Thailand Securities and Exchange Commission launches joint anti-corruption initiative with ONACC, SET and IOD to strengthen listed companies’ internal controls

The Thailand Securities and Exchange Commission has agreed to work with the Office of the National Anti-Corruption Commission (ONACC), the Stock Exchange of Thailand and the Thai Institute of Directors Association to intensify coordinated efforts to prevent corruption and promote good corporate governance in the capital market, with a specific focus on encouraging listed companies to put in place effective internal controls to prevent bribery of public officials. The joint work is framed around integrated cooperation, support for effective enforcement and increased awareness of anti-corruption expectations under Section 176 of the Organic Act on Anti-Corruption B.E. 2561 (2018), including across listed companies’ subsidiaries. The SEC also flagged plans to further enhance the effectiveness of internal audit and internal control functions at listed companies, including setting qualifications for heads of internal audit and developing professional development plans for internal auditors, alongside encouraging public disclosure of anti-corruption policies through the 56-1 One Report. As a next step, the participating agencies plan further joint communications to listed companies on good practices for designing and implementing anti-corruption measures, spanning board-level awareness, policy-setting, risk assessment, preventive and monitoring controls, and tangible implementation.