• KPIs/SPTs are aligned to Thai Union's sustainability ambitions under SeaChange® 2030
  • Thai Union has worked with a core group of financial institutions with market leading ESG capabilities to update the sustainability-linked financing framework and ensure alignment with the Sustainability Linked Loan Principles

BANGKOK - November 30, 2023 - Thai Union Group PCL (Thai Union), the world's seafood leader, announced today the closure of a THB 11,485 million Sustainability-Linked financing package (Sustainability-Linked Loan or "SLL"). This new SLL marks the commencement of the second phase of Thai Union's Blue Finance agenda, with a target of increasing sustainability-linked finance to 75 percent of their long-term financing by 2025. Between 2020-2022, Thai Union completed its first phase of Blue Finance - financing that has sustainability targets to benefit the oceans - by successfully increasing its long-term sustainability-linked financing to 50 percent.

The new SLL is denominated in both Thai baht (THB) and U.S. dollars (USD) across tenors of three and five years. The successful closure of this dual tranche facility represents another strong step forward for Thai Union and its commitment to the Blue Finance agenda. The Company has demonstrated that its commitment to sustainability has enabled access to sustainable finance, which features a reduction in interest rates when committed targets are achieved.

A group of leading banks, HSBC, Bank of Ayudhya PCL, MUFG Bank, Ltd, Mizuho Bank, and Sumitomo Mitsui Banking Corporation have jointly underpinned the new financing, acting as Mandated Lead Arranger and Bookrunner ("MLAB") and Sustainability Coordinators.

Thiraphong Chansiri, CEO of Thai Union said, "Thai Union is pleased to receive strong support from their leading relationship banks. At Thai Union, sustainability resides at the very core of our business. Since the introduction of SeaChange® in 2016, we've seamlessly woven this sustainability strategy into our entire global operations. SeaChange® played a pivotal role in instigating the launch of the first phase of our blue financing program three years ago. Now, with SeaChange® 2030, we've set more ambitious goals encompassing both people and the planet. Our 2030 objectives serve as key performance indicators for the new SLL, underscoring our steadfast commitment to sustainability. This unequivocally demonstrates how our dedication will fortify Thai Union's position as a leader in the capital market."

In alignment to Thai Union's sustainability ambition under SeaChange® 2030, Key Performance Indicators (KPIs) and Sustainable Performance Targets (SPTs) focus on the Company's overall ESG performance, including maintaining consistent high rankings in the Dow Jones Sustainability Indices (DJSI) Food Products Industry Index. The sustainability-linked financing framework leverages the verified Science-Based Targets initiative (SBTi)'s ambitious Scope 1, 2 and 3 greenhouse gas emissions targets which align with Net Zero by 2050. In fact, Thai Union is the first global seafood company to set short-term and long-term goals verified by SBTi, accelerating meaningful progress in the industry. In addition, the framework includes the expansion of Thai Union's success on sustainable fisheries to responsible aquaculture1 through certifications and Aquaculture Improvement Projects (AIP) to set the new standards and practices for the aquaculture industry globally.

DNV was appointed the provider of Second Party Opinion Report on the KPIs and SPTs and confirmed the alignment to the Sustainability Linked Loan Principles. Each progress on KPI and SPT will be verified by external organizations to ensure a fair and independent evaluation.

Giorgio Gamba, Chief Executive Officer, HSBC Thailand said, "This transaction reflects Thai Union's commitment towards a sustainable seafood industry. Being the first global seafood company to set goals is a clear testament to Thai Union's ambition as a sustainability leader. At HSBC, our depth of expertise in sustainable financing will help support our clients realize their sustainability aspirations."

Kenichi Yamato, President and Chief Executive Officer of Krungsri (Bank of Ayudhya PCL and its business units) said, "Krungsri is delighted to continue its support for Thai Union in the Sustainability-Linked Finance Phase 2. Our shared vision for ESG has united Krungsri and MUFG in our unwavering commitment to promoting sustainable practices across all dimensions and working together to help our customers achieve success on the path to a sustainable future by supporting ESG financing. These actions reaffirm our commitment to driving sustainability, supporting our customers on their ESG journeys, and working towards a brighter, more responsible future. Sustainability is not just a goal, but a fundamental foundation for success."

