By SIOW NAN YEE / Pic By ISMAIL CHE RUS
Bursa Malaysia Bhd, the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants has launched the National Annual Corporate Report Awards (NACRA) 2018, focusing on raising awareness to meet the growing global expectations for sustainability reporting.
NACRA organising committee chairman Stanley Teo Swee Chua said the improvements in annual corporate reporting are crucial to place the Malaysian capital market and business on a more competitive global footing.
“The annual report today is no longer just a financial statement because non-financial information is getting more valuable due to its accountability and communicating values with employees, customers, stakeholders and investors.
“The essence to produce quality reports highly depends on the top management’s drives to put in efforts, resources and investment,” he told The Malaysian Reserve on the sidelines of the launching ceremony yesterday.
He added if a company sees the filing of the grey literature as necessary to comply with the statutory regulation, its submission of a number-statement is merely inefficient.
Teo noted companies such as Telekom Malaysia Bhd spend big money to produce quality annual corporate reports because its management see value in it.
Teo said the additional investment doesn’t mean non-listed or small capital companies have no chance to win NACRA awards as there is a special award for the category.
NACRA adjudication committee chairman Ahmad Zahirudin Abdul Rahim said the assessment of sustainability reports are based on the disclosure of all material and relevant information in compliance with Bursa Malaysia’s listing requirements.
“For the integrated reports, NACRA is looking for how effectively the report brings greater cohesion and efficiency to the reporting process,” he added.
NACRA adjudicator Kasturi Nathan said the constitution to good sustainable report are the sustainable development goals (SDGs), also known as the global goals.
“Reporting on SDGs from hollow talk to real matrices requires understanding, prioritisation and measurement of the economic, social impacts, environment impacts and real values.
“Most measurement and reporting stops at production outputs, neglecting the relative significance of the output consequences,” Kasturi said during the official ceremony.
Sustainability has become a listing requirement in annual reports for listed issuers and has emerged as a key issue for companies and governments.
“We have been working to benchmark NACRA against the latest global developments in corporate reporting through our new Sustainability Reporting Award and hope to receive more entries this year,” he said in Kuala Lumpur yesterday.
The joint organisers for NACRA have invited all eligible companies in Malaysia to submit their annual report entries by May 31, 2018.
NACRA 2018 comprises seven categories of awards, namely the Overall Excellence Awards, Industry Excellence Awards for listed companies, Presentation Awards, Sustainability Reporting Awards, Inclusiveness and Diversity Reporting Awards, Integrated Reporting Awards and the Special Award for Non-Listed Organisations.