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TITLE: Speech by En Ahmad Zahirudin Abdul Rahim, Chairman, NACRA 2020 Adjudication Committee at National Annual Corporate Report Awards (NACRA) 2020 Launching Ceremony

DATE: 04/03/2020

SPEECH BY

EN AHMAD ZAHIRUDIN ABDUL RAHIM

CHAIRMAN
NACRA 2020 ADJUDICATION COMMITTEE

AT

NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA) 2020 LAUNCHING CEREMONY

4 MARCH 2020 (WEDNESDAY), The Zenith, Connexion Conference & Event Centre (CCEC), Level M2, The Vertical, Bangsar South, Kuala Lumpur

  • Mr Stanley Teo Swee Chua, Chairman of the NACRA 2020 Organising Committee
  • Yang Berusaha Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants
  • NACRA Committee Members
  • Distinguished guests
  • Members of the Media
  • Ladies and Gentlemen
  1. A very good morning to all of you.
  2. On behalf of the NACRA Adjudication Committee, welcome to the launch of NACRA 2020.
  3. Thank you to Stanley, our Organising Chairman for setting the tone and explaining about New NACRA 2020. I agree with him that the New NACRA is carefully designed to ensure that reporting goes beyond disclosure. Indeed, reporting on both financial and non-financial measures can become a highly useful tool for companies to align their performance with their strategy and meet increasing investor scrutiny and expectations for better sustainability.
  4. Since this is the New NACRA, there are several salient changes compared to the previous years. I am going to highlight the key changes that NACRA participants need to pay attention to:
  5. One, under New NACRA we have streamlined the adjudication process from two stages to just one. This will be more efficient and is more appropriate for the new awards structure. As per past years, we have assembled an independent panel of expert adjudicators who are well-versed with the latest issues and developments in business and markets, as well as corporate reporting and sustainability disclosures. 
  6. Two, New NACRA has dispensed with the separate categories for industries to further streamline the awards framework. As Stanley alluded to briefly earlier, instead of assessing companies against their peers in the same industry, companies’ annual reports will be assessed against their peers within the same tier of market capitalisation. For the 2020 NACRA awards cycle, companies competing for the Excellence Awards will be subdivided according to different tiers of market capitalisation.
  7. Three, as in the past, all participants are eligible to compete for Best Sustainability Reporting and Best Designed Annual Report. Those participants who submit the BM version of their annual report will be eligible to compete for the title of Best Annual Report in Bahasa Malaysia.
  8. More information on the adjudication process will be revealed during the presentation on the new NACRA framework, which is coming up shortly.
  9. Do note that companies are required to submit five copies of their annual reports and 1 PDF copy for the adjudication process. We thank our adjudicators for supporting this move to slim our carbon footprint by completing their assessments based on the softcopy PDF. Prior to NACRA 2019, we requested 50 copies for adjudication. This saves a lot of trees!
  10. However, we still require a minimal number of hard copies for the design category so that the adjudicators can fully appreciate the aesthetics of the annual report in form, texture, readability and creativity.
  11. Ladies and gentlemen, the whole objective of NACRA is to raise the bar for corporate reporting, which in turn builds good governance and trust. On behalf of the adjudication committee, I am proud to say that we have seen tremendous improvements in the quality of Malaysian annual reports over the decades. Congratulations to all these companies!
  12. We hope to see many more organisations participating in New NACRA this year, and encourage you to strive to meet the improved frameworks and guidance.
  13. Our adjudicators are eager to see how Malaysian organisations have improved on their corporate and sustainability reporting, which in turn can be a force for improved business sustainability that benefits the nation, especially in these volatile times.
  14. We look forward to reviewing the submitted reports, and to seeing you at the NACRA Awards Presentation Dinner.
  15. Thank you.