The Thai Institute of Directors (IOD) has adjusted its criteria for the Board of the Year award to reflect more on good governance and shareholder returns.
IOD chairman Prasan Chuaphanich said Board of the Year is the only award granted to a board of directors of a listed company in Thailand. The award was introduced in 2002 and has been given out seven times. The next one will be awarded in June 2018 using the newly adjusted criteria.
The changes will give more weight to factors like good corporate governance and return to shareholders.
In addition, stakeholders will be allowed to participate in picking the winner. These include regulators, institutional investors and corporate advisers such as Bain & Co, Baker McKenzie, Grant Thornton, Heidrick & Struggles and PwC.
Mr Prasan said the next Board of the Year award will be categorised based on the size of the company -- large, medium and small. New categories such as the Visionary Board Award and Rising Star Award will also be added next year.
The Visionary Board Award will be granted to the board of directors that efficiently responds to fast-changing circumstances. The Rising Star Award is for a board with prominent good governance.