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Thailand is a clear leader in corporate governance among Asian and emerging economies. But the recently launched 2013 Corporate Governance Report on Standards and Codes (ROSC) finds key challenges remain.
In the face of the 1997 crisis, Thailand has undertaken significant reforms that have enhanced corporate governance. Both regulators and the private sector in Thailand embraced good corporate governance, and have remained committed ever since. The World Bank also played a role - for example in helping establish the Thailand Institute of Directors in 2002 and conducting a previous Corporate Governance ROSC in 2005, which in turn was used by the Thai Securities and Exchange Commission (SEC) to support the next wave of reform. Overall, progress in the last 15 years has been impressive.