Categories: SpeechesPublished On: 02/09/2021

Bhg Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia, Distinguished speakers, Ladies and Gentlemen

  1. Good morning and welcome to the MIA CS2EG Climate Change and ESG conference, with the theme of Accountants as Champions of Climate Change and Sustainability.
  2. You might have noticed that MIA has been putting a lot of emphasis on climate change, ESG and business sustainability lately. We addressed these interrelated topics at the MIA International Accountants Conference 2021, and we have been integrating it into our CPE programmes and communications.
  3. This is because climate change is ranked as the number one risk for business and society, which has been reaffirmed recently by scientific reports from bodies such as the UN Intergovernmental Panel on Climate Change (IPCC). The evidence is undeniable. We have all seen the devastating outcomes of recent extreme weather events with torrential rain, flooding and heatwaves that have resulted in loss of lives and great damage. These risks and impacts must be managed in order to ensure the future sustainability of the planet as well as the wellbeing of people.
  4. In line with the stance of the International Federation of Accountants (IFAC), MIA is confident that accountants will play a crucial role as leaders and strategists in the climate war. Backed by the profession’s unique competencies in measurement, analysis, reporting and assurance, accountants are ideally positioned to produce the climate disclosures that can help management and boards to improve their strategies, operations and impacts to support a greener and more sustainable world.
  5. As such, MIA is prioritising climate change and ESG as core emerging areas for the upskilling of accountancy professionals. Today’s Conference will focus on the latest developments in climate change and impacts on business, as well as the specific subjects that accountants need to know in managing climate change disclosures, including the measurement of climate-related metrics and financial risks and the application of IFRS standards on climate-related matters. Upskilling on climate change will enhance the future-relevance of accountancy professionals, which is a key agenda for MIA as the regulator and developer of the profession.
  6. Setting the tone for the Conference is our guest of honour, YBhg Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia, who will be delivering the keynote address. As an accountant himself and a passionate advocate for ESG and sustainability, Tan Sri will be sharing his insights into how the profession can leverage on its unique competencies to deliver value and meaningful change. Thank you, Tan Sri, for being with us today.
  7. It is MIA’s intention that this Conference will catalyse a continuing shift in how accountants think about and dynamically respond to climate change risks. To spur our collective actions as influential parties in business, I invite all our members and accountancy professionals in Malaysia to sign the online Call to Action which will be launched during the final session of this Conference. This Pledge in Tackling Climate Change will affirm the accountancy profession’s commitment in helping their respective organisations to respond to climate change risks effectively and urgently.
  8. Before I end, I would like to thank all our distinguished speakers, our gold sponsors – BDO, Deloitte, Ernst & Young (EY) and Price Waterhouse Coopers (PwC), supporting partners and everyone who collaborated with us to deliver this Conference. I trust that this Conference will be an eye-opener that will shift our perspectives and strategies to bring about positive and timely action on climate change. Thank you all for joining us and do stay safe.