Country Group Holdings Public Company Limited (CGH) welcomes a delegate of the Stock Exchange of Thailand (SET). The agenda includes a discussion as well as advice on compliance with the Principles of Good Governance, which aims to promote fairness, transparency, assurance of yield benefits and long-term value increase for shareholders. The visit also aims to promote the confidence of all stakeholders and increase the company’s competitiveness for sustainable growth in the future.
Mr. Tommy Taechaubol, Chief Executive Officer, says that the company extends a very warm welcome to SET staff and holds a very friendly and productive discussion with them. It is a very good opportunity to exchange ideas as well as to seek their valuable advice on how a newly-listed company can comply with the principles of good governance. CGH is aware that the principles and best practices in good governance are essential for a listed company to achieve successful operation. They also attribute to yield benefits and long-term value increase for the company’s shareholders.
The discussion includes the Principles of Good Governance that can be divided into different parts as follows:
1. Responsibility of the company’s board of directors – the board must play an important role in monitoring the business operation so as to ensure the maximum benefits of the company. Their main duty is to be responsible for the treatment for the company’s shareholders, and they should enjoy autonomy from the management.
2. Roles of stakeholders – All stakeholders are entitled to justifiable treatment from the company as provided in related statutes. Moreover, it is highly recommended for the company to create certain procedure to promote a good cooperation between the company and the stakeholders so as to ensure the company’s financial security and sustainability. Major stakeholders include clients, staff, business partners, shareholders/investors, creditors and communities where the company is located, society/public sector. Other stakeholders are competitors and independent auditors, for instance.
3. Disclosure of Information and transparency – the board has a duty to make sure the company discloses information and adopt transparency in business operation. To be disclosed is important information – either financial or non-financial data. In other words, enough information should be disclosed in appropriate time and with transparency. It should be available on different media channels with an easy access. Everybody has an equal right to obtain reliable information. In fact, the information displayed on the company’s financial statements must be accurate and verified by an independent auditor. A separate unit should be established or a specific person should be designated to be in charge of Investor Relations or IR. The main mission is to ensure efficient communication with outsiders including shareholders, institutional investors, individual investors, analysts and public sector, on a fair and equal basis. All of them should be allowed to meet with the company’s executives under appropriate circumstances and under the framework that the information given is the same as the information already disclosed to the public.
4. Shareholders’ rights – All shareholders should be able to exercise their right of ownership in controlling the company via appointing the board of directors to represent them as well as to make important decisions on their behalf. The company should promote the shareholders’ rights. The board should prioritize the shareholders’ right which must not be violated or derogated at all costs.
5. Equal treatment for shareholders – All shareholders – whether executives or not – as well as foreign shareholders should be treated equally and fairly. The minority of shareholders whose rights are violated are entitled to certain compensation.
“Good Governance of a listed company is a part of the Country Group Holdings’ business operation. We aim to develop our company into a business organization with good governance. Previously, we organized a workshop titled Good Governance & Anti – Corruption with speakers from the Office of National Anti-Corruption Committee (NACC) because the company was aware of the importance of good governance. In fact, we believed that good governance is a key factor to business operation leading to security and sustainable growth in the future. Moreover, good governance can guarantee fairness and transparency, yield benefits and long term value increase for shareholders. It can also uplift confidence among stakeholders whose support is vital for the company’s competitiveness and suitability in the future,” the CEO of CGH says.