FOR IMMEDIATE RELEASE
28 NOVEMBER 2024
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NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA) 2024 CELEBRATES EXCELLENCE IN CORPORATE REPORTING, SUPPORTS MALAYSIA’S SHIFT TO SUSTAINABILITY REPORTING
KUALA LUMPUR, 28 November 2024 –The 34th National Annual Corporate Report Awards (NACRA) presentation dinner celebrated a total of 33 winners amidst stiff competition from 49 participating organisations.
Jointly organised by Bursa Malaysia Berhad, Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA), the prestigious NACRA awards are conferred on organisations that demonstrate excellence in their corporate reporting encompassing both financial and non-financial information.
In his welcome remarks, NACRA 2024 Organising Committee Chairman Mr Ong Chee Wai underscored the vital role that annual reports play in propagating transparency and enhancing integrity within the capital markets. “Even with many avenues of information available today, an annual report remains a powerful tool to concisely communicate a company’s strengths and strategies to key stakeholders,” he said.
To ensure that annual reports are relevant to business and the investment community, NACRA continuously reviews and enhances its guidelines and criteria in order to meet stakeholders’ expectations for increased voluntary reporting and to harmonise with global and local developments in integrated reporting and sustainability reporting. “Companies are encouraged to report information that goes beyond the traditional and historical financial information, providing additional voluntary disclosures instead of simply fulfilling minimal mandatory disclosure requirements,” said Mr. Ong.
In his keynote address, Guest of honour Yang Berhormat Senator Datuk Seri Amir Hamzah Azizan, Minister of Finance II said that “Corporate reporting is more than a business exercise—it is a powerful tool for nation-building. As we work towards Ekonomi MADANI, businesses must play an active role in driving competitiveness, innovation, and inclusivity. By raising standards in corporate reporting, you contribute to a business environment that attracts investment, creates high-value jobs, and drives sustainable growth.”
The Minister also commended NACRA for its focus on sustainability reporting, which enables the national sustainability agenda. “The adoption of sustainability reporting in Malaysia aligns well with the increased global relevance and acceptance of sustainability reporting, and will ensure that companies and businesses remain relevant and create value in the long run,” said Datuk Seri Amir Hamzah.
To achieve national decarbonisation targets, Malaysia is projected to require RM1.3 trillion by 2050 to meet its energy transition goals, including investments in renewable energy, energy efficiency, and green mobility. “High-quality verified data and reporting on sustainability will be necessary to secure the green funding and investment to achieve the country’s climate vision,” the Minister explained.
To drive sustainability reporting adoption, the Minister shared that listed issuers on Bursa Malaysia will be required to comply with the National Sustainability Reporting Framework (NSRF) effective from 2025, with the initial phase of NSRF implementation involving companies listed on Bursa Malaysia’s main market with a capitalisation of RM2 billion and above. Other companies listed on the main market will follow suit in 2026, with ACE Market issuers and large non-listed firms adopting the standards by 2027.
Designed to address climate change while ensuring global harmonisation and Malaysia’s continuing relevance to the global investment community, the NSRF which was developed by the Advisory Committee on Sustainability Reporting (ACSR) is aligned with the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards set by the International Sustainability Standards Board (ISSB).
In his overview of the NACRA entries, Mr Tang Seng Choon, Chairman of the NACRA 2024 Adjudication Committee noted that participating organisations demonstrated improved quality in financial and non-financial reporting as well as sustainability reporting. Overall, the adjudicators observed “outstanding quality in corporate reporting among participating organisations with a number of them scoring distinctions”.
To further improve corporate reporting in future, Mr. Tang encouraged preparers to focus on enhancing connectivity and integration between financial and non-financial disclosures. While many organisations obtained good scores in the preparation of their financial statements and demonstrated remarkable growth in the preparation of non-financial information, the overall ratings were affected due to the lack of connectivity between the financial and non-financial information, he highlighted.
In his remarks, Mr. Tang also elaborated on changes to the assessment criteria in the NACRA Sustainability Reporting Award category, with reference to Bursa Malaysia’s enhanced Sustainability Reporting Framework. Applauding all the participating organisations that have embarked on sustainability reporting, he shared that “NACRA 2024 recorded a remarkable upsurge in the quality of sustainability reporting”.
NACRA is open to all companies incorporated or registered in Malaysia as well as the public sector and other organisations established in Malaysia
SEE APPENDIX FOR FULL LIST OF WINNERS
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NOTE TO EDITOR:
Bursa Malaysia
Bursa Malaysia is an exchange holding company incorporated in 1976 and listed in 2005, and has grown to be one of the largest bourses in ASEAN today. Bursa Malaysia operates and regulates a fully integrated exchange offering a comprehensive range of exchange-related facilities, and is committed to Creating Opportunities, Growing Value. Learn more at www.bursamalaysia.com.
Malaysian Institute of Accountants (MIA)
Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, develops, supports and enhances the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development, and networking opportunities. Presently, there are more than 40,000 members making their strides in businesses across all industries in Malaysia and around the world. MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC). For more information on MIA, visit www.mia.org.my.
The Malaysian Institute of Certified Public Accountants (MICPA)
The Malaysian Institute of Certified Public Accountants (MICPA) was incorporated in 1958 and is the only local body in Malaysia which conducts a professional accountancy examination recognised under the Accountants Act 1967. MICPA’s objective is to advance the theory and practice of accountancy in all its aspects, recruit, educate and train a body of CPAs who are equipped with the technical knowledge and competencies needed to provide value add services of the highest quality. The CPA designation is widely recognised as a premier brand of professional business qualification. For more information: www.micpa.com.my.
FOR MORE INFORMATION, PLEASE CONTACT:
MIA STRATEGY COMMUNICATIONS & BRANDING
E-mail: communications@mia.org.my
THANE MEYYAPPAN MOHD FAIZ OTHMAN
M: +60122489534 M: +60126225027
