Kuala lumpur: Thai listed companies have emerged as top performers in the “ASEAN CG Scorecard 2024,” achieving the highest average scores based on newly revised assessment criteria. This achievement underscores their potential to operate as responsible businesses committed to societal and environmental responsibilities, fostering sustainable growth.
According to Thai News Agency, the announcement of the assessment results was made by the Minority Shareholders Watch Group (MSWG) in Kuala Lumpur, Malaysia. Sponsored by the ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank (ADB), the event recognized ASEAN companies that have successfully implemented principles of good corporate governance and ESG (Environment, Social, and Governance) practices. This year marked the first assessment using the updated ASEAN CG Scorecard criteria, aligned with the G20/OECD Principles of Corporate Governance 2023.
The 2024 ASEAN CG Scorecard Awards comprised three categories. The ASEAN Asset Class PLCs Award was given to companies scoring 97.50 points or more, with 74 Thai companies among the 250 recognized, the highest number in ASEAN. The ASEAN Top 50 PLCs Award included 16 Thai companies, while the Country Top 5 PLCs Award highlighted the top five Thai companies by score: PTT, PTTEP, PTTGC, SCGP, and TOP. Thai companies achieved an average score of 103.83, surpassing their previous average of 102.27 and leading the region.
Mrs. Pornanong Busaratrakul, Secretary-General of the SEC, emphasized the importance of integrating international standards into Thai corporate governance. The SEC aims to align with global sustainability reporting standards, enhancing the Thai capital market’s international reputation. The new 56-1 One Report format, effective from 2022, aids Thai companies in disclosing sustainability information and supports the ASEAN CG Scorecard assessment.
Mr. Kulvech Janwattanavit, Executive Director of the Thai IOD, noted significant improvements in Thai corporate governance, particularly in ESG practices. Companies are increasingly adopting international frameworks like the GRI and TCFD, incorporating stakeholder feedback, and integrating ESG data into decision-making processes. These advancements reflect a collaborative effort between corporate leaders and regulators.
The ASEAN CG Scorecard, initiated by the ACMF in 2012, evaluates the corporate governance of listed companies in six ASEAN countries, using criteria based on OECD standards. The 2024 assessment was based on 2023 disclosures, with the Thai IOD recognized as a leading assessment body.