{"id":31339,"date":"2026-06-24T00:55:12","date_gmt":"2026-06-24T00:55:12","guid":{"rendered":"https:\/\/www.othellointernational.com\/set-esg-ratings-explained\/"},"modified":"2026-06-27T08:42:08","modified_gmt":"2026-06-27T08:42:08","slug":"set-esg-ratings-explained","status":"publish","type":"post","link":"https:\/\/www.othellointernational.com\/th\/set-esg-ratings-explained\/","title":{"rendered":"SET ESG Ratings Explained (2026): Criteria, Results, and the Shift to FTSE Russell"},"content":{"rendered":"

For nearly a decade, the SET ESG Ratings<\/strong> were the benchmark of corporate sustainability for companies listed on the Stock Exchange of Thailand. From 2026 they are being retired and replaced by FTSE Russell ESG Scores. This guide explains what the SET ESG Ratings measured, how they were assessed, the latest results, and what the shift to a global rating model means for every listed Thai company.<\/p>\n\n\n

<\/svg>
265<\/div>
Qualified · 2025<\/div><\/div>
<\/svg>
AAA–C<\/span><\/div>
Old rating tiers<\/div><\/div>
<\/svg>
868<\/div>
SET-listed → FTSE 2026<\/div><\/div>
<\/svg>
300+<\/span><\/div>
FTSE indicators<\/div><\/div><\/div>\n\n\n\n

What are the SET ESG Ratings?<\/h2>\n\n\n

The SET ESG Ratings (formerly the Thailand Sustainability Investment, or THSI, list) were an annual assessment run by the Stock Exchange of Thailand to recognise listed companies with strong environmental, social and governance practices. A company that qualified could use the rating in investor communications, and the ratings fed Thailand\u2019s sustainable-investment indices and the growing pool of ESG funds.<\/p>\n\n\n

How were the SET ESG Ratings assessed?<\/h2>\n\n\n

Assessment was questionnaire-based<\/strong>. Companies completed a detailed sustainability questionnaire, and the SET scored responses across the environmental, social and governance dimensions, with corporate-governance and risk screening applied on top. Qualifying companies received a tiered rating (from AAA down to C). Because the process relied on what companies reported in the questionnaire, preparation and internal data quality largely determined the outcome.<\/p>\n\n\n

SET ESG Ratings 2025 results<\/h2>\n\n\n

In the 2025 assessment, 265 listed companies<\/strong> qualified for a SET ESG Rating \u2014 up from 219 the year before \u2014 with higher average scores across all three ESG dimensions. The SET framed the improvement as evidence that Thai issuers were ready for the transition to a global benchmarking model.<\/p>\n\n\n

If a data point isn’t published clearly, and in English, it does not count.<\/em><\/div>\n\n\n\n

Why SET is replacing the ratings with FTSE Russell ESG Scores (2026)<\/h2>\n\n\n

From 2026 the SET will publicly announce FTSE Russell ESG Scores<\/strong> and discontinue the SET ESG Ratings. The change is fundamental, not cosmetic. Where the old ratings were built from a private questionnaire, FTSE Russell scores are derived only from publicly disclosed information<\/strong> \u2014 your annual report, your sustainability report and your corporate website. FTSE Russell applies a three-tier structure of 3 pillars, 14 themes and over 300 indicators, with Thai companies assessed on roughly 125 indicators on average. We cover the mechanics in detail in our guide to the SET\u2019s move to FTSE Russell ESG Scores in 2026<\/a>.<\/p>\n\n\n

868.<\/span>Scored under FTSE Russell · 2026<\/span><\/div>
Pillars<\/div>
<\/div><\/div>
3<\/div><\/div>
\u0e2b\u0e31\u0e27\u0e02\u0e49\u0e2d\u0e2b\u0e25\u0e31\u0e01<\/div>
<\/div><\/div>
14<\/div><\/div>
\u0e15\u0e31\u0e27\u0e0a\u0e35\u0e49\u0e27\u0e31\u0e14\u0e40\u0e09\u0e1e\u0e32\u0e30\u0e2d\u0e38\u0e15\u0e2a\u0e32\u0e2b\u0e01\u0e23\u0e23\u0e21<\/div>
<\/div><\/div>
300+<\/div><\/div>
Assessed avg<\/div>
<\/div><\/div>
~125<\/div><\/div><\/div><\/div>\n\n\n\n

What changes for listed companies<\/h2>\n\n\n

The single biggest shift is this: you can no longer \u201cmanage\u201d your score through a questionnaire.<\/strong> If a data point is not published \u2014 clearly, and in English \u2014 it does not count. Three consequences follow for every SET- and mai-listed issuer:<\/p>\n\n\n