The Board of Directors

Mr.Sethaput Suthiwart-Narueput

Independent Director, Chairman of the Risk Management Committee, Member of the Nominating Committee and Member of the Audit Committee
Age : 54
Starting Date : Sep 1, 2014

Other Current Positions

  • March 2019 – Present Advisor to the Prime Minister
  • 2017 – Present Member of the Board of Directors, The Bank of Thailand Board
  • 2016 – Present Director, Osotspa Public Company Limited
  • 2015 – Present Director, Puey Ungphakorn Institute for Economic Research, Bank of Thailand
  • 2014 – Present Member of the Monetary Policy Committee, The Bank of Thailand

Education

  • Ph.D. Economics, Yale University, U.S.A.
  • M.Phil. Economics, Yale University, U.S.A.
  • B.A. (Highest Honors) Economics, Swarthmore College, U.S.A.

Useful Past Experiences for PTTEP

  • 2011 – January 2018 Director and Managing Partner, The Advisor Company Limited
  • 2000 – 2017 Visiting Professor of Economics, Sasin Graduate Institute of Business Administration
  • 2012 – 2017 Executive Chairman, Thailand Future Foundation
  • 2000 – 2016 Advisor on Academic Affairs, Sasin Graduate Institute of Business Administration
  • 2011 – 2012 Director, TMB Bank Plc.
  • 2009 – 2011 Executive Vice President and Chief Economist, Siam Commercial Bank (SCB) Group
  • 2008 – 2009 President, SCB Asset Management
  • 2007 – 2008 Managing Director, Head of Research, SCB Securities
  • 2007 – 2008 Member of Investment Committee, Government Pension Fund
  • 2005 – 2007 Senior Vice President, Stock Exchange of Thailand
  • 2001 – 2004 and 1992 – 1998 Senior Economist, World Bank, Washington DC, U.S.A.
  • 1998 – 2000 Co-Director, Policy Institute, Ministry of Finance
  • 1986 – 1988 Business Analyst, McKinsey & Co., New York, U.S.A.

Vision in managing the Company's business

Over the past 3-4 years, PTTEP has done an excellent job of securing an even more solid foundation for its business.  It has improved its competitiveness through its cost reduction initiatives (“Save to be Safe”).  It has ensured its balance sheet remained strong.  It has restructured its investments and, as part of its “coming home” strategy, refocused itself on Southeast Asia and a few priority regions.  By winning both the Bongkot and Erawan concessions, it has helped to secure the future well-being of both the company and the country. 

The next 3 years will be different.  The priority for the company now is to grow from the foundation that has been laid.  This growth will come from its key legacy assets (e.g., delivering on Mozambique and the Gulf of Thailand), from new acquisitions and exploration, and from new businesses that build on PTTEP’s core strengths.  New skills will need to be cultivated and acquired.     

The central challenge facing the company in delivering this growth is execution.  Ongoing corporate reorganization efforts will need to be intensified to create a more agile, accountable and performance -driven organization and culture.  While such changes are difficult enough for any listed company, they will be especially challenging in the context of PTTEP which, as a state enterprise, must be held to a higher standard of governance.

Vision in performing duties that comply with Good Corporate Governance of PTTEP

Corporate governance is certainly an essential element for listed companies; however, it is even more important for PTTEP as a National Oil Company for three main reasons:

  • As the National Oil Company, PTTEP’s corporate governance principles and operations must be superior to other listed companies due to the diverse set of stakeholders which include parties from both public and private sectors
  • As the National Oil Company that has direct operations with the environment, PTTEP must ensure social trust of being environmentally and socially responsible that shall be beyond required laws and regulations and with special transparency and verifiability.
  • PTTEP shall pay special attention to the justification and benefit of minor shareholders due to the existence of connected transactions incurred from having PTT as the company’s major shareholder.

Training

  • Advanced Audit Committee Program (AACP) 18/2015, Thai Institute of Directors Association
  • Risk Management Committee Program (RMP) 6/2015, Thai Institute of Directors Association
  • Director Accreditation Program (DAP) 94/2012, Thai Institute of Directors Association