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TITLE: NACRA 2020 To Introduce New Assessment Framework

DATE: 07/12/2018

NACRA 2018

NACRA 2020 TO INTRODUCE NEW ASSESSMENT FRAMEWORK

While NACRA has made continual improvements to its criteria since it was launched in 1990, its New Assessment Framework will keep NACRA current with manifest changes in stakeholder expectations and the global corporate reporting landscape.

The 2018 National Annual Corporate Report Awards (NACRA 2018) continues to recognise and reward excellent corporate reporting in Malaysia.

A total of 26 awards were given out to deserving winners at the NACRA 2018 Awards Presentation Ceremony and Dinner, jointly organised by the Malaysian Institute of Certified Public Accountants (MICPA), Malaysian Institute of Accountants (MIA) and Bursa Malaysia Berhad.

Guest of honour Yang Berhormat Tuan Lim Guan Eng, Finance Minister, Ministry of Finance Malaysia congratulated Bursa Malaysia, MIA and MICPA for collaborating strategically to promote excellence in corporate reporting, that advocates transparency and alignment with the latest thinking and developments.

In his keynote address, Lim encouraged more companies to “embrace all the improvements being endorsed by NACRA”. These include integrated reporting , sustainability reporting and reporting on diversity and inclusion (D&I), which are aligned to best practices and standards in global corporate reporting. “The Government’s stance is that transparency in corporate reporting promotes confidence and public trust in the capital market, which in turn drives a dynamic capital market, so we are pleased to endorse NACRA’s efforts,” he said.

Since it was launched in 1990, NACRA sought to continually improve on the quality of annual reports. 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. Criteria have been made increasingly more stringent to raise the standard of corporate reporting and to benchmark NACRA against the latest global developments in corporate and financial reporting, explained Stanley Teo Swee Chua, NACRA 2018 Organising Committee Chairman in his remarks.

Teo added that manifest changes in stakeholder expectations and the global corporate reporting landscape make it timely for NACRA to revise its criteria/ framework. “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,” he said.

Encik Ahmad Zahirudin Abdul Rahim, NACRA 2018 Adjudication Committee Chairman shared a few observations with regards to the NACRA 2018 entries.

While organisations continued to disclose their board and workforce diversity policies in compliance with the Malaysian Code of Corporate Governance and the Listing Requirements, most have yet to transcend compliance and elevate their D&I disclosure in line with global frameworks such as the Global Reporting Initiative (GRI) Standards.

“In future, organisations should consider providing more details on such as workforce composition, flexible work arrangements (FWA) and their take up rate as well as the percentage of new hires. Such disclosures would certainly enhance the readers’ understanding of the organisations’ D&I practices and will be taken into consideration in the scoring for the D&I awards,” he explained.

As this is just the second year since NACRA introduced its integrated reporting award, only approximately 40% of the participating companies presented . Ahmad Zahirudin noted improvement of the adoption of best integrated reporting practices in some of the companies. “The winners of have clear and good articulation of value creation to various stakeholders, their strategies and future outlook. All these are the key elements of and were featured strongly in the winners’ report.”

A total of 26 awards were presented during the ceremony. Please refer to the attached appendix for the full list of winners.

Description: NACRA 2018 List of Winners
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