The Stock Exchange of Thailand today announced that it has partnered with the UN Sustainable Stock Exchanges Initiative (UN SSE Initiative), becoming the first ASEAN exchange to join other 12 leading exchanges that have publicly committed to promoting sustainable practices. This underlines SET’s aims to develop sustainability of the exchange and the Thai capital market in a concrete way.
SET Chairman Sathit Limpongpan said that the Thai exchange in July signed the voluntary commitment with the UN SSE Initiative, committed to working with investors, companies and regulators to promote long-term sustainability through enhancing corporate transparency and performance on environmental, social and governance (ESG) issues among the listed companies, and encouraging responsible long-term approaches to investment among investors.
In October, SET will share its intention to the proactive approach to sustainable development during the SSE Global Dialogue to be held at the United Nations in Geneva, Switzerland.
“To be the first exchange in ASEAN joining the SSE initiative reinforces our regional leadership and will enhance SET’s international recognition. This follows SET’s currently remarkable sustainable development in the region, proven records by achieving the top corporate governance score ranked by ASEAN corporate governance scorecard for two years in a row (2013-2014), being Asia’s top score of Corporate Governance – Report on the Observance of Standards and Codes (CG-ROSE) in 2013 assessed by World Bank. We therefore welcome this initiative as it will allow us to share and learn the best practice with other exchanges,” Sathit said.
SET President Kesara Manchusree said the Thai bourse has created its own sustainability development framework, aiming to enhance all dimensions of quality towards sustainability of the Thai capital market, economy, society, and environment. It would focus on five key areas, namely market value, business operations, employees, society, and environment. SET would soon establish a working group to substantially construct short-, medium-, and long-term plans for these five key areas.
The UN SSE Initiative, found in 2009, is co-organized by the United Nations Conference on Trade and Development (UNCTAD), United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Global Compact and UN-supported Principles for Responsible Investment (PRI). It has successfully built engagement with 12 stock exchanges worldwide, while SET is considered the first exchange in ASEAN joining the SSE Initiative.