Execs' pay cut as THAI feels pinch
Top executives at Thai Airways International (THAI) have agreed to cut their annual pay as part of the company's cost-reduction plan in the wake of steep losses in the past year.
As part of cost-management initiatives acknowledged by the board of directors on Friday, the president, executive vice presidents and managing directors have agreed to accept 11 months’ pay for fiscal year 2012. They will also cut their annual vacation period from 28 to 24 days.
Piyasvasti Amranand, the firm’s president, will waive meeting allowances for participating in board and other executive meetings. Members of THAI’s joint management and employee relations committee will also forgo meeting allowances this year.
The initiatives, aimed at cutting costs by Bt602.45 million per year, reduce allowances outside of basic salaries, taking three key considerations into account: the sustainability of the national carrier, fairness to all employees, and benefits to all stakeholders.
THAI’s executive management committee and the joint management and employee relations committee have approved the plan.
THAI is expected to show a loss amounting to billions of baht for 2011 operations.
Wandee is IFC |cover girl
Solar Power Co president Wandee Kunchornrayakong appears on the cover of the International Finance Corporation (IFC)’s latest annual report due to her unique vision of a “Kingdom of Solar Farms” to produce solar electricity for Asean while creating jobs for rural people.
The IFC’s Annual Report 2011 honours six people from around the world who have developed businesses by creating jobs and opportunities for the public, as well as improving the quality of people’s lives.
Among them is Wandee, who is featured on the publication’s cover for her successful development of solar energy into electricity, a clean energy source that counters global warming and promotes jobs in rural areas.
Wandee saw an opportunity to develop solar farms where others did not. Investors were initially sceptical that solar farms would ever materialise. However, believing her project was possible, she met with officials at the IFC, a unit of the World Bank. They saw an opportunity and formed a joint venture project with her to launch solar farms. She has already developed one 6-megawatt farm. – The Nation
