Opportunities and Challenges
The current corporate disclosures of sustainability or non-financial information, which covers environmental, social and governance operations, has received more attention. International and national organizations have also developed, reviewed and revised disclosure standards or guidelines to become more in line with global directions and trends. As a result, the organization is required to disclose information on various aspects of its operations along with the results of supporting the United Nations Sustainable Development Goals (SDGs) with transparency and reliability to instill confidence among all stakeholder groups.
PTT discloses information on sustainability operations to stakeholders through annual reports, sustainability report and the website, www.pttplc.com under the topic of sustainability on an annual basis. In 2020, PTT has changed its information disclosure form to "Annual Report / Annual Report 2020 (Form 56-1 One Report)" Overall Form 56-1 Annual Report and reports sustainability together. The sustainability performance data is disclosed in Section 3 Business Driving for Sustainability, Part 1 Business Operations and Performance. In addition to presenting sustainability management results in the disclosure of sustainability information through the 56-1 One Report, information is also disclosed through the website www.pttplc.com under the yearly sustainability topics. The main aim is to disclose accurate, complete, correct and reliable information about sustainability operations in line with business operation while integrating information source back traceability capabilities. It covers the implementation of the sustainability management strategy in three dimensions: environment, society and governance. While presenting challenges affecting operations and stakeholders which include government agencies, society, communities, investors, customers, suppliers, partners and employees, the company also discloses stakeholders both at the company level and work line level. Furthermore, the company discloses response channels and mechanisms and builds relationships at different levels.
PTT currently produces reports in accordance to Global Reporting Initiative (GRI) and The Oil and Gas Sector Disclosure (OGSD) sustainability reporting standards, with content integrity in line with the "In accordance" criteria which corresponds to core indicators comprehensively. The report discloses information appropriately and specific to the business. PTT also presented its developments in adherence to the 10 international principles of the United Nations Global Compact (UNGC) at the advance level which covers human rights, labor, environment and anti-corruption issues as a response to the interests of stakeholders. Additional information can be accessed at Sustainability Network.
PTT also studies Integrated Reporting (IR) reporting guidelines that show the relationship between sustainability operations and business practices. This reporting approach can be applied to develop an organization's future performance framework. PTT realizes the importance of participation in promoting sustainable development at the international level. Therefore, the initial coherence of the operation was considered in accordance with the Sustainable Development Goals under the United Nations Framework along with the performance report on climate change which has been adapted from the Recommendation of the Task Force on Climate-related Financial Disclosure (TCFD). Full details can be found in this form 56-1 One Report.
In addition, PTT has verified disclosed sustainability information through contracting independent external agencies for the 10th consecutive year to review completeness, accuracy, reliability and transparency of the report. The details of the Assurance Statement can be found at Assurance Statement.
More information on performance for sustainability in the area of economy, society and the environment can be accessed at PTT Performance Summary. Additional in-depth details about the company's financial management is annually published and available in the Financial Report and PTT's Performance Data in the form of an annual registration statement / Annual Report 2020 (Form 56-1 One Report). Moreover, PTT also conducts a survey of readers' opinions disclosed in Section 3 Business Driving for Sustainability in Part 1 Business Operations and Operating Performance in accordance to form 56-1 One Report.