Implementing operations in accordance with the principles of Responsible Banking : UNEP FI

Government Savings Bank emphasizes the importance and is committed to becoming a sustainable bank, aligning its business operations with sustainable finance practices in Thailand’s financial sector of the Bank of Thailand (BOT) as the Fund Allocator to drive the economy and as defined by the “Principles for Responsible Banking (PRB)” established by the United Nations Environment Programme Finance Initiative (UNEP FI). GSB signed for adopting the principle in December 2020. GSB’s Assistant Managing Director of Sustainability and Sustainable Development is responsible for implementing and ensuring compliance with these principles, fostering a culture of respect for human rights among GSB’s Board, executives, employees, and staffs. This agrees with GSB’s social development strategy and aims to elevate the environmental, social, and governance performance to meet international standards and Sustainable Development Goals (SDGs). The two main SDGs that GSB focuses on are Goal 1: No poverty and Goal 10: Reduced inequalities.

Government Savings Bank is dedicated to driving its business operations in accordance with the Principles for Responsible Banking (PRB) framework, which consists of 6 principles:

Alignment

Aligning the organization’s strategy with sustainable development goals (SDGs) or frameworks of other relevant conventions.

Impact & Target Setting

Setting targets to increase positive impacts and reduce negative impacts resulted from GSB’s products, services, and operations.

Clients & Customers

Serving customers responsibly to promote sustainable practices.

Stakeholders

Engaging and collaborating with stakeholders, including consulting, relationship-building, and partnership with those affected by GSB's operations.

Governance & Culture

Effective governance and fostering a responsible culture within the organization as responsible bank.

Transparency & Accountabillity

Ensuring continuous adherence to the “principles of responsible banking” through transparency and accountability measures.

GSB’s commitment to financial health and inclusion, expressed through its endorsement of “The PRB Commitment to Financial Health and Inclusion” on 4th November, 2021, aims to provide equal access and good financial health to all individuals. The focus is on customers in remote areas or with limited access to financial services. In 2022, GSB launched initiatives such as financial literacy programs, non-systemic debt restructuring loans, and relief loans for those affected by the COVID-19 pandemic. Additionally, GSB conducts self-assessments based on the principles of responsible banking and publishes the results on its website. We also receive feedback from the United Nations Environment Programme Finance Initiative (UNEP FI) on its environmental finance initiatives. GSB is currently in the process of setting goals aligned with the principles of responsible banking to ensure compliance and progress.

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