Shortly after the Annual General Meeting of the Shareholders of Thai Airways International
Public Company Limited (THAI) on April 28, 2010, Mr. Daniel Castillo (Hypothetical name),
Corporate Financial Manager, was charged by the President, Dr. Piyasvasti Amranand, with the
preparation of a financial plan with which to fulfill the commitments that the President had just
made to the shareholders. The meeting had been a contentious one, with the majority of
shareholders having expressed great dissatisfaction with the report on the Company’s
performance during the year 2009. In particular, shareholders were highly critical of the
Company’s high debt‐equity ratio, its loss of market share, and its low dividend payout ratios.
They had been insistent in their call for prompt action by the President and management team to
improve the airline’s performance.