December 1, 2022, by Communications
The University of Nottingham is the knowledge partner of Malaysia Business Sustainability Pulse Report 2022
University of Nottingham Malaysia (UNM) is the knowledge partner of the Malaysia Business Sustainability Pulse Report 2022 by UN Global Compact Network Malaysia & Brunei which was launched in September.
The Report is a multi-collaborative effort to address the private sector sustainability data gap and shed light on current sustainability trends within the Malaysian business ecosystem.
Led by UN Global Compact Network Malaysia & Brunei, the Malaysia Businesses Sustainability Pulse Report 2022 is a 6-month multi-collaborative effort between Bursa Malaysia, Malaysia External Trade Development Corporation (MATRADE), and Malaysia Digital Economy Corporation (MDEC), supported by Axiata, HSBC Amanah, Sarawak Energy and Tata Consultancy Services Malaysia, and a knowledge partnership with UNM under the Nottingham University Business School Malaysia (NUBS Malaysia) to examine the Malaysian private sector’s sustainability data gap within the current business ecosystem as well as to understand ongoing sustainability trends within the market. In turn, it is hoped that the report can guide decision-makers to pave the way and craft effective policies towards improved sustainability performance within the market.
The Report, surveying 261 respondents (125 corporates, of which 88 are PLCs, 21 MNCs, 14 GLCs; and 121 MSMEs), highlights the business view that governments and customers are the key drivers of sustainability, with 45% of respondents considering dedicating resources towards being sustainable trade ready. Furthermore, one in two companies are also considering integrated sustainability performance measures in their reporting, recognising the value of incorporating Environmental, Social and Governance (ESG) related information into their performance measurement systems.
Despite the growing trends of Malaysian stakeholders’ sustainability demands, an alarming 45% of Malaysian companies had still not allocated a budget for sustainability initiatives, with 33% of Malaysian companies claiming a lack of sustainable financing plans. Furthermore, Sustainable Development Goals (SDGs) adoption remains worrying with nearly half (47%) of the Malaysian private sector indicating no commitments to the SDGs while 34% of businesses indicate that the SDGs are not relevant to their business. However, the report suggests that this may be due to the over emphasis on ESG as the common sustainability language for businesses, thus under-prioritising the SDGs.
At UNM this report was led by Dr Avvari V Mohan former Director of Research at NUBS Malaysia, Dr Hung Woan Ting Associate Professor of Management Accounting and Dr Jayalakshmy Ramachandran Associate Professor of Auditing and Accounting.
“it is timely to take the pulse of business sustainability in Malaysia, given the growing regulation and expectations on companies to embed sustainability practices in businesses,” Dr Hung Woan Ting said.
We are particularly excited to present insights about key drivers, sustainability practices and strategies, and the uptake of ESG related performance measurement systems in companies. As a leading business school in the region, we are committed to support businesses in their sustainability journey through identifying gaps and areas of opportunities and challenges, and enriching their capacity to embark on this meaningful journey”
In agreement Dr Jayalakshmy Ramachandran added, “NUBS Malaysia is privileged to be the knowledge partner for this report, garnering the excellent collaboration from the key stakeholders.
We have received many useful insights shared from companies across different industries and sizes, as such this report presents a collection of findings aimed to provide a better understanding of the current sustainability landscape in the private sector.
For more information or to access the Malaysia Businesses Sustainability Pulse Report, visit https://www.ungcmyb.org/malaysia-businesses-sustainability-pulse-report.
About UN Global Compact Network Malaysia & Brunei
United Nations Global Compact (UNGC) is a strategic policy initiative for businesses that are committed to take actions to advance broader societal goals. UN Global Compact Network Malaysia & Brunei (UNGC MYB) is the official local network of UNGC, that supports Malaysian & Bruneian companies in enabling them to contribute towards the SDGs and achieve business excellence via our 10 principles, programmes and tools while providing access to partnerships with a range of stakeholders – to share best practices and emerging solutions. We also seek to position Malaysian and Bruneian businesses as a benchmark and a primary agent in driving a sustainable world.
About the University of Nottingham Malaysia
The University of Nottingham Malaysia (UNM) offers a distinctly British education in an Asian setting with a legacy as the first overseas campus of a UK university to be established globally. UNM is recognised for its excellence in teaching and learning, as well as the outstanding student experience offered on its 118-acre campus just an hour south of the KL city-centre. UNM’s extensive and diverse research community develops solutions that tackle key global challenges in the areas of food, health, the environment, sustainability, and socio-economic issues within the ASEAN region. The University of Nottingham is ranked 114th from over 1,500 institutions around the globe by the QS World University Rankings 2023 and is rated 5 Star (Excellent) in the SETARA rating system by the Government of Malaysia. Established in 2000, UNM has more than 5,000 students from over 75 countries with 15,000 alumni working with the world’s top 100 global brands.