{"id":32170,"date":"2026-07-18T04:16:48","date_gmt":"2026-07-18T04:16:48","guid":{"rendered":"https:\/\/www.othellointernational.com\/esg-ratings-compared\/"},"modified":"2026-07-21T10:04:20","modified_gmt":"2026-07-21T10:04:20","slug":"esg-ratings-compared","status":"publish","type":"page","link":"https:\/\/www.othellointernational.com\/th\/esg-ratings-compared\/","title":{"rendered":"ESG Ratings Compared: FTSE vs MSCI vs Sustainalytics | Othello"},"content":{"rendered":"\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\"><link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Fraunces:ital,opsz,wght@0,9..144,400;0,9..144,500;0,9..144,600;1,9..144,400;1,9..144,500;1,9..144,600&#038;family=Poppins:wght@300;400;500;600;700&#038;family=JetBrains+Mono:wght@500;600&#038;family=Sarabun:wght@400;500&#038;display=swap\" rel=\"stylesheet\">\n\n<style>\n.oth-co{\n  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.v{font-family:var(--d);font-style:italic;font-size:30px;color:var(--r);line-height:1;margin-bottom:8px}\n.oth-co .stat-cards .sc .l{font-size:13px;color:var(--w1);line-height:1.5}\n.oth-co .stat-cards .sc .l strong{color:var(--w)}\n@media(max-width:1024px){.oth-co .stat-cards{grid-template-columns:repeat(2,1fr)}}\n<\/style>\n<div class=\"oth-co\">\n\n  <div class=\"strip\"><div class=\"wrap\"><div class=\"strip-row\">\n    <div class=\"l\"><span class=\"strip-dot\"><\/span>ESG raters compared \u00b7 FTSE \u00b7 MSCI \u00b7 Sustainalytics<\/div>\n    <div class=\"r\">All scored on your <b>public English<\/b> disclosure<\/div>\n  <\/div><\/div><\/div>\n\n  <div class=\"crumb\"><div class=\"wrap\"><a href=\"\/\">Home<\/a><span class=\"sep\">\/<\/span><a href=\"\/esg-playbooks\/\">ESG Playbooks<\/a><span class=\"sep\">\/<\/span><span class=\"here\">ESG Ratings Compared<\/span><\/div><\/div>\n\n  <section class=\"hero\"><div class=\"wrap\"><div class=\"hero-inner\">\n    <div class=\"hero-tag\" data-reveal><span class=\"dot\"><\/span>Three raters, three scales, one source: your disclosure<\/div>\n    <h1 data-reveal>ESG ratings, <em>compared.<\/em><\/h1>\n    <div class=\"hero-grid\">\n      <div class=\"hero-left\">\n        <p data-reveal>FTSE Russell, MSCI and Sustainalytics all rate Thai listed companies \u2014 on different scales, in different directions, measuring different things. But they share one method: <strong>they read your public, English-language disclosure, unsolicited.<\/strong> Here is how the three differ, and why the same disclosure moves them all.<\/p>\n        <div class=\"hctas\" data-reveal>\n          <a href=\"\/thai-esg-rating-check\/\" class=\"btn btn-primary\">Look up a company&#8217;s rating<\/a>\n          <a href=\"\/ftse-russell-vs-set-esg-ratings\/\" class=\"btn btn-outline\">FTSE vs SET, explained<\/a>\n        <\/div>\n      <\/div>\n      <div data-reveal>\n        <div class=\"cov-card\">\n          <div class=\"cc-lb\">\u2605 Read the scales right<\/div>\n          <div class=\"cc-head\">FTSE &amp; MSCI: <em>higher is better.<\/em> Sustainalytics: <em>lower is better.<\/em><\/div>\n          <ul class=\"cov-list\">\n            <li class=\"cov-item\"><div class=\"cov-num\">01<\/div><div class=\"cov-name\">FTSE Russell \u2014 0\u20135.0, the SET benchmark from 2026<\/div><\/li>\n            <li class=\"cov-item\"><div class=\"cov-num\">02<\/div><div class=\"cov-name\">MSCI \u2014 AAA\u2192CCC, industry-relative<\/div><\/li>\n            <li class=\"cov-item\"><div class=\"cov-num\">03<\/div><div class=\"cov-name\">Sustainalytics \u2014 0\u2013100 risk, lower is better<\/div><\/li>\n          <\/ul>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div><\/div><\/section>\n\n  <section class=\"section\"><div class=\"wrap\">\n    <div class=\"section-head\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Side by side \u00b7 \u0e40\u0e1b\u0e23\u0e35\u0e22\u0e1a\u0e40\u0e17\u0e35\u0e22\u0e1a<\/div>\n      <h2 class=\"title\">The <em>comparison.<\/em><\/h2>\n      <p class=\"lead\">Nine dimensions across the three unsolicited raters that assess Thai listed companies \u2014 and the one thing they all have in common.