Former commerce minister Krirk-Krai Jirapaet says that although he has served as honorary chairman of the Thai Institute of Directors for years, this is his first time chairing the Board of the Year judging panel.
"This is the kind of mission that brings more bricks than flowers, but I couldn't say no," said Mr Krirk-Krai, who served as board chairman of Banpu for more than a decade.
Mr Krirk-Krai said he sees clear but slow progress in terms of corporate good governance among listed companies.
"At this point, we can take pride that Thailand's public companies are second to none in Asean when it comes to corporate governance," he said.
The Sustainable Development Solutions Network and Bertelsmann Stiftung ranked Thailand at 40th globally among 162 countries and first in Asean on development progress relating to the UN's Sustainable Development Goals.
"Look closely and we will find that companies have made significant headway regarding CG awareness, understanding and compliance over the past two decades," Mr Krirk-Krai said. "The remaining challenge is: do they walk the talk?"
This is one of the reasons why the IOD organised the Board of the Year awards. The aims are both to look closely into what companies are really doing aside from what they wrote in their annual reports and to bring out best practices to enhance public awareness.
"We don't aim for perfection. It's impossible to get there over a short period of time," Mr Krirk-Krai said. "But we have come a long way. The task at hand now is to crystallise the theories and make sure that they go hand in hand with real practice."
As a veteran director and chairman of the board, Mr Krirk-Krai knows that being a good director is an art.
"A board member shouldn't be too visible," he said. "A good board should not come in and take over the role of management. In my opinion, a good board should make its presence felt but not stick out like a sore thumb."
Mr Krirk-Krai disagrees with the idea of what he describes as a "decorative board" -- a panel of respectable figures who don't speak too much and are good at saying yes.
He said an effective board would walk a middle path. If board members join too many overseas trips, management could be distracted. But if they don't join any at all, they run the risk of making uninformed decisions.
"Board duties are four things: security, stability, sustainability and growth," Mr Krirk-Krai said. "To fulfil these, board members must be involved in setting the company's direction."
In practice, board members must learn to unlearn and relearn to catch up with changes.
"These are qualities that we look for in the Board of the Year: board composition, an ability to plan for the future, risk management, succession planning and social responsibility. We tried to delve deeply into these issues as we examined the finalists," Mr Krirk-Krai said.
"In the past, it might be normal for companies to aim for a maximum profit. But at present, you can't do without a sense of caring. You can't run a mining business without having good relations with the community. Companies have to think ahead 40-50 years now."
The demands placed on corporate directors to understand social and consumer concerns are greater than ever before.
"Board members must be aware that there are always certain social attitudes underlying in a society," Mr Kirk-krai said. "And since technology is driving a fast pace of changes, the board must be able to predict future trends, or cross out what will become obsolete at least. They must have a glimpse of what the future will bring and encourage transformation based on the insight."
He said small and medium-sized companies, as well as family-owned companies, would certainly benefit from exposure to CG best practices.
"It's a small investment [to participate], most of which is labour. But the rewards are immeasurable depending on what you will do about the experience," Mr Krirk-Krai said.
"It's not difficult to do a CG blueprint. It's challenging to ensure that your practice is closest to the prototype as possible. That requires understanding, dedication and a realisation that this will truly benefit your company. If public companies benefit from the practice, it's a gain for investors. When investors benefit, the whole country benefits from it. It's that simple."