This move follows the launch of the Advisory Committee on Sustainability Reporting (ACSR) last year by the Malaysia Securities Commission, aimed at incorporating ISSB standards into a new National Sustainability Reporting Framework for Malaysia (NSRF).

The ISSB, introduced in November 2021, aimed to develop IFRS Sustainability Disclosure Standards to address the global demand for consistent sustainability reporting. The consultation seeks to align Malaysia with international standards, taking into consideration the growing adoption of global ISSB standards, which include the jurisdictions of the UK, Canada, Brasil, Japan, and South Korea.

The consultation paper seeks feedback on key issues surrounding the implementation of IFRS S1 and S2, including scope, timing, transition reliefs, and assurance-related matters. It outlines a potential approach for adoption and proposes mandatory reporting for issuers on the prime market of Bursa Malaysia, with a possible extension to growth market issuers and large non-listed companies.

For Main Market listed issuers, reporting would commence for fiscal years ending on or after 31 December 2025, for IFRS S2, followed by IFRS S1 a year later, and full adoption of both standards by 31 December 2027. Additional reliefs, such as exemptions for disclosing certain climate-related impacts and a phased approach to sustainability reporting assurance, would also be considered.

The consultation proposes a shift towards mandatory sustainability reporting assurance, akin to financial reporting standards, with an initial focus on limited assurance for greenhouse gas emissions. This move aims to enhance transparency and trust in sustainability reporting practices.

To the benefit of the Chamber and its member companies, the consultation underscores Malaysia's commitment to aligning with global sustainability reporting standards, fostering transparency, and promoting sustainable business practices among listed and large companies. 

Feedback from stakeholders will inform the finalisation of Malaysia's sustainability reporting framework, ensuring its relevance and effectiveness in the evolving landscape of corporate sustainability.

Click here to access the paper. 

Whether you've implemented innovative sustainability initiatives, fostered inclusive workplaces, or championed ethical business practices, we want to hear your story!

Elect your nominee for the 'Outstanding ESG Award' for our 5th Business Excellence Awards Night now!

Date: 21 May 2024

Venue: Sunway Resort Hotel

Our flagship event honours British and Malaysian brands and personalities across different industries who have made innovative and diligent efforts to develop the business and trade landscape. Click here to find out more and submit nominations for other awards.

For information about sponsorship opportunities and nominations, contact louis@bmcc.org.my. 

The Malaysian Investment Development Authority (MIDA) proudly acknowledges this landmark achievement. Malaysia’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in the nation’s economic development journey.  

To read the article, click here. 

The incentive programme comprises two packages designed to support investors at different stages of their investment journey:

The Selangor Soft Landing Programme offers four complementary support programmes:

Register here!

Sustainability, food safety and food defence are critical aspects of building a resilient food supply chain that plays a vital role in ensuring the health and well-being of consumers, protecting the environment, and promoting long-term economic viability. You would have learnt about the hijacking of USD 339,000 worth of rare chocolates in the US recently, showing how vulnerable our supply chain could be. 

Watch the webinar on-demand here!

On behalf of BSI Malaysia, we would also like to share some exciting updates and research that they have done. 

 

This week, ESC launched its five-year strategic restructuring and expansion plan, “ESC 2.0”. In 2023, ESC celebrated its 20th anniversary and as the company now enters its third decade, ESC 2.0 will enhance its current business framework and introduce new systems and procedures for improved operational efficiency, service delivery and growth.

As part of this initiative, several leadership adjustments and reorganisation of business segments have been implemented, effective immediately.

To read more about this, visit their website here.