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Better Boards in Thailand
In Thailand, as in the rest of Asia, investors place a premium on good corporate governance: when the authors studied the 100 largest companies listed on the Stock Exchange of Thailand, they found that companies with strong corporate-governance practices have higher market valuations—a finding no CEO can afford to ignore. Many Thai companies have ample room to improve their governance, particularly in the areas of minority shareholder rights, management oversight and incentives, and disclosure. Thailand's government and regulatory authorities could help, too, with new corporate-governance rules, incentives, and educational efforts.
The take-away: Investors pay a premium for well-governed companies in Thailand, and the premium will be larger for those that bring their systems of governance closer to international best practice.
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