Randy Loo, Managing Director and Head of Global Corporate Banking, Singapore, MUFG Bank said, "MUFG is honoured to partner Thai Union in its ongoing commitment towards empowering a more sustainable world for future generations. The bank's leading roles in this blue financing demonstrate an alignment of sustainability goals with Thai Union as well as MUFG's ability to leverage the full extent of its Asia Pacific franchise, including our strategic ties with Krungsri, to maximise success for key clients. We would like to congratulate Thai Union once again for this successful transaction."

Kei Shirota, Country Head of Thailand, General Manager of Mizuho Bank, Ltd. Bangkok Branch said, "Mizuho would like to express our sincere congratulation to Thai Union once again on this successful Sustainability-Linked Financing and is proud to be part of Thai Union's second-phase Blue Finance program. The excellent collaboration with the other leading banks in providing this Sustainability-Linked Financing to Thai Union demonstrates the commitment towards sustainability financing by Thai Union's like-minded partners as well. We are very pleased to learn that Thai Union is committing itself to very ambitious sustainability goals which require beyond business-as-usual efforts and resources to monitor the entire supply chain and is an exemplary role model for other companies in Thailand and industry peers globally. Mizuho believes that this Sustainability-Linked Financing will contribute to Thai Union's achievements towards their sustainability journey and business."

Takashi Toyoda, Country Head of Thailand and General Manager of Bangkok Branch, Sumitomo Mitsui Banking Corporation, Bangkok Branch said, "SMBC is honored to extend its support to Thai Union as it continues to exemplify remarkable leadership in sustainability initiatives, contributing significantly to advancing the broader environmental and social agenda.

Thai Union's adoption of rigorous and pioneering Key Performance Indicators (KPIs) sets a commendable standard for the entire industry and it signifies the harmonious alignment of Thai Union's moral commitment to Environmental, Social, and Governance (ESG) principles and SMBC's capability to provide innovative financial solutions tailored to the specific needs of sustainability-driven enterprises.

SMBC anticipates ongoing collaboration to further cultivate sustainable financial practices and endorse Thai Union's initiatives that positively contribute to the global ESG landscape."

Thomas Leonard, Head of Section, Sustainability Services, Supply Chain & Product Assurance of DNV (Thailand) Co., Ltd. said, "We are very pleased to be supporting Thai Union on the Sustainability-Linked Financing Instruments Second Party Opinion.

DNV concludes that the SPTs: (1) to be ranked in the top 5percent companies for the DJSI Food Products Industry Index as per S&P Yearbook; (2) Reduction of absolute GHG Emission under Scope 1 and 2 by 42 percent by 2030 from 2021 Baseline; (3) Reduction of absolute GHG Emission under Scope 3 by 42 percent by 2030 from 2021 Baseline; and (4) 100 percent of shrimp purchasing volume (kg) is responsibly sourced through a certification that has been benchmarked by GSSI and is stated as GSSI Recognized or a credible AIP by 2030, are meaningful and relevant in the context of TU's broader sustainability and business strategy and represent a material improvement over a predefined timeline. DNV concludes that TU's targets are ambitious and deemed to go beyond what is considered 'business-as-usual'. DNV has also reviewed the credibility of TU's approach to achieve the SPTs and considers them to be achievable within the timing set."

On the basis of the information provided by TU and the work undertaken, it is DNV's opinion that the Sustainability-Linked Financing Framework proposed meets the criteria established in the Protocol and is aligned with the Principles. The SPTs are material and relevant to TU's business strategy, operational environment and are considered to be ambitious and meaningful in the context of their operational environment."

More information on Thai Union's industry-leading global sustainability strategy, SeaChange® can be found here.


Thai Union Group PCL is the world's seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for 46 years.

Today, Thai Union is regarded as one of the world's leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 155.6 billion (US$ 4.4 billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.

The Company's global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, Hawesta, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ®BONE, UniQ®DHA and ZEAvita.

With a commitment to "Healthy Living, Healthy Oceans," Thai Union is proud to be a member of the United Nations Global Compact, a founding participating company of the International Seafood Sustainability Foundation (ISSF), and current Chair of Seafood Business for Ocean Stewardship (SeaBOS).

