Bangkok: 265 companies will meet the SET ESG Ratings criteria by 2025, with average scores increasing in all ESG dimensions. The Stock Exchange of Thailand (SET) announced the results of its 2025 SET ESG Ratings, with 265 listed companies meeting the criteria. The average scores showed improvement across all ESG dimensions, paving the way for upgrades to FTSE Russell ESG Scores in 2026.
According to Thai News Agency, Mr. Soraphol Tulyasathien, Deputy Managing Director and Head of Capital Market Sustainability Development at the Stock Exchange of Thailand (SET), revealed that the SET has announced the results of the SET ESG Ratings for 2025. A total of 265 listed companies met the assessment criteria, an increase from 219 companies last year. This year, listed companies showed higher average scores in all ESG dimensions, demonstrating their readiness to meet the international FTSE Russell ESG Scores standard in 2026.
The evaluation results comprise 102 companies rated AAA, 80 companies rated AA, 67 companies rated A, and 16 companies rated BBB, representing 70% of the total market capitalization of the SET and mai (as of December 11, 2025).
Over the past 11 years, SET ESG Ratings have become a key sustainability benchmark for the Thai capital market. They have helped listed companies evolve from simply engaging in CSR activities to systematically integrating sustainability into their business processes. This assessment has been widely adopted by Thai companies, reflected in the continuously increasing number of companies applying to participate each year. Currently, SET ESG Ratings are used in various investment contexts. For example, fund managers use the ratings as part of the universe for the Thailand ESG Funds (TESG), which currently have a net asset value (AUM) of 76 billion baht. Analysts use them as supplementary information in their stock analysis reports, and banks use them as a reference to adjust the financial returns of their clients to align with the company's rating.
'This year, listed companies have higher average scores in all dimensions, especially in the environmental dimension, which exceeded 80 points for the first time. This is because most listed companies have placed increased emphasis on setting net-zero greenhouse gas emission targets and defining the roles of the board of directors and management to oversee risks and monitor performance related to climate change. However, collecting GHG Emission Scope 3 data, linking sustainability performance to financial figures, and demonstrating business opportunities to investors from managing key sustainability issues (Material Issues) remain challenges, particularly for small and medium-sized listed companies,' Mr. Sornpol said.
SET ESG Ratings selects listed companies that voluntarily participate in the assessment and achieve a score of 50% or higher in the ES and G dimensions from the assessment questionnaire, while also meeting the eligibility criteria set by the Stock Exchange of Thailand, such as:
The company has a Corporate Governance Reporting Rating (CGR) of 3 stars or higher.
The company, or any company's directors or executives, must not have been accused or convicted of wrongdoing regarding ESG by any official or relevant authority.
Not a company marked with CB, CC, CF, or CS.
The Stock Exchange of Thailand will monitor the qualifications of listed companies throughout the process. If a listed company fails to meet the criteria after the rating has been announced, it may be removed from SET ESG Ratings. There will also be a process for adding a note to the rating to encourage investors to consider additional ESG news or information about the company.
The announcement of the SET ESG Ratings for 2025 will be the final year of publication. These assessment results will continue to be used as a benchmark for the SET ESG index reviews in December 2025 and June 2026, and can also be used as the universe for TESG funds until December 2026. The Stock Exchange of Thailand will begin announcing results according to the FTSE Russell ESG Scores standard from 2026 onwards, marking a significant step in elevating sustainability assessment in the Thai capital market to international standards.