It's time for public sector to get on board

It's time for public sector to get on board

The IMF was a very unpopular agency in 1997, seen in many eyes as responsible for a slow comeback from the Tom Yum Goong crisis.
The IMF was a very unpopular agency in 1997, seen in many eyes as responsible for a slow comeback from the Tom Yum Goong crisis.

Last year was the 20th anniversary of the Asian Financial Crisis, a crisis which touched off a journey towards better governance throughout Asia. Thailand is no exception. Since then, continuous efforts have been made by the country's regulators, companies, and market participants alike to improve the policies and practices of corporate governance of Thai companies.

So far the efforts have yielded positive results, as is evident in the improving corporate governance (CG) scores of Thai listed companies in the Corporate Governance Report done annually by the Thai Institute of Directors Association (IOD) since 2001.

The said score rose to 80 (out of 100) last year from 50 in 2001. A similar exercise under the Asean CG scorecard Project in 2015 also ranked Thai listed companies first amongst the six Asean countries that participated.

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Bandid Nijathaworn

Visiting Professor at Hitotsubashi University

Bandid Nijathaworn is president and CEO of the Thai Institute of Directors and visiting professor, Hitotsubashi University. This is an abridged version of an article featured in the book 'Bretton Woods, The Next 70 Years', published by the Reinventing Bretton Woods Committee, 2015.

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