This Review assesses the corporate governance framework of Thailand’s state-owned sector relative to the 2024 OECD Guidelines on Corporate Governance of State-Owned Enterprises (“SOE Guidelines”). It puts forward recommendations to help the Thai authorities address remaining challenges and further professionalise the state ownership function.
The review was undertaken at the request of the Thai Government, via the State Enterprise Policy Office (SEPO) of the Ministry of Finance. It was conducted by the OECD Working Party on State Ownership and Privatisation Practices (the “Working Party”), the body responsible for supporting and overseeing the effective implementation of the SOE Guidelines.
It was undertaken as part of the Phase II of the OECD-Thailand Country Programme and relates to Thailand’s 20-year National Strategy (2018-2037). Recognising the role that SOEs play in delivering public services relevant to competitiveness and productivity, the project supports Thailand’s National Strategy (Priorities No. 1, 2 and 6) by aligning the ownership, governance, and legal framework for SOEs with international best practices.
This Review is based on: (1) information submitted by the Thai authorities, including in response to OECD’s questionnaires and an additional information request addressed to the Thai authorities from the Chair of the Working Party; (2) desk research by the OECD Secretariat; and, (3) information obtained from relevant stakeholders, including government officials, SOEs and think tanks, during fact-finding missions to Bangkok held in June 2023 and January 2024, as well as comments received following the Review’s discussions at the Working Party meetings in October 2023 and March 2024.
This report has been developed by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs. It was prepared by Chung-a Park and Maria Zelenova, under the supervision of Sara Sultan, Head of the State-Owned Enterprises Unit, and Serdar Çelik, Head of Division. Emeline Denis from the Division, along with delegates to the Working Party, and local consultants Sumet Ongkittikul, Atiporn Shimnoi, Thamonwan Thasuwan and Thanrada Laoporn provided valuable inputs. Special thanks are also due to Antonio Gomes, OECD Deputy Director for Financial and Enterprise Affairs; and Alexander Böhmer and Tiyarat Niamkohphet-Cader from the OECD Global Relations and Cooperation Directorate.
Special thanks are attributed to the Thai Government for their funding and project support. Valuable inputs were provided by Thai authorities and stakeholders, including Chevanon Boonjan, Piyachat Rattanopas, Pitaya Uthaisang, Tibordee Wattanakul, Jerawat Hongsakul, Sasichan Ponghirantanachoke, Mullika Jaroonvit, Piyawan Lamkitcha and Watcharapong Wannatung from the State Enterprise Policy Office (SEPO) of the Ministry of Finance, and representatives from National Economic and Social Development Council (NESDC), Ministry of Foreign Affairs, Ministry of Energy, Ministry of Transport, Ministry of Digital Economy and Society (MDES), Ministry of Labour, Securities and Exchange Commission, National Economic and Social Development Council (NESDC), Trade Competition Commission of Thailand (TCCT), Energy Regulatory Commission of Thailand (ERC), State Audit Office (SAO), Office of the National Anti-Corruption Commission (NACC), Thailand Development Research Institute (TDRI), and selected SOEs.