Thai corporate social responsibility in 2011 stresses CSR Reporting
Thai corporate social responsibility (CSR) in 2011 will see more active communication, including CSR Reports, which is essential for all businesses to develop sustained responsibility and public recognition, more use of social media, and the promotion of greener growth, revealed the Thaipat Institute (The Foundation for Thailand Rural Reconstruction Movement Under Royal Patronage) and The Stock Exchange of Thailand (SET)'s Corporate Social Responsibility Institute (CSRI).
The business sector has been giving more importance to CSR and the impact on stakeholders, society, community and the environment, Executive Director, Industry Development Center of Capital Market Development Fund and CSRI Director Punsak Vejanurug said. He also noted that having CSR has been recognized as a key condition for both global and regional trade, especially when the ASEAN Economic Community (AEC) is expected to materialize in the next four years.
Therefore, SET's CSRI continues to encourage all listed companies to further improve CSR-related work procedures to better and more efficiently meet public expectations. Looking ahead, CSRI will help organizations recognize the importance of CSR for society and the environment. It will also further develop CSR guidelines and promote their implementation.
"This year, SET's CSRI and the Securities and Exchange Commission (SEC) will jointly develop a new guide to CSR, following the introduction of the CSR Guidelines, which will come with enriched principles and guidelines on the disclosure of CSR Reports that complies with the internationally-recognized reporting framework. It is also intended to help support firms in presenting information to investors and communicating with society, especially when it is a common practice for the company to clarify its performance report in all aspects, including economic, social and environmental volatility. Preparing a CSR report is not compulsory, but is recommended for any organization seeking to add more value to its operation."
CSR reports will be an essential communication tool to communicate to the social sector and all stakeholders, especially if CSR public relations have not been fully effective, Thaipat Institute Director Pipat Yodprudtikan revealed.
The core objective of the CSR report is to induce acceptance of and endorsement from society for the organization's success in its CSR missions. Each report will include three key aspects: (1) Inclusivity, which considers the impact on all stakeholders and the generality of all CSR missions, (2) Materiality of the achievement of CSR activities, and (3) Sustainability of CSR activities.
"Businesses with CSR activities in process but which have not yet been officially disclosed to society should start surveying and recording data as well as planning the information disclosure, consulting with stakeholders, selecting data to be reported on, communication channels, and follow-through actions after the disclosure.
Another trend foreseen this year is the usage of social media, which are expected to expand into the organization's CSR work. In addition to their use in promotion, image-building and customer relations, social media can be utilized in aggressively promoting social participation in CSR. For example, such media could be used for social marketing that supports or induces change in health, safety, environmental and personal wellness, all of which will bring about shared value between the organization and the society.
The growing environmental awareness in the past year has also proved to be a major motivator for many businesses to step up their "green" activities, from cost-saving to revenue creation. For example, product line-ups have been changed to be more environmentally-friendly, enabling the firm to use its greener status vis-?-vis competitors to advantage" said Thaipat Institute Director Pipat Yodprudtikan.
For more on CSR trends in 2011 and related issues, please check out "6 Trends of CSR in 2011: Reporting your CSR", which was prepared by Thaipat Institute, which can be reached at 0-2930-5227 or email: email@example.com or visiting www.thaipat.org.