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คุณอยู่ที่ : หน้าแรก > การปฏิบัติตามมาตรฐานสากล > Corporate Governance-Report on the Observance of Standards and Codes
การปฏิบัติตามมาตรฐานสากล
Towards International Excellence
The Financial Sector Assessment Program (FSAP)
Accounting and Auditing ROSC (AA ROSC)
Corporate Governance-Report on the Observance of Standards and Codes (CG-ROSC)
Corporate Governance Watch (CG-Watch)
Survey on Ease of Doing Business
Corporate Governance-Report on the Observance of Standards and Codes
 

In 2005, Thailand participated in the World Bank’s country assessment program on Corporate Governance - Report on the Observance of Standards and Codes (CG-ROSC). The SEC played a key role to ensure complete assessment and effective cooperation between the World Bank’s representatives and relevant market entities.

 

The assessment criteria that captured both formal and informal dimensions of corporate governance practices were benchmarked against the OECD principles, which are divided into six key areas as follows:

CG_OECD.jpg




The assessment revealed positive results where Thailand, in comparison with other Asian countries, generally met the international standards and achieved satisfactory ranking in 22 out of the total 32 principles without falling below international standards in any particular areas of assessment. The SEC has taken the CG- ROSC results into consideration in taking further steps to improve on the areas identified in the assessment report.

 
OECD Principles
Result (# of principles)
Area
# Principles
O
LO
PO
MNO
NO
1. CG framework
4
-
4
-
-
-
2. Rights of shareholders
7
-
5
2
-
-
3. Equitable treatment of shareholders
3
-
2
1
-
-
4. Roles of stakeholders in CG
6
-
4
2
-
-
5. Disclosure and transparency
6
-
5
1
-
-
6. Responsibilities of the Board
6
-
2
4
-
-
TOTAL
32
22
10
-
 
  

O (Observed)
All essential criteria are met without significant deficiencies.

LO (Largely Observed)
All essential criteria are met and only minor shortcomings are observed.

PO (Partially Observed)
Principles are complied with but certain practices diverge.

MNO (Materially Not Observed)
International criteria are not met or met but shortcomings raise doubts of observance ability.

NO (Not Observed)
No substantive progress has been achieved.
 

 

>> Click here for full report

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Later, Thailand followed the recommendation given by World Bank in the first assessment of CG-ROSC and undertaken significant reforms that have enhanced corporate governance, i.e. a revision of the Securities and Exchange Act 1992 (SEA), issuing new Principles of Good Corporate Governance for listed companies, and a new banking act and supporting regulation to improve bank corporate governance , an amendment of the SEA included clearer duties for directors, stronger protection for shareholder rights, whistle blower protection, and provisions to increase the independence and professionalism of the Securities and Exchange Commission (SEC).
 
In 2012, Thailand decided to participate in the World Bank’s country assessment program on Corporate Governance - Report on the Observance of Standards and Codes (CG-ROSC). The result of the second assessment’s finds that Thailand obtained a score of 82.83 points from a possible total of 100, receiving the highest score in the disclosure and transparency areas. The World Bank found that information disclosures in the annual reports of listed companies are primarily in line with international standards. There are also a variety of channels for distributing listed companies’ information to investors in an appropriate and timely manner.  In addition to legal and regulatory reforms to facilitate corporate governance improvement, the Thai capital market also show other key areas of improvement, such as, determination of basic shareholder rights and board duties and responsibilities. 
 
The conclusion of this assessment can be said that Thailand is a regional leader in corporate governance and has achieved high levels of compliance in a number of key areas, with a relatively comprehensive framework and high levels of compliance.
CG_2013_graph.jpg

 
However the framework could be further improved with the adoption of the following key recommendations:
 
​• ​Improving State Owned Enterprises (SOE) governance and making the state a more effective owner
​• ​Maintaining the credibility and effectiveness Securities and Exchange Commission (SEC) and Bank of Thailand (BOT)
​• ​Updating and clarifying The Stock Exchange of Thailand (SET) and Securities and Exchange Commission (SEC) guidelines and regulations
​• ​Improving shareholder rights and redress, including for foreign shareholders and through the Securities and Exchange Commission (SEC)
​• Enhancing beneficial ownership disclosure and other non-financial disclosure​
​• ​Strengthening auditor independence and effectiveness of market intermediaries
​• ​Continuing to increase board independence and effectiveness
 
 
OECD Principles
Result (# of principles)
Area
# Principles
FI
BI
PI
NI
1. CG framework
4
-
3
1
-
2. Rights of shareholders
19
4
9
6
-
3. Equitable treatment of shareholders
7
1
3
3
-
4. Roles of stakeholders in CG
-
5
1
-
5. Disclosure and transparency
13
1
10
2
-
6. Responsibilities of the Board 15​ - 12 ​3 -​
​TOTAL 64​ ​6 ​42 ​16 -​
Percentage
100%
9%
66%
25%
-
 
  
  
​FI =​ ​Fully Implemented  (All essential criteria are met without significant deficiencies and overall implementation score is greater than 95 percent)
​BI ​= ​Broadly Implemented  (All essential criteria are met and only minor shortcomings are observed and overall implementation score is greater than 75-95 percent)
​PI ​= ​Partially Implemented (Principles are complied with but certain practices diverge and overall implementation score is greater than 35-75 percent)
​NI ​= Not Implemented  (No substantive progress has been achieved)
  
 

The full report is available at http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/ROSC_Thailand_web.pdf 

 
 
 
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