TISCO Group Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Mon, 23 Oct 2023 05:55:53 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 Case study: How TISCO Group creates economic value for its stakeholders https://sustaincase.com/case-study-how-tisco-group-creates-economic-value-for-its-stakeholders/ Mon, 23 Oct 2023 05:55:53 +0000 https://ccprowebs.com/new-sustaincase.com/?p=15476 Established in 1969, TISCO Group has the distinction of being Thailand’s first finance company, providing financial and investment services which include investment banking, provident fund management, hire purchase loans and securities. TISCO Group is fully committed to conducting business under the principles of good corporate governance, so as to offer sustainable value to all customers and benefits to all its stakeholders. This case study is based on the 2020 Sustainability Report by TISCO Group, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability […]

The post Case study: How TISCO Group creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Established in 1969, TISCO Group has the distinction of being Thailand’s first finance company, providing financial and investment services which include investment banking, provident fund management, hire purchase loans and securities. TISCO Group is fully committed to conducting business under the principles of good corporate governance, so as to offer sustainable value to all customers and benefits to all its stakeholders.

This case study is based on the 2020 Sustainability Report by TISCO Group, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing. 

TISCO Group adheres to a culture of integrity, fairness, and transparency in order to create sustainable value for its customers, shareholders, staff and society.  Tweet This! In order to create economic value for its stakeholders TISCO Group took action to:

  • create economic value for employees
  • create economic value for providers of capital
  • create economic value for the government
  • create economic value for communities

What are the material issues the company has identified?

In its 2020 Sustainability Report TISCO Group identified a range of material issues, such as corporate governance, customer data protection, risk management & business continuity management, cyber security, responsible lending. Among these, creating economic value for its stakeholders stands out as a key material issue for TISCO Group.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process s of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups TISCO Group engages with:

Stakeholder Group                Method of engagement
Shareholders ·      Investor roadshows and TISCO meetings with institutional investors and analysts

·      Tele-Conference with institutional investors and analysts

·      Information disclosure via SET Portal, print media, and TISCO website

·      Inquiries handled by the Investor Relations Unit

·      Online and offline analyst meetings

·      General and extraordinary shareholders’ meeting
Employees

 

 

 

 ·      Training for employees at all levels

·      Staff Newsletters

·      Organising activities to support good relations, exchange and share experiences of employees, such as TISTALK, Podcasts, Discussion Forum and Mini-hackathon

·      TISCO HR Helpline

·      Communication programmes to instil knowledge, values and corporate culture for new employees

·      Contact channels for personal information, day off, Welfare Including listening to suggestions and share the compliments of employees through HR Chatbot

·      Mid-level management communication

·      Monthly online-offline meetings of executives at all levels

·      Direct communication from Top Management to Mid-level Management

·      Employee engagement survey
Supervisory Authorities

 

 

 ·      Communicate through compliance function and regulatory reporting unit

·      Related activities such as examinations conducted by regulators, discussions between management and regulators on important issues
Business Partners and Creditors ·      Meetings with business partners

·      Assessments of business partner satisfaction
Customers

 

 

 

 

 ·      Individual meetings with customers

·      TISCO contact centre

·      Site visits to corporate customers

·      Online-offline training and seminars arranged on economy, finance and investments for customers

·      Channels to get feedback and complaints from customers

·      Public Relations via various channels such as press releases, TISCO website and mobile application
Community and Society ·      Surveys on community/ public needs

·      Promoting financial literacy

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics TISCO Group engaged with its stakeholders through surveys.

What actions were taken by TISCO Group to create economic value for its stakeholders?

In its 2020 Sustainability Report TISCO Group reports that it took the following actions for creating economic value for its stakeholders:

  • Creating economic value for employees
  • In 2020, TISCO Group paid 5,288.4 million Baht for employee wages and benefits.
  • Creating economic value for providers of capital
  • In 2020, TISCO Group paid 9,340.1 million Baht to providers of capital.
  • Creating economic value for the government
  • In 2020, TISCO Group paid 2,298.1 million Baht to the government.
  • Creating economic value for communities
  • In 2020, TISCO Group spent 41.9 million Baht in community investment.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

This case study is based on published information by TISCO Group, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.tisco.co.th/content/dam/tiscobank/download/sd/2020-sustainability-report-en.pdf

Note to TISCO Group: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How TISCO Group creates economic value for its stakeholders appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How TISCO Group combats corruption https://sustaincase.com/case-study-how-tisco-group-combats-corruption/ Fri, 26 Mar 2021 06:53:34 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12350 Established in 1969, TISCO is considered Thailand’s first finance company, providing financial and investment services that include investment banking, provident fund management, hire purchase loans, and securities. , adhering to corporate governance and anti-corruption policies while nurturing integrity among its employees. This case study is based on the 2019 Sustainability Report by TISCO Group published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and […]

The post Case study: How TISCO Group combats corruption appeared first on SustainCase - Sustainability Magazine.

]]> Established in 1969, TISCO is considered Thailand’s first finance company, providing financial and investment services that include investment banking, provident fund management, hire purchase loans, and securities. TISCO Group has underlined and committed to transparency throughout its history of offering financial services  Tweet This!, adhering to corporate governance and anti-corruption policies while nurturing integrity among its employees.

