Siam Commercial Bank

The financial institution has publicly available policy statements committing to respect ILO core labor rights and human rights. Decision-making and oversight responsibility for its sustainability strategy is assigned to the highest governance body, while implementation is handled by specific functions, teams, or committees. The institution also discloses the amount and/or share (in monetary terms) of products, services, and capital provided to small and medium-sized enterprises.

The financial institution expects its suppliers to respect specific workers’ rights but has an opportunity to reference all ILO fundamental rights at work. It could disclose how it determines a living wage for the regions where it operates. The assessed entity allows political contributions where law permits or with internal approval; however, it could clarify whether these are made only by exception and the criteria for making them.

While SCBX identified and prioritized material sustainability issues based on stakeholder feedback, it could further detail its process and the criteria used for identifying and prioritizing impacts. It is recommended that the institution links senior executive remuneration to specific sustainability targets. While it discloses joining the Thai Bankers Association’s Working Committee, it could provide a complete list of trade associations it is a member of. Despite stating zero tolerance for corruption and bribery, the entity could commit to not using lobbying or political power in ways that lead to adverse sustainability impacts. While it targets Baht 150 billion in sustainable financing, it could specify the share devoted to climate solutions. SCBX monitors its Scope 1-2 emissions but has not disclosed SCB’s specific breakdown or whether Scope 2 emissions are market- or location-based. While the financial institution reported 7.3 million tons of CO2e from its loan portfolio in 2021, it could update this to include all associated financing activities. Its risk assessment process should include risks related to ILO fundamental rights at work and identify social risks associated with its products, services, and capital concerning the net-zero transition. Finally, it should provide examples of conclusions and actions taken on at least one salient human rights issue within the last three years.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.