วารสารวิชาการนิติศาสตร์ มหาวิทยาลัยทักษิณ

exercise their rights to protect themselves from abuses of power and hold people accountable for their actions and also this applies to shareholders, investors, consumers, directors and managers. If participants in Thailand’s economy demand transparency and information, companies will be obliged to provide it, and will have to compete to gain public confidence. To exercise the relative rights, corporate stakeholders need legal, regulatory and policy framework. The government, regulators and law enforcement authorities need to use all three methods to encourage good corporate governance; self restraint, market forces and the law. Self restraint will require companies to take responsibility and initiatives to have good practices, whilst market forces will create competition and incentive to do so. The law provides the most motivating factor and that is the threat of punishment. Combining these methods to promote corporate governance, transparency and disclosure emphasizes their importance to future economic performance. Recommendation Although Thailand has added a lot of measures that support corporate governance, it still needs some further solutions : (a) The Securities Exchange Commission should be given the power to investigate fraud in subsidiaries of listed companies, not listed companies only. The power currently does not extend to privately owned sub- sidiaries of public companies. 6 (b) Information in the economic markets needs to improve to help investors make decisions. Such information could include; trends in profitability, corporate governance rating and liquidity of listed companies. There needs to be more quality and quantity of information available. 6 Ibid., at 3 วารสารวิชาการนิติศาสตร์ มหาวิทยาลัยทักษิณ ปีที่ 4 ฉบับที่ 6 มกราคม - ธันวาคม 2556 