SEC announces Thai listed companies progress on anti-corruption

Stocks and Financial Services Press Releases Wednesday October 15, 2014 16:08
Bangkok--15 Oct--SEC

The SEC supported Thaipat Institute in announcement on progress level assessment of Thai listed companies’ anti-corruption (anti-corruption progress indicator). The assessment showed that 60 percent of listed companies on the Stock Exchange of Thailand (SET) have placed priority on anti-corruption practices while 19 companies have been certified by the Collective Action Coalition (CAC).

Vorapol Socatiyanurak, SEC Secretary-General said that the assessment on progress level of Thai listed companies with respect to anti-corruption called “anti-corruption progress indicator” conducted by Thaipat Institute. This is an initiative under the SEC’s Sustainability Development Roadmap for Listed Companies emphasizing on running business operation with good corporate governance, corporate social responsibility and firm commitment against corruption; which will pave the way for them to become role models for others in the Thai business sector.

Among 567 listed companies comprising 472 companies on the SET and 95companies on the Market for Alternative Investment (mai), the anti-corruption progress indicator of 344 companies or 60 percent attained level 1 or higher, the result of which demonstrated the commitment at management and organizational levels that adopted the policy to refrain from corruption. Furthermore, 19 SET-listed firms achieved level 4 as CAC’s certified members. Besides, after the completion of 2013 assessment, 9 listed companies have currently been certified by the CAC; making a total of 28 listed companies as CAC’s certified members. We are very pleased with the progress that reflects their awareness and serious effort against corruption.

“The assessment allowed each listed company to realize its anti-corruption development level and thus enabled the company to apply such information to business strategies. Investors are able to learn of listed companies’ commitment and policy against corruption from securities firms’ analysis reports prepared by taking into account the information on anti-corruption progress indicator. Furthermore, the assessment results, classified by country and by company, will be publicly available on the CG Thailand website. For those investing in mutual funds, they can help support anti-corruption practices by investing in the funds under the management with the policy to invest in the companies adopting anti-corruption practices.

Presently, over 200 companies have not yet disclosed their intent against corruption. The SEC will therefore plan to raise awareness among them for future assessment,” Vorapol added.

Pipat Yodprudtikan, Director of Thaipat Institute said that Thaipat Institute supported listed companies to concretely apply anti-corruption in practice as specified by the SEC in the Sustainability Development Roadmap for Listed Companies. Their participation will lead to creation of anti-corruption culture and eventually become a role model for Thai private sector. This is thus not merely a symbolic gesture or a proposal of things to do for others without making their own involvement and contribution. The anti-corruption progress indicator will definitely help identify progress and constructive ways to elevate listed companies’ anti-corruption practices and thus should be extensively applied to the companies themselves along with their business partners, advisors, consultants, intermediaries or business representatives. It is worth noting that an effective anti-corruption campaign cannot be achieved simply by telling other people to stop corruption but by setting and adhering to anti-corruption practices to become role models for others.

Voravan Tarapoom, Chairperson of Association of Investment Management Companies (AIMC), Chairperson of the Board of Director of Federation of Thai Capital Market Organizations (FETCO) and CEO of BBL Asset Management Co., Ltd. said that although not being listed companies, institutional investors comprising asset management companies, securities companies, insurance companies, life-insurance companies, Government Pension Fund, and Social Security Office, all have in place policies against corruption and achieved level 1 or higher; signifying strong commitment of their management to adopt anti-corruption in practice. To attain more success, they are in the process of further preparation to apply for CAC’s certifications.

The said effort truly reflects their strong commitment to refrain and be free from any form of corruption. Presently, institutional investors and mutual funds tend to start investing in companies with anti-corruption practices. Definitely, this will make a great contribution to our society and our country in the long run.”

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