Bangkok--Aug 8--SET
The Stock Exchange of Thailand (SET) announced that Siam Industrial Credit Pcl. (SICCO) had applied for a corporate governance (CG) rating from the Thai Rating and Information Service Co. Ltd. (TRIS). This year is the third consecutive year the company has been rated for its compliance with good corporate governance (CG) practices. The company received an overall 8.06/10 score, showing that it is still placing importance on CG and this has yielded good results.
“The company’s proven record in good CG is evident by its receiving the ‘Best Corporate Governance Report Award’ at the SET Awards 2003-2004, plus receiving the ‘Distinction in Maintaining an Excellent CG Report Award’ from the SET Awards 2005,” SET Executive Vice President Ms. Sopawadee noted.
According to TRIS, SICCO received its highest score (8.52/10) in the Information Disclosure criterion. It is noteworthy that the company has constantly submitted both financial and non-financial reports on time. Also it included its ‘Directors’ Responsibilities for its Financial Reports’ in the company’s 2004 Annual Report. In the report it stated its directors’ responsibilities with regards to both SICCO’s and its subsidiaries’ financial statements.
On Shareholders’ Rights, SICCO got 8.31/10 score, as it has put in place a mechanism that ensured its shareholders full protection against any connected transactions, conflict of interests, or insider trading.
Furthermore, SICCO provides a mechanism for shareholders to effectively exercise their voting rights -- it sent out its meeting invitation letter in advance of the period required by law, and the company included an agenda on critical issues in its shareholders’ meeting, in line with the SET’s rules.
On its Corporate Governance Culture, SICCO earned 8.12/10 score due to its high proportion of retail shareholding, at 61.45%, which indicates a balanced control between large and small shareholders.
Since SICCO earned a CG rating score greater than 7/10 in 2003 and 2004, the SET offered SICCO a 50% discount on its annual listing fee during those two years. In addition, the company received a discount and services from the Securities and Exchange Commission.
For more information on CG, please browse www.cgthailand.org. For TRIS’ CG Rating announcements please see www.tris.co.th. Also, information on SICCO is available at www.sicco.co.th
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.