SEC mulls using experts for AGMs

SEC mulls using experts for AGMs

The Securities and Exchange Commission (SEC) will allocate a budget for the Thai Investors Association (TIA) to employ financial experts to attend SET-listed firms' annual general meetings (AGMs), aiming to create greater efficiency and enhance corporate governance.

SEC secretary-general Rapee Sucharitakul said the model adopted by the Securities Investors Association Singapore (SIAS) is much respected, whereby the Monetary Authority of Singapore supports the SIAS to hire financial experts to attend listed firms' AGMs and release anecdotes during question and answer sessions to the public, intending to equip investors with information necessary to make decisions.

"The SEC is considering supporting the TIA in hiring financial experts to attend AGMs because professionals may be needed for business analysis and information that can be released to the public [at a later stage]," said Mr Rapee.

Listed firms should apply innovations and new technologies in their business strategies together with corporate governance to create a culture that enhances values long-term, he said.

Investors and related parties' expectations, particularly for environmental and social responsibilities, must be upheld to boost confidence and upgrade standards in corporate governance among listed firms in Thailand, said Mr Rapee.

The SEC will promote a sustainable development target in parallel with the UN agenda by asking listed companies to cooperate on disclosing business operations, in tandem with sustainable development compliance and well-defined business strategies, he said.

Institutional investors play a major role in driving and monitoring listed companies on adherence to environmental and social responsibilities as well as good corporate governance.

David Gerald, SIAS president and chief executive, said listed companies need to comply with corporate governance and determine internal control measures as part of their corporate cultures. Company board of directors and executives should be aware of the necessity of fostering corporate cultures that upgrade standards and maintain shareholder trust.

Shareholders should also follow up on companies' business operations to promote transparency and accountability, he said.

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