The Bank realizes that its business operation could affect economic and social development of the country. At the same time, the Bank also understands the importance of sustainable development on its long-term business growth. Therefore, the Bank strives to do business with responsibility for the society and all stakeholders and to support and collaborate with related parties to tackle key challenges of sustainable development, aiming to help build strong, self-reliant, and adaptive communities as well as a society with equal opportunities and efficient use of resources.
To determine its corporate social responsibility activities, the Bank takes various factors into account, for example, the United Nations’ Sustainable Development Goals (SGDs), key challenges of sustainable development, customer and partner relationship, social and private benefit as well as its business strategies, expertise, resources and image. This is to ensure that the activities the Bank engages in or supports can deliver changes and positive impacts on the society and the communities as well as the Bank itself and employees who participate in the activities. The Bank communicates with employee and encourages them to participate in the activities as appropriate.
Besides cultivating valuable Thai arts and culture and nurturing religions that the Bank places a high priority on and has continuously been active in, the Bank formulates its Corporate Social Responsibility (CSR) strategy for 2020-2022. The CSR strategy focuses on promoting and participating in activities relevant to 3 key sustainable development challenges in Thailand i.e. 1. Aging Society 2. Inequality and 3. Environmental Challenges. Details of each challenge are summarized below.
1. Aging Society
(SDGs Goal 1: No Poverty)
Thai population experiences longer life expectancy and this has led to key challenges and limitations that affect financial stability both at personal level and household level.
- Overspending and excessive indebtedness
- Insufficient saving and inadequate retirement planning
- Limited income-generating capability for vulnerable groups such as seniors, people with disability and low-income people
(SDGs Goal 4: Quality Education and Goal 10: Reduced Inequality)
Emerging threats, especially from the COVID-19 outbreak, have accentuated inequality in various dimensions, causing concerns over long-term development. Key areas of inequality include:
3. Environmental Challenges
- Unequal access to financial services and knowledge especially for vulnerable groups such as people with disability, seniors and low-income people
- Unequal access to knowledge, skills and sources of fund for small and medium enterprises (SMEs) and farmers
- Unequal access to education
(SDGs Goal 6: Clean Water and Sanitation, Goal 13: Climate Action, Goal 14: Life below Water and Goal 15: Life on Land)
Global warming, rapid urbanization and inefficient use of resources have adversely affected well-being of communities and the country’s potential to achieve sustainable growth. Key environmental challenges include draught, urban waste including plastic waste and ineffective waste management, deforestation and pollution.