The top 10 finalists for PwC Malaysia's inaugural Building Trust Awards
KUALA LUMPUR: PwC Malaysia recently recognised Malaysian public-listed companies that are building trust among their stakeholders.
Malayan Banking Bhd
(Maybank) bagged the winner title of PwC’s inaugural Building Trust Awards.
Meanwhile, Nestle (M) Bhd and Sime Darby Bhd were named as joint runners-up.
The awards assesses how Malaysian companies performed in their corporate reporting as well as how they are perceived by their investors and customers.
PwC said in a statement on Tuesday that the awards recognise companies that are making the most attempts to build trust with their key stakeholders by being transparent and authentic in their interactions and communications.
PwC Malaysia Managing Partner Sridharan (Sri) Nair said: “Building trust is an ongoing journey for Corporate Malaysia. As an emerging market, it is not surprising that building trust has not been at the top of the agenda for most Malaysian organisations which have been prioritising growth, regionalisation and innovation. Perhaps it is because till now, most businesses assume that trust is an intangible concept that is hard to measure. But via our Awards methodology and research, we are able to demonstrate that trust is not only measurable, but can be a real asset to business.”
The awards were presented by Tweedie and PwC Malaysia executive chairman Datuk Mohammad Faiz Azmi.
Out of Bursa Malaysia’s Top 50 companies, 10 were selected as finalists based on their excellence in corporate reporting.
The companies’ public perception according to investors and customers were measured based on relevant publicly available digital data from social media, online forums, blogs, news sites and other online platforms.
Digital data generated by the companies themselves were excluded. Individual Trust Profiles were developed using a measurement framework and diagnostics tool developed by PwC UK.
Then, an independent judging panel, comprising regulators and thought leaders in corporate reporting and building trust issues, selected the winners via a face-to-face deliberation.
The panel of judges included the International Accounting Standards Board past chairman and International Valuation Standards Council chairman Sir David Tweedie, who was the chief judge for the awards.
“Building trust is a journey, relevant to both established and growing businesses. By employing both Integrated Reporting which looks beyond the financials of the companies, as well as the public perception angle in our methodology, we want to send out a message that we are not just looking at companies that post the highest profits,” said Tweedie.
He hopes the awards would encourage Malaysian companies to rethink their business strategies to reflect trust building as a priority.
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