Bangkok--6 Jun--Thai Institute of Directors
CFA Society Thailand recently signed a Memorandum of Understanding with Thailand's Private Sector Collective Action Coalition against Corruption (CAC) that paved the way for financial analysts in the society to take an active role in supporting the fight against corruption by encouraging private companies to join CAC and effectively expand its network of clean businesses in Thailand.
Under the MOU, CFA Society Thailand will encourage its members to assume the role of CAC Advocate to persuade their own or other companies to sign up and seek certification from the CAC. The extensive network of CFA Society Thailand members will enhance the CAC's ability to access businesses that may not have joined the CAC or are prone to high corruption risks.
"CFA Society Thailand's keen support is another concrete example that more and more private organizations emphasize the significance of business transparency and ready to take actions on this front. Evidently, the momentum of anti-corruption movement in the private sector is growing stronger," said Dr. Bandid Nijathaworn, CAC Secretary General.
Chartered Financial Analyst (CFA) is a well-known international qualification in the financial and investment professional. Currently, CFA Society Thailand has 406 members, most of who are in important positions in their organizations such as Chief Financial Officer (CFO), Fund Manager, or Securities Analyst.
"We see the CAC as an impressive private sector-led effort and want to support it as well as advocate companies we interact with to join in to these lofty goals. We hope that ultimately the allocation of capital away from corrupt organizations can be the most powerful tool to enforce private sector-led market discipline," said Dr. Andrew Stotz, CFAST President.
The Thai Bankers' Association signed an MOU with CAC in March, with a pledge to encourage its members, consisting of 15 local banks, to use the anti-corruption practices of private firms as one factor in considering their loan applications.
So far, 835 companies have voluntarily declared their intentions against corruption with the CAC. Of the total, 232 have been certified for having put in place policies and compliance standards to prevent corruption, including five new companies that have been certified for the first time at the latest CAC Council meeting on May 25.
Background
The CAC was founded in 2010 to bring effective anti-corruption policies and mechanisms into implementation by business entities. It focuses specifically on the private sector and works closely with the National Anti-Corruption Commission and the Anti-Corruption Organization of Thailand.
The CAC was co-founded by 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), which serves as the secretariat and takes a leading role in driving the program. The CAC's operations are sponsored mainly by U.S-based Center for International Private Enterprise (CIPE), the U.K. Prosperity Fund, and Thailand Sustainable Development Foundation (TSDF).
Private companies join CAC voluntarily. The CAC only certifies that companies have put in place anti-corruption policy and compliance standard but does not certify behaviors of corporate personals.
More information about the CAC can be found at www.thai-cac.comCAC