Thailand: SEC publishes new governance code and new code for institutional investors

Earlier this year the Securities and Exchange Commission published a new edition of its Corporate Governance Code for Listed Companies as well as a new Investment Governance Code for Institutional Investors: see, respectively (both in English), here (pdf) and here. It is interesting to note the emphasis placed upon innovation and responsible business in the governance code. The new code for institutional investors contains most (if not all) of the principles that are becoming commonplace in such codes (e.g., disclosure; monitor and engage; have policies on engagement and the exercise of voting rights; manage conflicts of interest; act collectively where appropriate).

OECD Survey of Corporate Governance Frameworks in Asia

The OECD has published a survey of corporate governance frameworks in Asia: see here (pdf). The survey presents information for 14 jurisdictions and is based on questionnaire responses from organisations including securities regulators, institutes of directors, stock exchanges and governance centres. The jurisdictions included in the survey are Bangladesh, China, Chinese Taipei, Hong Kong, India, Indonesia, Korea, Malaysia, Mongolia, Pakistan, Philippines, Singapore, Thailand and Vietnam. The survey reports on a variety of matters including ownership structure, shareholder rights and board structure.

Thailand: SEC consultation on new governance codes - briefing documents (in English) available

The Securities and Exchange Commission has begun a consultation on the introduction of two new codes: a Corporate Governance Code, to replace the Principles of Good Governance for Listed Companies 2012, and a new Investment Governance Code for Institutional Investors. Public hearings were held earlier this year and briefing documents published. Copies of these documents, in English, are now available and these contain the draft Codes: see, respectively, here (pdf) and here (pdf).

Thailand: SEC consultation on new Governance and Institutional Investor Codes

The Securities and Exchange Commission has begun a consultation on the introduction of two new codes: a Corporate Governance Code, to replace the Principles of Good Governance for Listed Companies 2012, and a new Code for Institutional Investors. Further information is available here. A public hearing on the new Governance Code was held last month.

Thailand: Principles of Good Corporate Governance for Listed Companies

The codes and principles directory maintained by the European Corporate Governance Institute was updated today to include a copy of the Principles of Good Corporate Governance for Listed Companies published by the Stock Exchange of Thailand: see here. The Exchange has published additional governance materials and these are available here.

ACGA report: independent directors - rules and recommendations

The Asian Corporate Governance Association has published a useful overview of the rules and recommendations regarding independent directors in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand: see here (pdf).

The protection of minority shareholders in listed companies

The Technical Committee of the International Organization of Securities Commissions established a corporate governance task force in 2005. In 2007 the task force published a report titled Board Independence of Listed Companies. A further report - Protection of Minority Shareholders in Listed Issuers - was published last week and summarises information gathered by the task force concerning the rules designed to protect minority shareholders in eighteen jurisdictions.

The report provides a useful starting point for research but its limitations must be noted: the Task Force did not explicitly require respondents to assess or comment on how the rules were implemented or applied in practice. The eighteen jurisdictions included are: Australia, Brazil, Canada, Germany, Hong Kong, Israel, Italy, Japan, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, Thailand, Turkey, the United Kingdom and the United States of America.