Chief executives of 110 companies in Thailand on Wednesday, have signed up to a new set of UN principles on women’s economic empowerment, pledging to improve gender equality in the boardroom, equal pay for equal work, and safer and more inclusive workplaces.
The Women’s Empowerment Principles (WEPs), established by UN Women and the UN Global Compact, offer guidance to businesses, regardless of their size or sector.
According to UN Women, Thailand has done “comparatively well” in terms of women occupying senior business roles. Across the country, 24 percent of chief executive officers (CEOs) and managing directors are women, compared to an Asia-Pacific average of 13 per cent. Globally that figure stands at about 20 per cent.
While the Asia-Pacific region has made impressive progress in reducing extreme poverty, with women helping to power growth, fully closing the gender equality gap could take another 100 years.
The ‘new normal’ shines a light on our common humanity, shared vulnerabilities, and it is only through a collective, collaborative recovery that a more gender equal society can be fully achievedMohammad Naciri, UN Women
Against this backdrop, UN Women’s WeEmpowerAsia initiative, aims to mobilize the private sector towards gender equality and increase women’s full and equal economic participation through implementing the WEPs. Its focus countries include China, India, Indonesia, Malaysia, the Philippines, Thailand and Viet Nam.
‘Bold, decisive action for equality’
Amid the coronavirus pandemic, the region’s economies can create an opportunity for full recovery by building on the trend towards full equality, said Mohammad Naciri, Regional Director for Asia and the Pacific at UN Women.
Speaking at a physically-distanced signing ceremony in the Thai capital, Bangkok, Mr. Naciri called for “nothing less than bold, decisive actions to secure a generation of equality in business as well as women’s full and equal participation across all sectors.”
“The ‘new normal’ shines a light on our common humanity, shared vulnerabilities, and it is only through a collective, collaborative recovery that a more gender equal society can be fully achieved”, he added.
Globally, some 3,600 companies have committed to the WEPs, and prior to the ceremony on Wednesday, only 11 Thai companies had signed on, according to the UN gender equality agency.
Established in 2010, the WEPs are based on international labour and human rights standards, grounded in the recognition that businesses have a stake in, and a responsibility for, gender equality and women’s empowerment.
Its seven principles include: establishing high-level corporate leadership for gender equality; treating all women and men fairly at work, without discrimination; ensuring health, well-being and safety of all workers; promoting education, training and professional development for women; implementing enterprise development, supply chain and marketing practices that empower women; promoting equality through community initiatives and advocacy; and measuring and reporting on progress towards gender equality.
Thai firms tops the world’s sustainability ranking by S&P Global
The Stock Exchange of Thailand revealed that 11 Thai firms have been awarded in Gold Class, the world’s highest ranking by number in sustainability aspect in “The Sustainability Yearbook 2021” conducted by S&P Global.
Acquisition of Oman Block to Support Standalone Profiles Thailand’s PTTEP and PTT
The acquisition should help PTTEP maintain a robust operating profile over the next three years with a reserve life of around seven years; its medium-term target.
Thailand-based PTT Exploration and Production Public Company Limited’s (PTTEP; BBB+/Stable) USD2.5 billion acquisition of a 20% stake in Oman Block 61 is credit accretive for its ‘bbb’ Standalone Credit Profile (SCP), says Fitch Ratings.
APAC corporates likely to improve in 2021
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Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.
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