Miss Duangkamol Limpuangthip, Krungsri Head of SME Banking Group said, "Sustainable development is a crucial element of our strategy to support social and sustainability project, as well as support and develop sustainability practice for Thailand's financial market. Also this is an opportunity to support our business customers and encourage them to apply sustainable thinking to their business development. By introducing the Krungsri ESG Awards, we are reinforcing our commitment to ESG practices. The award will recognize and honour our customers who successfully apply ESG to their businesses. This will highlight their role as good role models for other entrepreneurs as they will be able to see the benefits of the ESG business model and understand its importance in future business operations."
"On this occasion, we are honored to cooperate with national organizations with ESG vision and mission, including the Federation of Thai Industries, the Thai Chamber of Commerce and Board of Trade of Thailand, the Social Enterprise Thailand Association, the Department of Business Development Ministry of Commerce, Thailand Greenhouse Gas Management Organization and Chulalongkorn University's Sasin School of Management. Our partnered organizations will help to suggest ways to adopt ESG framework to the business. As well as being a member of the prestigious award committee in selecting companies that fully comply with ESG practices and driving ESG for Thai businesses." Miss Duangkamol added.
The Krungsri ESG Awards 2023 aims to create awareness among entrepreneurs of the importance of ESG to their businesses and demonstrate how applying these principles leads to sustainable growth. Krungsri's expertise in ESG finance in collaboration with MUFG will support entrepreneurs of small and medium-sized businesses (SMEs) to grow sustainably. The awards are divided into two categories:
- Excellence: Award for companies showing excellent application of Environment, Social, and Governance (ESG) principles.
- Highly commended: A recognition of businesses that initiate and implement good practices in all three areas of ESG.
Award participants are Krungsri customers from SMEs, Japanese businesses, and members of the Social Enterprises Thailand Association (SE Thailand). Awarding program was honored by Sasin School of Management, to determine applicant qualifications, data collection, and data processing.
Mr. Nick Pisalyaput, Deputy Director, Sasin School of Management said, "The crucial thing when integrating sustainable practices into a business plan is that entrepreneurs have a "Sustainability Mindset." This means thinking about whether the organization's actions negatively impact any party and, if so, how that can be changed. For example, does our production process affect the environment? Are our employees treated fairly? Does the company have a good relationship with the community? It's also important to ensure a good governance policy is in place to ensure transparency throughout the organization and that no corruption can occur. Operating a business according to the ESG principles helps reduce expenses and costs and makes the business attractive to customers and investors who prioritize sustainability. Good governance creates a good impression of the company and a good corporate image, which also helps retain employees who are valuable to the company in the long run. However, entrepreneurs must keep in mind that sustainable growth is not a one-time activity, but it is consistency that instead shows a sustainable change. It's also essential that all three elements, Environmental, Social, and Governance, are implemented together, not one-sided."
Supporting business sustainability has been one of Krungsri's Medium-Term Business Plan (MTBP) objectives for the past three years. Krungsri's ESG has continued to support entrepreneurs to improve business performance, social and economic outcomes, and environmental sustainability. We are committed to creating innovative financial solutions that meet the needs of all customers, from large corporations to SMEs.
With Krungsri's commitment to be a partner in every step with SMEs, we are not only providing award recognition for businesses, but The Krungsri ESG Awards also aims to cultivate ESG understanding and knowledge among SMEs as well as create opportunities for entrepreneurs to enhance every element of their businesses according to ESG principles. Therefore, in this award program, participants will receive in-depth advice from experts and esteemed committee members to enable their sustainable businesses.
Source: Spark Communications