. Thai economic fundamentals are still regarded as strong. On the fiscal side, the economy is healthy with fiscal surplus achieved in 2003, a small deficit in 2004, and a balanced budget targeted for 2005

revised in 2004 to take into account inter alia, the experience in Asia with concentrated ownership. The Asian Roundtable therefore decided that a review of the White Paper was warranted. This Report is

and Mission The SEC’s vision, mission and objectives aim at supervising and developing the capital market to be efficient, transparent, inclusive, reliable, and in accordance with international

end, the market must have strong fundamentals in that transactions in the market must proceed with efficiency and fairness through intermediaries that provide quality services, and that users of the

in 2000-07, strong by international standards, but somewhat below its growth rate in previous decades and that of other ASEAN members. The global economic crisis led to a sharp slowdown, with a 2.3

has been carried out under the auspices of the OECD Corporate Governance Committee with all G20 countries invited to participate in the review on an equal footing with the OECD Member countries. Experts

FROM THE CHAIRMAN (Suchart Jaovisidha) Chairman SCE_Eng_p.1-16 10/29/04, 1:05 AM4 5 In 2003, the bullish stock market was a good reflection of Thailandûs economic recovery with strong outlook and

financial instruments, risk management tools to support capital market development for business sectors, and greater investment alternatives for the public. These efforts have been driven concurrently with

fair and orderly markets, ensure regulatory convergence with international standards and improve efficiency of information disclosure of securities issuers in compliance with good corporate governance

trust and confidence amongst its shareholders, investors, other stakeholders and all relevant parties. A company with a management system that creates trust and confidence among all stakeholders has