in various markets and the make-up of executive officers, non-executive directors and independent non-executive directors. The latter refers to directors who are free from any external relationships

ENTERPRISES BOND ISSUERS DEVELOPMENT FINANCE HIGH LEVEL PRINCIPLES Ensure activities and investments have positive impact for people and the planet EXTERNAL DISCLOSURE Disclose how operating sustainably and

Reporting 15 4.5 Verification 16 5.0 External Review 17 ASEAN Sustainability-Linked Bonds Disclosure Checklist 18 3ASEAN SUSTAINABILITY-LINKED BOND STANDARDS 2022 INTRODUCTION The ASEAN Capital Markets Forum1

Reporting The requirements are the same across both versions Others On top of the four core components, the 2021 version also identifies key recommendations regarding green bond framework and external review

) issuers, (2) investors, (3) taxonomy and external reviewers, (4) information platform, (5) cooperation, and (6) sustainability-themed products. The SEC has continuously promoted sustainability-themed

private consumption and total investment were constantly expanding. However, Thai economy still faces external risk such as U.S. monetary and trade policy and global economic uncertainty. As of August 31

slowed down. In addition, Thai economy still faces external risk such as trade war between US and China and global economic uncertainty. As of August 31, 2019, the Company’s total cards reached 8.75

is measured using sustainability KPIs that can be external or internal. First and foremost, the KPIs should be material to the issuer’s core sustainability and business strategy and address relevant

might leave shareholders and other stakeholders with uncertainty concerning their status and implementation. When codes and principles are used as a national standard or as a complement to legal or

(Internal) 4 I. INTRODUCTION (CONT.) Real economy: • Market failure: • E.g. financial constraints, uncertainty, dynamic externality. • Then, in capital investment (CAPEX), e.g. R&D expenditures (Choi & Lee