Source: Bernama Media Relations & Event Management
KUALA LUMPUR, 23 November 2010 - ACCA Malaysia (Association of Chartered Certified Accountants) lauds Bursa Malaysia Bhd newly launched Business Sustainability Programme which aims to engage directors of listed companies on the local stock exchange to make sustainability practices a boardroom agenda.
YBhg Datuk Mohd Nasir Ahmad, President of ACCA Malaysia Advisory Committee, said:
“In Malaysia, ACCA continues to advocate on behalf of businesses to remain responsible and produce reports which reflect a commitment to sustainability. ACCA consistently disseminate the message that accurate and meaningful reporting can help optimise business performance. There is a business case for sustainability reporting – using it can help companies identify and manage risks, and survive and thrive.”
He also expressed his hope that Bursa’s sustainability program --- which comprises a guide and an online portal to provide guidance to the board of directors of companies on sustainability practices --- would leads towards more comprehensive and integrated reporting. This could further assist Malaysia maintain its spot as front runner in sustainability reporting in ASEAN; Malaysia currently holds the distinction of having the highest number of reporters with a total of 49 companies overall producing 97 sustainability reports in the past eight years.
Jennifer Lopez, Head of ACCA Malaysia, said:
“ACCA also welcomes Bursa’s initiative to establish a sustainability index by 2012. Long-term business success - sustainable performance and profit - can only be considered in the broader sustainability context: by reducing the effects of our activities on the environment and conducting socially responsible business.”
She noted that Bursa’s initiative coupled with Bank Negara Malaysia announcement to maintain the overnight policy rate (OPR) at 2.75% is timely. This could assist Malaysian businesses sustain its competitiveness as according to ACCA’s Global Economic Survey Report: Q3, 2010 the fragile global recovery went into reverse in the third quarter of 2010, with investment and business confidence suffering a setback.
Ms Lopez elaborated that opportunities in new markets and cost cutting (reported by 25% and 20% respectively) continue to be the most common for respondents in Malaysia, followed by opportunities to invest in quality standards and explore niche markets (18%).
ACCA champions the extension of corporate reporting to include the social and environmental aspects of a business. It has introduced an annual Sustainability Reporting awards throughout the world, with the aim to identify and reward innovative attempts to communicate corporate sustainability performance and transparency.
The ACCA Malaysia Sustainability Reporting Awards (ACCA MaSRA), which promotes transparency and best practices, endeavours to assist businesses and organisations realise the growing importance of sustainability to their operations. A total of 53 reports were nominated at ACCA MaSRA 2010 held on 8 November 2010 with twenty short-listed for selection of awards. Kulim (Malaysia) Bhd emerged overall winner bagging top accolades.