Source: Stock Exchange of Thailand
Thailand Securities Depository Co., Ltd. (TSD), a subsidiary of The Stock Exchange of Thailand (SET), rolls out a new electronic system, enabling shareholders to access listed firms’ shareholder meeting documents and annual reports via QR Code and URL to boost registrar services’ efficiency, facilitate shareholders’ access to information through their smartphones or other electronic devices anytime, anywhere and help reducing cost and paper consumption.
This service will start on February 2019.
SET President Pakorn Peetathawatchai said that SET has been building and integrating digital solutions to enhance processes and services for all stakeholders in line with our vision “To Make the Capital Market ‘Work’ for Everyone”. With Thai government agency for business registration services DBD’ s recent approval for the electronic format for the first time, SET has promptly developed a central system for listed firms to disseminate such information electronically via QR Code and URL to shareholders and related parties. The new system could reduce listed companies’ cost over THB 100 million (approx. USD 3 million) each year. This will also help organizations go green and reduce paper consumption. This service will available from February 2019 onwards, in time for shareholders’ annual general meetings (AGMs) next year.
Deputy Director-General of the Department of Business Development (DBD), under Ministry of Commerce, Lalida Jivanantapravat said that under DBD’s policy to facilitate businesses and general public with timeliness and in line with the government’s digital economy policy, DBD has introduced additional channels to make these submissions possible in electronic format. The collaboration between DBD and SET helps promoting public companies' competitiveness, being an important foundation for the Thai capital market's long-term development in supporting Thailand to completely transform into a digital economy.
Thai Listed Companies Association Chairwoman Oranuch Apisaksirikul said that DBD has always been instrumental in the development of corporate governance for Thai businesses. With 4.5-5 million shareholders of listed firms out there, organizing each shareholder’s meeting is an essential responsibility for listed firm and it has an economic cost. The cooperation between DBD and SET is considered a big step that really benefits both listed companies and their shareholders while helping push the Thai capital market up to another level.