True Corporation Has Been Ranked in the Top FSTE4Good for the 8th Consecutive Year, Responding to SET by Adopting the FSTE Russell ESG Score to Raise Thai Firms Sustainability Assessments to Worldwide Standards.
The list of companies included in the FTSE4Good Sustainability Index 2024 was just announced by FTSE Russell, a globally recognized ESG evaluator and subsidiary of the London Stock Exchange. True Corporation is the sole Thai telecommunications company to be ranked among the top scorers in the global telecommunications industry for the 8th consecutive year. The company's aggregate score has increased from 4.4 last year to 4.5 out of a total of 5 points. It is worth noting that the governance dimension garnered a perfect score of 5 points as a result of the company's effective corporate governance practices. This includes a board structure that is internationally compliant and comprises independent directors, non-executive directors, and a gender-diverse Board. The company has established a dedicated governance supervision unit to ensure that all employees adhere to the highest legal and ethical standards, implements anti-corruption policies, and promotes gender and racial diversity. Furthermore, it cultivates a "Speak Up" culture that motivates employees and external parties to report any potential violations of the company's Code of Conduct through a governance hotline (Integrity Hotline).
The global standard FTSE Russell is utilized to measure sustainability.
An upgrade to the sustainability assessment of Thai listed companies was recently announced by the Stock Exchange of Thailand. Previously, the assessment was conducted by using the Thailand Sustainability Investment (THSI) criteria, which are also referred to as SET ESG Ratings, to evaluate and assemble companies into the sustainable stock group. This has been replaced by the FTSE4Good index by FTSE Russell, which is consistent with the Sustainable Development Goals of the United Nations. The primary objective is to transparently assess the information that listed companies disclose to the public, both domestically and internationally. The evaluation encompasses more than 8,000 securities from 47 countries worldwide, with criteria that take into account over 300 indicators across 14 themes in the areas of governance, society, and the environment. In Thailand, companies are granted a two-year preparatory period prior to the evaluation, and the ESG scores will be publicly disclosed beginning in 2026.
True has successfully completed the 8th consecutive years of the rigorous evaluations, assuring it can overcome any challenge.
Mr. Manat Manavutiveth, Chief Executive Officer of True Corporation Plc. said that "True Corporation has acknowledged the significance of the FTSE Russell assessment, which functions as a benchmark for organizations worldwide. The insights that True has acquired have been employed to develop, mitigate risks, and generate beneficial effects on the economy, society, and environment. True has been researching and preparing for the ESG Score assessment by FTSE Russell for eight years, as it is a publicly listed company with a high market value in comparison to globally operating telecommunications companies. True Corporation has been re-certified as a member of the FTSE4Good Sustainability Index in 2024, achieving top scores for the 8th consecutive year, demonstrating its commitment to maintaining this rigorous international sustainability standard."
An in-depth examination of "True" through the rigorous evaluation of FTSE4Good 2024
In addition to passing the FSTE Russell assessment with a complete score in the governance dimension this year, in the environmental dimension, specifically in climate change management, True was able to reduce greenhouse gas emissions by 12.7%, surpassing the target of 12.6%. This was accomplished by installing more than 7,000 solar cells at signal towers and base stations and utilizing AI and Machine Learning technologies to efficiently manage the network. There are plans to extend the project to include data centers. True is committed to the utilization of renewable energy and is striving to achieve Net Zero target in accordance with the SBTi guidelines. True was the first Thai telecommunications company to receive Near-Term target certification from SBTi in 2024. The company aims to reduce greenhouse gas emissions (scope 1 and 2) approximately 42% by 2030.
Environmental management throughout the value chain necessitates that supplier partners adhere to ethical standards and practices that mandate the management of environmental aspects. True initiated a campaign in 2024 to encourage 62% of its significant tier-1 suppliers to establish targets for the reduction of the indirect greenhouse gas emissions (known as Scope 3) and to strive for Net Zero, with the objective of attaining 100% by 2025. In the meantime, policies for equitable labor management are implemented in accordance with international labor practices, regulations, and laws in the social dimension. Furthermore, the organization and its business partners implement human rights policies that prioritize gender equality, include the LGBTQI community, promote women's labor as well as support the sustainable development by caring for communities.