By THE NATION
This is a flagship programme of Deloitte Private, which focuses exclusively on serving private clients of all sizes.
The programme enables the executive teams of private businesses to benchmark themselves against some of the best private companies in the world.
First established in 1993 in Canada, the programme is now present in 17 countries worldwide, and is a global symbol of organisational success.
Businesses that meet the five criteria listed below are eligible to apply for the Best Managed Companies program online (https://bestmanaged.awardsplatform.com) by 28 February 2020, at no cost.
Applicants will need to:
Have an annual revenue of at least US$50 million in the most recent accounting year,
Be in operation for at least five years,
Have majority shares privately-held in Thailand,
Be headquartered or incorporated in Thailand; and
Comply with all prevailing legal, tax and ethical frameworks within Thailand.
The program applies a sound and proven evaluation process to assess the businesses' quality of management in areas including strategy, capabilities and innovation, culture and commitment, and governance and financials.
This evaluation is based on 25 years of observed practice from the global Best Managed Companies awards.
During the programme, shortlisted companies will receive professional tailored support from Deloitte specialists, who will assist in the undertaking of a detailed analysis of the companies' businesses focusing on strategy and operations.
This analysis is done by benchmarking these companies against the 1000-strong global community of best managed private companies.
Business leaders will also learn of practical solutions that existing Best Managed leaders apply to drive initiatives within their business to sharpen strategies and optimise company growth.
At the end of the programme, a judging panel consisting of business and academia representatives will review applicants based on the best practice, and determine the Thailand Best Managed Companies for 2020. Winners will be recognised at an awards ceremony in May 2020 and invited to a regional symposium in June 2020.
They will also be given professional development opportunities, and will be able to network with existing Best Managed leaders through programme events.
Winning companies may apply and receive the certification of "Best Managed Companies" on a yearly basis if they continue to meet the selection criteria every year.