NEWS

 

TITLE: Welcome Address by Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants at A Session on Integrated Reporting <IR> with Investors and PLC

DATE: 06/04/2017

WELCOME ADDRESS BY

DR NURMAZILAH DATO’ MAHZAN

CHIEF EXECUTIVE OFFICER

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

A SESSION ON INTEGRATED REPORTING <IR> WITH INVESTORS AND PLCs

6 APRIL 2017, THURSDAY, 2.30PM, KUALA LUMPUR

Salutations:

  • International Integrated Reporting Council (IIRC), Chief Executive Officer, Richard Howitt
  • International Integrated Reporting Council (IIRC), Chief Strategy Officer, Jonathan Labrey
  • Ladies and Gentlemen

Good Morning!

I am pleased to be here at this Integrated Reporting <IR> session with investors and public listed companies (PLCs).

The main objective of this session is to gauge on how investors would find the integrated reports valuable in order to make informed decisions. This session is also an opportunity for us to gain a deeper understanding on the implementation issues on <IR> from public listed companies (PLCs) perspective.

Ladies and Gentlemen,

<IR> has been hailed as a game changer for corporate reporting. <IR> is a means of communicating in a clear and concise manner i.e. an integrated story that explains how the organisation’s resources are creating value over short, medium and long-term. It provides a more comprehensive overview of the organisation, thus helping stakeholders to make better informed decisions.

Ladies and gentlemen, accountants play an important role in the space of <IR>. Investors and stakeholders demand comprehensive information about the company’s strategies and how it is creating value in the short, medium and long term. In this aspect, South Africa has made it mandatory for listed companies to prepare an integrated report.

Closer to home, Japan, has become the biggest success story outside of South Africa. With the support of regulators, more than 200 listed companies in Japan are producing integrated reports and it is purely market led, which is an extraordinary achievement.

Companies in Sri Lanka are also very receptive in adopting <IR> because the Prime Minister of Sri Lanka has endorsed <IR>. He said adopting <IR> will make Sri Lanka more attractive for foreign investment and local private investment.

In both countries, the messages and initiatives outlined from the top (in this case the prime minister of the respective countries) are loud and clear. And, these tones from the top have helped in the takeoff of <IR>.

In Malaysia, however <IR> is still very much at an infancy stage. Currently, there are only a handful of local companies that have adopted <IR> in their annual reports.

Ladies and Gentlemen,

To increase the awareness of <IR> in Malaysia, the Integrated Reporting Steering Committee (IRSC) was established within the Malaysian Institute of Accountants (MIA) less than three years ago.

In this aspect, the IRSC has and will continue to have a series of dialogues with stakeholders and investors on educating them on the need for <IR> in the organisations.

The initiatives include having one-on-one sessions with PLCs, participating in the International Integrated Reporting Council’s <IR> Business Network, conducting an investors’ roundtable as well as an engagement session with Malaysian businesses.

Last year, the committee has carried-out various initiatives including the inaugural <IR> Conference and <IR> Recognition Award.

This year, we introduced a new award category i.e. the Integrated Reporting Award under the National Annual Corporate Report Awards or NACRA for short. This award recognises the importance of <IR> which NACRA has been promoting over the past few years.

We are confident that with our continuous efforts and on-going engagements, more companies would adopt <IR>.

Ladies and Gentlemen,

We are very fortunate to have with us Richard Howitt and Jonathan Labrey to share their knowledge and experiences on <IR> with all of us.

Do take this opportunity to clear any of your doubts during this session.

On that note, I wish you all a productive day ahead.

Thank you.