Resident Coordinator's Message to the Seminar on Business and Human Rights in the Thai Capital Market

Prof. Dr. Wissanu Krea-ngam, Deputy Prime Minister 

Mr. Suphachai Chearavanont, Chairperson of the Global Compact Network of Thailand  

Ms. Ruenvadee Suwanmongkol, Secretary-General of the Securities and Exchange Commission  

Ms. Pornprapai Ganjanarintr, Chairperson of the National Human Rights Commission 

Asst. Prof. Dr. Pareena Srivanit, Dean of the Faculty of Law, Chulalongkorn University 

Representatives of listed companies 

UN Colleagues

It is a pleasure to address you today as we commemorate ten years of the UN Guiding Principles on Business and Human Rights. These principles set out the duty of the state, the responsibility of the business sector, and their respective roles to protect and respect human rights.

The adoption of the National Action Plan on Business and Human Rights highlights Thailand’s record on the issue, which extends beyond the private sector to include state-owned enterprises.

The Government’s role in implementing business and human rights has caught the attention of other countries in the region, and good practices in this area are being shared with India, Indonesia, Malaysia, Pakistan, and Viet Nam.

However, we know that the Government cannot make this a reality on its own. Wide-ranging partnerships are critical to success, including with institutions that form the pillars of the economy such as the SEC, SET and Bank of Thailand, supported by the business community, through the GCNT.   In Thailand, we have nearly 170 companies that are early adopters of these principles, with reporting incorporated as part of ESG ratings. For the private sector, this makes financial sense while strengthening sustainability.

In practical terms, these policies translate into human rights due diligence to identify potential and actual risks to business operations and find solutions to address the grievances across the workforce and among rights-holders to embed good practices.

In my many conversations with business leaders, these principles are having real impact. In the seafood and extractive industries, financing, and fast-moving consumer goods sectors, we have some tangible examples of change. Due diligence has led to the inclusion of community-led solutions to grievances related to landfills, resulting in increased investments in recycling plastic waste.

Businesses have also partnered with civil society organizations on compliance in field operations and to reduce external risks to workers who may be vulnerable. Companies are also leveraging procurement practices and raising awareness among contractors to adopt good practices across the supply chain.

Some companies have joined the Corporate Human Rights Benchmark developed by the World Benchmarking Alliance, which ranks companies on their human rights policies and practices. As you know, benchmarking matters to investors, policymakers and civil society alike for progressing the SDGs.

We understand that a lot more needs to be done. When government and businesses embrace the guiding principles, they commit to new ways to engage with rights-holders on difficult and complex issues. For example, it is promising to see signs of changing corporate culture as some companies, countering a previous worrying trend, have dropped strategic lawsuits against public participation brought against human rights defenders.

Dialogues like today are a good example of multi-stakeholder efforts to ensure that human rights is a key priority for business.

It is of paramount importance that we keep these channels of communication open, transparently addressing remaining challenges, seizing existing and upcoming opportunities while sharing good practices that can collectively enable the structural transformation that we need. Imagine how powerful this investment could be to build forward better from the pandemic in Thailand while setting an example for the region.

Thank you.