Lack of transparency has been cited as a major cause of the current crisis that is consuming the entire globe.
Seeing the need for more good governance, some organisations in Thailand have joined hands to promote the element, particularly among small and medium-sized enterprises (SMEs), for their own sustainability and higher competitiveness ahead of the Asean Economic Community.
The Bank of Thailand recently became the new permanent member of a coalition to promote transparency among SMEs, in addition to Peuy Ungpakorn Institution, the Institute for small and Medium Enterprises Development (ISMED), and Thai Bankers Association.
"SMEs are the blood veins of the Thai economy, contributing 40 per cent of the country's gross domestic product and hiring 70 per cent of the workforce. They are contributing to income distribution and creating jobs," said MR Pridiyathorn Devakula, chairman of the Peuy Ungpakorn Institution.
The coalition's members are committed to ethical practices among SMEs. Much of the activity is to honour SMEs with outstanding governance, like their commitment to consumers, employees, the environment and society. Exemplary SMEs would be named on March 9 every year - the birth date of Peuy Ungpakorn, a renowned former Bank of Thailand governor.
"We hope that they could set examples to other SMEs. Companies with good governance are assured of access to funding, to enhance their competitiveness and to propel a strong and sustainable business," he said. Plus, good governance would also ensure a better place once the AEC kicks off. Aside from access to funding, they would win the trust of stakeholders.
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Article source: http://www.thethailandlinks.com/2012/11/25/more-transparent-smes/
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