Bursa Malaysia has launched the second guidebook in a series of five guidebooks as part of the PLC Transformation Programme, titled ‘Sustainable, Socially Responsible and Ethical PLCs’. The program, launched on the 2nd March 2022, seeks to raise the stature of corporate Malaysia and increase the attractiveness of Malaysian publicly listed companies (PLCs). According to Securities Commission Malaysia, about 79% of companies listed on the exchange are Shariah compliant as at the 27th May 2022.
“Through Bursa Malaysia’s guidebooks and other initiatives, the PLC Transformation Programme aims to assist PLCs in identifying areas of development that are aligned with key global trends and multi-stakeholders’ expectations. These efforts will certainly enhance the PLCs’ investability, particularly as themes such as environmental, social and governance are quickly becoming front and center among global investors,” Tengku Zafrul Tengku Abdul Aziz, the minister of finance, commented.
The newly launched second guidebook stresses the need for PLCs to develop a well-defined ESG approach, including putting in place better governance and more effective management of environmental and social performance through embedding robust ESG practices across key functions of the organization. The non-mandatory program has received registered participation from 74 PLCs as at the 10th June 2022. Participating PLCs, or ‘program champions’, participate in webinars and engagements which seek to assist them in delivering sustainable and robust financial performance. The efforts and progress of program champions are monitored via a digital dashboard to encourage transparency and effective achievement of the intended outcomes.