On July 24, 2025, the Minority Shareholders Watch Group (MSWG), Malaysia's corporate governance expert organization and one of the assessment bodies representing Malaysia (Domestic Ranking Body), held the award ceremony to announce the results of the ASEAN Corporate Governance Scorecard (ASEAN CG Scorecard) assessment for 2024 in Kuala Lumpur, Malaysia. The event was supported by the ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank (ADB) to recognize ASEAN listed companies that have implemented good corporate governance principles, social and environmental responsibilities (ESG) in their business operations for sustainable growth of both companies and their value chains. This marks the first assessment under the new ASEAN CG Scorecard criteria updated in 2023 to align with the G20/OECD Principles of Corporate Governance 2023, developed by the Organization for Economic Cooperation and Development (OECD).

The 2024 ASEAN CG Scorecard consists of three award categories as follows:

(1) The ASEAN Asset Class PLCs Award is given to listed companies achieving 97.50 points or above (75 percent of the total 130 points). Thai-listed companies account for 74 of 250 recipients, the most in ASEAN.

(2) The ASEAN Top 50 PLCs Award is given to Top 50 listed companies achieving highest score in ASEAN. Thailand comprises 16 companies, Malaysia 17 companies, Singapore 8 companies, the Philippines 5 companies, and Indonesia 4 companies.

(3) The Country Top 5 PLCs Award is given to listed companies with Top 5 highest score in each nation. For Thailand, the Top 5 companies in alphabetical order are PTT Public Company Limited (PTT), PTT Exploration and Production Public Company Limited (PTTEP), PTT Global Chemical Public Company Limited (PTTGC), SCG Packaging Public Company Limited (SCGP), and Thai Oil Public Company Limited (TOP).

In addition, Thai listed companies achieve the highest average score of 103.83 points in ASEAN, increasing from the previous 2021 assessment, which was 102.27 points.

Mrs. Pornanong Budsaratragoon, Secretary-General, the Securities and Exchange Commission (SEC), said: "As a governmental agency to promote, develop and supervise the Thai capital market, the SEC collaborates with all relevant partners to encourage listed companies to enhance their corporate governance practices in line with international standards. This is essential for companies’ fundamental to operate with good corporate governance, considering impacts on society and environment, while promoting the adoption of appropriate innovations in line with their business contexts. Such efforts help to build trust and confidence to meet stakeholders’ expectations, as well as create sustainable value for companies and their value chains.

“The SEC has revised disclosure rules represented in the 56-1 One Report, effective in 2022, enabling Thai listed companies to elevate their sustainability disclosure, which also supports the ASEAN CG Scorecard 2024 assessment, the first time under the new criteria that added sustainable business operation elements. We are truly delighted that Thai listed companies continue to progress in their practices, making Thailand the country with the most recognized companies in the ASEAN Asset Class Award and achieved the highest average score of 103.83 points in ASEAN, reflecting their commitment to creating sustainable business value.

“The SEC will continue to develop appropriate disclosure rules for Thai listed companies that align with international sustainability reporting standards, including IFRS S1 and S2 developed by the International Sustainability Standards Board (ISSB)1, 2, to maintain the Thai capital market's international recognition."

Mr. Kulvech Janvatanavit, Chief Executive Officer of the Thai Institute of Directors (Thai IOD), as Thailand's CG expert and assessment organization, said: "The ACGS 2024 results reflect enhanced corporate governance practices in Thai listed companies, particularly in multifaceted ESG matters of interest to international investors. Many Thai companies have prioritized long-term value creation and stakeholders across all sectors in their business operations and governance."

Key highlights of this year's report include Thai companies' ESG development:

• More listed companies have prepared sustainability reports using internationally recognized frameworks such as the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD) standards.
• Enhanced internal and external stakeholder engagement on sustainability matters and incorporating their opinions into company strategies.

·         ESG data and risk assessments are increasingly used in board decision-making and linked to enterprise risk management systems.

"This transformation results from collaboration between organizational executives and regulatory authorities. Thai IOD is committed to working with the SEC to further strengthen corporate governance, sustainability disclosure, and regional and international standards for Thai listed companies," Mr. Kulvech concluded.

The ASEAN CG Scorecard was initiated by ACMF in 2012 with support from ASEAN securities regulators to assess corporate governance of listed companies in six ASEAN countries: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam, focusing on the top 100 companies by market capitalization as of May 31 (assessed every two years). Country-level assessments evaluate publicly disclosed information from listed companies using the OECD guidelines and peer review to ensure consistency across all countries. The ASEAN CG Scorecard 2024 assessed companies’ 2023 operational disclosures. Thai IOD was designated by the SEC as the CG Expert and Domestic Ranking Body for Thailand.

¹ IFRS S1 General Requirement for Disclosure of Sustainability-related Financial Information specifies general requirements for disclosing sustainability-related financial information, including sustainability opportunities and risks arising from environmental, social, and governance (ESG) factors.

² IFRS S2 Climate Related Disclosure specifies enterprise disclosure requirements for climate change-related opportunities and risks.

For more information, contact: Ms. Aurakarn Jungthirapanich, Thai Institute of Directors (Thai IOD)
Phone: 02-955-1155 ext. 304