THE Government is looking at making corporate environmental and social reporting mandatory for local companies around 2007 to ensure greater transparency, said Deputy Minister in the Prime Minister’s Department Datuk M. Kayveas.
However, he said the Government would not rush into making it a legal requirement so as not to compromise international standards relating to environmental and social issues.
“Companies will be competing to be more transparent and adopt proper reporting on environmental and social matters. That’s the trend we see in the future. We are looking at all these things falling into place around 2007,” he said.
He was speaking after the launch of the Association of Chartered Certified Accountant’s (ACCA) Malaysia Environmental and Social Reporting Awards 2004 and presentation of ACCA’s report on The State of Corporate Environmental and Social Reporting in Malaysia in Kuala Lumpur on Wednesday.
ACCA Malaysia head Tay Kay Luan said that research revealed that 60 or 10% of the main board companies engaged in reporting environmental information last year as opposed to 43 (7.8%) in 2002 while 49 (8%) of main board companies engaged in social reporting last year compared with 28 (5%) in 2002.
Did you find this article insightful?