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https://www.nationthailand.com/business/corporate/40021958

Thai companies prioritising ESG to attract foreign investors: Deloitte survey

FRIDAY, NOVEMBER 11, 2022

Nongluck Ajanapanya

Thailand’s companies prioritising ESG (Environment, Social, and Governance) practices to transform their operations and attract international investors, according to a new report by Deloitte Thailand.

The “Thailand ESG and Sustainability Survey Report 2022” polled executives at 106 leading Thai companies in key industrial sectors such as consumer products, energy, resources, and industrials, financial services, technology, media and telecoms, and life sciences and healthcare, between August and September.

It found that most Thai business leaders prioritise ESG awareness in the organisation and integrating ESG into corporate strategy.

Just over a third (34%) of respondents have a committee to oversee ESG in their businesses, and some have board directors with clearly defined roles in driving corporate sustainability.

The majority of respondents believed that improved corporate sustainability performance will result in the following three benefits: operational efficiency and cost savings, brand credibility and image, and risk management.

Meanwhile, 85% of respondents in finance agreed that sustainability plays an increasingly important role in corporate finance. The majority of them prioritise their role in reporting on sustainability KPIs or metrics as part of the standard cycle.
 

The survey also found that 51% of respondents currently report on ESG management approaches and KPIs as part of their reporting cycle. However, one-quarter of respondents collected ESG data but did not make it public.

The main gaps respondents saw in efficiently meeting sustainability reporting requirements were a lack of technology for data collection, lack of talent and skills within the organisation, and unavailable data.

Almost half of respondents worried that their organisation lacked the necessary technological tools to meet new ESG disclosure requirements.

The Global Reporting Initiative (GRI) is the most commonly used ESG disclosure standard among respondents, while internal ESG KPIs are commonly used to set their data collection template and structure.

Narain Chutijirawong, Deloitte Thailand’s executive director of clients and markets, said that encompassing sustainability will help companies recover from Covid-19 impacts and create resilience to future disruptions.

He said it was time for businesses to begin integrating ESG as a strategic priority and preparing for ESG data disclosures in line with global mandatory paths that are environmentally and socially responsible.

Nongluck Ajanapanya