Thai Union's ongoing leadership in sustainability has been taken to the next level with the announcement of SeaChange® 2030, the Company's expanded sustainability strategy with more ambitious goals for people and planet. Through SeaChange®, the Company was recognized and listed on the Dow Jones Sustainability Indices (DJSI) for the ninth consecutive year in 2022, and ranked number one on the Food Products Industry Index of the DJSI, a position it previously held in 2018 and 2019. The Company was ranked number one on the Seafood Stewardship Index (SSI) in 2023, listed in the S&P Global Sustainability Yearbook 2023 after being ranked in the top 1 percent of more than 7,800 companies assessed, and also named to the FTSE4Good Emerging Index for the seventh straight year in 2022. Find out more about the Group's sustainability strategy at seachangesustainability.org.



HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $3,021bn at 30 September 2023, HSBC is one of the world's largest banking and financial services organisations.



Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand's six Domestic Systemically Important Banks (D-SIBs) with 78 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group and one of the world's largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 599 domestic branches (559 Banking Branches and 40 Auto Business Branches) and over 34,072 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 10.2 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).

Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.



Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 50 markets. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges.

MUFG Bank, Ltd. is Japan's premier bank, with a global network spanning more than 50 markets. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide.

In Asia Pacific, MUFG has presence across Australia, Bangladesh, Cambodia, China, Hong Kong, Indonesia, India, South Korea, Laos, Malaysia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.

It has also formed strategic partnerships with some of the most prominent banks in South-east Asia, further augmenting its unrivalled network across the region - VietinBank in Vietnam, Krungsri in Thailand, Security Bank in the Philippines and Bank Danamon in Indonesia.

For more information about our Asia Pacific network, click here.



Mizuho Financial Group is one of the world's largest full-service financial conglomerates with total assets of approximately JPY 237.0 Trillion as at March 2022. Mizuho has approximately 60,000 employees in over 100 locations outside of Japan and over 140 years of banking experience offering comprehensive financial and strategic services, including banking, securities, trust and asset management, credit card, private banking and venture capital, through its group companies including Mizuho Bank and Mizuho Securities.

Mizuho will especially focus on indirect impacts generated through provision of financial and other services and through engagement with clients. Mizuho will provide our clients with multi-faceted support for initiatives addressing the Sustainable Development Goals (SDGs) and environmental, social and governance (ESG) concerns.



Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group). Built upon our rich Japanese heritage since 1876, we put our customers first and provide seamless access to, from and within the Asia Pacific region.

SMBC is one of the largest Japanese banks by assets, with over ¥238,700 billion in total assets and strong credit ratings across our global integrated network spanning 39 countries and territories, 15 of which are here in the region. Our regional reach extends from corporate and institutional companies to individual customers supported by our Multi-Franchise Strategy in Indonesia, India, Vietnam, and the Philippines. We work closely as one SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.

With sustainability embedded within our strategy and operations, we are committed to creating a society in which today's generation can enjoy economic prosperity and well-being and pass it on to future generations.



"We are the independent expert in assurance and risk management. Driven by our purpose, to safeguard life, property, and the environment, we empower our customers and their stakeholders with facts and reliable insights so that critical decisions can be made with confidence. As a trusted voice for many of the world's most successful organizations, we use our knowledge to advance safety and performance, set industry benchmarks, and inspire and invent solutions to tackle global transformations."

For more on DNV's sustainable finance services, see here.


1 Sustainable aquaculture aims to address environmental and social issues related to shrimp production. Thai Union is committed to ensure 100% of shrimp purchasing volume is responsibly sourced through a certification that has been benchmarked by GSSI and is stated as GSSI Recognised or a credible AIP by 2030. Shrimp products account for approximately 20% of Thai Union's total sales. Through such actions, Thai Union contributes to nourishing the global population with nutritious and ethically produced seafood, thereby influencing the well-being of countless individuals reliant on seafood consumption, and consequently influencing the seafood industry as a whole. This aligns to UN Sustainable Development Goal (SDG) 2, 8, 10, 12, 13 and 14.



Thai Union Group pcl published this content on 30 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2023 06:05:15 UTC.