The Asia Responsible Enterprise Awards (AREA) 2023 is pleased to honor 78 outstanding business leaders and enterprises for championing sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity, and being socially responsible corporate citizens. The AREA serves as a badge of excellence to spur further innovation and best-practice for sharing about the organization and the world at large.
S&P Syndicate Public Company Limited (S&P) was among the recipients who were conferred with the Social Empowerment and Corporate Sustainability Awards. S&P Restaurant and Bakery shop has been stable in operation for 50 years. It is Thailand’s cake and bakery industry leader with currently 470 restaurants operating both domestically and abroad, along with full-service offerings such as food, bakery, coffee, and ready-to-eat items.
For its Social Empowerment Award, aims to create social value through fair business operations, to encourage local farmers to develop quality and standardized products, and to share the company’s expertise, skills, and knowledge with communities.
The core triangle of the company’s framework and strategy covers the principle of ESG. S&P’s sustainable business growth is one of the management strategies endorsed by the Board of Directors of the company to empower the economic, societal, and environmental impact.
With this ultimate goal, the company has implemented numerous social contribution projects supporting social responsibility driven by not only its employees but also its business partners. The implementation of social projects can be measured by the number of people receiving benefits from S&P’s projects, and the amount of its effective investment.
S&P implemented 4 types of social projects under commitment and strategy. The first is a project to create happiness with a total budget of more than THB6.9 million. Other projects include a project of investment for communities with a total budget of more than THB11.7 million, and a social project type that aims to generate income for communities. In 2022, S&P managed to gather 1,885 kilograms of plastic for the environment project.
For its Corporate Sustainability Reporting Award, S&P has determined that its strategies toward sustainability cover 3 dimensions: People, Planet, and Profit. Based on good corporate governance, the company has focused on strategic management with 7 Sustainable Development Goals, specified as short-term and long-term goals to strengthen its abilities and operations.
For its procurement strategy, S&P trading partners must accept and comply with the S&P Code of Conduct for Business Partners. Besides that, S&P has concentrated all production processes on controlling the product quality to satisfy the required hygiene and safety standards and has complied with the legal requirements of Thailand and various international management standards. In addition, S&P uses renewable energy and plans to expand this technology in various other factories. Finally, S&P has invested in the establishment of the “S&P SMART Distribution Center” for warehouse management and transportation planning.
For this report, S&P combined the results of the three dimensions to build its sustainability materiality matrix. In 2022, there were the top 9 topics that S&P determined to have the greatest impact. S&P is committed to improving sustainability throughout its value chain, to provide its customers with the best products possible.
Moving forward, S&P intends to participate more in society and communities by conducting fieldwork in various and alternate areas to research the initial demands of communities in terms of nutrition and sanitation and then distributing support to communities nationwide.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit: https://enterpriseasia.org/area/.