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Bangkok Post, Thailand, PricewaterhouseCoopers Column.
Byline: Richard G. Moore
Dec. 11--Is business in Thailand prepared to review and revise long established boardroom and management practices that are not seen as reflecting good governance?
Are we still going to be challenging or questioning the benefits of good corporate governance in three years' time?
These are concerning questions. The market regulators -- the Stock Exchange of Thailand, the Securities Exchange Commission and the Bank of Thailand -- each continue to appropriately and actively promote the need for and benefits of good corporate governance. The Thai Institute of Directors Association offers a comprehensive and successful training programme that has heightened awareness and understanding of corporate governance.
But despite these efforts, the extent to which there is genuine acceptance of and commitment to best practices among listed companies and state-owned enterprises in Thailand is restricted to too few organisations.
Nowhere was this more apparent than at the recent awards ceremony for the third Best Practices Award on Corporate Governance and Audit Committee of the Year 2001. It was a worthy event that should have had high priority on the Thai corporate calendar. But just over 30 organisations participated in 2001, disappointingly, a decline on the previous year.
Those who participated are to be congratulated. They showed a willingness to be assessed and will benefit from the experience. What does it take to be a corporate leader in local and global markets? Six key principles were highlighted at the Best Practices event:
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