From left: Datuk Muhamad Umar Swift, CEO of Bursa Malaysia; Datuk Ahmad Fuaad Kenali, president and group CEO of UMW; Datuk Khairussaleh Ramli, group president and CEO of Maybank; and Tan Sri Abdul Wahid Omar, chairman of Bursa Malaysia at the MoC signing ceremony
KUALA LUMPUR: Bursa Malaysia Bhd
has signed a memorandum of collaboration with UMW Corp Sdn Bhd and Malayan Banking Bhd (Maybank) to deploy a centralised sustainability platform.
In a statement, the stock exchange operator said the platform serves as a repository for listed companies' ESG disclosures.
The platform, which was developed in collaboration with the London Stock Exchange Group, (LSEG) will enable listed companies’ to reinforce their sustainability disclosures and accelerate swift adoption of their supply chain’s carbon emissions, which also includes non-listed entities.
The platform will also help banks develop green financing products and services, that will incentivise and encourage decarbonisation of the corporate sector and their supply chain.
“We are pleased to be working with the LSEG to develop this platform which will enable Malaysian corporates to meet regulatory requirements, facilitate greater transparency and consistency in sustainability disclosures, while providing wider access to green financing products,” said Bursa Malaysia CEO Datuk Muhamad Umar Swift.
“The platform will also offer additional capabilities such as TCFD modules, as well as a carbon emission calculator for corporates and their supply chain.”
According to Bursa, UMW and Maybank are pioneers of the Early Adopter Programme (EAP), an initiative to accelerate Corporate Malaysia’s transition towards a Green Economy.
From April to October 2023, participants of the EAP will validate the value extraction of the platform.
Maybank group president and CEO Datuk Khairussaleh Ramli said Maybank believes this centralised sustainability platform would facilitate them to disclose standardised common ESG data in ways that conform to established global standards.
"In line with our mission to Humanise Financial Services and driven by our M25+ strategy, we will continue to support our stakeholders on their decarbonisation journey − providing advisory and engaging them on their plans on sustainable and transition financing solutions," he added.
Meanwhile, UMW president and group CEO Datuk Ahmad Fuaad Kenali said sustainability remains one of the main pillars of its CREST@UMW strategic framework.
"With the introduction of this new platform initiated by Bursa Malaysia, we will be able to work towards ascertaining the Group’s Scope 3 carbon emissions to enable us to be more objective and effective management of the Group’s carbon emissions as we embark on the phased implementation of TCFD from FYE 2024," he said.
