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SCG practices principles of Sufficiency Economy

Article - July 26, 2012
SCG's application of the principles of Sufficiency Economy is directly responsible for the group's success today and powers its drive to help communities
(FROM LEFT) KAN TRAKULHOON – PRESIDENT AND CEO OF SCG; DR CHIRAYU ISARANGKUN NA AYUTHAYA – DIRECTOR AND DIRECTOR-GENERAL, THE CROWN PROPERTY BUREAU; AND ARSA SARASIN – HIS MAJESTY’S PRINCIPAL PRIVATE SECRETARY
Nearly 40 years ago, King Bhumibol Adulyadej put forth a philosophy to serve as a guide to making prudent decisions that would produce results beneficial to development. This theory, dubbed Sufficiency Economy and hailed by the UN Development Programme as a “much needed survival strategy in a world of economic uncertainty and environmental threats”, took centre stage in 1997 when the Thai economic crisis struck fierce blows to Thai companies and to the country’s progress.

SCG in particular found itself saddled with an unprecedented loss of 50 billion baht ($1.1 billion) and a huge drop in domestic sales. Today, just 15 years later, the company is witnessing record profits. The secret to SCG’s success? The strict application of Sufficiency Economy principles.

Based on the principles of moderation, rationality and immunity, Sufficiency Economy helps businesses, governments and communities to maximise benefits and minimise costs all in the pursuit of sustainable growth, environmental protection and a better quality of life for all.

SCG’s application of the philosophy was so effective and successful that the Office of the Royal Development Projects Board awarded the company with H.M. the King’s Trophy for Best Practice of the Sufficiency Economy in Large Enterprises Category in 2007. Kan Trakulhoon, President and CEO of SCG, says that the award “serves as a good example and inspiration for other corporations, enabling them to realise how the Sufficiency Economy philosophy can contribute to business growth whilst achieving well-balanced happiness for all concerned parties including employees, customers, trading partners, communities, society and the country in a sustainable manner.”
SCG management recognises that the company’s employees have been the driving force of the philosophy, as they have faithfully upheld an adherence to fairness, dedication to excellence, belief in the value of the individuals and concern for social responsibility. In return, SCG provides fair remuneration and benefits and encourages a sound mind with sound health according to the concept “Fit for Work, Fit for Life”.

For SCG, an especially important feature of the Sufficiency Economy is an adherence to morality; specifically, that organisations should share opportunities with others to achieve a mutual benefit. To this end, SCG is committed to providing constant support for socially beneficial activities in all communities where it operates both in Thailand and abroad. While this may sound like standard CSR, in its Thailand Human Development Report 2007 the UNDP says that for private business, Sufficiency Economy “takes corporate responsibility to the next level”.

According to Dr Sumet Tantivejkul, Secretary-General of  The Chaipattana Foundation, SCG “focuses on moderation in business operations commensurate with actual potential and on creating immunity through a rigorous risk management system. In addition to employee development and knowledge management, SCG firmly adheres to ethics, providing constant support to activities beneficial for society and the environment, based on the key characteristics of SCG corporate culture which are ‘Thainess’ and ‘Sense of harmony like a family’.”

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