<\/p>\n    <\/div>\n    <div class=\"cmp-wrap\" data-reveal>\n      <table class=\"cmp\">\n        <thead><tr>\n          <th class=\"dim\">Dimension<\/th>\n          <th class=\"h1\">FTSE Russell<span class=\"sub\">SET benchmark \u00b7 0\u20135.0<\/span><\/th>\n          <th class=\"h2\">MSCI ESG<span class=\"sub\">AAA \u2192 CCC<\/span><\/th>\n          <th class=\"h3\">Sustainalytics<span class=\"sub\">risk 0\u2013100 \u00b7 lower better<\/span><\/th>\n        <\/tr><\/thead>\n        <tbody><tr><td class=\"dim\">Scale \/ output<\/td><td>A numeric score, <strong>0\u20135.0<\/strong>. Higher is better.<\/td><td>Seven letter bands, <strong>AAA \u2192 CCC<\/strong>. Higher is better.<\/td><td>An ESG Risk Rating, <strong>0\u2013100<\/strong>. <em>Lower is better.<\/em><\/td><\/tr><tr><td class=\"dim\">What it measures<\/td><td>ESG performance against a global, exposure-weighted model.<\/td><td>How well you <strong>manage the financially-material<\/strong> ESG risks and opportunities for your industry.<\/td><td>The magnitude of your <strong>unmanaged ESG risk<\/strong>.<\/td><\/tr><tr><td class=\"dim\">Relative or absolute<\/td><td>Exposure-weighted \u2014 your sector sets the weighting and the bar.<\/td><td><strong>Industry-relative<\/strong> \u2014 leader vs laggard against your peers.<\/td><td><strong>Absolute<\/strong> \u2014 bands are comparable across industries.<\/td><\/tr><tr><td class=\"dim\">How they get the data<\/td><td>Your public disclosure \u2014 <strong>no questionnaire<\/strong>.<\/td><td>Public disclosure + specialised and alternative data \u2014 <strong>no questionnaire<\/strong>.<\/td><td>Public disclosure + controversy screening \u2014 <strong>no questionnaire<\/strong>.<\/td><\/tr><tr><td class=\"dim\">Language they read<\/td><td>English.<\/td><td>English.<\/td><td>English.<\/td><\/tr><tr><td class=\"dim\">Who relies on it<\/td><td>The SET benchmark from 2026, FTSE4Good, index funds.<\/td><td>Global institutional investors, MSCI ESG indexes.<\/td><td>Morningstar, investors and lenders assessing risk.<\/td><\/tr><tr><td class=\"dim\">Public lookup<\/td><td>Published via the SET.<\/td><td>Free search on the MSCI ESG Ratings site.<\/td><td>Free company lookup on the Sustainalytics site.<\/td><\/tr><tr><td class=\"dim\">How you move it<\/td><td>Disclose more, in English, with methodology tags and base years.<\/td><td>Close the flagged key-issue gaps; resolve controversies.<\/td><td>Show active management of material risks; reduce controversies.<\/td><\/tr><tr><td class=\"dim\">The catch for Thai issuers<\/td><td><em>Work published only in Thai reads as absent.<\/em><\/td><td><em>An unaddressed gap is scored, not excused.<\/em><\/td><td><em>Silence on a risk counts as unmanaged.<\/em><\/td><\/tr><\/tbody>\n      <\/table>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section alt\"><div class=\"wrap\">\n    <div class=\"section-head\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>By the numbers<\/div>\n      <h2 class=\"title\">Read them <em>correctly.<\/em><\/h2>\n    <\/div>\n    <div class=\"stat-cards\" data-reveal-stagger>\n      <div class=\"sc\"><div class=\"v\">3<\/div><div class=\"l\">Unsolicited raters that score you from <strong>public disclosure<\/strong> \u2014 no questionnaire<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">AAA\u2013CCC<\/div><div class=\"l\">MSCI&#8217;s seven bands \u2014 <strong>industry-relative<\/strong>, higher is better<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">0\u2013100<\/div><div class=\"l\">Sustainalytics risk score \u2014 <strong>lower is better<\/strong>, absolute scale<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">EN<\/div><div class=\"l\">The language all three read \u2014 Thai-only work reads as <strong>absent<\/strong><\/div><\/div>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section\"><div class=\"wrap\">\n    <div class=\"section-head center\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M6 22a2 2 0 0 1-2-2V4a2 2 0 0 1 2-2h8a2.4 2.4 0 0 1 1.704.706l3.588 3.588A2.4 2.4 0 0 1 20 8v12a2 2 0 0 1-2 2z\" \/> <path d=\"M14 2v5a1 1 0 0 0 1 1h5\" \/> <path d=\"M10 9H8\" \/> <path d=\"M16 13H8\" \/> <path d=\"M16 17H8\" \/><\/svg>Questions \u00b7 \u0e04\u0e33\u0e16\u0e32\u0e21\u0e17\u0e35\u0e48\u0e1e\u0e1a\u0e1a\u0e48\u0e2d\u0e22<\/div>\n      <h2 class=\"title\">The raters, <em>answered.