Directors and major shareholders (the stock Exchange of Thailand, 1999). For the remuneration and nomination committee structure, the statistical results reveal that 31 per cent of firms in the sample have a remuneration committee and almost half of these committee members (42 per cent ) are independent directors. This result also shows that 25 per cent of firms have nomination committee and 40 per cent of these committee members are independent directors. Moreover, Table I show that mean ROAt-1is 6.8 per cent. The average age of firms in the sample is 12.5 years. The mean leverage is 28 per cent and the mean sales growth is 27.06 per cent. The mean firm size (as measured in millions of dollars) is $281.16.