This case study is based on the 2019 Sustainability Report by TISCO Group published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

In 2010, TISCO Group signed a pledge to join Thailand’s Private Sector Collective Action Against Corruption (CAC), a private sector initiative to fight corruption and, in 2019, its pledge was extended for a third round, enabling TISCO Group to fight corruption under the CAC framework for another three years. In order to combat corruption TISCO Group took action to:

  • implement a Code of Conduct
  • apply anti-corruption policies and practices
  • implement a Supplier Code of Conduct
  • apply a Whistleblowing Policy
  • establish the HR Help Line

What are the material issues the company has identified?

In its 2019 Sustainability Report TISCO Group identified a range of material issues, such as business performance and growth, customer data protection, risk management and business continuity, responsible lending, cyber security. Among these, combatting corruption stands out as a key material issue for TISCO Group.

Stakeholder engagement in accordance with the GRI Standards                        

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups TISCO Group engages with:

Stakeholder Group                Method of engagement
Shareholders

 

 ·      General and extraordinary shareholders’ meeting

·      Analyst meetings

·      Investor roadshows and TISCO meetings with institutional investors and analysts

·      Tele-Conference with institutional investors and analysts

·      Information disclosure via SET Portal, print media, and TISCO website

·      Inquiries handled by the Investor Relations Unit
Employees

 

 

 

 ·      Monthly meetings of executives at all levels

·      Training for employees at all levels

·      Staff Newsletters

·      Organising activities to support good relations, exchange and share experiences of employees, such as TISTALK

·      Employee engagement survey

·      TISCO HR Helpline

·      Communication programmes to instil knowledge, values and corporate culture for new employees

·      Direct communication from Top Management to Mid-level Management
Supervisory Authorities

 

 ·      Communicate through Compliance function and Regulatory Reporting unit

·      Related activities such as examinations conducted by regulators, discussions between management and regulators on important issues
Business Partners and Creditors ·      Meetings with business partners

·      Assessments of business partner satisfaction
Customers

 

 

 ·      Individual meetings with customers

·      TISCO Contact Centre

·      Site visits to corporate customers

·      Training and seminars arranged on economy, finance and investments for customers

·      Channels to get feedback and complaints from customers

·      Public Relations via various channels such as press releases, TISCO website and mobile application
Community and Society

 

 

 ·      Surveys on community/ public needs

·      Engaging with communities in social activities

·      Promoting financial literacy through:

– “TISCO Financial Camp” for youth and teachers

– “Smart Saving, Smart Spending” for communities nationwide

– Staying abreast of financial deception which might be harmful to motorcycle loan customers

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics TISCO Group engaged with its stakeholders through surveys.

What actions were taken by TISCO Group to combat corruption?

In its 2019 Sustainability Report TISCO Group reports that it took the following actions for combatting corruption:

  • Implementing a Code of Conduct
  • TISCO Group commits to materialise anti-corruption practices within the organisation and places great importance on a workplace environment that encourages internal control. Accordingly, TISCO Group’s Code of Conduct lays the foundation for nurturing a corporate culture of honesty and integrity within the Group’s operation. In addition, TISCO Group has constructed a reporting chain of command that provides a healthy balance of power whereby authorisation and responsibilities properly reflect the nature of work and where TISCO Group is able to work to achieve its goals.
  • Applying anti-corruption policies and practices
  • TISCO Group makes sure that its Anti-Corruption policies and practices are reviewed on a regular basis and are in compliance with others within the industry. The essence of the practices and policies are effectively communicated to executives and employees through various channels, such as the intranet, e-Learning, and town hall meetings. TISCO Group also incorporated an anti-corruption test as part of KPI (Key Performance Indicator) score, in which every employee is required to take a test and achieve a full score of 100. In 2019, 4,964 employees went through the e-Learning training on the subject, which accounted for 98.70 percent of the entire staff, excluding senior executives.
  • Implementing a Supplier Code of Conduct
  • TISCO Group delivers a Supplier Code of Conduct to each individual supplier to express the Group’s business intentions. TISCO Group requests that suppliers cooperate with the Group by signing and complying with the Supplier Code of Conduct, which incorporates anti-corruption practices. TISCO Group also expresses its intention to fight corruption by actively participating in activities held by organisations, associations, or other initiative groups that conduct anti-corruption activities.
  • Applying a Whistleblowing Policy
  • TISCO Group has formulated a Whistleblowing Policy that covers the processes and channels involved with expressing grievances and includes measures to protect whistleblowers. The policy and grievance channels are communicated to third parties and employees through TISCO Group’s website and the intranet, respectively.
  • Establishing the HR Help Line
  • To encourage reporting of mistakes and operational irregularities and ensure transparency, fairness, and equality, TISCO Group has established the HR Help Line as another independent channel to listen to employee grievances. Senior Executives have been appointed to represent the HR Help Line to ensure transparent and impartial review and operation. The filing person’s name is kept confidential in accordance with the TISCO Group’s practices of whistleblowing and grievance filing. Recognising the significance of complaints and grievances received from the various channels, TISCO Group examines these grievances on a transparent basis to deliver justice to every concerned party. After such an examination, if a staff is found to be involved in a violating practice, he/she will be subject to disciplinary action in accordance with TISCO Group’s work rules and regulations. In 2019, there were no grievances regarding irregular practices among staff filed through the channels.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 205-2 Communication and training about anti-corruption policies and procedures

2) Disclosure 205-3 Confirmed incidents of corruption and actions taken

 

Disclosure 205-2 Communication and training about anti-corruption policies and procedures corresponds to:

Disclosure 205-3 Confirmed incidents of corruption and actions taken corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by TISCO Group, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to TISCO Group: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How TISCO Group combats corruption appeared first on SustainCase - Sustainability Magazine.

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