<\/em><\/h2>\n    <\/div>\n    <div class=\"faq-list\">\n      <details class=\"faq-item\" open><summary><span class=\"faq-num\">01<\/span><span class=\"faq-q\">What is the difference between MSCI and Sustainalytics ESG ratings?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>They run in opposite directions and measure different things. MSCI gives a letter grade from AAA to CCC where higher is better, scored relative to your industry peers, and it measures how well you manage the ESG risks and opportunities that are financially material to your sector. Sustainalytics gives an ESG Risk Rating from 0 to 100 where lower is better, on an absolute scale, and it measures the magnitude of ESG risk you have left unmanaged. A company can look strong on one and weak on the other because the questions are not the same \u2014 MSCI asks &#8220;how well managed?&#8221;, Sustainalytics asks &#8220;how much risk remains?&#8221;.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">02<\/span><span class=\"faq-q\">Is a higher Sustainalytics score better?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>No \u2014 and this trips people up constantly. Sustainalytics is a risk score, so a lower number is better: the bands run Negligible, Low, Medium, High and Severe risk. A Sustainalytics score of 12 (Low risk) is good; a 38 (High risk) is not. This is the opposite of MSCI and FTSE Russell, where a higher grade or number is better. When you cite your ratings, make the direction explicit so investors read them correctly.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">03<\/span><span class=\"faq-q\">Which ESG rating matters most for a Thai listed company?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>From 2026, FTSE Russell is the most immediately consequential \u2014 the Stock Exchange of Thailand adopted FTSE Russell ESG Scores as its benchmark and launched the FTSE4Good Thailand Index. But MSCI and Sustainalytics matter independently, because global investors screening your stock rely on them regardless of the domestic benchmark. The common thread is that all three read your public, English-language disclosure without asking you anything \u2014 so the same disclosure quality moves all of them.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">04<\/span><span class=\"faq-q\">Do we submit anything to these rating agencies?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>No. FTSE Russell, MSCI and Sustainalytics are unsolicited raters \u2014 they score you from your public disclosure, with no questionnaire and no chance to explain. This is the key shift from the old SET ESG Rating and from request-based schemes like CDP: there is no form to fill in. Whatever your annual report, 56-1 One Report and website disclose in English is the assessment. If material work exists only in the Thai filing, the rater cannot see it.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">05<\/span><span class=\"faq-q\">How do we improve our ESG ratings across all three?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>Because all three read public English disclosure, one disclosure programme moves all of them: publish complete, framework-legible information in English; attach methodology, boundaries and base years to every metric so a rater can trust the numbers; address flagged controversies and known key-issue gaps; and make sure the English edition never says less than the Thai one. Othello builds the clause-mapped bilingual disclosure that does this, so the regulator and every rater read the same facts.