Bangkok, June 26-SEC-SET joins forces with 9 organizations to clarify the progress of the STARK share case and guidelines for improving good governance. build confidence in the capital market
The Securities and Exchange Commission (SEC) along with the Stock Exchange of Thailand (SET) and 9 organizations in the capital market Participated in announcing the progress of various operations in the case of the company Stark Corporation Public Company Limited (STARK) and disclosed guidelines for improving governance and building confidence in the capital market.
Mr. Thawatchai Pittayasopon, Deputy Secretary-General Acting Secretary-General of the SEC, said that in this case, the SEC has taken full action under the authority and duty under the law, for example ordering companies to disclose information. Expand the scope of special audits and alert investors. along with cooperating with relevant agencies in implementing legal processes which now the investigation has progressed a lot As for the protection of investor rights, the SEC is willing to help and coordinate with it in full. In the past, it has been discussed with Stock Exchange of Thailand Association of Investment Management Companies and the Thai Investors Association as well. In addition, the SEC has also set guidelines for enhancing the supervision of information disclosure of listed companies and strengthening the roles and responsibilities of those involved in order to be more efficient. which has operated under the project "Strong Listed Company" which was initiated at the end of 2022 and is expected to be proposed to Committee A.
Mr. Pakorn Peetathawatchai Director and Manager Stock Exchange of Thailand said the stock market We are not indifferent in our actions to ensure that investors have complete, adequate and timely information, both in terms of following up for listed companies to disclose important information. or warning investors by issuing warning news and/or various marks For the next action is to adjust work processes and improve various regulations for both listed companies. and trading There are many matters that the Board of Governors of the Stock Exchange of Thailand already approved Whether it is to improve criteria and enhance governance throughout the process. From accepting securities, maintaining status until delisting, including raising the level of supervision of trading such as measures to prevent as well as proactively cooperating with all relevant agencies to reduce the likelihood of such incidents happening again.
Mr. Kulvech Jenwatanawit, Managing Director The Thai Institute of Directors Association said that the association was responsible for educating raise awareness in the roles, duties and responsibilities of the Company's directors continually The association believes that many directors are performing their duties as they should. The STARK case will be a case study. for the directors and the management to survey the tightness and adequacy of corporate governance and internal control of the company further
Mr. Suphot Singsane, Secretary-General of the Federation of Accounting Professions under the Royal Patronage of His Majesty the King, stated that the Federation of Accounting Professions is ready to cooperate with all relevant agencies to maintain confidence in the accounting profession and the Thai capital market.
Mr. Paisarn Tarasansombat, Director of the Thai Listed Companies Association, said that the association saw that the regulations governing listed companies were appropriate. which most listed companies have already complied with For the part of listed companies Maintaining financial reports especially the supervision and related transactions of significant size. It will be a collaboration between the executives of the company. and internal auditors, auditors, including the Audit Committee and the Board of Directors. In case of incident Board of Directors And the audit committee of listed companies should consider working more closely with the management. The association is pleased to continue to cooperate with other agencies in the capital market.
Mr. Sombat Narawutthichai, Secretary-General of the Investment Analysts Association Said that the events of fixing the statements that occurred with STARK shares that reflects the difficulty of Analysts and investors as data users which, although analysts are cautious And how strong is the analysis system? cannot confirm the correctness of the information because it is in a state that is only a data user therefore never had the opportunity to access the evidence confirming the accounting transactions approaches that different organizations will work together to prevent this kind of problem from happening easily Is to find a way to be able to review the evidence confirming the accounting transactions to be more confident. Including having regulations for listed companies to have a duty to come to Opportunity Day or a thorough analyst meeting 2-4 times a year for analysts and investors to ask questions directly to assess the reasonableness of information and vision of the management. In the section of the Analysts Association It will also further develop the skills and abilities of analysts. in terms of screening information and evaluating its reasonableness, as well as skills in detecting dangerous spots in financial statements, etc.
Mr. Sompob Kirasoonthornpong Chairman Investment Banking Club The Association of Thai Securities Companies said that in the past, financial advisors (FA) performed a rigorous job of screening the quality of IPO companies in order to provide sufficient information for investors to make decisions. Directors and executives have appropriate qualifications. Having a good internal control system, etc., which includes giving opinions on the acquisition or disposition of assets and connected transactions of listed companies. However, there are some listed companies that may behave inappropriately. Therefore, it is ready to discuss and support related agencies in improving the criteria and measures to protect investors appropriately while maintaining the balance of setting criteria and not burdening the listed companies too much. support relevant agencies to consider improving the backdoor criteria
Mr. Sakda Pongchareonyong, managing director of TRIS Rating Co., Ltd., said that TRIS Rating will improve the screening process for new issuers to be more stringent. It will increase caution for issuers listed on the Stock Exchange of Thailand (SET) by backdoor listing, issuers who have no history of building their own business or focusing on growth through acquisitions. Including avoiding credit ratings to issuers with major shareholders. or executives with a negative history or reputation in corporate governance. In the technique for observing the nature of the financial statements suspected of being decorated in the financial statements in order to analyze the abnormality of the financial statements and the actual financial status of the issuer.
Mrs. Chavinda Hanratanakul, President of the Association of Investment Management Companies, said, “The investment management industry values the responsible performance of fund managers. In protecting the best interests of the unitholders, the asset management company that invests in STARK has the same opinion on the class action approach and as the president of the association. I see this as a big issue that affects confidence in the Thai capital market. not just industry Therefore, it is a matter for all relevant agencies, including the SEC Office, the SET, auditors, and financial advisors. Credit rating agencies, analysts, etc. must jointly consider ways to prevent such incidents from happening again. to build confidence in the Thai capital market
Dr. Somjin Sornpaisan Managing Director The Thai Bond Market Association said that ThaiBMA, as a Bond Information Center, has been closely monitoring the situation. By coordinating with debenture holder representatives and the SEC Office to provide information and publicize quickly to investors via the association's online channels. We have also provided an understanding of Cause of Default Investor's rights Duties and procedures of the debenture holder representative In spite of answering questions that have come in Including communicating regularly with the media to provide information to investors in another channel ThaiBMA is part of an organization in the capital market that strives to jointly maintain and raise confidence in the capital market in providing information and Knowledge of debt instruments that are useful for making investment decisions.
Mrs. Siriporn Changtrakul, secretary general of the Thai Investors Association, said that in order to help unite the victims From investing in STARK ordinary shares, Thai Investors Association therefore opening the registration system for investors to register with strict consideration to the Personal Data Protection Act B.E. 2562 and will consider helping to carry out Including facilitating the next step In the event that there is a request for a class action lawsuit or Class Action for the registration that ended on June 25, 2023 at 24.00, it was found that there were 1,759 registered people, worth 4,063 million baht in damages. - Thai News Agency
Source: Thai News Agency