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Strategy for Sustainability

      Strategy for Sustainability
      Thailand’s financial sector plays a crucial role in supporting sustainable development of the nation by promoting the sustainable development conceptual framework, Environment, Social and Governance (ESG) in business and industry sectors. 
      ICBC (Thai) Bank as a financial institution aims to balance between short-term business growth and sustainable growth in long-term by setting its business directions according to its long-term commitment to be “a valuable local bank and a financial bridge between Thailand and China to facilitate trade and investment between countries” in order to promote economic, financial and investment growths of both countries and to open new business opportunities with advanced financial technologies. Moreover, ICBC (Thai) Bank places importance on prudent risk management and adopts the United Nation’s Sustainable Development Goals (“UNSDGs”) as a guideline for setting strategies and goals for sustainable development, strictly complies with all rules and regulations of both local and international regulators as well as market conduct which is considered as a fundamental basis for the Bank, facilitating sustainable development in parallel with the Thai economy and society.
      ICBC (Thai) Bank’s strategy for sustainability is under the 3dimensions frameworks that are: Environment, Social and Governance (“ESG”) as follows:

Environmental Dimension
      The environment and climate change problem have continued to intensify which could create direct and indirect impacts on household, business, financial institutions and the overall stability of global economic system. This has led various countries to start transitioning towards low carbon economy. Under the Paris Agreement and commitment at the United Nations Climate Change Conference of the parties (COP), members agreed to organize “the Nationally Determined Contribution” (NDC) to set the target for Greenhouse Gas (GHG) emission reduction of each member. For Thailand, in the 2nd Updated NDC, the aim is to increase GHG emission reduction by 30% to 40% within 2030 (with international support) in order to achieve the country’s commitment to be carbon neutral country by 2050 and net zero emission by 2065. 
      Banks as financial intermediaries in allocating funds to support businesses and industrial sectors will play an important role in helping to drive the country’s sustainable development by taking environmental and climate change factors as part of the considerations for lending and investment, promoting innovation and using technology to develop modern products and services to support the customers’ needs as well as setting guidelines for operational practices to encourage employees to participate in various activities to reduce the environmental and climate change impacts.
      ICBC (Thai) Bank recognizes an urgent need to mitigate environmental and climate change problem in order for the country to achieve the net zero emission target in 2065. In this regard, ICBC (Thai) Bank has set the direction for the reduction of Greenhouse Gas (GHG) emission of its own operations as well as limiting its financial support to projects or industries that use fossil fuel. At the same time, ICBC (Thai) Bank will strive to increase financial support to environmentally friendly projects or projects with no GHG emission or projects of companies that have plans to reduce GHG emission.
• Promote green finance
      Be aware of its responsibilities towards the economy and environment by taking environmental and climate change factors as part of loan and investment considerations to support an environmentally friendly financial ecosystem.
• Go green operation
      Promotes innovation and uses advance technology to develop products and services to respond directly to the customers’ needs as well as setting the guidelines for intra-organization operations that encourage employees to participate in activities in order to reduce environmental impacts.

Social Dimension
      ICBC (Thai) Bank strives to be a financial institution that places importance on social responsibility by sharing benefits with all groups of stakeholders, promoting and building a culture of learning and equal treatment for the betterment of society.
• Share benefits with stakeholders
      Aims to be a financial institution that places importance on being a socially responsible organization by adhering to the principles of good governance, participation in sharing benefits with stakeholders and being a good member of society.
• Ensure well-being and gender equality of employees
      Significantly develops the potential employees as well as encouraging and giving them the opportunity to be promoted equally under the established rules and policies including encouraging them to participate under the same understanding of the organization.
• Promote learning culture
      Promotes and creates a learning society which every year ICBC (Thai) Bank organizes training and encourages employees to attend seminars that are beneficial to their responsibilities and useful for their daily life under the changing economic and social environment, so that all employees receive suitable, updated and accurate information.

Governance Dimension
      Adheres to the principles of good governance, operates business with transparency and treats its customers fairly while observing enterprise risk management.
• Good governance and transparency
      Adheres to the principles of good corporate governance, transparency, fairness, auditability and business ethics as well as strictly abides by the rules and regulations of all regulatory authorities and related laws.
• Fair treatment to customers
      Fair treatment to customers is fundamental to ICBC (Thai) Bank’s business operations aiming to provide customers with fair services in terms of price and conditions as well as convenient access to the services including taking care and solving problems in a timely manner.
• Promotion of risk management foundation
      Places importance on systematic and effective risk control management covering various aspects of risk management as prescribed by the Bank of Thailand as well as the ICBC Group’s risk management guidelines to ensure that ICBC (Thai) Bank has guidelines to prevent and reduce any kind of risk appropriately in a timely manner.