Lo scopo di questo articolo consiste nel delineare le principali caratteristiche dell’area ASEAN (il mercato unico creato nel 2015 da Singapore, Thailandia, Malesia, Indonesia, Filippine, Brunei, Viet Nam, Myanmar, Laos e Cambogia), con un ulteriore focus sulla corporate governance delle società quotate nel Regno di Thailandia.. In particolare, deve essere notato che la rilevanza di un’efficace corporate governance è un elemento essenziale per il successo di un mercato di capitali, anche nel Sud-Est Asiatico. Da questo punto di vista, il Regno di Thailandia rappresenta un leading case tra i sistemi legali dell’area ASEAN (ossia l’Associazione delle nazioni del Sud-Est Asiatico). Infine, l’articolo esamina brevemente la storia e le caratteristiche dello Stock Exchange of Thailand e dell’innovativo M arket for Alternative Investments. Per un maggiore approfondimento a proposito del mercato unico dell’ASEAN e delle questioni giuridiche delineate nel presente articolo, sono allegati quattro documenti: la Presentazione del mercato unico dell’ASEAN, pubblicata dall’ASEAN stessa nel 2015; le Linee Guida 2025 per lo sviluppo del mercato unico dell’ASEAN, di nuovo pubblicate nel 2015 dall’ASEAN; i Quindici Principi sulla corporate governance stilati nel 2006 dallo Stock Exchange of Thailand e l’Analisi della corporate governance in Thailandia predisposta dalla Banca Mondiale nel 2013.

1. The ASEAN Region and its Common Market. An Overview 1.1. Over the latest decades, South-East Asia countries are no more only a geographical part of the world, with a fragmented geography and an even more complex and various landscape, in terms of political regimes, different religions and languages, and autonomous legal. They have also implemented a common organisation. South-East Asia has always been strategic, for its predominant position in the maritime trade routes. For instance, in 2015 the total annual trade passing through the South China Sea accounted for USD 5.3 trillion [1]. This unique position has been exploited through the creation of the Association of South-East Asia Nations (ASEAN). On 8 August 1967, the first footstep towards the construction of the probably most successful intergovernmental association in the developing world was taken. On that day, the Foreign Ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand signed in Bangkok a brief agreement, the so called ASEAN Declaration. It established an Association for Regional Cooperation among the Countries of Southeast Asia to be known as the Association of Southeast Asian Nations (ASEAN). Among the principles comprised in the five articles which constitute the ASEAN Declaration, at least the following provisions shall be mentioned: “to accelerate the economic growth, social progress and cultural development in the region through joint endeavours in the spirit of equality and partnership […]; to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries of the region and adherence to the principles of the United Nations Charter; to promote active collaboration and mutual assistance on matters of common interest in the economic, social, cultural, technical, scientific and administrative fields; […] to collaborate more effectively for the greater utilization of their agriculture and industries, the expansion of their trade, including the study of the problems of international commodity trade, the improvement of their transportation and communications facilities and the raising of the living standards of their peoples” [2]. After 1967, ASEAN has constantly grown; Brunei Darussalam then joined on 7 January 1984, Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN. So far, ASEAN has acquired an increasing political importance and has become one of the leading actors in Far East, by giving to ten emerging and vibrant nations the scope to compete with huge and dominant players, such as China and India. Indeed, ASEAN is the fourth-largest exporting region in the world, trailing only the European Union, North America, and China/Hong Kong. It accounts for 7 percent of global exports. As its member states have developed more sophisticated manufacturing capabilities, [continua..]