§ I — About the Practice
A practice built around the particular circumstances of Thai boards.
Garuda Advisory was established to bring considered, unhurried governance counsel to Thai companies navigating the realities of family ownership, regulatory change, and board renewal.
Return to Homepage§ II — Our Story
How Garuda Advisory came to be
Garuda Advisory was founded in Bangkok by practitioners with backgrounds in corporate law, boardroom advisory work, and the study of governance in Asian family-controlled enterprises. The name draws from the mythological bird of careful judgment — a fitting symbol for work that is as much about discernment as it is about process.
The practice began with a narrow observation: that Thai boards, particularly those of family firms and mid-market companies, often had governance questions they could not comfortably address with their lawyers, auditors, or management — and that what was missing was not regulation, but reflective outside perspective.
Since the practice's formation, Garuda Advisory has worked alongside boards across a range of sectors — from manufacturing and real estate to logistics and professional services — in each case adapting its approach to the particular structure, ownership pattern, and board culture of the organisation concerned.
The practice does not seek volume. Each engagement receives the full attention of a senior practitioner, and the work is paced to be useful — not merely expedient.
Mission
"To offer Thai boards a space for honest reflection on how they are organised, how they work, and where a considered adjustment may serve the organisation well."
Values
- Candour over comfort
- Specificity over template
- Patience over urgency
- Discretion as a baseline
§ III — The Team
Senior practitioners, not junior associates
Each engagement is conducted by a senior member of the practice. No work is delegated to staff who have not yet developed independent judgment in governance matters.
Kritchai Panyavong
FOUNDING PRINCIPAL
Fifteen years advising Thai boards on governance structure, committee design, and the documentation practices that support sound decision-making. Trained in Bangkok and London.
Siriwan Thanakit
SENIOR ADVISER
Specialist in board effectiveness and the particular governance dynamics of family-controlled companies undergoing generational transition. Former company secretary at two SET-listed firms.
Natthawut Wiriyaphan
ASSOCIATE ADVISER
Focuses on governance documentation, agenda design, and the structural elements of board committee work. Background in corporate legal practice and regulatory compliance in Thailand.
§ IV — Standards of Practice
How we approach our work
Strict Confidentiality
All conversations, documents, and observations shared with the practice are held in strict confidence. Engagement letters include explicit confidentiality provisions.
Independence of View
The practice accepts no referral fees or commercial arrangements that could qualify the independence of its advisory work. Observations are made without deference to management or majority shareholders.
Written Engagement Terms
Every engagement begins with a written letter setting out scope, fee, timeline, and the basis on which either party may conclude the work. No ambiguity about what has been agreed.
Thai Regulatory Familiarity
Work is conducted with awareness of the SEC's Corporate Governance Code, SET listing requirements, and the Thai Civil and Commercial Code provisions relevant to company boards.
Senior Practitioner Involvement
Clients deal directly with the practitioner responsible for their engagement — not a relationship manager or junior team member tasked with carrying the work.
Clear, Considered Outputs
Written outputs are in plain language — not consultant prose. They are designed to be read by board members, not filed away. Where there is a difficult observation to make, it is made directly.
§ V — Expertise
Corporate governance consulting in Thailand
Thai corporate governance has developed considerably over the past decade, shaped by the SEC's updated Corporate Governance Code, growing scrutiny from institutional shareholders, and the increasing complexity of family-controlled enterprises navigating succession or capital market access. The obligations on boards have become more specific — and the expectations of directors more demanding — at the same time as many boards are operating with structures and habits formed in an earlier period.
Garuda Advisory's work sits in the space between legal compliance and board culture: the informal habits, the quality of information shared before meetings, the clarity of each director's understanding of their role, and the degree to which the board's formal committees are functioning as intended rather than merely existing on paper.
Engagements are conducted in Bangkok and, where appropriate, at the company's principal place of business. The practice works with a range of company types — Thai family enterprises, joint ventures with regional partners, and companies preparing for or recently having completed a capital market transaction.
§ VI — Next Step
Would a conversation be useful?
If you have a governance question in mind — or a sense that the board's working arrangements could be looked at more carefully — an initial conversation may help clarify whether we may be able to assist.
Get in Touch