Thai bourse and Thaipat announces CSR direction for 2010
Corporate social responsibility (CSR) will follow the "green" trend this year, where customer behavior is friendly to the environment, said The Stock Exchange of Thailand's Corporate Social Responsibility Institute (CSRI) and Thaipat Institute (the Foundation for Thailand Rural Reconstruction Movement Under Royal Patronage). CSR strategies will also be reviewed to ensure that they are widely accepted in society and this year's strategies should take both the opportunities and threats from widened free trade into account.
"Due to economic crisis and environmental concerns today, companies have dealt with changes by building immune systems from within and evaluate how they impact all stakeholders, including their communities, society as a whole, and the environment. They have to follow good corporate governance, ethical and moral practices to build strong foundations for sustainable business growth," said SET President Patareeya Benjapolchai in a press conference on the directions and trends of CSR, "Repositioning your CSR," held today (January 28) in SET Building, Bangkok.
"Last year, SET undertook many CSR activities, e.g., by joining with Thaipat Institute through 'CSR Day,'which helps staff better understand about CSR activities of various firms, so they know that CSR activity is something every group of people can do everyday. In 2010, CSR direction will focus on building a network to drive co-CSR activities at the organizational level through the CSR Club. This club was established under the Listed Companies Association to network between sectors, to achieve inter-firm synergy in promoting social issues.
"CSRI was established to be a center to strengthen networks among and between businesses, the public, and society. CSRI focuses on social and environment responsibilities in business process and gives significance to all stakeholders, including employees, shareholders, and other relevant parties. CSRI will encourage CSR consciousness and understanding about CSR activities that the organization can handle by itself," revealed SET Executive Director, Industry Development Center, Capital Market Development Fund (CMDF) and CSRI President, Chaiyoot Chamnanlertkit on CSR direction in 2010.
"Changes in both the Constitution, section 67, about green trends resulting from climate changes and the agreement on free trade are the important factors that stimulate business sector to consider its operation processes or repositioning its CSR this year", revealed Thaipat Institute Director Pipat Yodprudtikan.
Due to the economic crisis, the US economic growth has slowed down. Meanwhile, the unemployment rate is still high and people are more cautious on spending. The government's plan to help the economy revive has not yet been fully successful.
The trend of 'New Normal' will influence the worldwide economy, which is in a long recession. Repositioning CSR to support the 'New Normal' state will have to consider every component, e.g., scope, platform, structure, strategy, performance, measurement, and disclosure.
"This year's CSR trend will encourage companies, especially factories which need to show their social responsibilities in a concrete manner and adjust their operation processes to be in line with new standards,particularly ISO26000, which will be announced as the international standard at end-2010, after the Copenhagen meeting in May 2010," Dr. Pipat said.
However, ISO26000 is only the suggested standard, not the standard used for certification. Using ISO26000 for certification or claiming that a given organization has standard of ISO26000 will not be in accordance with the objective of the standard.
For more information on CSR direction in 2010, please see the report "Six directions for CSR in 2010:Repositioning your CSR," produced by Thaipat Institute or call 0 2930 5227, or email email@example.com, or visit www.thaipat.org.