Bangkok--Oct 21--SET
The Federation of Thai Capital Market Organizations (FeTCO), The Stock Exchange of Thailand (SET), The Securities and Exchange Commission (SEC), and The Thai Institute of Directors Association (IOD) will co-host the seminar entitled “Corporate Governance — Reports on the Observance of Standards and Codes: CG-ROSC)” with Mr. Behdad Nowroozi, Senior Financial Management Specialist, the World Bank, as a guest speaker. The event will be on October 26, 2005, between 09:00 — 12:00hrs. at the Conrad Hotel.
H.E. Dr. Somkid Jatusripitak, Deputy PM and Commerce Minister, will give his own special talk on the topic “Visions on CG Development in the Thai Capital Market”. Then, Mr. Nowroozi will present the CG observance report, followed by the SEC’s Senior Assistant Secretary-General, Mr. Chalee Chantanayingyong, who will speak on the topic “The Thai Capital Market after CG-ROSC”. It is expected that there will be about 400 attendees from listed and investment management companies as well as other capital market organizations.
Mr. Thirachai Phuvanat-naranubala, SEC Secretary-General, said that the CG report on Thailand confirmed that corporate governance practices here are as acceptable as in other countries. We’re confident that this report will help improve the Thai market’s image and attractiveness as it is read by foreign investors who may have previously underestimated the market.
“We’ll definitely not stop improving. We’ll hold on to what we do well and we will work on our weak points. All our improvements will be achieved only with the cooperation of all parties involved—from the listed companies (their executives, employees, and shareholders) to the businesses and organizations in the capital market. The Thai market will thus become an efficient and reliable investment and fundraising source for both local and foreign investors,” said Mr. Thirachai.
Mr. Vijit Supinit, Chairman of the Subcommittee on Investors Education and Public Relations and on Corporate Governance in Thailand, revealed that, out of the 32 CG assessment criterions, Thailand has satisfactorily passed the standards in 22 of the criterions or 70%. For the remaining 10 criterions, Thailand passed but still requires additional improvements. The great thing is that we haven’t failed in any of the criterions. This indicates that Thai CG is relatively acceptable.
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“The Oct.26 seminar will be especially important for the listed companies as they will be able to learn from the World Bank’s views and receive a guideline to steer them towards further improvements,” said Mr. Vijit.
Dr. Kongkiat Opaswongkarn, Chairman of FeTCO, said: “The collaborations formed amongst all capital market participants during the past few years have significantly improved our CG. I believe that with the World Bank’s assessment, in addition to our market’s relatively low stock prices as seen in its low price-earning ratio, the attractiveness of the Thai market will be boosted. We are on the right track and will continue to achieve our goals in CG improvement.”
Thai Institute of Directors Association President Mr. Charnchai Charuvastr, said: “It didn’t surprised me that the overall evaluation was quite acceptable because many organizations have been driving CG reforms for the past 7-8 years. But the report also suggested many areas for improvements so I would like to see a continuous development effort to put Thailand amongst the world’s top countries to attract investments.”
Reservations for the seminar can be made without any charges. Please contact the SET’s CG Center at Tel: 0-2229-2603-7 or fax to 0-2654-5424. End.