Private companies from across the country voted for the awards and the final selection was made by the Thailand Management Association (TMA) together with the Sasin Graduate Institute of Business Administration. The aim of the awards is to encourage companies to improve their internal management structures, marketing and implement corporate social responsibility.

Siam Cement won awards for Visionary Leadership, Overall Corporate Excellence, Commitment to Human Resource Management and finally Commitment to Product Quality and/or Service Quality, which it won jointly with Toyota Motor Thailand Co Ltd.

Toyota also won the awards for Marketing Excellence, Commitment to Innovation, making it the second-most decorated company at the event. The other awards were Financial Management Excellence, which was awarded to Kasikornbank Plc, and Commitment to Social and/or Environment Issues and the new award Commitment to Energy Savings, all of which went to PTT Plc.

During the award ceremony, Sumet Tantivejkul, secretary-general of the Chaipattana Foundation, spoke on the importance of business ethics.

He said Thailand was overwhelmed by Western culture, which could be seen in many regulations that were influenced by the West. He suggested Thais look at their own culture and learn to balance Western influences with their culture in order to achieve a local character that is adaptable to globalisation.

He added that if Thais paid more attention to what His Majesty King Bhumibol Adulyadej tried to teach through his work for country, they would learn about "good governance" and "happiness indicators".

He said they should follow the ten virtues outlined by His Majesty: giving without expecting any return, respecting the five main tenets of Buddhism, philanthropy, honesty, humility and modesty, having a passion to succeed, never getting angry, never taking advantage others, patience and not breaking religious rules or the law.

Nitida Asawanipont

The Nation