High-quality Corporate Reporting Helps Malaysia's Economy To 'Raise The Ceiling' - Amir Hamzah

KUALA LUMPUR, Nov 28 (Bernama) -- High-quality corporate reporting could play a role within the MADANI Economy framework, where Malaysia aims to 'raise the ceiling' by expanding the economic pie, fostering broader participation and increasing the complexity of our economy. 

Finance Minister II Datuk Seri Amir Hamzah Azizan said transparent and robust disclosures build trust, which in turn attracts high-quality investments and strengthens the linkages across industries.

"By committing to excellence in reporting, you play a pivotal role in transforming Malaysia into a dynamic and future-ready economy," he said in his keynote address at the 34th National Annual Corporate Report Awards (NACRA) 2024 presentation dinner here today.

Amir Hamzah said corporate reporting is not just about compliance - it’s about creating value and demonstrating resilience in an ever-evolving global landscape. 

He added that as Malaysia advances under the National Energy Transition Roadmap (NETR), sustainability reporting which has moved to the forefront of corporate strategy would be pivotal in aligning businesses with the country’s decarbonisation and green energy goals.

"This is why initiatives like the National Sustainability Reporting Framework or NSRF by the Advisory Committee on Sustainability Reporting are so critical. 

"Starting in 2025, large-cap listed companies on Bursa Malaysia will be required to adopt the NSRF. By 2027, ACE Market issuers and even large non-listed companies will follow suit," he said. 

The NSRF, combined with NETR and other national strategies, represents the government’s commitment to sustainable development and Malaysia’s aspiration to lead in green growth, said Amir Hamzah.

Meanwhile, to support businesses in this transition, he said, the Advisory Committee on Sustainability Reporting (ACSR) has further introduced the PACE initiative - Policy, Assumptions, Calculators, and Education. 

"This initiative will provide resources and capacity-building programmes to help companies, including small and medium enterprises (SMEs), adapt to the new reporting requirements," he said.

Malaysia is projected to require RM1.3 trillion by 2050 to meet its sustainability targets, covering renewable energy, energy efficiency and green mobility. 

At the event, NACRA 2024 celebrated a total of 33 winners amidst stiff competition from 49 participating organisations. 

NACRA 2024 is co-organised by Bursa Malaysia, Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA).

-- BERNAMA