KEY POINTS
- 265 listed companies qualified for SET ESG Ratings in 2025, up from 219 in 2024.
- Average scores improved across all ESG dimensions, with Environmental (E) scores surpassing 80 points for the first time.
- SET ESG Ratings will transition to FTSE Russell ESG Scores framework in 2026.
The Stock Exchange of Thailand (SET) announced the 2025 SET ESG Ratings results, with 265 listed companies qualifying for the rating—up from 219 companies last year. Listed companies achieved higher average scores across all ESG dimensions this year, indicating their readiness for the upcoming transition to the global FTSE Russell ESG Scores framework in 2026.
The ratings breakdown comprises 102 companies rated AAA, 80 companies rated AA, 67 companies rated A, and 16 companies rated BBB. These companies collectively account for 70 percent of the combined market capitalization of SET and Market for Alternative Investment (mai) as of December 11, 2025.
SET Senior Executive Vice President Soraphol Tulayasathien stated that over the past 11 years, SET ESG Ratings has established itself as a crucial sustainability benchmark for Thailand's capital market, catalyzing the transformation of companies from conducting CSR activities to strategically embedding sustainability into their business operations. The widespread adoption of this assessment is reflected in the steady year-on-year growth in participation. Today, SET ESG Ratings serves multiple investment purposes: fund managers utilize the ratings to define the investment universe for Thailand ESG Funds (Thai ESG), which have reached THB 76 billion (approx. USD 2.38 billion) in assets under management (AUM); equity analysts incorporate the ratings into their research; and financial institutions reference them when offering sustainability-linked financial incentives.
“Listed companies this year posted higher average scores across all ESG dimensions, with the Environmental score surpassing 80 points for the first time. This reflects the growing priority most companies are placing on establishing Net Zero greenhouse gas emission targets and mandating board and executive oversight of climate-related risks and performance tracking. However, certain challenges remain, especially for small and medium-sized listed companies, including the collection of GHG Emission Scope 3 data, linking sustainability performance to financial metrics, and demonstrating to investors the business opportunities arising from managing material sustainability issues," Soraphol added.
SET ESG Ratings members are selected from listed companies that voluntarily participate in the assessment and achieve scores of at least 50 percent in each of the E, S, and G dimensions, and meet SET's qualification requirements. These criteria include:
- Receiving a Corporate Governance Report (CGR) rating of at least 3 stars.
- Having no company, directors, or executives accused of or convicted of ESG violations by authorities or relevant agencies.
- Not being subject to caution or suspension symbols (CB (Business), CC (Non-Compliance), CF (Free Float), and CS (Financial statements).
SET continuously monitors members' qualifications and may remove companies from SET ESG Ratings if they subsequently fail to meet the criteria. A notation system accompanies the ratings to alert investors to relevant ESG news or developments that merit additional consideration.
The 2025 SET ESG Ratings announcement marks the final year of this assessment framework. The 2025 ratings’ results will remain valid as eligibility criteria for the SET ESG Index during the December 2025 and June 2026 rebalancing periods and will continue to define the investment universe for Thai ESG through December 2026. Starting in 2026, SET will transition to announcing results under the FTSE Russell ESG Scores framework, representing a pivotal step towards aligning Thailand's capital market sustainability assessment with global standards.
Interested parties can view the SET ESG Ratings 2025 and access the ESG Online Assessment at www.setsustainability.com/ESG-ratings.
