clawback provision, which is referred from Section 85 of Limited Public Company Act, B.E.2535 (1992) and Section 89/7 and 281/2 Securities and Exchange Act, B.E. 2551. The Act has stipulated that the executives shall perform their duties with fully responsibility, strictly comply with the laws and corporate rules, and respond to the board's and shareholders' agreement throughout the business operation. In case any director or executive fails to perform their duties and involve in misconduct according to these Sections, they will be required to return their bonus and compensation and may be subject to civil penalty and/or criminal punishment.

Stocks Holding of Executives

GC clearly incorporates good practices of management ownership for the board and executives into the Corporate Governance Handbook, in order to allow our CEO, President and executives to own stocks of the company in the fundamentals of laws and regulations. The management ownership will create a long-term benefit, which include creating motivation for the executives to effectively drive the organization towards goal's achievement as well as to raise a corporate loyalty. CEO, President and executives must strictly comply with regulation set by the Securities and Exchange Commission (SEC) in order to prevent insider or unethical trading. Additionally, they must comply with the Securities and Exchange Act, B.E. 2535 (1992) and are not able to disclose inside information to other persons for the benefit of trading the company's shares.

The shares held by CEO and other executives as of December 31, 2020 have been disclosed as shown in the below table and in GC Annual Report 2020.

Position Name - Last Name Multiple of Annual Fixed Salary
CEO Mr. Kongkrapan Intarajang* 0
Average for other named executives
  1. Mr. Varit Namwong*
  2. Mr. Wiboon Chuchepchunkamon
  3. Mr. Saroj Putthammawong
  4. Mr. Pirun Krimwongrut
  5. Mr. Pornsak Mongkoltrirat
  6. Mrs. Pilasphan Udomjarumanee
  7. Mr. Ratchada Sawasdirak
  8. Mr. Anutin Chuaypen
  9. Mr. Supasit Tongsupachok
  10. Mr. Vitaya Pinmuangngarm
  11. Mr. Paisarn Sarapee
  12. Mrs. Jeeranee Pimthanothai
  13. Mr. Wirat Boonbumrungchai
 0.29

Remark: *executives in accordance with Securities and Exchange Commission (SEC)'s designate definition