At a Glance

Sustainability Performance in 2023

Environment aspect

Carbon Footprint and Greenhouse Gas Emissions

Received Carbon Footprint of Organization certification from Thailand Greenhouse Gas Management Organization (Public Organization) or TGO
Received Carbon Footprint of Product Certification (CFP) in 19 products from TGO
Direct and indirect greenhouse gas emissions (Scope 1 and Scope 2) 44,568 Carbon dioxide equivalent tons (tCO2e)

Energy Management

Energy consumption 1.5 gigajoules/ton soybean
Proportion of renewable energy usage 85%

Water Management

Water withdrawal 0.9 cubic meters/ton soybean

Waste Management

100% Waste Utilization

Social aspect

Human Rights

0 cases of human rights violation

Employee Caring and Development

Percentage of average training hours of employees accounting for 93 %
The average hours training for all level of employees were 17 hours/person/year
Employee Engagement Rate was 60%

Safety and Occupational Health

No work-related lost time injury continuous for 3,678,544 working hours
The Lost Time Injury Frequency Rate (LTIFR) was 0
Total Recordable Incident Rate (TRIR) was 0.47, which is lower than the average in Starch and Vegetable Fats and Oil manufacturing (NAICS 311220), recorded at 0.8

Participation in Community and Social Development

The number of projects that TVO contributes to the community 25 projects

Governance and Economy aspect

Corporate Governance

0 case of the Code of Conduct violation

Anti – Corruption

zero-tolerance on bribery & corruption

Sustainable Procurement

100% of new suppliers in 2023 was selected based on ESG criteria by responding to the new partner application form
100% of new suppliers in 2023 completed the Self-Declare form
100% of new suppliers in 2023 acknowledged and signed the Supplier Code of Conduct

Relationship Management and Customer Engagement

Average customer satisfaction assessment resulted in 90.32%

Sustainability Structure

Stakeholder Engagement

TVO places great importance on engaging with all stakeholders. We have communication and working methods in place to listen to their opinions and suggestions, which reflect their needs and expectations. Stakeholders can be classified into 7 main groups, namely: 1) Employees 2) Customers and consumers 3) Suppliers 4) Shareholders 5) Community & Society 6) Competitors and 7) Government Agencies. TVO has engaged stakeholders through various channels, as follows:

Employees

Provide fair wages and good benefits, aligned with economic conditions
Ensure good facilities and a safe working environment
Implement performance evaluations to provide fair and equal advancement opportunities.
Build an organizational culture that focuses on unity and enhances skills through comprehensive training at all levels
Strictly adhere to human rights policies
Organize "Happy Workplace" activities to foster workplace happiness

Customers and Consumers

Develop production processes to ensure quality and safety across all factory areas
Improve production processes by incorporating technology and innovation, promoting research and development of products to meet consumer trends
Conduct cooking workshops and provide consumer education on the use of soybean oil
Organize sales promotion activities, both online and offline, to engage customers and consumers
Participate in trade shows to enhance brand recognition
Conduct monthly market update seminars via MS Teams to provide insights into agricultural product market conditions

Supplier

Conduct business transparently and ethically
Prohibit unfair benefits
Adhere to credit terms or conditions between the company and suppliers for the timely payment of goods and services
Assess suppliers through Self-Declaration
Conduct On-site Audits
Communicate about Anti-corruption policies, No gift policy and code of conduct
Invite suppliers to join the Thai private sector's Collective Action Coalition against Corruption (CAC).

Shareholders

Operate the business based on principles of good corporate governance
Comply with laws and disclose information transparently and fairly
Implement effective management practices to build confidence and add value to shareholders
Distribute dividends to shareholders appropriately according to the company's dividend policy
Develop production processes and products that foster sustainable growth

Community & Society

Execute operations responsibly for the impacts of production processes
Apply technology and innovation to conduct operations for socially, communally, and environmentally friendly
Emphasize compliance with legal regulations
Support job creation and income generation in the community, fostering self-reliant communities through the “TVO Promotes Career Paths to Communities" and "Eco Flying" projects
Promote quality of life, contribute to social community development and preserve local traditions and cultures

Competitors

Conduct business within a framework of good competition regulations
Avoid tarnishing the reputation of involved parties

Government Agencies

Strictly adhere to laws, regulations and the Company’s policies conducting business with integrity and transparency
Supporting the governance’s project such as CSR-DIW project

Materiality Assessment

TVO collected, prioritized, and assessed materiality assessment by considering factors crucial to business operations in the economic, environmental, social and human rights dimensions throughout the Company's value chain. This process involved assessment and prioritization based on the Global Reporting Initiative (GRI) sustainability reporting framework, as follows:

Materiality issue identification
Collects issues related to the economic, environmental and social from both external and internal data, such as global sustainability trends, sustainability guidelines and frameworks, organizational business strategy directions, risks and opportunities that may impact business operations, as well as creating shared value and meeting expectations of all stakeholders.
Prioritization and Assessing Sustainability issues
Considers issues that are important to the Company and stakeholders in 2 dimensions: stakeholder’s expectations or concerns and impact on business by conducting interviews with TVO’s executives and the Company’s stakeholders representing various stakeholder groups including employees, shareholders, business partners, customers and consumers, community and society, and government agencies.
Additionally, TVO has categorized the management of sustainability issues into 3 levels of importance: Enterprise Level, Significant Level, and Fundamental Level, to guide sustainability issue management practices
Approval of sustainability assessment results
The results of sustainability issue assessment will be considered for approval and certified by the Environment, Social and Governance Committee (ESG).
Formulation of sustainability strategies and goals
Materiality issues that were identified would be brought to the Company’s management meeting to assign the relevant departments in each aspect to determine long-term strategies, goals and related operational activities.
Communicating Materiality issue to stakeholders
Presenting the results of sustainability issue assessment to relevant stakeholders through various channels.