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ASEAN Corporate Governance Scorecard

The ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank recently established a joint initiative called the ASEAN Corporate Governance Scorecard. Corporate governance refers to the system of governance which controls and directs corporations, and monitors their actions and policies.

The stated objective of the ASEAN Corporate Governance Scorecard is to :

(1) Raise the corporate governance standards and practices of ASEAN publicly listed companies (PLCs) ;
(2) Give greater international visibility to well-governed ASEAN PLCs and showcase them as investable companies ; and
(3) Complement other ACMF initiatives and promote ASEAN as an asset class.

The Scorecard judges five key principles of corporate governance in each nation :

1. Rights of shareholders (10 percent) ;
2. Role of stakeholders (10 percent) ;
3. Equitable treatment of shareholders (15 percent) ;
4. Disclosure and transparency (25 percent) ; and
5. Responsibilities of the board (40 percent).

The percentages indicate the allocated weight of each principle in determining the Scorecard of each country.

The ASEAN countries that participated in the initiative include Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Please find below a summary of how the ASEAN countries fared.

The complete report can be found here.


Average corporate governance score : 43.4 percent

Maximum score : 75.4 percent

Minimum score : 20.8 percent

Average corporate governance score by sector :

State-owned enterprises (SOEs) : 62.2 percent ;

Banks : 58.9 percent ;

Non-banks : 40.4 percent ; and

Private Companies : 39.9 percent

The higher scores listed for banks and SOEs are a result of those sectors being held under closer scrutiny by the Indonesian Central Bank and Ministry of SOEs, which significantly enhances the corporate governance practices of these companies.

The report found that a majority of PLCs in Indonesia still do not practice corporate governance at an international standard. Many of the corporate governance practices included in the Scorecard are voluntary practices, but the report details that Indonesian PLCs often only implement the mandatory practices, or the bare minimum necessary.

Furthermore, Indonesia’s corporate governance code does not have a “comply or explain” requirement, which has resulted in many PLCs not referring to the code at all. Therefore, they are potentially unaware of the other corporate governance practices that can be voluntarily implemented.


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