Othello International is a registered advisor in the Stock Exchange of Thailandβs JUMP+ Advisory Pool, recognised across all three plan areas β Business Growth, Governance and Climate Action. This post is the plain explanation of what that programme is, what it pays for, what it demands in return, and where we fit.
It is worth being precise, because JUMP+ is widely described as βSETβs growth subsidyβ and that is only about a third of the story. It is a disclosure programme with a funding mechanism attached β and the obligations it creates run straight into the way Thai listed companies are now scored.
What JUMP+ actually is β and who is in it
JUMP+ is SETβs Listed Company Value Creation Support Programme. A company applies with board approval, builds a three-year value-creation plan for 2026β2028, publishes it on SETβs website, and then reports progress to investors every six months for the life of the programme. Applications ran from 26 June 2025 to 31 March 2026 and are now closed.
The take-up was substantial. 143 listed companies registered by the closing date β 87 on the SET main board and 56 on mai, roughly 16% of all listed companies and about ΰΈΏ2.2 trillion of combined market capitalisation, or some 14% of the total market. SETβs own published plan listing showed 142 companies with plans live as at 4 August 2026 (86 SET, 56 mai).
Eligibility is not a formality. A company must be SET- or mai-listed, carry none of the CB, CS, CC, CF, NP or SP flags, not be under delisting consideration, and not have been the subject of an SEC criminal complaint in the preceding five years. It must also hold a CGR rating of at least three stars for the 2027 and 2028 assessments β an ongoing condition, not a one-off entry test.
The plan itself spans three areas. Business Growth and Governance are the backbone β across the cohort, companies filed some 278 business initiatives and 272 governance initiatives. Climate Action is voluntary, and 114 of the 143 companies β about 80% β chose to include it. Our JUMP+ advisory hub sets out all four areas →
Revenue, profitability and financial-stability initiatives with measurable targets. ~278 initiatives filed across the cohort.
Anti-corruption, whistleblowing and insider-trading controls. ~272 initiatives; CGR is the yardstick.
Voluntary β 114 of 143 companies opted in. GHG inventory, targets and verification pathway.
Board approval, a published plan, and progress reported to investors every six months.
The money: co-funding, not a grant
The funding is the headline that travels furthest and gets garbled most often. The Capital Market Development Fund (CMDF) has allocated on the order of ΰΈΏ800 million to the programme, with support of up to ΰΈΏ5 million per company β structured as a 50:50 matching arrangement, not a grant. CMDF meets roughly half of qualifying advisory and implementation cost; the company funds the other half, and reimbursement is tied to actually completing and disclosing the work.
That distinction matters commercially. Because support is matched only up to a cap in each plan area, an advisor who bills above the ceiling leaves the company paying the excess at nothing back. Pricing a JUMP+ mandate sensibly means pricing it to the ceiling, not through it. We set out the funding mechanics in detail here →
Two things are often over-claimed and are worth stating plainly. Tax incentives for JUMP+ participants have been discussed but, as reported, remain under government consideration rather than in force β do not build a business case on them. And the exact per-area caps and qualifying-cost definitions sit in programme documentation rather than on SETβs public pages, so confirm current figures with SET or CMDF before committing them to a board paper.
The bigger prize: the ThaiESG CGR-90 gate
Here is the part of JUMP+ that deserves more attention than the subsidy, and the reason we think governance work inside the programme is undervalued.
On 1 March 2026, an SEC rule change took effect β published in the Royal Gazette β allowing Thai ESG and Thai ESGX funds to invest in the shares of JUMP+ participants that hold a CGR score of 90 or above. In other words, membership of the programme plus a high governance score together open a door to a tax-incentivised domestic fund pool that was previously shut.
Say so when you can do it β and say so all the more when you cannot.
