The Chairwoman of the Capital Market Opportunity Center (CMOC) and the Market for Alternative Investment (MAI), Ms. Sopawadee Lertmanaschai, disclosed that the Thai Rating and Information Services Co., Ltd. (TRIS) has announced that Tipco Foods (Thailand) Pcl. is the first listed company in 2004 to receive a good governance rating. TIPCO received a 'good' rating with 7.32 points overall.
"In order to support good corporate governance, the SET will be giving a 50% discount on TIPCO's annual listing fees for the next two consecutive years. The SET has actually extended the promotion period in support of good corporate governance, from the previous deadline at the end of 2003, for an additional one year until the end of 2004. The SET will be giving a 50% discount on annual fees for two consecutive years to any listed companies receiving 7 points or higher on their good governance rating. Eligible companies must apply for the rating by 31 Dec. 2004," The CMOC Chairwoman said.
President of TRIS, Mr. Warapatr Todhanakasem, Ph.D., said that: "TIPCO scored highest in the corporate governance culture based upon the organization's internal environment. For TIPCO, its chairman and president play an important role in promoting good corporate governance within the organization. Other stakeholders, e.g. trading partners and customers, have also shown their satisfaction in the company's products and services. TIPCO has also distributed its shareholding to retail investors who hold 36.23% of paid-up capital making the holdings of the large and retail shareholders more in balance."
Chairwoman of TIPCO, Anurat Tiamtan, said that: "TIPCO's receiving of a 'good' governance rating was made possible by the will of its board of directors and the management team to manage the company under a good corporate governance framework. This framework helps to improve the company's competitiveness which will generate growth and added value to the shareholders in the long-run. Moreover, they are also determined to implement the good corporate governance principles in a systematic and practical manner in order to exhibit its reliability among all its stakeholder groups. The company's success can be attributed to its corporate values, culture, and new attitude instilled in all TIPCO employees."
Besides receiving a 'good' governance rating, TIPCO also received the 'Best Corporate Governance Report' Award from the SET Awards jointly sponsored by the SET and the Money & Banking Magazine. The award is granted to companies having reported exceptional achievements in conforming to the 15 good corporate governance principles. TIPCO has shown itself to be another good model and an interesting alternative for investors.
Ms. Sopawadee said that: "The SET would like to invite all listed companies to take part in the CG Rating Program, since it will not only increase the companies' value and attractiveness to investors but also is an opportunity to get a 50% discount on their annual fees for two consecutives years if they receive 7 points or higher in their overall ratings. Interested companies need to apply for the rating by 31 Dec. 2004."
There were a total of five listed companies receiving 'good to very good' ratings and which received the SET discounts in 2002 and 2003. The three honored companies in 2002 included Bangkok Aviation Fuel Services Pcl. (received 7.39 points and got 8.08 points in its 2003 review), Kasikornbank Pcl. (8.61 points), and Electricity Generating Pcl. (7.98 points). The other two companies rated and granted honors in 2003 were The Siam Industrial Credit Pcl. (7.17 points) and Eastern Water Resources Development and Management Pcl. (7.70 points).
For more information, please contact the Corporate Governance Rating Dept. of the Thai Rating and Information Services Co., Ltd. (TRIS) at Tel: 0-2231-3011 Ext. 304, 301, 302 and 326.
