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Thailand - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment (English)

Since 1998, significant corporate governance reforms have been introduced and are underway, including reforms in the structure and function of the board of directors of listed companies, the establishment of the Thai Institute of Directors Association and the Department of Special Investigation, the adoption by the Stock Exchange of Thailand (SET) of 15 principles of good corporate governance, and draft legislation to reinforce the rights of minority shareholders. In addition, the Securities and Exchange Commission (SEC) has improved its monitoring of financial statements of listed companies and stepped up enforcement efforts and increased sanctions for violations. Most recently, the SEC has supported issuance of a Directors' handbook and the establishment of a Director Registry System. The Institute of Certified Accountants and Auditor of Thailand (ICAAT) also has intensified its efforts to improve skills and knowledge of accountants and auditors. Reforms in the legal framework have been slow and need to be expedited. There is a lack of a range of sanctions, criminal, civil, and administrative to facilitate effective enforcement. International financial reporting standards have yet to be adopted. The private sector's awareness of the potential benefits of improved corporate governance may need to be further enhanced. Further steps need to be taken to enhance protection of shareholder rights, including the introduction of cost effective legal channels for shareholders seeking redress. The focus should remain on implementation and on completing the legislative and regulatory agenda, improving enforcement (prosecution process), enhancing financial reporting and disclosure consistent with international standards, and promoting business ethics and best practices.

Details

  • Document Date

    2005/06/01

  • Document Type

    Corporate Governance Assessment (ROSC)

  • Report Number

    46543

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Thailand,

  • Region

    East Asia and Pacific,

  • Disclosure Date

    2010/07/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Thailand - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment

  • Keywords

    International Financial Reporting Standards;corporate governance of financial institutions;fiduciary duty of director;public limited liability company;rights of minority shareholder;protection of minority shareholder;legal and regulatory framework;restrictions on share transfers;accounting and auditing standard;right of first refusal;exercise of ownership rights;public limited company;international good practice;total market capitalization;corporate governance framework;corporate governance practice;related party transactions;corporate governance reform;good corporate governance;delivery versus payment;international accounting standard;duty of care;independent regulatory body;conflicts of interest;right of shareholder;Rule of Law;gross domestic product;credit rating agencies;duty of loyalty;transferability of share;piece of legislation;central security depository;violation of law;state owned enterprise;criminal enforcement actions;pyramid ownership structure;medium size companies;minority shareholder right;progress in governance;independent audit committee;asset management company;International Auditing Standards;net asset value;foreign institutional investor;investment in equities;domestic institutional investor;regulatory disclosure requirement;local institutional investors;capital market activity;Electronic Fund Transfer;asset management companies;share in profit;number of shareholders;acquisition of share;access to information;code of conduct;effectiveness of audit;provisions of law;credit rating agency;public company;cumulative voting;financial statement;shareholder register;

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Citation

Thailand - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/560511468118458173/Thailand-Report-on-the-Observance-of-Standards-and-Codes-ROSC-corporate-governance-country-assessment