PwC Malaysia has once again turned the spotlight on Malaysian public-listed companies that are demonstrating significant efforts to build stakeholder trust at its Building Trust Awards 2021 ceremony, the fourth since its inception in 2015.
Winners were crowned in both FBM KLCI and FBM Mid 70 Index categories in a virtual awards ceremony attended by business leaders and board members across Corporate Malaysia. From the FBM KLCI, Malayan Banking Berhad was named Winner of the 2021 Awards while Sime Darby Berhad took 2nd place and Axiata Group Berhad came in 3rd place.
From the FBM Mid 70 Index, Sime Darby Property Berhad clinched the top spot, followed by KPJ Healthcare Berhad and Yinson Holdings Berhad who jointly took 2nd place.
This year marks the first time that PwC has expanded its pool of qualifying companies, looking beyond the top 50 companies on the Main Market of Bursa Malaysia. The 20 finalists were shortlisted from both the FBM KLCI and the FBM Mid 70 Index, with 10 finalists in each category. This effort is part of its goal to encourage more companies to become active participants in the dialogue on trust.
The Building Trust Awards is the first in Malaysia that measures trust, beyond the financials of the companies assessed. An integral part of PwC’s Building Trust programme, the Awards takes into account how companies communicate value creation, as well as how they are perceived to build trust through the lens of their stakeholders (including their customers, employees and the public).
The Awards continues to be independent, as no nominations or submissions are accepted, and an independent judging panel makes the final decision on the winners at a virtual meeting.
Six Special Mentions were given in recognition of efforts demonstrated in specific areas of the methodology:
- PwC Malaysia’s Integrated Reporting Benchmarking Analysis and ESG Reporting Benchmarking Analysis (FBM KLCI) – Sime Darby Berhad
- PwC Malaysia’s ESG Reporting Benchmarking Analysis (FBM Mid 70 Index) – Sime Darby Property Berhad
- PwC Malaysia’s Trust Analytics Framework and Building Trust Public Poll (FBM KLCI) – PETRONAS
- PwC Malaysia’s Trust Analytics Framework and Building Trust Public Poll (FBM Mid 70 Index) – KPJ Healthcare Berhad
- PwC Malaysia-Asia School of Business’s Trust and Leadership Survey (FBM KLCI) – Telekom Malaysia Berhad
- PwC Malaysia-Asia School of Business’s Trust and Leadership Survey (FBM Mid 70 Index) – Alliance Bank Malaysia Berhad
Soo Hoo Khoon Yean (Soo Hoo), PwC Malaysia Managing Partner said, “We have all seen how important trust is during times of crisis, and how a lack of trust can set us back. The Building Trust Awards was conceived to raise awareness of the importance of trust in business, aligned with our purpose ‘To build trust in society and solve important problems’.
And by recognising companies that are making the most effort to build trust, we want to highlight that trust is an asset that can be measured, with tangible gains to those who are authentic and consistent in their efforts. Change is inevitable, but the journey to build trust never stops.
We would like to congratulate the winning companies and finalists for your efforts in prioritising trust in what was a truly challenging year. I hope that your achievements testify to what it means to be empowered by trust to deliver a positive and sustained impact on society.”
Sir David Tweedie, Past Chairman, Board of Trustees, International Valuation Standards Council; Past Chairman, International Accounting Standards Board; and Chief Judge for the Awards stated, “Assessing trust amidst the COVID-19 pandemic was certainly a study into the strength of Malaysian companies’ trust-building efforts. The winning companies were able to demonstrate how their corporate governance and strategic priorities fit into their overall business strategy through their corporate reporting. With the added dimension of ESG reporting, it’s clear that the winning companies are tuned into how the market is changing. In measuring public perception, what we observed from the publicly-available online conversations and the public poll responses, is, you can prove a fact is wrong, but you can’t prove a perception is wrong.
It was also insightful to see how leaders have enabled a workplace culture built on trust, which allowed them to lead their people through the challenges of the past year. Overall, the winners demonstrated that building trust is an investment that requires effort and consistency, but pays dividends.”
Malayan Banking Berhad Group President & Chief Executive Officer Datuk Abdul Farid Alias said, “We are deeply honoured to be a part of the Awards and thank PwC for placing importance on the trust building element, which has been demonstrated to be such an important value in an organisation’s sustainability, especially in the post-pandemic environment. Maybank has had the opportunity to refine its practice of building trust for over 60 years. The pandemic was a catalyst for us to come out even stronger in our efforts to reach out and support our stakeholder groups through targeted initiatives. Our topmost priority is to safeguard the well-being of our customers and employees. For our customers, we have worked closely to offer repayment assistance programmes aimed at addressing cashflow challenges brought on by the pandemic. For our employees, we have rolled out various programmes internally to promote mental, physical and social well-being given the new remote work environment. It is through these combined efforts that we have continued to strengthen our support for these various stakeholder groups.”
Sime Darby Property Berhad Group Managing Director, Dato’ Azmir Merican said, “We are honoured to have been a part of PwC Malaysia’s Building Trust Awards. Trust plays a very important role in the property industry. Buying a new home or a new business premise is usually one of the most important financial decisions our buyers make. With our rich history of close to 50 years in building sustainable townships and communities, it is about maintaining trust and delivering the best products for our customers. We aim to be a ‘Force for Good’ by building resilience through biodiversity, design, products, and communities, and the onus is upon us to maintain this for years to come.”
Soo Hoo continued, “Ultimately, the trust landscape is always evolving. What we’ve learnt from the pandemic is that people reward honesty and transparency. Being upfront about their challenges and how they plan to tackle them goes a long way towards building trust in Corporate Malaysia. I look forward to seeing our finalists inspire others in their own trust-building journeys in the months and years to come.”