Deloitte: Thai firms prioritizing ESG (Environment, Social and Governance)

Leading Thai companies are prioritizing ESG (Environment, Social and Governance) practices to increase efficiency, brand credibility, risk management and make themselves more attractive to foreign investors, according to global management consultancy Deloitte.

The findings were the result of a survey by Deloitte and contained in its “Thailand ESG and Sustainability Survey Report 2022.” The firm polled top Thai executives at 106 companies in key industrial sectors ranging from consumer products to energy to financial services and media.

The findings reflect the growing maturity of Thai management in a global context. Whereas many Thai firms blended modern management with “family-style” practices just a few decades ago, today leading companies adhere to high levels of corporate governance in line with international standards.

Consequently, foreign investment in Thai firms has been steadily rising and local companies have been expanding in markets overseas.

Deloitte found that most Thai business leaders prioritize ESG awareness in their organizations and are integrating ESG into corporate strategy. A full 85 percent of respondents in finance said that sustainability plays an increasingly important role in corporate finance. The majority of them prioritize their role in reporting on sustainability key performance indicators or metrics as part of the standard cycle.

Signing on to ESG practices can have unanticipated benefits. Narain Chutijirawong, Deloitte Thailand’s Executive Director of Clients and Markets, said that integrating sustainability will help companies recover from COVID-19 impacts and create resilience if future disruptions occur.

One area that needs improvement was in sustainability reporting requirements. Many companies cited a lack of technology for data collection, lack of talent and skills within the organisation, and unavailable data.

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