Today, Deputy Prime Minister Somkid Jatusripitak chaired the opening of a seminar - "Road to Corporate Governance", organized by the National Corporate Governance Committee at Queen Sirikit National Convention Centre.
The seminar was organized to provide the country's business sector, investors, government and private agencies, as well as foreign and local media, the details of the progress of implementing corporate governance in Thailand. It was also a move to make a clear statement that Thailand intends to push forward this ideology and make it a tool to enhance efficiency and to restore the world's confidence in Thailand's economy and capital markets.
Somkid said "It has been more than one year after the government had announced its decision to put corporate governance on the national agenda", and "This is the first year that this principle is being seriously promoted through strong collaboration from both the state and the private sectors". He added "Major forces have been set upto help realize this principle, from the government, the society, and the private sector, as well as the public relations campaign."
The "Road to Corporate Governance" seminar is an opportunity to praise all listed companies with good corporate governance, and a place to exchange information and experience among respected individuals who have succeeded implementing it. However, the goal of corporate governance does not end here. It requires more participation and devotion from all parties concerned to help make it real. This can be done through efficient and effective use of all elements and mechanisms to make Thailand's corporate governance reach an international standard, a move which will ensure the continual growth of the country's capital market and overall reputation.
Prasarn Trairatvorakul, Secretary-General of the Securities and Exchanges Commission, said "After a year of measures to bring about corporate governance, we have seen many developments many of which were aimed at getting key parties, to recognize the importance of corporate governance. These measures include rating companies with good corporate governance, the Disclosure Award, the Board of the Year Award, the establishment of the Retail Investors' Organization, the consultations by the CG Center, as well as all kinds of educational and public relations measures."
In addition, measures to help lead those involved in promoting corporate governance are in progress and expected to be completed soon. These include establishing a framework for stockholders, members of the board, and the management of listed companies, securities companies, commercial banks, and insurance companies. They also include the laying down the corporate governance principles for listed companies and members of the chamber of commerce and promoting evaluation processes that are in accordance with the set principles.
Prasarn further said "the basic restructuring of the stockholders' rights and legal amendments governing listed companies are time-consuming tasks but are being worked out with the government. At the same time, there has been a proposal to amend the legal prosecution process and the Stock Exchange of Thailand's rules and regulations that involve the interrelated transactions to increase security and prevent exploitation of the existing loopholes." He said "the SEC will open a public hearing forum for all parties concerned in May, while it will strive for the enactment of the accounting profession's drafted laws, which will guarantee the standards of related professionals."
The Stock Exchange of Thailand (SET) Chairman, Mr. Chavalit Thanachanan, as a chairman of the Sub-Committee on Education and Public Relations for Corporate Governance of Thailand, said that The "Road to Corporate Governance" seminar is one of the many planned campaigns to continue last year's work. He said that this seminar has shown the combined determination of all related agencies to elevate the standards of corporate governance in Thailand. It is also a stage to publicly recognize those who achieve the basics of this ideology and acts as a channel to pass on knowledge and experience of good governance to the others.
Chavalit said that from now on, the business sector would head towards the establishment of corporate governance, under government support. He said every party would have a similar view to promote this ideology in Thai society to enhance Thailand's long-term security and creditability.
The content of the seminar "Road to Corporate Governance" included speeches by the management of the listed companies, which received both local and international recognition for achieving this principle, such as Chira Panupong - Chairman of Banpu Plc, Viset Choopiban - President of PTT Plc, and Sirivuthi Siamphakdee - Executive Vice President of Kasikornbank Plc. These distinguished guests came to share their knowledge, understanding and experience of this concept. They also provided models on how to successfully implement corporate governance.
Chavalit said "The experiences from all guest speakers are invaluable, and the organizers are grateful for them. We believe that all participants will adopt and use the knowledge gained from this seminar to implement the corporate governance principle into their businesses."
