Minor International, Tisco Financial Group and SVI Plc each won gold awards in the Board of the Year competition organised by the Thai Institute of Directors.
The awards recognise the top-performing boards of Thai listed companies based on their commitment to corporate governance, performance and board leadership.
IOD chief executive officer Kulvech Janvatanavit said corporate boards of the future had to have "3 Cs" - care, curious and courage.
He said "care" in the sense that the role of directors is to support and nurture their companies, while "curiosity" meant directors had to be ready to "unlearn and relearn" on a constant basis to cope with rapid change in the business environment.
"Courage" was in the sense that directors not only must be prepared to take risk, but also be outspoken in voicing their opinions.
"Boards must serve as a strong example for management, no different than parents acting as a role model for their children," Mr Kulvech said on Wednesday at the IOD's National Director Conference.
Pakorn Peetathawatchai, president of the Stock Exchange of Thailand, agreed that boards must mentor and challenge corporate management about the risks facing the business.
Directors also have a key role in encouraging change and fostering the right corporate culture, he said.
"The risks faced by businesses nowadays have only increased, whether it be artificial intelligence, demographic change or differences in mindset between generations," Mr Pakorn said.
Veerathai Santiprabhob, the governor of the Bank of Thailand, said that the business sector played a critical role in the country's development.
"Besides having good governance within the organisation, businesses need to consider governance in a broader context, with importance given to communities, society and the environment, to enable Thailand and the global community to grow sustainably," he said in his opening address at the IOD conference.
Dr Veerathai said capital markets and institutional investors are increasingly focused on the commitment made towards governance and sustainability by companies.
Companies with a clear commitment towards sustainability also enjoyed advantages in recruiting new talent, who increasingly want to work in positions with a clear impact and purpose towards society.
Minor International won in the category of companies with a market capitalization of over 100 billion baht, with PTT Exploration and Production taking silver and PTT Plc bronze.
In group B, for companies with a market capitalization between 30 and 100 billion baht, Tisco won gold, Bangchak silver and Muangthai Capital bronze.
In group C, for companies with a market capitalization under 30 billion, SVI took gold, Dusit Thani silver and ICC International bronze.
In two new categories, Nirvana Daii Plc and Selic Corp received the Rising Star award, while Thantawan Industry was given the Visionary Board award.
