Bangkok--13 Dec--SET
Of the 15 state-owned enterprises (SOE) and SOE’s subsidiaries listed on The Stock Exchange of Thailand (SET), 12 have earned the highest level of corporate governance (CG) scores--‘excellent’ or getting over 90%. Meanwhile, the other 3 firms earned ‘very good’ or getting 80-89% scores. In general, the CG levels of these firms have continually improved, becoming more in line with international standards.
SET Group Head, Issuer & Listing, Chanitr Charnchainarong noted that the CG Report 2010 were conducted by the Thai Institute of Directors (ThaiIOD), based on standards of the Organization for Economic Cooperation and Development (OECD), with support from the SET and the Securities and Exchange Commission (SEC). Thus, the evaluations are highly credible.
The CG performance of SOEs has continually improved, e.g., in 2008, only 7 SOEs achieved the ‘excellent’ level, rising to 10 in 2009 and finally 12 this year.
“The results indicate that getting listed helps the CG of these companies to become more in line with international practices, Mr. Chanitr added.
In 2010, listed SOEs and their subsidiaries raised a total of THB51.8 billion (approx. USD1.67 billion) via equity and debt instruments. This shows that listing of these companies has provided them with more fundraising channels, making them financially stronger without having to rely on government funds or guarantees.
Prior to listing, these SOEs and their subsidiaries had to transform themselves into public companies and reduce the proportion of shares held by the state. These firms have followed internationally accepted standards of modern management, enhancing their competitiveness. Promoting the listing of SOEs or their subsidiaries is thus crucial for the economy’s development.
The SOEs and subsidiaries receiving “excellent” CG grades were Airports of Thailand PCL (AOT), Bangchak Petroleum PCL (BCP), Electricity Generating PCL (EGCO), Krungthai Bank PCL (KTB), IRPC PCL (IRPC), MCOT PLC (MCOT), PTT PCL (PTT) PTT Aromatics and Refinery PCL (PTTAR), PTT Chemicals PCL (PTTCH), PTT Exploration and Production PCL (PTTEP), Ratchburi Electricity Generating PCL (RATCH), and Thai Oil PCL (TOP).
For more information, please contact S-E-T Call Center 0 2229 2222
Members of the media should contact the Public Relations Unit, Corporate Communications Dept.: Ladawan Kantawong, tel: 0-2229-2036 / Kanokwan Khemmalai tel: 0-2229-2048 / Nattaya Muangman, tel: 0-2229-2043