On October 27, 2022, the 37th ACMF Chairs’ Meeting, presided by the Securities and Exchange Regulator of Cambodia, agreed to have a virtual award ceremony to announce the results of the 2021 ASEAN CG Scorecard on December 1, 2022. The event will be hosted by the Institute of Corporate Directors, Philippines (ICDPh).

The 2021 ASEAN CG Scorecard consists of three award categories as follows:

(1) The ASEAN Asset Class PLCs Award is given to listed companies with the total score of 97.50 or above (75 percent of the total 130 points). Of the 234 recipients, 76 are Thai listed companies, the highest number in ASEAN; 

(2) The ASEAN Top 20 PLCs Award is given to Top 20 listed companies in ASEAN. Of this, seven companies are from Thailand, followed by five from the Philippines, four from Singapore, three from Malaysia, and one company from Indonesia; 

(3) The Country Top 3 PLCs Award is given to listed companies with Top three highest score. For Thailand, the top three companies in alphabetical order are PTT Global Chemical Public Company Limited,  PTT Public Company Limited and Thai Oil Public Company Limited .

In addition, Thai listed companies achieve an average score of 102.27 points, increasing from the previous assessment, which was 96.60 points.

Ms. Ruenvadee Suwanmongkol, Secretary-General, the Securities and Exchange Commission (SEC), said: “With the increasing importance of sustainability and digital disruption, capital market regulators in ASEAN including the SEC further emphasize the need to promote and support ASEAN listed companies to enhance and maintain the quality of their corporate governance practices in line with international standards. We are truly delighted that Thai listed companies continue to progress in their practice, making Thailand the country with the most recognized companies in the ASEAN Top 20 and ASEAN Asset Class Awards. This has shown listed companies’ strong commitment to good governance and responsible business conduct throughout the value chain that results in sustainable value. Meanwhile, our revised disclosure rules represented in the 56-1 One Report now require that listed companies disclose more on their ESG information, including the issues such as greenhouse gas emission reduction and human rights protection. This would help enhance listed companies’ ESG disclosure, and their reports will be used for the next ASEAN CG Scorecard assessments. Above all, the SEC collaborates with our local and international partners in supporting the value creation of listed companies to ensure growth and sustainability of the Thai capital market.”

Mr. Kulvech Janvatanavit, CEO of Thai Institute of Directors (IOD) and Thailand’s CG Expert, said: "Thai listed companies have continually increased compliance with the ASEAN CG Scorecard (ACGS) in all categories. The number of companies having an ASEAN Asset Class score of 97.50 points or more nearly doubled from 42 companies in 2019 to 76 companies in 2021. This accomplishment shows that corporate management and excellent corporate governance are regularly reviewed, monitored, and given attention to by Thai listed companies. However, it is anticipated that the ACGS criteria will be amended in 2022 to reflect the most recent G20/OECD recommendations. Topics valued by international investors such as ESG and risk management may be included in a revision. It thus presents a challenge for Thai listed companies to learn and grow CG to raise the bar of good corporate governance so that it will be sustainable and well-received from the perspectives of both local and foreign investors.”

The ASEAN CG Scorecard has been initiated by the ACMF since 2012 with the support of the regulators in ASEAN. Its goal is to evaluate the corporate governance of six ASEAN nations: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Every other year, on May 31, the top 100 publicly traded companies with the biggest market capitalization are assessed by the ACGS. The five sections of the OECD CG Principles serve as the foundation for the ACGS criteria. The data utilized in the assessment is public information that all investors may access, and the assessment method includes peer review to guarantee that all countries have uniform assessment criteria. In the 2021 ACGS, the corporate disclosure from 2020 served as the basis for the assessment. The SEC Thailand assigned the Thai Institute of Directors the role of CG Expert and Domestic Ranking Body.

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For more information on the ASEAN CG Scorecard (ACGS), please contact:
Ms. Aurakarn Jungthirapanich, Thai Institute of Directors (IOD), Tel. 02-955-1155 ext. 304