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Does good corporate governance pay? Over the years, the benefits of good governance have warranted serious attention from business practitioners and policymakers alike. Although the benefits cannot be quantified in money terms yet, understanding the ways in which good corporate governance practices are identified, evaluated and implemented has allowed listed companies to increase the economic value of their firms. With good governance practices, self-serving decisions are minimized. Lower agency costs in a corporation thus lead to higher firm value, ceteris paribus.
The Thai Institute of Directors Association (Thai IOD), in close cooperation with the Stock Exchange of Thailand and the Securities and Exchange Commission – Thailand, has played a central role in encouraging Thai publicly-listed companies to adopt good governance practices that meet the international standards. One outcome of this continuing dedicated effort is the series of Corporate Governance Report of Thai Listed Companies (CGR). The evaluation framework was based on the Principles of Good Governance developed by the Organization for Economic Cooperation and Development (OECD). The Thai IOD adapted these internationally accepted principles into an evaluation template to assess corporate governance practices of public companies in Thailand.
The CGR series can be used by companies, investors, financial advisors, and regulators, among others. The governance principles in the CGR cover a wide range of important criteria that good governance firms should strive to achieve. The reports are instructive, recommending the actions required to achieve international best practices. Individual company reports will also help each firm to compare its governance practices with its peers and to learn how the company measures up to the international standards. Recently, the Office of the Securities and Exchange Commission, Thailand has encouraged securities analysts to disclose the corporate governance scoring from the CGR in their analyst reports on companies that they perform a securities analysis.
The Corporate Governance Report of Thai Listed Companies 2009 (CGR 2009) is the most recent study examining the current stage of corporate governance practices employed by the listed companies in Thailand. In addition to a regular CGR assessment, a periodic review of the assessment criteria was due in 2009. This intermittence allowed listed companies to review and improve their corporate governance mechanisms as suggested in the Corporate Governance Report of Thai Listed Companies 2008 (CGR 2008). As such, the sample companies in the CGR 2009 were voluntarily participated or arbitrarily selected rather than including all of the public companies. To be qualified in the CGR 2009, the firm must also have a complete set of financial statements and be publicly traded for the entire 2008 fiscal year. The CGR 2009 contains 290 sample companies listed in the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI). Table 1 classifies the sample companies by their corresponding industries.
Read more CGR Report 2009
CGR 2009 Presentation
CGR 2009 Brochure
CGR 2009 Oder Form
Disclaimer
The material contained in this publication is for general information only and is not intended as advice on any of the matters discussed herein. Readers and others should perform their own independent analysis as to the accuracy or completeness or legality of such information. The Thai Institute of Directors, its officers, the authors and editor make no representation or warranty as to the accuracy, completeness or legality of any of the information contained herein. By accepting this document, each recipient agrees that the Thai Institute of Directors Association, its officers, the authors and editor shall not have any liability for any information contained in, or for any omission from, this publication.
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