Boardroom Flash Vol. 5/2016 Thai IOD Statement on “Corporate governance of listed companies’ directors”
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Policy Alert
Thai IOD Statement on “Corporate governance of listed companies’ directors”
Since late last year there has been a marked increase in the number of cases where directors and executives of listed companies were found guilty and fined by the Securities and Exchange Commission (SEC) for charges relating to asset malpractices.
However, it appears that in spite of the penalties, some boards of directors of the companies still fail to probe and take serious disciplinary actions against such malpractices. These inactions have caused much concern in some quarters over corporate governance practices by the boards of listed companies, which are supposed to be the upholder of good corporate practices.
CG News Update
Thai Directors Call for Stronger Punishments for Malpractices of Directors
May 30, 2016 – According to a recent survey by the Thai Institute of Directors Association (IOD), most directors thought that the current penalty on directors and executives was too light for those culpable of unfair treatment to shareholders, including insider trading.
They prefer to see the penalty include fine, imprisonment, and a ban from directorship, instead of just being fined as in most cases seen in Thailand. Absence of a strong ethical corporate culture is also seen by directors responding to the survey as the key factor behind the unethical conduct of directors.
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