Page 301 - Social Enterprise A New Business Paradigm for Thailand

9.5 Conclusion

Based on the overview presented in this chapter, which covers the origins and evolution of CSR
in Thailand, five case studies from different industries, and insights from interviews with social

enterprises and relevant agencies, several preliminary conclusions emerge about the state of
CSR in the country.

Since the 1990s, the Stock Exchange of Thailand has played a key role in encouraging companies
to go beyond simply running profitable businesses. They must also consider the broader social
and environmental impacts of their operations. As a result, long-standing practices by
companies, large and small, have expanded in scope and meaning. Most importantly, the
direction of CSR implementation has become more systematic, with the introduction of
performance indicators and the promotion of public reporting through what are now called
sustainability reports. Today, CSR activities in Thailand are increasingly structured and

measured across multiple dimensions: economic, social, and environmental impact, as well as
business governance, commonly referred to as ESG: Environmental, Society, and Governance.

Much of the momentum, however, has not come from within. Pressure has been applied by
global institutions such as the United Nations, as well as from major trade partners and host
countries where Thai companies have investments. This has pushed Thai companies to adopt
more serious and substantive CSR practices, as superficial efforts are no longer sufficient. The
frameworks used for CSR reporting are now based on globally accepted standards. While the
Stock Exchange has localized these standards into practical guidelines for Thai companies, any

business that grows to depend on international markets will inevitably need to follow global
benchmarks. Accordingly, today’s sustainability reports often incorporate topics such as carbon
credits, human rights practices, gender equality in the workplace, and support for gender-
diverse individuals. These reports outline the activities undertaken, the metrics used to
measure performance, and the degree of success achieved, demonstrating companies’ genuine
commitment to these issues. Ultimately, such transparency enables these companies to
operate in the global marketplace without facing backlash.

Another point of interest is whether CSR has been integrated into the core operations of

companies and whether it contributes to new forms of social value. Since 2001, when ESG
principles and good corporate governance were first introduced to listed companies in Thailand,
the significance and development of ESG have steadily increased. According to the Stock
Exchange of Thailand’s 2023 annual report, 692 listed companies, representing 76 percent of
all listed firms, disclosed ESG data through the ESG Data Platform, which users can access via
the SETSMART system.

A key question that emerges is whether the CSR efforts of large Thai corporations can help
promote smaller social enterprises. The case studies suggest that large companies tend to focus

their CSR activities internally. This is often because they have the expertise, volunteer personnel,

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