Krungsri (Bank of Ayudhya PCL), a member of Mitsubishi UFJ Financial Group (MUFG), one of the world's largest financial groups, reinforces its aspiration to be a trusted partner for sustainable growth through the launch of Krungsri ESG Awards 2023 which have the aim of encouraging business customers to adopt sustainable practices.
The awards support and honour Krungsri’s business customers that comply with the Environment, Social, and Governance (ESG) frameworks.
Ms Duangkamol Limpuangthip, Krungsri Head of SME Banking Group, said, “Sustainable development is a crucial element in our strategy to support our social and sustainability project, as well as support and develop sustainability practices for Thailand’s financial market. This is also 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 recognise and honour our customers who successfully apply ESG to their businesses. This will highlight their status 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 honoured to cooperate with national organisations with ESG vision and mission, including the Federation of Thai Industries, Thai Chamber of Commerce, Board of Trade of Thailand, Social Enterprise Thailand Association, Department of Business Development Ministry of Commerce, Thailand Greenhouse Gas Management Organisation, and Chulalongkorn University’s Sasin School of Management. Our partnered organisations will help to suggest ways to adopt ESG frameworks in business. We are also honoured to be a member of the prestigious award committee selecting companies that fully comply with ESG practices and driving ESG for Thai businesses.”
Ms Duangkamol Limpuangthip, Krungsri Head of SME Banking Group
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). The awarding program was honoured 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 organisation'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 is also important to ensure a good governance policy is in place to ensure transparency throughout the organisation and that no corruption can occur. Operating a business according to ESG principles helps reduce expenses and costs and makes the business attractive to customers and investors who prioritise 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. Rather it is consistency that enables sustainable change. It is also essential that all three elements, Environmental, Social, and Governance, are implemented together, not one-sided.”
Mr. Nick Pisalyaput, Deputy Director, Sasin School of Management
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. The company is 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, the company is not only providing award recognition for businesses. The Krungsri ESG Awards also aim 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.
