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TITLE: Speech by Mr Stanley Teo Swee Chua, NACRA 2018 Organising Committee Chairman at National Annual Corporate Report Awards (NACRA) 2018 Awards Presentation Dinner

DATE: 06/12/2018

SPEECH BY

MR STANLEY TEO SWEE CHUA

NACRA 2018 ORGANISING COMMITTEE CHAIRMAN

AT

NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA) 2018
AWARDS PRESENTATION DINNER
THEME: TOWARDS ACCOUNTABILITY & EXCELLENCE

6 DECEMBER 2018 (THURSDAY), 8.15 p.m. – 8.25 p.m., GRAND BALLROOM, HILTON HOTEL, KUALA LUMPUR

Salutations:

  • Yang Berhormat Tuan Lim Guan Eng, Finance Minister, Ministry of Finance Malaysia
  • Yang Berusaha Encik Eugene Wong Weng Soon, Managing Director, Corporate Finance & Investments of Securities Commission Malaysia
  • Yang Berusaha Puan Yew Yee Tee, Chief Regulatory Officer of Bursa Malaysia Berhad
  • Yang Berusaha Encik Salihin Abang President of Malaysian Institute of Accountants
  • Yang Berusaha Dr Veerinderjeet Singh, Vice President of the Malaysian Institute of Certified Public Accountants,
  • Yang Berusaha Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer of Malaysian Institute of Accountants
  • Yang Berusaha Encik Novie Tajuddin, Chief Executive Officer of the Malaysian Institute of Certified Public Accountants
  • Encik Ahmad Zahirudin Abdul Rahim, NACRA 2018 Adjudication Committee Chairman
  • Distinguished Guests, Members of the Media, Ladies & Gentlemen

Good evening. Welcome to the 2018 National Annual Corporate Report Awards Presentation Ceremony.

  • On behalf of the Malaysian Institute of Certified Public Accountants (MICPA), Malaysian Institute of Accountants (MIA) and Bursa Malaysia Berhad - the joint organisers for NACRA 2018, thank you for being with us tonight. I am delighted to see such a strong outpouring of support for NACRA.
  • On behalf of NACRA, I would like to especially thank our guest of honour Yang Berhormat Tuan Lim Guan Eng, Finance Minister, Ministry of Finance Malaysia for making the time to join us tonight as we celebrate and honour all the organisations who participated in NACRA this year.
  • NACRA’s theme, “Towards Accountability & Excellence” underscores the relevancy of annual reports in the capital market, even in today’s environment where virtual information is virtually at our fingertips. An annual report remains a powerful tool to communicate a company’s business model, vision and strategies to key stakeholders. It tells the story of an organisation’s achievements, overall goals and objectives, financial position, growth, its people and commitment towards sustainability.
  • Recognising that conveying accurate information is vital for stakeholders and decision makers, NACRA aims to continually improve on the quality of annual reports.
  • As such, since it was launched in 1990, the guidelines and criteria for NACRA have continuously been reviewed and enhanced each year to encourage the disclosure of all material and relevant information beyond the statutory requirements. We have increasingly made the criteria more stringent to raise the standards and best practices in annual reports over the years and to benchmark NACRA against the latest global developments in corporate and financial reporting.

Ladies and gentlemen,

  • Over the years, the corporate reporting landscape has evolved significantly. Today, the industry is leaning more towards corporate reporting above and beyond financial compliance, in order to provide more information to meet growing demand from investors and decision-makers who want the “big picture” of business entities – qualitative and quantitative information.
  • As such, stakeholders are pushing for more voluntary reporting by companies on their sustainability and their value creation efforts over time. Hence, companies are encouraged to report information that goes beyond traditional and historical financial information to encompass their impacts on society and environment.
  • This has led to manifest changes in corporate reporting requirements, which include various local regulatory and listing requirements for corporate reporting pertaining to financial, business, corporate governance, sustainability, inclusivity and diversity disclosures as well as the introduction of the Integrated Reporting framework.
  • To stay abreast of these changes in the corporate reporting landscape, it is timely for NACRA to revise our criteria/ framework. Hence, NACRA 2019 will be the last year that entries will be assessed using the existing framework. Beginning from 2020, a new framework will be introduced for NACRA 2020.
  • I am sure that you are all eager to learn more about the new framework and the pertinent changes. These will be revealed in the future NACRA launch.

Ladies and gentlemen,

  • For the NACRA 2018 reporting cycle, I am pleased to announce that we received an increased number of participants vying for the prestigious awards. The new participants join many returning NACRA veterans who are established leaders in their respective industries.
  • We hope to see many more organisations participating in future, as your participation will help to raise the quality and standards of corporate reporting in Malaysia and enhance our global competitiveness as an investment and capital market destination. Winning a NACRA award also grants the winner the distinction of having produced the best annual report whilst strengthening the organisation’s brand and strength in corporate governance.
  • Before I end, I would like to thank my fellow members on the NACRA Organising Committee, the Adjudication Committee and Secretariat staff for their tireless dedication towards NACRA and in realising tonight’s ceremony. I would also like to say a big thank you to all the organisations who participated in this year’s NACRA.
  • I would like to once again extend our thanks to Yang Berhormat Tuan Lim Guan Eng, Finance Minister, Ministry of Finance Malaysia for his gracious presence here tonight.

Good luck and all the best to the participants!

Thank you and do enjoy the evening!