Bangkok, 3 April 2018 ? The SEC applauds four provident funds for their declaration of intent to adopt the Investment Governance Code (I Code) for institutional investors in accordance with international practice.

In 2025, Thailand will fully become an aged society with 20 percent of its population being the elderly. The SEC has laid out a policy to support both public and private employees in playing a key role of driving provident funds as a savings tool for post-retirement.

Provident funds therefore must have a good management structure that covers formation of returns, determination of boards? roles and duties, inspection and result evaluation, regular development of members? knowledge, and capability to generate sufficient returns on investment for members? well-being after retirement.

In this regard, provident funds that implement the I Code will be able to ensure that their boards will manage funds for members? best interest more efficiently and at the same help to establish a good governance culture conducive to the creation of sustainable benefits for members, the funds and the Thai capital market as a whole.

The four provident funds that have announced to implement the I Code are: (1) The Registered Provident Fund of the Provincial Electricity Authority; (2) The Registered Provident Fund of Thailand Post Company Limited; (3) The Registered Provident Fund of PTT Global Chemical Plc. and Affiliated Companies; and (4) The Registered Provident Fund of Government Savings Bank. All of them have won the 6th Best Provident Fund (PVD) Awards 2017, organized by the Association of Provident Funds last February. The Registered Provident Fund of the SEC Office has already adopted the I Code.

At the end of 2017, provident funds had net asset value (NAV) of 1,082,619 million baht, up 11.23 percent from 2016. The combined NAV of the funds (1)-(4) was approximately 76 billion baht or 7 percent of the total NAV of all provident funds.

SEC Secretary-General Rapee Sucharitakul said: ?Investment for retirement is a long-term investment spaning over different stages of life. Thus, it should be sustainable. The SEC encourages provident funds to apply the I Code as a guideline, apart from return and risk factors, for selecting asset management companies whereby investment governance, corporate governance and environmental and social responsibility are taken into consideration to support sustainable returns for fund members and sustainable growth for the capital market as a whole.

?Although the NAV of the provident funds intending to implement the I Code is less than that of the total provident funds, the SEC looks forward to seeing more provident funds declare their intention to adopt the I Code and truly admires those which have already done so for the best interest of their members,? Mr. Rapee added.

Those interested in adopting the I Code can find more details and download the Form at: www.cgthailand.org/microsite/icode.html.