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INSIDE THAILAND
Setting Up Corporate Governance Mutual Fund to Fight Corruption

20 March 2017 (Readers 152)

 
Prime Minister General Prayut Chan-o-cha has expressed his satisfaction over the declaration by a group of companies to set up a Corporate Governance Mutual Fund to fight corruption. He cited the move as good cooperation with the public sector in anti-corruption efforts.
 
In his national address on 17 March 2017, the Prime Minister referred to the initiative of 15 asset management firms to establish the Corporate Governance Mutual Fund, aimed to promote good governance in the securities industry and the stock market in Thailand.
 
He stated that if the country could not overcome the threat of corruption, it would be unable to move toward the goal of "Stability, Prosperity, and Sustainability. The Government is pleased that various sectors of society attach importance to the combat against corruption and cooperate with the public sector in dealing with this issue.
 
The Prime Minister said that the mutual fund would seek financial sources to support the operations of the people involved with anti-corruption efforts and the promotion of good corporate governance.
 
For instance, it will encourage Thai people to be aware of the corruption problem and take part in handling the issue. At the same time, it will encourage businesses to operate with social responsibility. This will create a culture of honest trade, and people will be urged not to cooperate with corrupt persons. In addition, the mutual fund will also tackle graft practices in the capital market and promote transparency.
 
The Prime Minister said that the cooperation in the setting up of the mutual fund was the first of its kind in Thailand and perhaps in the world. It reflects joint operations to create a mechanism and conduct activities against corruption. He said that anti-corruption efforts required collaboration among all sectors and that they would enable the country to develop to its full potential.
 
Meanwhile, the Anti-Corruption Foundation, led by Mr. Vicha Mahakun, recently signed a memorandum of understanding (MOU) with 13 organizations for their cooperation in developing villages nationwide that are free from corruption. Among the agencies joining the MOU are the Ministry of Interior, the Office of National Buddhism, the Government Public Relations Department, and the Royal Thai Army.
 
In developing clean and transparent villages, emphasis is placed on the application of the Philosophy of Sufficiency Economy, initiated by His Majesty the late King Bhumibol Adulyadej, while anti-corruption awareness will be instilled in local young people.
 
 
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