Meaningful change doesn't happen overnight, but over the last three decades, Thailand has been a leader in fostering equality in the executive arena, and this year was no exception.
The nation is already well above worldwide averages in terms of percentage of female chief executive/managing directors (33%) and companies with women represented in senior management (86%), according to a Grant Thornton survey, but still needs powerful female leaders driving change in the private and public sectors.
Whatever the reason may be -- cultural, economic or purely practical -- as 2019 comes to a close, countless examples of women are pushing change in a variety of industries. Slowly but surely, Thai women in business are getting seats in the boardroom and offices in the executive suite. Female business leaders have helped reinvigorate ossified businesses, modernising the economy and pushing forward the Thailand 4.0 digital goals.
Here are some of the standouts this year leading the way for women in business.
Ruenvadee Suwanmongkol
Change is in the air at the Securities and Exchange Commission (SEC) as Ruenvadee Suwanmongkol, the first female secretary-general, has rolled out a strategy to beef up competitiveness of Thailand's capital market and provide a level playing field for all participants.
SEC secretary-general Ruenvadee Suwanmongkol. SOMCHAI POOMLARD
Nominated for the top job at the SEC before the application period closed on Sept 21, 2018, Ms Ruenvadee, 55, was appointed secretary-general on May 1, succeeding Rapee Sucharitakul.
She started her career at the SEC, before moving to the Justice Ministry's legal affairs bureau, then rose through the ranks at the ministry as deputy director of the Office of Justice Affairs, inspector-general and director-general of the Probation Department. She was reshuffled to the top job at the Legal Execution Department by the National Council for Peace and Order in 2014.
She acquired a reputation as an agent of change, when she modernised the notoriously archaic and bureaucratic department, introducing a paperless, digitised database system, the first government agency to do so in Thailand.
As borderless financial markets and technological disruptions increasingly complicate the job of regulators, Ms Ruenvadee has made her top priority digitising the SEC.
The regulator aims to build up distributed ledger technology (DLT) as the main IT infrastructure platform linking all members and products in the capital market. Corporate bonds have been selected as the initial securities under a pilot project involving DLT in 2020.
As a cornerstone of Thailand's economy, the SEC plans to support small and medium-sized enterprises (SMEs) gaining access to raising funds in the capital market. The market regulator will allow SMEs to issue securities products such as stocks and convertible corporate bonds, as well as make offerings directly to investors and employees.
The move will reduce unnecessary procedures and costs, and SMEs will be able to offer these securities to institutional investors, venture capitalists or joint venture corporations, as well as directors and employees of these entities, with an unlimited amount for the offering value.
Ms Ruenvadee's new ideas and forward outlook aim to not only modernise the SEC but catapult it into the future.
Suphajee Suthumpun
Among the list of powerful businesswomen in Thailand, Suphajee Suthumpun stands out for her professionalism, extensive expertise and proven track record managing domestic and international corporations.
Mrs Suphajee speaks at October's Asean Women Entrepreneurs Network summit. Pornprom Satrabhaya
She developed a tech-savvy, world-class management style by working at top companies like IBM in the US, IBM Thailand and Thaicom Plc, before landing the job as group chief executive of Dusit Thani Plc in 2016. Running one of Thailand's oldest hospitality service companies, operating more than 50 hotels worldwide, provided a new opportunity to prove her aptitude.
Mrs Suphajee, 55, has strengthened the core corporate values of Dusit Thani and built the company's founding vision to promote Thai hospitality around the world.
Under her leadership, Dusit Thani has adopted a bold, long-term strategic plan to balance, diversify and expand its portfolio for sustainable growth.
She has moved the company into new business segments by acquiring a major stake in Epicure Catering Co, a catering company for hotels, and a full acquisition of Elite Heavens Co, the leading provider of high-end vacation rentals in Asia. She also opened Dusit Thani's first boutique hotel to cash in on growing millennial travellers.
Probably the most impactful decision during her reign was to close the almost 50-year-old Dusit Thani hotel and develop the site into a 37-billion-baht mixed-use project in partnership with Central Group.
Such bold business expansion, especially to overseas markets, led Mrs Suphajee to win the Asean Entrepreneur Award in the Regional Champion category from the Asean Korea Centre and Maeil Business Newspaper, the first Thai business person to do so.
