October 30, 2015

OECD Urges Stronger Corporate Governance in Thailand

The Organisation for Economic Cooperation and Development (OECD) on Thursday urged Thailand “to promote corporate governance more strongly even though it has already made a lot of contributions to the creation of the developed world’s six [corporate governance] principles for the region,” reports The Nation (Oct. 29, Parpart). Mats Isaksson, head of corporate affairs for the OECD, stated that everything from corporate social responsibility to sustainable development to environmental, social, and governance guidelines must be simplified. Currently, most of those are overlapping and provide unnecessary complication for Thai companies and their board members. “Without a system of good corporate governance, of trust, of accountability, and responsibility, it would be very hard for a country or a company to attract the capital they need for investment,” he warned. Meanwhile, Thailand’s smaller companies are continuing to have problems finding suitable independent directors.

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