The Government of Thailand has undertaken important legal and institutional reforms to enhance the governance of its state-owned enterprises (SOEs) in recent years. However, important challenges remain. This review describes and assesses the corporate governance framework of the Thai SOE sector against the OECD Guidelines on Corporate Governance of State-Owned Enterprises. It provides recommendations to help Thai authorities better align policies with international best practices, including further strengthening the state ownership function, establishing a policy framework to ensure competitive neutrality, improving board autonomy and independence, enhancing transparency and disclosure measures, and incorporating sustainability into the state ownership policy.