The Thai government and the relevant authorities are modernizing procedural requirements for companies, in order to make it easier to do business in Thailand. In 2014, the Announcement of the National Council for Peace and Order No. 74/2557 on Teleconferences through Electronic Devices (Order 74/2557), and the Announcement of the Ministry of Information and Communication Technology on Security Standards for Teleconferences through Electronic Devices B.E. 2557 were passed to enable meetings to be validly held by electronic means, rather than having to be physically held in accordance with the strict former requirements.
Before these regulations were passed, company Articles of Association could not provide for the possibility of holding meetings by electronic means. As a result, all meetings required a physical presence. The new regulations relax the requirement, allowing companies to register, in their Articles of Association, that meetings can be held by electronic means, provided they are compliant with Order 74/2557 and all required security requirements.
Since 2014, businesses have been inquiring with the Department of Business Development (DBD), Ministry of Commerce, about the legal validity of conducting teleconference calls or video conferences for shareholders meetings and directors meetings, pursuant to Order 74/2557. The DBD has responded by issuing an Explanatory Statement relating to conducting of meetings via electronic means.
In order to conduct teleconference calls or video conferences for these meetings, companies need to comply with the following requirements:
If you have any questions about holding company meetings through electronic means, please contact Cynthia M. Pornavalai at [email protected] or +66 2056 5559.