<\/p><\/div><\/details>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section alt\"><div class=\"wrap\">\n    <div class=\"section-head center\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Go deeper<\/div>\n      <h2 class=\"title\">Turn ratings into a <em>plan.<\/em><\/h2>\n    <\/div>\n    <div class=\"rel-grid\" data-reveal-stagger>\n      <a class=\"rel\" href=\"\/ftse-russell-vs-set-esg-ratings\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 3v18\" \/> <path d=\"m19 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M3 7h1a17 17 0 0 0 8-2 17 17 0 0 0 8 2h1\" \/> <path d=\"m5 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M7 21h10\" \/><\/svg>Comparison<\/div><h4>FTSE Russell <em>vs SET<\/em><\/h4><p>The 2026 benchmark change, dimension by dimension.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/ifrs-s2-vs-gri-vs-esrs\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 3v18\" \/> <path d=\"m19 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M3 7h1a17 17 0 0 0 8-2 17 17 0 0 0 8 2h1\" \/> <path d=\"m5 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M7 21h10\" \/><\/svg>Comparison<\/div><h4>IFRS S2 <em>vs GRI vs ESRS<\/em><\/h4><p>Which reporting framework applies to your company.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/thailand-esg-disclosure-statistics-2026\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Data<\/div><h4>Thai ESG <em>Statistics 2026<\/em><\/h4><p>How many listed companies are rated \u2014 the sourced numbers.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/thai-esg-rating-check\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"m21 21-4.34-4.34\" \/> <circle cx=\"11\" cy=\"11\" r=\"8\" \/><\/svg>Free tool<\/div><h4>Thai ESG <em>Rating Check<\/em><\/h4><p>Look up any SET-listed company&#8217;s ESG rating.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section\"><div class=\"wrap\">\n    <div class=\"section-head center\" data-reveal><div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>How the score is made<\/div>\n      <h2 class=\"title\">How FTSE Russell <em>scores you.<\/em><\/h2><\/div>\n    <figure data-reveal style=\"margin:20px auto 0;max-width:720px;text-align:center\">\n      <img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.othellointernational.com\/wp-content\/uploads\/2026\/07\/othello-ftse-2026-how-scoring-works.webp?w=800&#038;ssl=1\" alt=\"How FTSE Russell scores your company: no questionnaire, 3 pillars, 14 themes, 300+ indicators, exposure-weighted into a 0 to 5 rating\" loading=\"lazy\" style=\"display:block;width:100%;height:auto;border:1px solid var(--line);border-radius:16px\" \/>\n      <figcaption style=\"font-family:var(--m);font-size:11px;letter-spacing:.06em;color:var(--w3);margin-top:14px;text-transform:uppercase\">No questionnaire \u2014 scored from your public English disclosure<\/figcaption>\n    <\/figure>\n  <\/div><\/section>\n\n  <section class=\"final\"><div class=\"wrap\"><div class=\"final-inner\">\n    <div class=\"eyebrow\" data-reveal>Engage Othello<\/div>\n    <h2 data-reveal>One disclosure. <em>Every rater.<\/em><\/h2>\n    <p class=\"flead\" data-reveal>Because FTSE Russell, MSCI and Sustainalytics all read the same public English disclosure, one clause-mapped bilingual programme moves all three \u2014 complete, methodology-tagged, and never saying less in English than in Thai.<\/p>\n    <div class=\"final-cta\" data-reveal>\n      <a href=\"\/contact\/\" class=\"btn btn-primary\">Get a 1-hour quote<\/a>\n      <a href=\"\/thai-esg-rating-check\/\" class=\"btn btn-outline\">Check a rating free<\/a>\n    <\/div>\n    <div class=\"final-note\" data-reveal>ISO 17100-aligned \u00b7 NDA from first email \u00b7 100% in-house Bangkok bench<\/div>\n  <\/div><\/div><\/section>\n\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"name\":\"ESG Ratings Compared: FTSE Russell vs MSCI vs Sustainalytics for Thai Companies\",\"url\":\"https:\/\/www.othellointernational.com\/esg-ratings-compared\/\",\"inLanguage\":[\"en\",\"th\"],\"description\":\"FTSE Russell, MSCI 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