The Company considers effective risk management and mitigation to be integral to our business operations. We encourage employees to have a positive attitude to risk and to understand the risks that are inherent in our business. As well as having the right tools and processes, effective risk taking requires the right culture and behaviours across our businesses.
Our risk management culture and processes meet world-class standards.
Thai Union Group was listed on the Dow Jones Sustainability Indices (DJSI) for the seventh straight year in 2020 , as its global sustainability strategy SeaChange® continued to drive change across the global seafood industry. Our world class standards for risk management culture and processes were recognized when we received a score in the 100 th percentile for Risk and Crisis Management in 2020.
KEY RISK FACTORS
Thai Union Group is a global seafood processing company and its operating and financial results are subject to a variety of risks inherent in the seafood industry. The Company can prepare for many of the risks to mitigate any impact and/or minimize likelihood, however many of them are not within our control and could materially impact the Company’s operations, financial position or reputation.
The risk radar below provides an overview of key business risk factors to our Group at the end of 2020. Some of the risks have remained unchanged from 2019 and so remain listed while there have been new risks identified during the Global Leadership Team risk workshop.
Please click each risk name in the radar for the descriptions of risk and their potential impacts, management and mitigation plan, linked to Thai Union s strategy which management and mitigation plans aim to achieve.
Six elements of Thai Union strategy are shown below.
Link to Corporate strategy
More information can be found in Thai Union Strategy section.
Moreover, we recognize that investors are increasingly interested in Environmental, Social and Governance (ESG) factors in the investment decision-making process as they could negatively or positively impact a company’s ability to create long-term value. This is also aligned to The Stock Exchange of Thailand (SET)’s commitment to develop Thai listed firms’ quality towards sustainable growth. Therefore, the table shows how the management and mitigation plans support development of ESG factors.
Environmental, Social and Governance (ESG) factor
Thai Union Group not only focus on the materiality risks, but also pay attention to emerging risks although they are still immateriality. As a result of analysis and assessment, the Company may be exposed to emerging risks of Ocean Plastic and Global Shifts in Aquaculture.Explore More