Thailand’s National Directors Conference 2019 – Board of the FutureA report from Bangkok by Mr Krirk-Krai Jarapaet, Honorary IOD Chair and former Thai Minister of Commerce

On Wednesday 24 July, the Institute of Directors (IOD) hosted the annual ‘National Directors Conference 2019’ at The Athenee Hotel, Bangkok to present ‘Boards of the Year’ awards to 17 listed companies of various sizes in the capital market.

The IOD is a non-profit organisation dedicated to improving director professionalism and corporate governance in Thailand.

See further details at:

http://thai-iod.com/en/aboutIOD.asp

Almost half of the listed companies in the capital market were in contention to showcase boards that put into practice good

governance in both form and substance.

The judging criteria included: board composition, board effectiveness, board involvement in strategic direction setting, risk management, roles in social responsibility and sustainability in the broadest sense of the word.

After 20 years of hard work to promote corporate good governance, Thai companies have been recognized as leading the field in ASEAN. We have much to take pride of such an achievement, but more is needed to advance to another level of quality. Challenges in meeting technology change and disruption which will be more frequent, abrupt and intense call for far reaching vision and capability in handling such issues by the boards.

Boards of Directors are no longer bunches of retirees that rubber stamp proposals of the management. They must be capable of working closely with their respective management team to lead and steer the ways to achieve quality growth, to meet social responsibility and to foster sustainability.

This will require relearning of new technology and broadening of perspectives on the part of company Directors. On the other hand, management should engage the board in dealing with those crucial issues. In other words, collaboration and synergy are keys.

I would like to congratulate the 17 winners whose practice and experience can be of tremendous benefit to other listed companies.

I hope the IOD can share the details of their best practice with the rest in the field.

Krirk Krai JirapaetChairman of the Judging Committee and Presenter of the Awards.

Media:https://www.bangkokpost.com/business/1713816/kirk-krai-on-the-makings-of-a-good-board