SCB receives accolade at the sixth Asia Sustainability Report Award
The sixth Asia Sustainability Reporting Awards (ASRA) program, the most prestigious international award for corporate reporting, recently presented Siam Commercial Bank (SCB) with a bronze award for Asia's Best Sustainability Report in the Stand-alone category. This recognition demonstrates the Bank’s dedication to conducting business responsibly and sustainably. In illustrating its commitment to continuous improvement, SCB is Thailand's first bank to upgrade its 2020 Sustainability Report to a digital format.
In receiving the award, SCB Senior Executive Vice President and Chief Strategy Officer Mr. Sathian Leowarin noted that, “SCB submitted its Sustainability Report for the ASRA prize for the first time in 2019. The Bank is thrilled to win the Bronze Award for Asia's Best Sustainability Report – Stand-alone at the sixth Asia Sustainability Reporting Awards (ASRA). SCB's Sustainability Report was published in accordance with the Global Reporting Initiative (GRI), detailing its sustainability strategy and commitments, engagement with stakeholders, and progress of its management of significant sustainability issues. The report not only communicated the Bank’s performance against its commitment or goals to shareholders and investors, but also served as a medium to build trust between the Bank and its customers, business partners, and stakeholders by making them aware that the Bank is committed to operating a sustainable business.”
Mr. Sathian added that SCB constantly implements sustainability management strategies and prepares related reports in order to provide long-term added value for shareholders and share benefits with stakeholders. Specifically, the 2020 Sustainability Report which will similarly be submitted for the 7th ASRA was converted from a printed to digital version, seeking to adjust to the way people are increasingly relying on technology and smart devices for news and information. This also demonstrates the Bank’s efforts to reduce the use of resources in accordance with sustainability guidelines. SCB is Thailand’s first bank, and one of Thailand’s first companies, to publish sustainability report in a digital format.
“SCB recognizes its role as a partner in the development and maintenance of economic, social, and environmental balance in the long run. Therefore, sustainability has been established as part of our corporate strategy. The financial and banking business plays an important role in driving sustainable development, mobilizing funds and allocating resources to economic and social sectors. The Bank aims to promote sustainable financial services based on social and environmental responsibility, and accelerate growth by supporting all sectors in transitioning to a "Low-Carbon Economy" together, including the enhancement of social equality that will lead to inclusive growth,” he concluded.
Mr. Rajesh Chhabara, Managing Director of CSRWorks International and the Founder of ASRA, said, “SCB's Sustainability Report shows exceptional leadership in transparent reporting of its sustainability performance and reflects its readiness for a resilient future."
SCB's Sustainability Report is one among 494 entries received from 17 countries across 19 award categories. The committee selected 102 companies from 14 countries as finalists, with 40 companies winning awards. The sustainability reporting awards are presented for reports that stand out by demonstrating a clear strategy, meaningful leadership commitment, stakeholder engagement, and materiality disclosure. The report also describes practices, performance and outcomes on issues that reflect the business’s most significant impacts on society and the environment and the interests and expectations of stakeholders. .