Sharing session “Sustainability in Business Practices” by SET ESG Experts Pool at Mahidol University International College in Jun 2024

Ms. Yuwadee began by explaining the concept of sustainability in terms of corporate strategy, emphasizing the balance between business prosperity, care for people and for the planet. She provided specific examples from the industries she has led, illustrating how these aspects translate into materiality, strategy, and frameworks for planning and action. Ms. Yuwadee shared with the audience her valuable experiences in embracing business sustainability at the corporate level, not only to fulfill external regulators requirements, but also to access new markets and create business value.

According to Ms. Yuwadee, the path towards sustainability requires collective effort, and success relies on:

• Understanding well the business to identify how ESG can bring challenges but also opportunities;
• Setting the tone from top management;
• Having clear targets that are well communicated to all stakeholders.

Moreover, she shared experiences and challenges to transform company from family business to be a listed company in the Stock Exchange of Thailand. She highlighted the importance of building employees' mindset and explained how to engage people, management level, employees, supply chains and local government sector to join sustainability activities. For manufacturers, the management of waste and chemical waste are particularly relevant. 

Ms. Kamonchanok emphasized the importance for companies of adopting business practices that reduce environmental impact, enhance social well-being and ensure good governance not only to fulfill regulatory requirements, but also to enhance business competitiveness. She highlighted that companies in the agri-food industry, such as Thai Wah, are paying particular attention on how climate change impacts their supply chain, both currently and in the future.

Through innovative solutions, like Thai Wah’s strategy of “Creating Share Value from Farm to Shelf”, resources can be used efficiently, farmers can be supported to adopt sustainable practices, biodegradable materials can be produced, and various stakeholders can be engaged in socially responsible practices.

Both guest speakers stressed the importance of engaging the entire supply chain in the company’s sustainability strategies both upstream and downstream, with clear potential benefits for cost management and customer satisfaction.