Corporate governance in the Thai capital market is in the spotlight again amid reports linking the chairman of the Securities and Exchange Commission to an alleged hostile takeover attempt by a group of investors in the country’s largest dry bulk shipper.
Vijit Supinit’s name surfaced last Thursday when the chief executive of Thoresen Thai Agencies (TTA) called a news conference to respond to market rumours that TTA might be in play.
TTA claimed that Dr Vijit was part of a trio that also included Bee Taechaubol, a former executive of Country Group Securities, and Weera Manakongtreecheep, the former president of the defunct Sitca Finance and Securities.
Mr Bee confirmed that he attended a meeting with TTA executives, at which Dr Vijit was also present, but he disputes TTA’s account of what was discussed.
Dr Vijit, 70, is due to finish his term at the SEC on July 13. Over his long career he has also served as a governor of the Bank of Thailand in the 1990s, and later was chairman of the Stock Exchange of Thailand. He also has been the chairman of SET-listed G Steel Plc since 2006.
News reports have stated that the dissident investor group wants Dr Vijit to become the TTA chairman if its attempts to force changes at the underperforming shipping company succeed.
Thailand’s Corporate GovernanceCG ranking has significantly improved this year, according to a recently released survey by the Asian Corporate Governance Association or ACGA, an independent organisation that works with companies, investors, and regulators throughout Asia.
According to Thai News Agency TNA, Thailand came fourth comparatively out of eleven Asian markets in the quality of corporate governance. This was a vast improvement from the ACGA’s previous survey conducted in 2007 in which the Kingdom ranked eighth.
Singapore topped the list, followed by Hong Kong and Japan.
Asia can lead the world to more balanced, equitable, and sustainable growth if it confronts its medium- and long-term challenges “with purpose and passion,” Asian Development Bank ADB President Haruhiko Kuroda told the opening session of the 44th ADB Annual Meeting in Ha Noi, Viet Nam.
In an address entitled “Asia’s Future: Regional Challenges, Global Responsibilities,” Mr. Kuroda said that the Asia and Pacific region emerged swiftly from the global economic crisis and must now tackle the large, ongoing challenges of poverty, inequality, rapid urbanization, environmental degradation, and climate change. While Asia’s economy has grown rapidly for several decades, Mr. Kuroda pointed out that
“It is not just the quantity of growth that matters, but also the quality. Inclusive growth is essential – growth that provides more jobs and increases the quality of life for all our people.
The region cannot prosper, nor achieve its aspirations, if the benefits of growth are not widely shared.”
Mr. Kuroda said five key issues are vital to unlocking the region’s potential.“First and foremost is strong leadership and commitment to good governance.
Thai Mango growers complain of low prices and fewer exports
Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.
Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.
Foreigners’ Participation in Thai Listed Companies explained
Special vehicles have been created to facilitate foreign investors so that they are able to invest in Thai
securities flexibly and conveniently.
Global Gaming Expo Asia Overview
This event is a must for anyone involved in the Asian gaming industry: an overwhelming 95% of Asian casino and sportsbook operators attend G2E Asia to present their products
G2E Asia – an abbreviation for Global Gaming Expo Asia – is a renowned iGaming event and entertainment business hub where companies from all over the globe come to exhibit their latest products and innovations.
Subscribe via Email
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian,...
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage...
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US...
Will Thailand’s plan for quarantine-free tourism set a global trend?
According to the Tourism Authority of Thailand, the quarantine-exemption measures implemented in Phuket will be extended to five other key...
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will...
Southeast Asia remains a hot spot for plastic pollution
The use of plastics is deeply embedded in our daily lives, in everything from grocery bags and cutlery to water...