Bangkok--15 Oct--Thai Institute of Directors Association
Thailand’s private sector Collective Action Coalition Against Corruption, or CAC, said number of companies being certified for having internal policy and anti-corruption mechanism in place soared by 44% in the third quarter, reflecting higher efforts and seriousness against corruption in the private sector. The CAC plans to hold annual national conference on October 16, 2014, to seek and promote effective ways to fight corruption. The event will be attended by numerous top-class executives from the public and private sectors as well as the civil society.
The CAC Council has on October 3, 2014, certified additional 24 companies, self-assessed by the companies that they have installed policy and internal mechanism to prevent corruption as per criteria set by the CAC, thus, lifting overall certified companies to 78, Dr. Bandid Nijathaworn, CAC Secretary General said and added that the continuous rise in the number of certified companies is a clear evidence that Thai corporates are actively turning anti-corruption commitment into practice.
Moreover, ever increasing anti-corruption momentum has encouraged 39 additional companies to sign declaration of intent with the CAC. Of the total, 27 are listed firms, which boosted market capitalization of the CAC’s signatory companies in the SET to 69% of the overall market capitalization.
Private companies join the CAC voluntarily. At the end of the third quarter, a total of 362 companies have declared their intention to join, including 179 listed firms and a number of world-class companies operating in Thailand.
“The fact that 179 listed companies have joined CAC, having as much as 69% of total market capitalization, implies that sizable listed companies recognize the importance of transparency and doing clean business. This is a strong indicator for good corporate governance of listed companies. The next thing is for the companies to seek certification from the CAC Council once they have clear anti-corruption policies and high compliance standards in place. We also would like to see clean business circle being extended to their suppliers and trade counterparts as well as attracting more small and medium-sized companies to join the initiative,” Dr. Bandid said.
The 24 certified companies will be formally awarded certifications at Thailand’s 5th National Conference on Collective Action Against Corruption, to be held on October 16, 2014 at Plaza Athenee Hotel under the topic “Tackling Corruption through Public-Private Colloboration”. At the event, there will speeches and panel discussions by local and international senior executives in the anti-corruption front from both the public and private sectors such as Finance Mininster Sommai Phasee, National Anti-Corruption Commission Chairman Panthep Klanarongran, and Anti-Corruption Organization Thailand (ACT) President Pramon Suthivong, and Andrew Wilson, Deputy Director for Strategy and Programs at Center of International Private Enterprise (CIPE) etc.
The CAC was founded in 2010 to bring effective anti-corruption policy and mechanism into implementation. The scope of CAC focuses on the private sector and it works closely and in parallel with the ACT.
The CAC initiative is sponsored partly by U.S.-based CIPE and was founded by the support of eight leading organizations in the private sector including the Thai Chamber of Commerce, the Joint Foreign Chambers of Commerce in Thailand, the Thai Listed Companies Association, the Federation of Thai Industries, the Federation of Thai Capital Market Organizations, the Thai Bankers’ Association, the Tourism Council of Thailand, and the Thai Institute of Directors Association (IOD).
List of the 24 companies certified in 3Q
1. PTT PCL
2. Indorama Ventures PCL
3. Krung Thai Bank PCL
4. TMB Bank PCL
5. United Overseas Bank (Thai) PCL
6. LH Financial Group PCL
7. Land and Houses Bank PCL
8. Land and Houses Fund Management Co., Ltd.
9. Bualuang Securities PCL
10. Bangkok Life Assurance PCL
11. Thanachart Capital PCL
12. Thanachart Bank PCL
13. Thanachart Securities PCL
14. Thanachart Fund Management Co., Ltd.
15. Thanachart Insurance PCL
16. KK Trade Securities Co., Ltd.
17. Phatra Asset Management Co., Ltd.
18. Max Asset Management Co., Ltd.
19. NFS Asset Management Co., Ltd.
20. TS Asset Management Co., Ltd.
21. Siam City Life Assurance PCL
22. Ratchthani Leasing PCL
23. Thai Metal Drun Mfg. PCL
24. Bayer Thai Co., Ltd.
More information about CAC and the complete list of certified companies and companies that have declared intention to join CAC can be found at a http://www.thai-iod.com/th/projects-3-detail.asp?id=2