Bangkok--Sep 20--SET
The Chairwoman of the Capital Market Opportunity Center (CMOC) and the Market for Alternative Investment (MAI), Ms. Sopawadee Lertmanaschai, said that the SET was very pleased that the Siam City Bank Pcl. (SCIB) has earned a ‘good’ level of corporate governance (CG) rating from the Thai Rating and Information Services Co., Ltd. (TRIS). The Bank received 7.50 points (on a 10 point scale).
TRIS considered the CG of SCIB based on the following four aspects: 1) Information Disclosure, 2) Corporate Governance Culture, 3) Composition and Roles of the Board of Directors and Management, and 4) Shareholder’s Rights. SCIB received an outstanding score in information disclosure, at 8.09 points. Its second-best score was 7.52 points, earned in the Composition and Roles of the Board of Directors and Management category. As for Corporate Governance Culture and the Shareholder’s Rights, SCIB received 7.37 and 6.80 points, respectively.
“SCIB’s achieving a ‘good’ level of CG rating will be favorable to the Bank in several ways. For example, its shareholders, clients, as well as other stakeholders will be more confident that it is a quality bank. Hence, its future fundraising, if needed, will be easier. As for the current obvious benefit, SCIB will receive a 50% discount on its annual listing fee from the SET for two consecutive years,” Ms. Sopawadee said.
She continued, “SCIB is a listed company on the SET, and is also a state-owned enterprise, having the Financial Institution Development Fund (FIDF) as its major shareholder. The Bank has clearly shown that it is determined to comply with the good CG principles and would like to develop to be an even better- governed institution.”
TRIS revealed that SCIB obtained its highest score in the information disclosure criterion, as the company has generally disclosed its information well. This includes its management discussion & analysis (MD&A) report and its disclosure of the bank’s non-financial information, as well as other important information that has been disclosed accurately, completely and in a timely manner.
Ms. Sopawadee added, “SCIB’s achieving its highest score in information disclosure can be used as a good model for other banks. In fact, numerous other corporations have earnestly followed the good CG principles but have not widely report their compliance, and so have not yet received the recognition that they deserve.”
For more details on the Siam City Bank Pcl., investors and the general public can browse www.scib.co.th. For the information on good CG, please browse www.cgthailand.org
For more information, please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kulvida Jintakawong Tel: 0-2229-2037 / Nattaporn Boonprapa Tel: 0-2229-2049 End.
--InfoQuest (NT)--