Siam Commercial Bank

In terms of senior leadership accountability, the responsibility for sustainability issues within Siam Commercial Bank lies with the board-level corporate social responsibility (CSR) committee. Moreover, the financial institution has identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders and has set targets for its prioritised impacts. It also tracks progress against these targets. In terms of gender equality and diversity, Siam Commercial Bank discloses a target to increase the representation of women in management positions to 50% by 2023.

Siam Commercial Bank discloses the aggregate amount of finance it devotes to climate solutions and specifies what these solutions are.

Siam Commercial Bank has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. Furthermore, it describes a global system to take action to prevent, mitigate or remediate salient human rights issues, which covers its financing activities. Furthermore, it discloses categories of stakeholders whose human rights have been or may be affected by its activities. Additionally, the financial institution has a grievance mechanism accessible to all workers to raise human rights concerns or complaints. In terms of workforce diversity, the financial institution discloses a breakdown of its total direct operations workforce for each employee category by gender, age group and nationality. Siam Commercial Bank also discloses the amount of finance it directs towards small- and medium-sized enterprises (SMEs).

In terms of its approach to senior leadership accountability, Siam Commercial Bank could link the remuneration of its executive or management teams to the achievement of sustainability-related performance targets. On the topic of remuneration, the financial institution has an opportunity to disclose the actions taken to address any pay gaps. Furthermore, women are underrepresented on the board of directors where only four out of 17 board members are women. Currently, 38.8% of executive positions are held by women. The bank has an opportunity to reach at least 40% female representation in senior leadership positions. Additionally, Siam Commercial Bank has an opportunity to describe its engagement approach on sustainability themes and impact topics with its clients and investees.

Siam Commercial Bank discloses a net-zero target, but it could clarify if the target covers all its financing activities. It has an opportunity to disclose interim emissions reduction targets at the group level. In regard to climate solutions, while the financial institution aims to lend THB 200 billion to businesses or projects seeking to reduce greenhouse gas emissions by 2030, there is no evidence that the financial institution discloses time-bound targets explicitly for its climate solutions. Moreover, the financial institution could describe how it aligns its current climate solutions with internationally adopted frameworks. In terms of engagement on the topic of climate change, the financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with, specifically on alignment with the Paris Agreement.

Siam Commercial Bank has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, while the financial institution provides a grievance mechanism for raising human rights, as well as bribery and corruption concerns and complaints, it should specify that the mechanism is accessible to all stakeholders and that complainants have the option to identify themselves or remain anonymous. In terms of financing for usually excluded groups, while Siam Commercial Bank discloses that it directs finance towards female entrepreneurship, it could provide an amount. Moreover, the financial institution has an opportunity to disclose the amount of finance directed towards low-income developing countries.