JOINT RELEASE
SET News 100/2021
December 15, 2021
SET, Walk Free and FAST provide Thai businesses with tools to manage modern
slavery risks
BANGKOK, December 15, 2021 – The Stock Exchange of Thailand (SET) has partnered
with Walk Free and Finance Against Slavery and Trafficking (FAST), two
international organizations with business and human rights expertise, to produce
a set of tools to manage human rights risks, specifically modern slavery and
labor exploitation. The toolkit, which consists of the “Guidance on Modern
Slavery Risks for Thai Businesses” and the online “Modern Slavery Benchmarking
Tool”, will help Thai listed companies, business operators and interested
members of the public to manage human rights risks across a range of business
and industry sectors. Detecting, preventing and remediating human rights abuses
in value chains is essential for modern businesses to win the trust of all
stakeholders and build further confidence in the Thai business sector globally.
SET President Pakorn Peetathawatchai said SET is committed to sustainable
development and ensuring Thai listed companies had proper mechanisms in place to
effectively manage environmental, social and governance (ESG) risks. This would
enable business capabilities to adapt, compete and grow internationally.
Human rights issues are generating attention globally. The business sector must
therefore prioritize human rights and proactively collaborate with all relevant
parties to address and solve related problems to enhance competitiveness and
build confidence in Thai businesses in the global arena.
To support Thai businesses, SET, Walk Free and FAST have published the ‘Guidance
on Modern Slavery Risks for Thai Businesses’ to create awareness and
understanding of modern slavery. The Guidance highlights key risks to Thai
businesses across eight industry sectors to promote enterprise risk management.
It also promotes transparency by guiding companies on what they should be
disclosing to the market.
In addition, the online “Modern Slavery Benchmarking Tool” allows businesses to
assess and benchmark how they are managing modern slavery risks in their value
chains. Listed companies should disclose their corporate performance information
on ESG and relevant risk management, so that shareholders and other
stakeholders can monitor them. This transparency will ultimately gain
stakeholder confidence and widen business opportunities for their long-term
growth, stated Pakorn.
“SET’s role and leadership in promoting sustainable business is in accordance
with our plan to develop the Thai capital market for the benefits of all
sectors, in line with our vision ‘To Make the Capital Market Work for Everyone’.
“Moreover, this corresponds with SET’s role as a partner exchange in the UN
Sustainable Stock Exchanges Initiative to focus on developing the capital market
toward sustainable growth for the benefits of the society and economy as a
whole,” added Pakorn.
Grace Forrest, Founding Director of Walk Free, an international human rights
group working to accelerate the end of all forms of modern slavery, said
businesses could lead the way in identifying, eradicating and remediating modern
slavery and labor abuses in value chains.
“We applaud The Stock Exchange of Thailand for its leadership in guiding Thai
companies to identify, address and report on modern slavery risks, as part of
their mandatory ESG reporting,” Forrest said.
“Business leaders have an opportunity to set and hold themselves to a new
standard. The new KPI must be: is my value chain free of modern slavery?
“This innovative guidance created by SET, Walk Free and FAST puts the tools to
make real change in the hands of business leaders.
“Business leaders have the power to make a difference to the lives of thousands
of workers, to the reputation of their businesses among shareholders, and to
create an ethical standard that they can be proud of.”
Daniel Thelesklaf, Project Director of Finance Against Slavery and Trafficking
(FAST), said: “The finance sector has a crucial role to play in combating
modern slavery and human trafficking.
“Although its prohibition is one of the strongest norms in international law,
more than 40 million people continue to be deprived of their freedom and annual
profits from modern slavery and human trafficking are estimated at USD 150
billion.
“FAST welcomes this Guidance and online Modern Slavery Benchmarking Tool, which
will make an important contribution to global efforts to end modern slavery and
trafficking. As noted in FAST’s Blueprint for Mobilizing Finance Against Slavery
and Trafficking, stock exchanges have a crucial role to play in incentivizing
their listed companies in this respect and we are pleased that SET has responded
to this call.”
Both the “Guidance on Modern Slavery Risks for Thai Businesses” and the online
“Modern Slavery Benchmarking Tool” will be available in both Thai and English.
The toolkit will be useful for the evaluation of business administration
throughout the value chains, starting from governance and policy, risk
assessment and due diligence, to grievance mechanisms, response and remediation.
The toolkit for risk management related to human and labor rights will be
introduced at the online seminar entitled “Modern slavery: Tackling the greatest
human rights challenge of our time” to be held on December 15, 2021, from 1.30
p.m. to 4.30 p.m. (UTC+07:00). Interested persons can register free of charge at
www.setsustainability.com.
“SET…Make it Work for Everyone”
Follow us on Twitter @SET_Thailand_EN
About Walk Free
Walk Free is an international human rights group working to accelerate the end
of all forms of modern slavery. Walk Free produces the Global Slavery Index and
other world-leading research, which provides an evidence base for our advocacy
and engagement with businesses, investors, government and faith to drive better
practices. More information: https://www.walkfree.org/
About Finance Against Slavery and Trafficking (FAST)
Finance Against Slavery and Trafficking was launched in September 2019 at the
United Nations General Assembly as a project of United Nations University Centre
for Policy Research in New York. FAST is multi-stakeholder partnership –
supported by the Governments of Liechtenstein, Australia, the Netherlands and
the Norwegian Agency for Development Cooperation as well as Liechtenstein
private sector and charitable groups – that aims to mobilize the financial
sector against modern slavery and human trafficking around the world. United
Nations University Centre for Policy Research is an independent UN think tank
advancing innovative solutions to global public policy challenges. More
information: https://www.fastinitiative.org
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