Amnouy Chiramahapoka, Assistant Managing Director, SET Β· on JUMP+ progress disclosure (translated from Thai)CGR 90 is a demanding bar, and most participants are not at it. But the mechanism is the point: Thailand is now wiring capital access to disclosed governance quality, and JUMP+ is the on-ramp. A governance plan filed to satisfy the programme and a governance plan built to move a CGR score are not the same document. How we approach the governance plan →
| Filed to comply | Built to score | |
|---|---|---|
| Governance plan | Lists policies that already exist | Targets the CGR criteria that are actually costing points |
| Climate plan | States a net-zero ambition | Inventory, boundary, verification pathway β numbers a rater can use |
| Progress updates | Six-monthly obligation, met minimally | Investor-grade English that raters and funds can read |
| Outcome | Programme compliance | CGR uplift, ThaiESG eligibility, FTSE-readable disclosure |
Why a language and disclosure house is in an advisory pool
A fair question: why is an ISO 17100 certified language and disclosure house sitting in a pool otherwise populated by strategy consultancies, carbon platforms and the Big Four?
Because every JUMP+ plan and every half-yearly progress update is published English disclosure β and from 2026, published English disclosure is exactly what determines how a SET-listed company is scored. SET has retired its own ESG Ratings in favour of FTSE Russell ESG Scores, and FTSEβs model runs on public disclosure only. There is no questionnaire, no private data pack, no chance to explain yourself afterwards. FTSE Russellβs own documentation lists the key languages covered by its research process as English, French, Spanish, German, Japanese and Chinese. Thai is not among them. Why the English edition earns the score →
So a JUMP+ plan that is thorough in Thai and thin, drifting or loosely rendered in English does not merely read poorly. On a public-disclosure-only model, an unreadable theme scores as an absent theme. Our lane inside the programme is therefore Governance and Climate Action, with Business Growth handled as the investor-communication and disclosure layer rather than as strategy consulting β and with the bilingual edition treated as a score-earning asset rather than a translation task. From carbon measurement to disclosure → Β· TGO certificate to FTSE-readable disclosure →
We put that thesis to the test before announcing anything. We downloaded and read all 142 published JUMP+ plans end to end: five of them mention FTSE Russell →
Three questions worth asking any JUMP+ advisor
If you are inside the programme and choosing who to work with, three questions separate advisors quickly.
- Will you price to the reimbursement ceiling? Anything billed above the cap in a plan area is money the company funds at 0% back.
- Who writes the English? The plan and every half-yearly update are public English disclosure β ask whether that is a certified editorial process or an afterthought.
- Does the climate work end at a number, or at evidence? Basic GHG arithmetic is now commoditised; boundary judgment, verification-readiness and the IFRS S2 bridge are not.
- Is the governance plan aimed at CGR? With the ThaiESG gate set at CGR 90, a governance plan that does not move the score is a missed capital opportunity.
- Can one advisor carry all three areas coherently? Fragmented plans produce fragmented disclosure, and fragmented disclosure is what scores as missing.
Talk to a registered JUMP+ advisor
Othello International is listed in SETβs JUMP+ Advisory Pool across Business Growth, Governance and Climate Action. Start with a free Gap Audit and see, theme by theme, what your published English disclosure is currently scoring.
Run the free Gap AuditJUMP+ was designed to make Thai listed companies more valuable by making them more legible to investors. The programme has already done the hard part β it got 143 boards to approve a three-year plan and publish it. What happens next depends on whether those plans are written to be filed or written to be read, and on whether the English edition carries the same weight as the Thai. See the four plan areas → Β· Track the wider Thai ESG calendar →
Sources: Stock Exchange of Thailand, JUMP+ programme overview and published Advisory Pool list; SET JUMP+ company-list data (as at 4 August 2026); Hoonsmart and ThaiPublica reporting on JUMP+ participation, CMDF funding and plan initiatives; SEC Thailand rule permitting Thai ESG / Thai ESGX investment in JUMP+ companies with CGR β₯ 90, effective 1 March 2026 (Royal Gazette, reported by ThaiPR.NET, Mitihoon and Thansettakij); FTSE Russell ESG Scores and Indices FAQ. Funding figures are indicative β confirm current caps and qualifying costs with SET or CMDF before relying on them.
See where your English edition is losing FTSE points.
A free Gap Audit maps your published English disclosure against FTSE Russell’s 14 themes — and shows exactly which gaps are quietly costing you points, index inclusion and investor attention.
