or conglomerate/business group-related often family owned. In both, interlocking corporate forms can serve to entrench control. State-ownership is prevalent in Asian economies. A number of them have

. Equity underwriting: Financial services used by companies issuing equity, most often during an initial public offering. The underwriter commits, for a fee, to purchase shares from the issuer with a goal of

the Principles and the more specific Guidelines are often used by ICGN members as a benchmark in assessing investee company governance practices, in voting guidelines and are referenced by academia and

. Critically, businesses need to recognise the linkages between improvements in non-financial areas and financial metrics, such as earnings, cash flow or share price. Such improvements can often occur after a

i SUSTAINABLE FINANCE INITIATIVES FOR THAILAND In collaboration with Sustainable Finance Initiatives for Thailand P a g e | 2 Contents 1. Foreword ................................................................................................................................................ 3 2. Executive Summary .............................................................................................................................. 5 3. Background and Motivations for Developing the Initiat...