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In addition to financial stability development, another factor to create confidence among shareholders,
investors and stakeholders in both local and foreign capital markets is the promotion of listed companies
to realize the importance of ESG issues and impact on their business undertakings. SET has continuously
developed and promoted literacy and understanding on this matter among listed companies.
Development of Corporate Governance in the Thai Capital Market
SET has initiated and developed corporate governance among listed companies in Thailand since 1994,
emphasizing the development of corporate governance policy and practices, as such lifting Corporate
Governance standards among Thai listed firms in line with international standards to be, well-recognized
both at the regional and global levels.
40
15
1994
SET required listed
companies to have at least
two independent directors.
1999
2001
2002
SET cooperated with the Securities and
Exchange Commission (SEC), the Bank
of Thailand, Foundation for Capital Market
Development Fund and the World Bank
to establish the Thai Institute of Directors
(IOD).
SET sponsored IOD to publish the Corporate
GovernanceReport Assessment of Thai Listed
Companies (CGR) for the first time.
SET issued 15 corporate governance
principles and established the Corporate
Governance Center to provide advice,
organize activities and serve as a
corporate governance resource center/
established Corporate Governance
Advisory Committee to recommend the
15 corporate governance principles to
individual listed companies.
1996
2000
SET promoted the concept
and encouraged listed
companies to establish
audit committee.
SET launched Corporate Governance
Report (40 principles) and required
the listed companies to establish an
audit committee.
2
Development of listed companies’ corporate governance