In the coming years, Mrs Suphajee and her management team aim to stick to their plan and open 10-12 new hotels under the Dusit International brand and expand the business by 100% in three years.
Chadatip Chutrakul
Chadatip Chutrakul, 58, heads Siam Piwat Co, the operator of some of Thailand's largest malls like Iconsiam and Siam Paragon. While bigger is not always better, these world-class shopping centres have drawn international acclaim, distinguished awards and recognition as indelible parts of the Bangkok experience.
Chadatip Chutrakul, Director of Iconsiam Co., Ltd. Patipat Janthong
Late in 2018, Mrs Chadatip was instrumental in opening one of the largest malls in Thailand, Iconsiam, a 54-billion-baht project on the bank of the Chao Phraya River, which also includes Bangkok's tallest tower, the Magnolia Waterfront Residences.
On May 30 of this year, she was inducted into the World Retail Hall of Fame alongside icons like Cath Kidston, founder of the eponymous home furnishing chain; Dick Boer, former president and chief executive of Ahold Delhaize; and Rodney McMullen, chairman and chief executive of Kroger Co.
From the execution of her strategy, Iconsiam has come to be recognised for its collaboration between artists and craftsmen from around the country and world that gives the mall its unique look and one-of-a-kind aesthetic. The project also shows innovation through new technologies, retail variety and architectural features that together aim to increase foot traffic, build customer satisfaction and provide a unique shopping experience.
Throughout the year, Iconsiam continues to launch new anchors at its store, both from its own investments like True Icon Hall, Museum and Dear Tummy green supermarket, and from foreign investors like Superpark, an indoor playground specialist from Finland.
Not stopping there, Mrs Chadatip is opening a new retail frontier by launching a new luxury premium outlet on a 150-rai plot in the east of Bangkok near Suvarnabhumi airport. This project is a collaboration with Simon Property Group, the owner of Woodbury outlets.
Supaluck Umpujh
When "Thailand's Iron Butterfly" flaps her wings, big changes happen in the country.
Supaluck Umpujh, 64, chairwoman of The Mall Group, is one of the most prominent players in Thailand's retail industry as the sector undergoes major transformations. So much so that she received the Entrepreneur of the Year Award at the Asia-Pacific Entrepreneurship Awards this year.
Supaluck Apidej Kamponwan
Amid the wave of digital disruption to traditional shopping and an uncertain future for the massive shopping centres dominating Bangkok, Ms Supaluck has allocated 50 billion baht to continue expansion over the next five years, not to fight the online trend but to find a way to ride its tide in harmony with brick-and-mortar retail.
To grow her brand, she travelled the world to learn and find inspiration from other famous retailers and potentially discover a "winning formula" for new retail project developments.
She met with Jack Ma, one of China's most prominent billionaires and owner of Alibaba; Bernard Arnault, chief executive of LVMH Group (owner of luxury brands such as Louis Vuitton and Christian Dior); Francois-Henri Pinault, CEO of Kering Group (owner of Gucci and Yves Saint-Laurent); and Richard Branson, the mogul and founder of Virgin.
The conclusion from these discussions was clear. The future of retail is omni-channel, both online and offline cohesion.
Amid the unstable economic situation, Ms Supaluck is moving to finish her company's flagship project, the Bangkok Mall on Bang Na-Trat Road, which has been under development for years with an unclear timeline for completion. She is also drawing a 10-billion-baht investment from AEG, owned by American billionaire Philip Anschutz, to build Bangkok Arena, a 16,000-seat concert venue.
Wallapa Traisorat
TCC Group, one of Thailand's largest conglomerates (owned by tycoon Charoen Sirivadhanabhakdi), had quite a year, launching the historic family's first IPO ever in Thailand.
Vallapa, Asset World Corporation. Pornprom Satrabhaya
The woman behind the bold IPO play was Wallapa Traisorat, 45, Mr Charoen's second daughter, who has been involved with the family's property since studying architecture as an undergrad when she designed the Sirivadhanabhakdi family's home.
After finishing postgraduate study in Britain, she worked for Merrill Lynch Asia Pacific Limited in Hong Kong as a financial analyst before her father called her back in 2001 to help manage the family's property portfolio.
