At Krungthai we recognize that we have an important role to play in driving Thailand transition towards a low carbon economy. This is in line with our vision statement of "Growing Together for Sustainability". The existing organizational structure allows our business activities to be conducted in accordance with the highest environmental, social and governance (ESG) standards and meet UN sustainable development goals (SDG). We ensured the roles and responsibilities assigned to relevant department and personnel will provide a positive impact to our stakeholders.
The specific roles and responsibility taken by the board and management level are outline in Figure 3. Each governance level has specific function but works collaboratively for the best interest of the bank to provide climate resilience.
In addition, Krungthai has placed climate related issues as a priority by incorporating remuneration based on climate performance. [...] Governance Roles in climate operations Frequency of Meeting
Board of Directors
Corporate Governance and
Sustainability Committee
Management Committee
Sustainability Management Committee
- Oversee all corporate sustainability policy.
- Provide clear guidance and direction to the management team on the Bank's approach to managing climate-related risks and opportunities.
- Validate group strategy on climate-related topics.
- Provide oversight and guidance on the Bank's climate-related risk management policies and procedures.
- Regularly review the Bank's progress against its climate-related targets, KPIs, and commitments, and assess the effectiveness of its risk management strategies.
- Develop and implement strategies to manage climate-related risks and opportunities, in line with the Board's guidance and direction.
- Establish and maintain policies and procedures to manage climate-related risks and opportunities, including governance structures, risk management frameworks, and reporting mechanisms.
- Integrate climate-related risks and opportunities into the Bank's decision-making processes, including investment decisions, lending decisions, and risk management decisions.
- Build awareness and capacity among employees and stakeholders regarding climate-related risks and opportunities.
- Set overall climate strategy and goals.
- Allocate resources, such as funding and personnel, to support climate-related initiatives.
- Monitor and report of climate-related metrics and progress towards established goals.
- Assess the Bank and its financial business group's risk management policies and strategies cover ESG risks.
- Oversee the policy and strategy for responsible risk management.
- Develop, operational guidelines, together with consider and screen budgets for the corporate governance and the social & environment responsibility.
- Regularly review to ensure that content matters are appropriate and up-to-date.
- Supervise the performance regarding the corporate governance and the social & environment responsibility according to the specified policies and goals.
- Recommend Code of Best Practices or regulations for the Management committee and other established committees of the Bank.