The share price ended at Bt42.75. Yesterday, the price dropped by 0.60 per cent.

There are reports that SCB Asset Management would suspend investment in shares and bonds issued by companies in Charoen Pokphand Group, pending for clarity on governance practices. There is widespread expectation that Korsak Chairasmisak, its chief executive officer who is the epicentre of the fiasco, would tender his resignation.

CP All’s board of directors convened a meeting today, days before the scheduled meeting on February 23, and resolved that Korsak and two other executives would retain their titles.

“Taking the above into careful consideration, the board has agreed to issue a formal admonition to the executives in question. All three executives will continue with their current responsibilities, in line with the stipulations of the SEC,” it said in a statement.

At the meeting, CP All’s board of directors agreed to review and refine the company’s governance and compliance guidelines. The Corporate Governance Committee will be set up, having the following individuals as members;

1. Pol Gen Phatcharavat Wongsuwan

2. Padoong Techasarintr

3. Umroong Sanphasitvong

The company would also appoint an external consultant.

The Securities and Exchange Commission (SEC) on December 2 that four individuals were fined for using inside information in buying shares of Siam Makro. They are Korsak, Piyawat Titasattavorakul and Pittaya Jearavisitkul who are also executives of CP All. Athueck Asvanund, vice chairman of True Corp, was also fined. The SEC’s Settlement Committee fined the four for Bt33.33 million.

On December 27, independent directors convened a meeting and resolved that Korsak, Pittaya and Piyawat have accepted the ruling and paid the fines.

“After carefully reviewing the facts and taking into consideration the SEC punishment and the prior behaviour and performance of the individuals and their exceptional skills and experience, which would be difficult to replace, while balancing these factors with the overall effects and benefits to the company, as well as ensuring that this situation can never happen again. We have decided that it is appropriate for the individuals to continue in the business.”

SEC Secretary General Rapee Sucharitakul mentioned earlier that the regulator would refine the qualifications of listed companies’ directors. Those who were punished for insider trading would be disqualified to serve listed companies, he said.