Thai regulators launch joint value-up strategy

On June 26 2025, the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand jointly announced the official launch of their joint value-up strategy to attempt to increase confidence in the local market and improve sustainability reporting among local companies. The initiatives were detailed in ACGA’s recent Value-Up, Asia report.

The regulators have launched two separate programmes: the SEC’s Corporate Value-Up programme and the SET’s JUMP+ programme. The two are designed to work in a complementary fashion with qualified members of the JUMP+ programme eventually graduating to the Corporate Value-Up initiative.

Corporate Value-Up
Eligibility for the SEC’s Corporate Value-Up Programme is based on three criteria: 

1. Demonstration of corporate governance excellence, expected to be assessed by an independent agency on behalf of the SEC; 

2. The adoption of a comprehensive value-up strategy which details a plan for enhancing the financial valuation of the company and a plan to adopt and report on its environmental strategy. Both plans are required to follow a two-year timeline; and

3. The establishment of an investor communications strategy that is transparent and provides all investors with complete and regular corporate updates.

According to the SEC, existing listed companies that meet all three criteria will qualify as eligible investments for the Thai ESG Fund or the Thai ESGX Fund. Both funds offer tax-driven investment incentives for investors. It is perhaps an indication of the need for reform on the Thai bourse that, according to the SEC, just two Thai-listed companies currently meet the criteria to qualify.

JUMP+
The SET’s JUMP+ programme is designed to act as a “jump start” for Thai listed companies to adopt a corporate strategy that provides a clear pathway to eventual entry into the SEC’s programme, thus qualifying for the investor tax incentives available.

Participating listed companies will develop a three-year JUMP+ roadmap (2026-2028) that includes a detailed business execution plan, a corporate governance strategy, and a climate action plan. The SET and partner organizations will provide support for the implementation of these plans, including consulting services funded by the Capital Market Development Fund, domestic and international roadshows for enhanced investor visibility, and promotional activities across channels of SET and its partners. 

The SET hopes that the JUMP+ process will provide participating companies with more robust companies, faster growth, and greater competitiveness. The SET expects some 100 listed companies to join JUMP+ in the first year, with participating companies expected to finalize their JUMP+ roadmaps by the fourth quarter of 2025 and progress updates starting from Q1/2026 onwards.

It is encouraging to see yet another market in the region joining this initiative, following the lead of Japan and then Korea, China as well as Taiwan with regulators seeking corporate boards to place greater emphasis on shareholder value. As highlighted in our Value Up, Asia report, success of these initiatives depends not just on regulatory push but the various stakeholders - including corporates, institutes of directors, asset owners and asset managers - working cohesively. We believe there will be some nudging from the regulators in Thailand for corporates to meet the criteria and help drive CG reform in the market.