4 days ago
Association lashes online annual general meetings
Online annual general meetings (AGMs) undermine shareholder engagement, information accessibility and corporate governance, says the Thai Investors Association (TIA), noting up to 60% of Thai listed firms plan to offer virtual AGMs this year.
The TIA found declining participation from both shareholders and senior executives, with no improvement in governance standards compared with the previous year.
Most Thai listed companies hold their AGMs in the second quarter, following the submission of annual financial statements to the Stock Exchange of Thailand (SET).
The association's representatives monitor and attend nearly every AGM, particularly those involving significant issues requiring shareholder approval. Key agenda items observed at these meetings include major corporate decisions such as capital increases, large-scale investments, mergers and acquisitions, changes in shareholding structures or management teams, and the appointment of auditors.
The TIA collected long-term data that highlights a shift in the dynamics of communication among shareholders, management and board directors, finding nearly 60% of listed companies opted for online meetings, citing cost-saving benefits. However, this method has led to reduced engagement and limited the opportunity for meaningful dialogue, the association said in a statement.
Around 300 companies, or 35% of the total, still hold in-person meetings, with the aim of fostering direct engagement and transparency. Some executives reportedly expressed a desire to personally connect with shareholders, likening the interaction to meeting loyal supporters.
Another 51 companies, or less than 6%, used a hybrid model, offering both physical and online attendance options to maximise shareholder convenience and access.
According to the TIA, a record 338 companies achieved a perfect governance score of 100 in the 2025 AGM assessment, up from 287 in 2024 and 231 in 2023. Four companies -- O.C.C. (OCC), People's Garment (PG), Dhipaya Group Holdings (TIPH) and Thitikorn (TK) -- have maintained perfect scores for 18 consecutive years.
The number of shareholders attending AGMs dropped to 132,514, down 17% from 161,176 last year. This represents less than 2% of Thailand's nearly 8 million retail investors, compared with around 5% before the pandemic.
Meanwhile, executive absenteeism remains a persistent issue. In 2025, 29 companies were noted for the absence of their board chairman, 15 lacked the chair of the audit committee, four were without chief executives, nine without chief financial officers and three did not have external auditors present at the meeting.
"The TIA is concerned over corporate governance shortcomings that continue to trigger 'vote no' campaigns," noted the association. "While online AGMs and extraordinary general meetings offer logistical convenience for global access, the format has failed to drive greater shareholder or executive participation. In fact, it may have contributed to disengagement across all groups involved."
