BANGKOK, Thailand – The Stock Exchange of Thailand (SET) has proposed legal changes allowing dual-class shares, potentially giving family business owners greater voting control while raising capital through the stock market. SET Chairman Kitipong Urapeepatanapong said the exchange has submitted the proposal to the government and expects greater clarity on the measure within this year.
Under a dual-class share structure, different classes of shares can carry different voting rights, allowing founders or existing owners to retain greater control even when their ownership stake is diluted through fundraising. The SET has previously outlined the structure as one in which one class of ordinary shares can carry more votes than another.
Kitipong said the proposal is intended to address concerns among family businesses that may otherwise hesitate to list because they fear losing management control or becoming vulnerable to a takeover. He said the SET is also discussing whether any new framework should apply only to companies seeking initial public offerings or could eventually be extended to existing listed companies to support greater liquidity.
Family businesses already represent a substantial part of Thailand’s listed market. According to figures presented at the SET Annual Conference on Family Business, 705 of the 843 companies listed on the SET are classified as family businesses, with a combined market capitalisation of more than 10.9 trillion baht, equivalent to about 54% of the market’s total 20.15 trillion baht. The group also accounts for about 1.68 million employees, or 85% of employees at listed companies, while contributing 21.4% of total corporate income tax paid in 2025.
The SET is running several programmes to support family businesses, including research funding, family-business courses through its LiVE platform and an academic partnership with Chulalongkorn University. The SET and Chulalongkorn University recently announced further cooperation aimed at developing knowledge and future leaders in family businesses.
At the conference, Kitipong also presented a six-point framework covering factors that can influence the long-term development of family businesses. His “6C” success framework includes Corporate Governance Structure, Compensation and Benefits, Communication, Conflict Resolution and Management, Care and Compassion, and Change.
He contrasted these with six areas that can contribute to failure: Corporate Governance Confusion, Compensation and Benefits Unfairness, Communication Gaps, Conflict of Interest and Power, Complacency, and Change Blindness.
The SET has previously highlighted the significant role of family businesses in Thailand’s capital market and economy, including their contribution through fundraising, employment and corporate tax payments.
