My ESG Forums Unite Businesses to Elevate Corporate Governance

Kuala Lumpur, 18 July 2024 – As the corporate landscape evolves and Malaysia advances its commitment to Environmental, Social, and Governance (ESG) principles, the need to elevate corporate governance practices has never been more critical. The third series of the ‘My ESG Forums’ urged businesses to prioritize robust governance frameworks. Under the theme of ‘Governance,’ experts highlighted cutting-edge insights into strengthening corporate governance and the significance of how robust governance practices can drive sustainable value creation, going beyond mere compliance to achieve long-term success.

This call to action was underscored by CIC Capital Consultancy Sdn Bhd (“CIC”), in a joint venture with the University of Malaya (UM), co-organized My ESG Forums 3, focusing on the ‘G’ pillar of ESG at the KL Wellness City Gallery, Bukit Jalil today. The forum successfully provided insights into enhancing corporate governance through transparency, accountability, and diverse board leadership, demonstrating how robust governance practices drive sustainable value and ensure lasting organizational success.

The forum featured two insightful sessions with speakers from Andorra Women and Children Hospital, UEM Edgenta Berhad, KPS Berhad, Puncak Niaga Holdings Berhad, and Sungei Bagan Rubber Co (Malaya) Bhd.

A representative from Sungei Bagan Rubber Co (Malaya) Bhd shared insights on Board Diversity and Transparency, emphasizing the types of diversity, recruitment strategies and diversity metrics. She also shared a business case to adopt Diversity, Equity and Inclusion (“DEI”) as part of Corporate Governance.

Ms. Grace Yap Mei Wan, Independent Director, stated, “Businesses can inculcate ‘diversity’ in their company by enabling equal opportunities at your company and instil inclusiveness by welcoming people of different values, backgrounds and beliefs.”

The second series highlighted the contribution of Ms. Amira Abd Rahaman from Puncak Niaga Holdings Berhad, Ms. Ernie Idayu Kamal from the UEM Edgenta Berhad and Dr. Shatish Rao Samtharan from KPS Berhad.

Speaking at the second session, Ms. Ernie Idayu Kamal, a section head, of audit-corporate services & ESG Assurance from UEM Edgenta Berhad discussed the proactive governance practice, highlighting anticipating regulatory changes, developing robust policy and procedures, enhancing transparency and accountability, strengthening board oversight.

“Proactively addressing ESG issues can minimize the risk of non-compliance with existing and future regulations and it encourages the adoption of sustainable practices that contribute to long-term business success,” she said.

During the forum, several significant insights were highlighted, including collective accountability and the characteristic of beyond compliance. These insights underscored the necessity for organizations to adopt innovative governance practices that ensure ethical leadership and long-term sustainability.

The forum concluded with a call to action for businesses, government bodies, and civil society to work together towards the common goal of ensuring a future where transparency, accountability, and ethical governance are the cornerstones of all organizational practices.

Building on the success of the inaugural and second series, My ESG Forums has consistently achieved its objectives of fostering ESG understanding and emphasizing the vital role of the social pillar in ESG. This six series of My ESG Forums are dedicated to promoting sustainable practices, driving forward-thinking discussions, and providing actionable insights among industry leaders, policymakers, and academics aimed at achieving sustainable development and social equity.