PTT board chairman appeals attempt to replace him
Tossaporn Sirisamphan, chairman of the board of national oil and gas conglomerate PTT, filed an appeal with the Securities and Exchange Commission (SEC) on Monday regarding an attempt to replace him and other PTT board members, allegedly in contradiction of the company’s regulations.
The election of PTT’s new board chairman and members had reportedly been included in the agenda of the board meeting on October 21, but was later indefinitely suspended.
Analysts speculated that the move aims to find a new chairman and board members who would make sure that PTT’s operations moving forward comply with the new government’s energy policies.
The Pheu Thai-led coalition government has been focusing on reducing people’s expenses for energy, specifically fuels, cooking gas, and electricity bills in line with the party’s election promises.
In his appeal, Tossaporn cited PTT’s regulation no. 34, which states that the chairman of the board can only be replaced when: he completes his term, dies, resigns, has missed the board meeting three consecutive times without proper reason, lacks qualifications or has qualifications specifically forbidden in the regulations.
Alternatively, the chairperson could be removed from the position under court order or by resolution of the shareholders’ meeting.
Tossaporn urged the SEC to ensure that PTT strictly follows the regulation, which is still in effect and not in contradiction with any current laws and corporate governance practices, nor jeopardising the country’s peace and order and public morality.
He also warned that any attempt to change the chairman without following the regulations could violate Section 157 of the Criminal Code (malfeasance in office) under which the affected persons or shareholders could file charges against the company.