That year she joined TCC Holding Co, one of TCC group's subsidiaries, as executive director. Later as CEO, she played a key role in setting up TCC Land Co in 2002 as a holding company of various properties, including hotels, retail, commercial buildings, convention centres, golf courses, master plan development and land banks.
From 2013-19, TCC Land under her management renovated and developed a total of 32 projects, including hotels, office buildings and retail spaces. The portfolio was big enough to be reorganised and combined into one umbrella under Asset World Corporation Plc (AWC).
AWC selected only the best properties in prime locations from the group and put them into its portfolio, as AWC wanted to have a Stock Exchange of Thailand IPO, which was launched in October.
Currently, AWC has 27 hotels in Bangkok and major tourist destinations, comprising 14 operating hotels with a total of 4,421 rooms and 13 under renovation and development with a total of 4,085 rooms.
Apart from business goals, Mrs Wallapa is passionate about driving corporate social responsibility projects aimed at supporting, developing and promoting charitable and sustainable initiatives in local communities.
With her passion for the arts, The Gallery, a social enterprise of art and design gift shops with a concept of "Giving Arts, Art of Giving", showcases the works of Thailand's community of talented designers. It was created to donate profits to support Thai artists and entrepreneurs to preserve and promote Thai culture.
Preeyanart Soontornwata
During Thailand's devastating 1997 financial crisis, B.Grimm Power Plc, the power generation arm of B.Grimm Group, was on the brink of collapse.
How did B.Grimm turn from a debt-ridden situation to high liquidity and efficient growth over the last two decades?
Preeyanart Soontornwata, president of B.Grimm Power. *No photo credit*
"Maintaining our firm's high credibility is critical, otherwise our power division may collapse," said president Preeyanart Soontornwata, 63.
The financial crisis could not have come at a worse time, as B.Grimm was constructing its first gas-fired power plant in Chon Buri with an overseas currency loan, while the baht had been devalued by 50% in a year.
"We had to negotiate with our creditors from German banks to domestic banks to make them see our credibility until we received extension of debt payment so the business could go on," Mrs Preeyanart said.
Twenty years later, B.Grimm Power was completely transformed, having weathered the storm under Mrs Preeyanart's watch, and healthy enough to have an IPO on the Stock Exchange of Thailand.
After the IPO, B.Grimm saw double-digit growth and its power generation capacity grew from 258 megawatts in 2012 to 2,896MW this year. It announced early this year that it planned to achieve 5,000MW by 2024.
Moving forward, Mrs Preeyanart aims to steer B.Grimm towards more renewable energy like solar or wind to bring B.Grimm Power into the energy future.
Jareeporn Jarukornsakul
The logistics business is booming, and no one stands on the front line of this growing industry like Jareeporn Jarukornsakul, the co-founder, chairwoman and chief executive of WHA Corporation Plc.
Jareeporn Jarukornsakul, chairman and chief executive of WHA. Somchai Poomlard
She is undoubtedly Thailand's most influential woman in the industrial and logistics sectors, and this year she was ranked as the 35th richest person in Thailand by Forbes with a net worth of 27.6 billion baht.
Ms Jareeporn, 52, has been running the company since 2015. In 2018, WHA reported a profit of 2.9 billion baht, with a current (Dec 11) market capitalisation of 59.42 billion baht, up from 6.7 billion baht in November 2012.
She started her first business at the age of 26, after earning a bachelor's degree in public health and a Master of Business Administration.
"I'm self-taught and I do more than talk," she said. "I believe that actions speak louder than words."
She gives frequent speeches to the public to share her ideas about the country's industrial development, which has cemented her status as one of the most influential women in Thai business society.
WHA under Ms Jareeporn's operating strategy in 2020 will focus on raising its core businesses of logistics and industrial properties, industrial estates, utilities and power, and digital infrastructure.
"WHA embraces innovation and smart technologies, such as smart logistics and smart grid, as well as integrating services to cover all four business hubs to deliver high-quality services," she said.
Ms Jareeporn is a one-of-a-kind business woman who turns crisis into opportunity, leveraging the US-China trade war to attract Chinese investors and increase industrial land sales by 45% since 2018.
"WHA's team has to do many things to promote and invite investors to invest in WHA industrial estates located in the Eastern Economic Corridor area," she said.
