THAI Board Meeting Results: Feb 2010
07 Feb 10 (TravMedia.com): Today (8 February, 2010) at the Head Office of Thai Airways International Public Company Limited, Bangkok,a Board of Directors Meeting was chaired by Mr. Ampon Kittiampon, THAI’s Chairman of the Board of Directors, with the following results:
1. New Appointment of Executive Board of Director
THAI’s Board of Directors approved Mr. Pravich Rattanapira as Chairman of Executive Board following the resignation of Mr. Wallop Bhukkanasut. The appointment will be effective today (8 February 2010).
2. Fuel Price Risk Management Policy
The Board of Directors approved of the Fuel Price Risk Management Policy to reduce the risks from fluctuating fuel prices. This policy is devised for the Company’s operating result to meet target and to prevent risks to shareholders and stakeholders. As well, it is not intended to gain revenue nor profit from the Fuel Price Risk Management. Through this policy, the fuel risk management will be carried out continually and systematically, for no less than 20% and no more than 80 % of the average fuel consumption per month taken in a fiscal year. The Petroleum and Corporate Insurance Department is responsible to carry out the fuel risk management based on this policy.
3. Aircraft Acquisition Plan
The Board of Directors considered the Aircraft Acquisition Plan for Years 2010 - 2021 and approved the following:
3.1 The Board of Directors approved of the Aircraft Acquisition Plan for Years 2010 - 2014 with the budget of 35,484 million baht in addition to the previously acquired five A330-300 aircraft, which will be in operation this year (2010) and six A380 aircraft during 2012 - 2013 with details as follows:
3.1.1 Aircraft Acquisition Plan for regional routes: seven aircraft with a capacity of 300 seats through financial lease with an investment budget of 31,259 million baht.
3.1.2 Aircraft Acquisition Plan for intercontinental routes: eight aircraft with a capacity of 350 seats through operating lease for a period of 10 - 15 years.
3.1.3 Acquisition Plans of Engines and Spare Parts
For regional routes: two engines with an investment budget of 922 million baht.
For intercontinental routes: three engines with an investment budget of 3,303 million baht.
3.2 The Board of Directors granted approval to the Financial Plan for Aircraft Acquisition.
*THAI currently has a fleet of 91 aircraft in its fleet, comprising of 47 Boeing, 42 Airbus and two ATR.