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TITLE: Speech by Ms Loh Lay Choon, Chairperson, NACRA 2017 Adjudication Committee, National Annual Corporate Report Awards (NACRA) Awards Presentation Ceremony 2017

DATE: 23/11/2017

SPEECH BY

MS LOH LAY CHOON

CHAIRPERSON

NACRA 2017 ADJUDICATION COMMITTEE

NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA)

AWARDS PRESENTATION CEREMONY 2017

NOVEMBER 23, 2017

  • Yang Berhormat, Datuk Seri Johari bin Abdul Ghani
    Minister of Finance II
  • Yang Berbahagia Datuk Seri Tajuddin Atan
    Chief Executive Officer, Bursa Malaysia Berhad
  • Yang Berbahagia En Salihin bin Abang
    President, Malaysian Institute of Accountants (MIA)
  • Yang Berbahagia Datuk Tan Theng Hooi
    President, The Malaysian Institute of Certified Public Accountants (MICPA)
  • En Ahmad Zahirudin Abdul Rahim
    Chairman, NACRA 2017 Organising Committee
  • Yang Berbahagia Tan Sri-Tan Sri, Puan Sri-Puan Sri, Datuk-Datuk and Datin-Datin
  • Participating Organisations
  • NACRA Committee Members and Adjudicators
  • Distinguished Guests
  • Members of the Media
  • Ladies and Gentlemen

Good evening. I hope you are having an enjoyable evening thus far, catching up with friends and associates.

I can feel the excitement as we move on to the most awaited moment of tonight’s event – the Awards Presentation Ceremony. Winning a NACRA award accentuates an organisation’s corporate standing among other organisations and contributes to the strength of its brand. Whilst some of you might have a sense of déjà vu, do be prepared for some surprises.

Ladies and gentlemen.

Good reporting is about transparency and engagement. An annual report has become and remains a key document for businesses and their stakeholders as it summarises the financial position of the organisation, its key activities and, in some cases, sets out the strategic direction for the future. Some may still consider the annual report to be a rather dry document and time intensive to prepare. However, the global business community recognises the opportunities that an annual report presents through communicating with stakeholders, building trust and attracting capital.

A good annual report is able to take the financial and non-financial information of an organisation and tell a clear, accessible story in a coherent way. By doing so, it has the potential to create greater public trust and confidence in the performance and prospects of the respective organisation. However, it does not have to mean bulkier and heavier reports. In fact, the international accounting standard setter has embarked on a couple of projects to improve communication via financial reports following stakeholders’ feedback that financial reports have become too voluminous and at times having too much of non-important or immaterial information which might impede the telling of that clear, accessible story of an organisation’s performance and prospects.

The NACRA Committee had highlighted in previous years that Integrated Reporting (<IR>) is now hailed as a game changer for corporate reporting globally. <IR> improves the quality of information available to investors to enable a more efficient and productive allocation of capital. The Committee believes that could well take away or reduce duplication in corporate reporting and hence meets the objective of providing a clear accessible story of an organisation’s performance and prospects.

With that belief, the Committee introduced a new award for Integrated Reporting to recognise organisations that produce exemplary and excellent integrated reports. We are pleased to inform that the adjudicators for IR include adjudicators from South Africa, India and Singapore and 2 of them are here with us tonight.

Ladies and Gentlemen,

I have been involved in NACRA for many years starting off as an adjudicator and am happy to see notable improvement in corporate reporting from the information provided to the layout and design. It goes to show that a number of progressive organisations have embraced recent developments in corporate reporting with enthusiasm and dedication. However, there are still a majority of organisations in Malaysia who continue to treat corporate reporting as a compliance exercise. Being my last year as NACRA Adjudication Committee Chair, my wish is to see more organisations embrace the value of excellent corporate reporting as displayed by the winners tonight.

Tonight, a total of 29 awards will be presented for the following categories:

  • The Overall Excellence Awards for Most Outstanding Annual Report of the Year;
  • Industry Excellence Awards for Companies Listed on the Main Board;
  • Presentation Awards, comprising the Best Annual Reports in Bahasa Malaysia and Best Designed Annual Reports;
  • Sustainability Reporting Awards replacing the previous Corporate Social Responsibility Reporting Awards to move in tandem with Bursa’s Listing Requirements;
  • Inclusiveness and Diversity Reporting Awards in its third year
  • Our new award – Integrated Reporting Awards.
  • And not forgetting the Special Award for Non-Listed Organisations

We will also be presenting 17 Certificates of Merit to the finalists in recognition of the excellent quality of their annual reports.

Before we move on to the winners’ announcement, I would like to take this opportunity to thank the NACRA Committee members and all the adjudicators for their time, support and continuous dedication towards NACRA. Let’s give them a big round of applause.

Thank you.