Effectively addressing the issue of corporate governance in Thailand requires us to look at the broader picture of governance in the public as well as private sectors. The first occasion I spoke on this issue goes back as far back as 1998. At that time, the country was in the throes of the Asian Financial Crisis. I had attributed the 1997 crisis specifically then to the failure of institution-building.
The establishment of the Thai Institute of Directors Association and the subsequent development of a corporate governance framework were a direct response to that experience. Thanks to the substantial efforts made in training thousands of company directors, and in promoting corporate governance awareness, many Thai companies - from banks to manufacturers - have made remarkable strides in enhancing their professionalism, and management and governance structures.
Yet we must acknowledge that significant gaps remain, both in the private and the public sectors. Improvements in corporate governance have been generally limited to listed companies, and even in that category, more can and needs to be done.
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