CP All's decision disappoints IOD
The Thai Institute of Directors Association has expressed its disappointment with the decision of CP All's independent directors towards the company's chief executive officer.
The directors announced that Korsak Chairasmisak and two other executives had outstanding credentials and experiences which are difficult to be replaced. With confidence that this incident would not be repeated, they said the three executives deserve to stay on. They also recommended three measures to strengthen the company's good governance standards.
"It's disappointing. I want to learn about the board's opinion on this as the audit committee did not even plan to seek the board's actions to punish or send them a warning, which is a normal procedure," said Bandid Nijathaworn, president and CEO of the institute.
"Personally, this is a sample of ethical challenges our country is facing. It's a key hurdle against the country's progress. Responsibility matters among high-level executives," he said.
Korsak was among the four individuals fined for using inside information in buying shares of Siam Makro, ahead of the announcement of the acquisition by SHV Netherlands B.V. (SHV).
He was fined for Bt30.2 million. At a press conference two days after the fine was publicised, Korsak said he did not know about the acquisition and did not know that his purchase violated the securities law. “It was an accident,” he said.
Korsak, Piyawat Titasattavorakul and Pittaya Jearavisitkul – who were fined in the same case - were directors of CP All, which is chaired by Dhanin Chearavanont.
