Bangkok--Mar 25--SET
Executive Vice President of The Stock Exchange of Thailand (SET) Ms. Sopawadee Lertmanaschai reported that, as rated by the Thai Rating and Information Services Co. Ltd. (TRIS), Thai Airways International Pcl. (THAI) had earned a ‘good’ corporate governance (CG) rating of 7.01 points (on a 10 point scale). The Company received its highest score in the CG Culture criterion.
“THAI has seriously developed its CG system. This can be seen from the company’s establishment of a Corporate Secretariat, an Investor Relations Dept., and a Risk Management & Business Support Dept. THAI has also distributed its CG policy to all its employees to help create a CG environment and culture. THAI actively consulted with the SET’s CG Center throughout 2004,” said Ms. Sopawadee.
This is the first time THAI has participated in the CG Rating Program. As it received higher than 7/10 points, this entitles the company to receive a 50% discount in its annual listing fee for two consecutive years.
The SET has been encouraging listed companies to participate in the TRIS’s CG Rating Program by extending the discount privilege it offers for an additional year, to December 31, 2005.
Managing Director of TRIS, Dr. Vorapat Tothanakasem, said that: “THAI received its highest score in the CG Culture area, with 7.52/10 points. This is significant since, when compared to other state-owned enterprises, it has a higher proportion of its shares floated into the hands of retail investors. Its employees also realize CG is crucial to the company’s operations.”
On Information Disclosure, the Company received 7.46/10 points. THAI has produced fairly complete financial and non-financial reports and has disclosed its relevant information, within the required time period, through its website, at www.thaiairways.com
In the Composition and Roles of the Board of Directors and Management section of its rating, THAI scored a respectable 6.64/10 points. The Company has 14 non-executive directors out of a total 15 board members. This total includes 5 independent directors. Therefore THAI has managed to develop a good configuration of checks-and-balances.
The company received 6.21 points in Shareholders’ Rights. It has provided mechanisms to ensure that the shareholders will be able to equitably exercise their rights. The Company also realizes that it is important to have a mechanism enabling its shareholders to receive the full benefits they deserve. It has announced measures to prevent conflicts of interest, and, in 2004, added additional measures concerned with connected transactions to come more into line with the SET’s measures and announcements regarding insider trading.
Dr. Vorapat added that Thai Airways International Pcl. is the 12th listed company to have participated in the CG Rating Program and announced its Rating to the public. Other companies for which TRIS has previously announced their CG Ratings include: Kasikornbank Pcl., Bangkok Aviation Fuel Services Pcl., Electricity Generating Pcl., Siam Industrial Credit Pcl., Eastern Water Resources Development and Management Pcl., Tipco Foods (Thailand) Pcl., Krung Thai Bank Pcl., Ratchaburi Electricity Generating Holding Pcl., Siam City Bank Pcl., PTT Exploration & Production Pcl., and PTT Pcl. Additional information can be viewed on TRIS’ website, www.tris.co.th
For more details about Thai Airways International Pcl., please browse www.thaiairways.com and for information on 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
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.