GCNM and CMM commit to advancing Malaysia’s corporate sustainability agenda

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KUCHING, Feb 6: Global Compact Network Malaysia (GCNM), the local network of the United Nations Global Compact initiatives and Capital Markets Malaysia (CMM) have jointly launched the Global Compact Network Malaysia Centre of Excellence (COE).

Both parties in a joint statement issued in Kuala Lumpur said the centre of excellence was launched to drive strategic development of the sustainability agenda and to accelerate the performance of corporate Malaysia in supporting the achievement of the Sustainable Development Goals (SDGs).

The statement noted the growing adoption globally of sustainable and responsible investing (SRI) as an investment principle has made it imperative for Malaysian public listed companies to be equipped to meet global sustainability standards and be prepared to communicate their sustainability efforts meaningfully to stakeholders.

Meanwhile, CMM, an affiliate of Securities Commission Malaysia (SC) will provide strategic support and seed funding for the COE as part of its initiative to position Malaysia as a regional centre for sustainable and responsible investment.

“SC is committed to the development of Malaysia’s sustainable financing and investment ecosystem and will continue to encourage innovation and collaboration by the industry to advance our national sustainability agenda.

“The partnership between GCNM and CMM is certainly a step forward to enable and accelerate private sector performance in incorporating globally recognised sustainability standards,” according to SC chairman Datuk Syed Zaid Albar in the statement.

In the meantime, he noted the Malaysian capital market has undertaken various other initiatives to advance the country’s sustainability agenda.

Those include the development of the FTSE4Good Index, introduction of the Sustainability Reporting Framework for public listed companies by Bursa Malaysia and most recently the SC’s sustainable and responsible investment roadmap for the Malaysian capital market (SRI Roadmap).

United Nations Global Compact Global operations chief Ole Lund Hansen added: “Investors, consumers and governments are all pushing for a more transparent and responsible way of doing business, and companies that embrace sustainability and contribute to achieving the SDGs stand to unlock huge market opportunities.

“Country-level initiatives by GCNM such as the COE will ensure that the Malaysian private sector is delivering on the SDGs.”

Hansen outlined that the COE will carry out capacity building activities to train companies on best-in-class corporate sustainability practices and conduct C-suite coaching sessions on reporting and engagement with institutional investors to ultimately prepare corporations to meet global sustainability standards and align themselves with the SDGs. — DayakDaily