Executives Compensation and Ownership
CEOs & Executive Performance and KPIs
GC conducts annual performance evaluations of the Chief Executive Officer, executives, and employees. The company has defined topics and criteria for the CEO’s annual performance appraisal using key performance indicators that reflect the CEO’s role as the company’s most senior executive in overseeing, promoting, and supporting the achievement of the company’s short and long term objectives. The evaluation covers three perspectives: achievement of the corporate key performance indicators (Corporate KPIs), achievement of individual key performance indicators (Individual KPIs) that support the Corporate KPIs, and a leadership assessment based on four key leadership dimensions demonstrated through actual performance. Once the performance evaluation has been completed, the results are used as input to determine appropriate remuneration, which is then submitted to the Board of Directors for approval.
These four core behaviors foster employee behaviors to support company’s sustainability performance.
| 2017 - 2027 Corporate KPI (Long-term Performance Metrics) |
CEO | Executives | Employees | |
|---|---|---|---|---|
| 1. Step CHANGE | Strengthen Competitiveness | |||
| 2. Step OUT | Leader in Global petrochemical industry | |||
| 3. Step UP | Sustainability Role Model (Global & Local) | |||
| 4. Enabler | Strengthen internal drivers for efficient business operation | |||
GC has set short-term and long-term KPIs, in line with the corporate indicator index 2017-2027, as evaluation criteria to assess the performance of CEO and top Executives. The KPIs are inclusive of financial return performance indicators (e.g. EBITDA, Net Profit, Return on Invested Capital: ROIC, etc.). GC has also monitored relative financial metrics (e.g. Dividend, Dividend per share, Total Shareholder Return (TSR), Tobins Q/Q ratio, key behavioral and personal performance indicators, etc.), 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 is reflected in short-term and long-term remunerations for CEO and top executives which GC has transparency and reasonable process to determine their compensation. The short-term remuneration comprises salary, bonus and other benefits, while long-term compensation is granted to the CEO and senior executives based on performance over the duration of their tenure, with a four-year time vesting period for variable CEO compensation.
Executive Compensation
GC discloses the fixed and variable compensation of the CEO and top executives on table below. (as of December 31st, 2025)
| 2024 Executive Compensation | Executives | |
|---|---|---|
| CEO (1 person) |
Other Top Executives1 (3 persons excluding CEO) |
|
| Salary (THB) | 15,243,000 | 25,300,000 |
| Bonus (THB) | 2,481,000 | 7,000,000 |
| Provident Fund (THB) | 1,158,000 | 3,800,000 |
| TOTAL (THB) | 18,882,000 | 36,100,000 |
Note:
- GC’s Top Executives consists of 1) President 2) Chief Operating Officer - Value Added Products 3) Chief Operating Officer - Base and Intermediate Chemicals
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: (as of December 31st, 2025)
| Employee Compensation (in THB) | Median Employee Compensation | Mean Employee Compensation |
|---|---|---|
| Median/mean annual compensation of all employees, except the CEO | 1,671,000 | 1,993,000 |
| Ratio of the mean or median employee compensation and the total annual compensation of the CEO | 11.30 | 9.47 |
In cases where an executive is found to have failed to perform their duties with responsibility, due care, and integrity, GC may take appropriate action, including claiming damages, withholding benefits, or reclaiming benefits that have already been paid. These may include salary, bonuses, or other entitlements, based on the executive’s performance not meeting GC’s established criteria and regulations. The executive may also be subject to civil and criminal liability. These measures are aligned with the clawback provision in Section 85 of the Public Limited Companies Act B.E. 2535 (1992) and Sections 89/7 and 281/2 of the Securities and Exchange Act B.E. 2535 (1992), as amended in B.E. 2551 (2008).
Stocks Holding of Executives
GC clearly incorporates good practices of management ownership for the board and top executives into the Corporate Governance and Business Code of Conduct Handbook, in order to allow our CEO to own stocks of the company in compliance with laws and other regulations. Management ownership will create a long-term benefit, which includes creating motivation for executives to effectively drive the organization towards goal’s achievement as well as to raise corporate loyalty. CEO must strictly comply with best practices on stock trading as stipulated by the Securities and Exchange Commission (SEC) by not using internal non-public information to facilitate his/her stock trading (insider trading). Additionally, they must not disclose internal non-public information to others for the benefit of trading the company’s shares to ensure compliance with the Securities and Exchange Act, B.E. 2535 (1992) and best practices issued by the Stock Exchange of Thailand and SEC.
GC Stock Retention & Ownership Guideline
The number of shares held by the CEO and top executives is disclosed in the table below and in the Form 56-1 One Report 2025 (information as of 31 January 2026).
| Position | Name - Last Name | Multiple of Base Salary |
|---|---|---|
| CEO | Mr. Narongsak Jivakanun* | 0 |
| Average shareholding for top executives | Mr. Pornsak Mongkoltrirat* Mr. Saroj Putthammawong* Mr. Thitipong Jurapornsiridee* |
0.24 |
The share price is referenced as 4.00 Baht, based on the closing price on 30 December 2025.