Thailand has made steady progress in raising the compliance of local firms with international corporate governance principles, according to local market experts. But more needs to be done to protect stakeholders, raise transparency and disclosure practices and emphasise the fiduciary duties and accountability of board directors.
Hiran Radeesri, the advisory chairman of the Corporate Governance Center, a unit of the Stock Exchange of Thailand, said recent assessments showed steady improvement in the compliance of listed firms with corporate governance principles.
Surveys by the Thai Institute of Directors from 2003 to 2005 showed average improvements of 15% per year over the past three years, he said.
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