On 27 November 2019, SEC Secretary-General Ruenvadee Suwanmongkol presented to the conference on the SEC performance in driving the UNGPs in Asia - lessons learned, challenges, innovations - Part 1 “The progress of government action on the National Action Plan on Business and Human Rights and implementation that extends the National Action Plan” together with representatives from Japan, Indonesia, India, Pakistan and Nepal. Professor Dr. Surya Deva, a member of the UN Working Group on business and human rights, introduced the principles and observations focusing on creating awareness, training, and cooperation. Mr. Livio Sarandrea, a business and human rights consultant from the United Nations Development Program (UNDP), Asia-Pacific region, was the host.

SEC Secretary-General thanked the United Nations Working Group on business and human rights and the UNDP for inviting SEC to present the progress on the implementation of the guiding principles, which focuses on ‘Protect, Respect and Remedy’, among Thai listed companies. She said that SEC was very pleased to be involved in driving this issue under the National Action Plan on Business and Human Rights, which was approved by the Cabinet on 29 October 2019. Thailand was the first country in Asia to be able to push for the said plan of action.

The implementation of the guiding principles framework is consistent with the principles of responsible business practices in terms of environment, society and good governance (ESG), and the development of Thai capital markets toward sustainability and the UN Sustainable Development Goals (SDGs) as well as the National Economic and Social Development Plan and the Capital Market Development Plan. It is also considered one of the important issues which the business sector and listed companies must consider. It is in accordance with the duties of directors and executives of the company who have to perform their fiduciary duty with caution together with the company’s risk management principles in order to prevent disputes or risks to the company such as risks to reputation.

In the past, SEC participated in this matter by attending a seminar organized by the Ministry of Justice and the National Human Rights Commission (NHRC) in May 2017 with Prime Minister General Prayut Chan-o-cha as the Chairman of the ceremony. SEC’s drive started in a tangible way by signing an MOU of cooperation with the NHRC on 31 May 2019. The operation of SEC in this matter covers 4 main topics namely: (1) raising awareness among listed companies, (2) providing training for executives and staff of listed companies for which SEC will collaborate with the Global Compact Network Thailand, (3) exchanging experiences between ASEAN SECs, and (4) putting the guiding principles framework into practice.

In addition, SEC Secretary-General also addressed issues of information disclosure and transparency, which are other important issues for listed companies. SEC has improved these issues to the point of being able to disclose information about ESG practices and human rights in the annual report under the One Report program in order to achieve goals in sustainable growth.

At the end, SEC Secretary-General reiterated her intention to join in driving business and human rights in accordance with the guiding principles framework for which the National Action Plan on Business and Human Rights has designated SEC as the responsible agency, and to be ready to work with the private sector and all relevant sectors including the United Nations Working Group on business and human rights and the UNDP.

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