Enhancing the Stakeholders’ Trust through a Transparent Sustainability Disclosure: A case study of a Power Company in Thailand

This paper examines how a major Thai-listed power utility company integrates sustainability information into Thailand’s annual One Report and a public sustainability portal, while aligning its disclosures with GRI and ISSB-aligned requirements [1, 3, 7, 15]. Using GRI-based guidance, the company applied a double materiality assessment combining stakeholder impact and financial significance, with board-level sign-off and annual internal control and independent assurance under GRI Standards and AA1000 [7, 13].

In 2025, the company identified sixteen material topics across environmental (e.g., climate, biodiversity/nature, energy, water, and waste), social (e.g., human rights, occupational health and safety, human capital) and governance dimensions (e.g., corporate governance, cyber security), which some topics are subsequently linked to the corporate and operational KPIs. Regarding corporate strategic alignment, one of the most critical issues, such as climate change, has emerged for shaping a strategy focused on low-carbon and cleaner energy portfolios. Key commitments include halting new coal projects, expanding renewable energy by 2030, achieving carbon neutrality by 2040 and net-zero emissions by 2050. These targets are also referenced to the measurable KPIs at operational, corporate, and executive levels.

The case highlights three implementation enablers: (i) structured stakeholder engagement that feeds directly into prioritisation and management response; (ii) governance mechanisms that translate material topics into policies, targets and performance incentives; and (iii) a generic automated data-collection and validation platform that improves consistency, traceability and assurance readiness. A qualitative benchmarking of publicly available disclosures from other large Thai-listed power utilities and selected international peers is used to situate the Thai case within broader regulatory and economic environments.

The paper concludes with a concise, transferable roadmap for emerging utilities to strengthen credibility, reduce greenwashing risk, and support long-term value creation through transparent

ESG disclosure.