Foreign investors have an important role to play in ensuring that Thailand press ahead with these reform efforts. As the voice of reason and conscience, foreign analysts, credit rating agencies and fund managers have not hesitated to let us know whenever we seem to be slipping in our reform path or policy inconsistency! Concluding remark To conclude, these are exciting times for all of us. In the wake of the great unwinding, as public agencies, the Bank of Thailand can undertake the necessary monetary and financial policies to stabilize the market and attenuate the effects of short-term volatility or market fickleness. But the task for long-term development lies with everyone. All of us have a role to build the road to sustainable growth, for the country and the region. I thank the Stock Exchange of Thailand and co-hosts for this occasion to bring together investors and government agencies to renew our focus on investments and opportunities for the future. Thank you for your attention. 4  BIS central bankers’ speeches
The reporting requirements established in the new Directive will be phased in, from 2025, for these undertakings, which according to European Commission estimates number some 50,000 across the EU and which include credit institutions. For this purpose, the Commission will determine, through delegated acts to be published no later than 30 June 2023, the specific information to be reported, which will have to be based on standards published by EFRAG,16 the European Commission’s financial reporting advisory group. The considerable amount of information to be reported includes an analysis of each firm’s business model and its resilience to sustainability-related risks and a description of the specific sustainability targets with a concrete time horizon. It also includes a description of how their management bodies operate and their expertise on these matters, and information on sustainability-linked incentive systems. Importantly it also includes the transition plans needed to ensure that firms’ business models are compatible with the transition towards a sustainable economy and the aim of restricting global warming to 1.5°C. All the information should reflect not only firms’ own activity, but also that of their value chains, trading partners and supply chains. As you may have guessed, implementation will call for a major effort by the firms concerned, but it will also entail clear improvement in the granularity, comparability and quality of the non-financial information disclosed. These standards also mean that banks will have more data on the ESG risks their counterparties face, contributing to better management of these risks.