Applying the Concept of Corporate Governance and Financial Management of Temples in Thailand

Abstract

This article aimed to 1) investigate the governance processes and financial management of temples in Thailand and 2) provide guidelines for applying the concept of corporate governance and financial management of temples in Thailand. This research was a qualitative survey consisting of documentary research and in-depth interviews. The sample group was Wat Luang (10 temples) and Wat Rat (10 temples). The results of the study revealed that the governance process of the temple was guided by the principles of corporate governance in accordance with the guidelines of the Securities and Exchange Commission of Thailand as a framework. The principles of corporate governance can be applied in three categories, namely Section 3: Roles of Stakeholders in Governance, Section 4: Disclosure and Transparency, and Section 5: Responsibilities of the Board of Directors. Additionally, the financial management of the temples in Thailand was guided by the principles of financial accounting for income and expenditure, a framework in which the accounting did not comply with generally accepted accounting principles. There is a sample group that sent their accounts to the auditing company and had the financial statements audited by an auditor. Other accounts were accounted for by the temple committee, disbursed by the abbot, or managed by the person who manages the temple property on behalf of the abbot. It is considered the monks’ personal income for the invitation.