DRIVING VALUE
Like

NACRA 2020 to Introduce New Assessment Framework

December 18, 2018
547 Views
0 Comments
4 minutes read
NACRA 2020 to Introduce New Assessment Framework

Winners from all categories

The 2018 National Annual Corporate Report Awards (NACRA 2018) continues to recognise and reward excellent corporate reporting in Malaysia.

A total of 26 awards were given out to deserving winners at the NACRA 2018 Awards Presentation Ceremony and Dinner, jointly organised by the Malaysian Institute of Certified Public Accountants (MICPA), Malaysian Institute of Accountants (MIA) and Bursa Malaysia Berhad. In the category of most outstanding annual report of the year, CIMB GROUP HOLDINGS BERHAD won Platinum, PETRONAS GAS BERHAD Gold, and TELEKOM MALAYSIA BERHAD silver.

YB Tuan Lim Guan Eng

In his keynote address, Guest of Honour Yang Berhormat Tuan Lim Guan Eng, Finance Minister, Ministry of Finance Malaysia encouraged more companies to “embrace all the improvements being endorsed by NACRA”. These include integrated reporting, sustainability reporting and reporting on diversity and inclusion (D&I), which are aligned to best practices and standards in global corporate reporting. “The government’s stance is that transparency in corporate reporting promotes confidence and public trust in the capital market, which in turn drives a dynamic capital market, so we are pleased to endorse NACRA’s efforts,” he said.

Since it was launched in 1990, NACRA has sought to continually improve on the quality of annual reports by continuously reviewing and enhancing guidelines and criteria for NACRA each year to:

  • encourage the disclosure of all material and relevant information beyond the statutory requirements.
  • raise the standard of corporate reporting and to benchmark NACRA against the latest global developments in corporate and financial reporting.

Stanley Teo Swee Chua, NACRA 2018 Organising Committee Chairman in his remarks said that manifest changes in stakeholder expectations and the global corporate reporting landscape make it timely for NACRA to revise its criteria/ framework. “NACRA 2019 will be the last year that entries will be assessed using the existing framework. Beginning from 2020, a new framework will be introduced for NACRA 2020,” he said.

Ahmad Zahirudin Abdul Rahim, NACRA 2018 Adjudication Committee Chairman shared a few observations with regards to the NACRA 2018 entries. To elevate future disclosure on diversity and inclusiveness in line with global frameworks such as the Global Reporting Initiative (GRI) Standards, he recommended that organisations should consider providing more details such as “workforce composition, flexible work arrangements (FWA) and their take up rate as well as the percentage of new hires.” Best Inclusiveness and Diversity awards were won by TELEKOM MALAYSIA BERHAD – Platinum, CIMB GROUP HOLDINGS BERHAD – Gold and NESTLE (MALAYSIA) BERHAD – Silver.

CIMB Group Holdings Berhad (CIMB) won the coveted Overall Excellence Platinum Award

As this is just the second year since NACRA introduced its integrated reporting (IR) award, only approximately 40% of the participating companies presented IR. Ahmad Zahirudin noted improvement of the adoption of best integrated reporting practices in some entries, whereby the winners demonstrated “clear and good articulation of value creation to various stakeholders, their strategies and future outlook”, all of which are key elements of IR. Best IR awards were won by SIME DARBY BERHAD – Platinum, SUNWAY REAL ESTATE INVESTMENT TRUST – Gold and PETRONAS GAS BERHAD – Silver.

error: Alert: Content is protected !!