BOARD COMMITTEE FORMATION AND TRENDS IN SELECTED SOUTHEAST ASIAN CAPITAL MARKET
DOI:
https://doi.org/10.35631/AIJBES.829116Keywords:
Corporate Governance, Audit Committee, ESG, Nomination Committee, Remuneration Committee, Southeast Asia, Sustainability Committee, Trend AnalysisAbstract
This paper analyses the evolution of five types of board-level committees which are Audit Committee, Nomination Committee, Compensation or Remuneration Committee, Corporate Governance Committee, and CSR, Sustainability or ESG Committee across Indonesia, Malaysia, Singapore, and Thailand over the period of 2015 to 2023. A descriptive longitudinal approach is used to compare mean values calculated from data extracted from the Thomson Reuters Eikon Database across countries and years and to interpret observed trend in the four markets. The findings show that audit committees remain consistent with the stronger regulatory and listing requirements governing audit committee structures in the four markets. Nomination and remuneration committees also display relatively high adoption, although their trends differ across countries. The corporate governance committee remains comparatively uncommon because it is not generally required as a separate board committee. In contrast, the sustainability committee exhibits an increasing trend, particularly as ESG reporting requirements became more intensified. Overall, the evidence suggests that the observed patterns are consistent with the influence of regulatory and institutional pressures of committee prevalence, while growing sustainability-reporting expectations have expanded the role of specialized sustainability oversight. The findings contribute to the understanding of how governance structures evolve emerging capital markets and provide implications for boards, regulators, and investors.
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