CIMB Group, Sunway Berhad, Malaysian Resources Corporation Berhad and Petroliam Nasional Berhad were the top winners of the Platinum Awards in their respective categories at the recent National Annual Corporate Report Awards (NACRA 2022).
A total of 27 winners in different categories were announced out of a field of 52 participating organisations at the NACRA 2022 jointly organised by Bursa Malaysia Berhad (Bursa), Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA).
Now in its 32nd year, NACRA 2022 continues to enable further excellence and improvement in corporate reporting in Malaysia. Reflecting the key developments in the global reporting landscape, the NACRA assessment criteria is evolving to emphasise on both financial and non-financial information disclosures. This encompasses:
- the compliance aspect of statements such as the financial statements
- the relevant corporate reporting under Bursa Malaysia listing requirements, and
- the quality of non-financial information such as sustainability in the annual report.
In his congratulatory message delivered at the virtual awards ceremony, Tan Sri Abdul Wahid Omar, Chairman, Bursa Malaysia stated that “Corporate reporting can help companies be both excellent and accountable by pushing you to reflect on the purpose that drives you, the strategies that you frame, the decisions that you make and the value creation or dilution outcomes that ensue.”
He expects the focus on sustainability to accelerate “as the ESG agenda is both viable and highly relevant in a landscape rife with unprecedented risks” and as “ESG funds remained a top choice for investors and ESG investments continue to outperform globally.” Fraser & Neave Holdings Bhd won Platinum in the category for Sustainability Reporting.
Tan Sri Abdul Wahid also touched on Bursa’s initiative to elevate and future-proof public-listed companies (PLCs) via the Bursa Malaysia PLC Transformation Programme which was launched in March this year and targets the participation of 300 PLCs by the end of 2025. “The programme will certainly enhance the PLCs’ investability and serve as a catalyst to elevate the Malaysian market’s competitiveness vis-a-vis other exchanges in the region, particularly as ESG themes are prioritised among global investors,” he explained.
In his welcome remarks earlier, Mr Ong Chee Wai, Chairman of the NACRA 2022 Organising Committee noted that it has been demanding for organisations to adapt to reporting standards that are continually evolving to match investors’ growing expectations amidst an unprecedentedly risky and challenging global landscape.
“Organisations that stood out clearly narrated how they stayed resilient to navigate through challenges of COVID-19 and business continuity to create long-term value for their stakeholders. They were also able to deliver a comprehensive value creation story, one that is transparent on strategy and the organisation’s future orientation; concise; with reliable, complete and balance information; consistent and comparable,” explained Ong.
In his long experience serving as a NACRA Committee member, En Ahmad Zahirudin Abdul Rahim, Chairman, NACRA 2022 Adjudication Committee commended the tremendous improvements in the quality of Malaysian annual reports. “The NACRA entrants have demonstrated excellent adaptability, agility and resilience in keeping up with the evolution of global reporting and in complying with the new NACRA framework which was introduced in NACRA 2020 and is now in the third year of implementation.”
The current NACRA framework features elements that are aligned with local and global developments, reporting frameworks and best practices, including the latest Malaysian Code on Corporate Governance (MCCG), emphasis on sustainability elements and ESG considerations, and focus on COVID-19 pandemic impacts.
Ahmad Zahirudin also highlighted the strong participation from companies listed on the ACE market for 2022, which heightens the inclusivity and diversity of the NACRA and signals a growing recognition of the value of high-quality corporate reporting to diverse organisations, investors and stakeholders.
NACRA is open to all companies incorporated or registered in Malaysia as well as the public sector and other organisations established in Malaysia.
Below is the list of winners: