3 Corporate Governance issues in Thailand, and what you can do about them
3 Corporate Governance issues in Thailand
Yesterday’s IOD Annual Director Conference highlighted 5 critical corporate governance issues in Thailand.
While the overall scores for corporate governance were the highest in ASEAN, and the trendline has shown an impressive improvement over the years, these 5 corporate governance issues need attention. We list them and share with you what you can do about them below…
The 3 Corporate Governance Challenges…
A Company’s Strategy is not being clearly defined – and the Board are not discussing it!
The PwC study found that strategy is covered only once per year at Board level – this is not enough! Ideally, Strategy needs to be at the centre of every Board discussion and corporate governance issues need to radiate from that.
Solution. If strategic thinking is not a strength at board level, then use a tool such as this strategic planning template here as a way to map out the issues in meetings.
Meetings are unproductive. This one cropped up a lot in the breakout groups…
Basically, Board members are either not reading agendas before the meetings, or staying quiet during meetings (not contributing), intervening when not necessary, or talking a lot about nothing.
Solution. Clarify Board Roles and Expectations. How does the Board add value? What are the strengths of the Board members. Then the Chairman needs to hold Board members accountable for their respective roles.
If this happens a lot, a structured programme like 5 Star Teams may be able to help.
The Board is not attracting a broad array of talents.
In other words, there is a narrow grouping of specialisations. Big gaps in the PwC survey were being found in IT, and new media areas.
Solution. Get out of your comfort zone! If you are a Board member and need to fill gaps in IT on your Board, go to IT events! If it’s new media, go to media and advertising events! Many of these events are free, so it’s a great opportunity to extend Board diversity.
Boards have a vital role to play in the destiny of companies. It’s critical that Board members are proactive, not reactive and contribute not only in meetings!
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