Marked increase in good ESG adoption
Judging concluded for the Star Media Group's (SMG) ESG Positive Impact Awards (ESG PIA) 2024 on May 27 at Menara Star, Petaling Jaya with six judges from various industries and authorities.
The judges will be judging this year's submissions in two tiers, three presided over ones from large companies, while the other three reviewed those from small to medium size enterprises (SMEs).
The session started at 9.10am with a briefing from EY, after which the judges began their award submission reviews.
Representing the judging panel for large corporations were TalentCorp's Women, DEI and Work-Life Sustainability vice president Annapooranee Suppiah, Malaysia Green Building Council representative and IEN Consultants Malaysia managing director Gregers Reimann and the Malaysia External Trade Development Corporation Strategic Planning deputy director and Sustainability Lead deputy Edison Choong Wan Sern.
Overseeing the SME submissions were Green Growth Asia Foundation executive director Datuk Dr Mahadi, OCBC Bank (Malaysia) Bhd managing director and Commercial Banking head Kevin Choo Cham Woon, and Kuala Lumpur Malay Chamber of Commerce representative, who is also UeberLeap Academy founder and managing director Armiza Abdul Razak.
During the break Annapooranee said that this year she had noticed a stronger push towards integrating social impact more meaningfully into ESG efforts.
'Especially around employee well-being, equity and inclusion. So this reminds [us] that sustainability isn't just about the environment. But also about the people.'
Reimann opined that large companies have done much in ESG, but he added that there is still room for more. 'I think Malaysia has recently committed to the zero-carbon goal by 2050 and a lot of companies also have that same goal, some even have gone a little bit forward.
'A lot of the goals are about 2030 where you have to achieve certain zero targets, so it's crunch time.'
Choong pointed out that the quality of the entries this year has technically improved perfectly from companies that have joined last year.
'So we see new insights into what they are adopting and this is an encouragement.'
He also said that an element that is important is to congratulate companies that submit the entries to allow others to see some of the less desirable angles of their adoption.
With regards to if the awards have managed to move the needle on encouraging SMEs to implement more ESG initiatives in this year's submission, Mahadi pointed out that being the backbone of Malaysia's economy, putting up the ESG framework as an additional initiative will cost them more.
'But especially this year, I think me and fellow judges were very impressed with the initiative that [SMEs] have taken and also the level or length of magnitude that they go through to, especially realise the objective or goals that they have set up.'
Choo said that the ESG PIA has played a pivotal role in encouraging SMEs to adopt and implement ESG initiatives and OCBC is proud to be part of this initiative.
'The participating SMEs have shared that this has inspired them to adopt more sustainable practices—including through energy efficiency measures, waste reduction strategies or community engagement efforts.
'The recognition and visibility that come with the awards have motivated SMEs to enhance their sustainability practices, knowing that their efforts will be acknowledged and celebrated.'
To Armiza, there definitely has been an improvement in ESG adoption among the SMEs.
'Looking at this year's participation many companies have adopted and implemented ESG. So we are moving forward. We are looking at more participation in ESG reporting.'
She added that it is important for SMEs to prioritise ESG adoption to ensure companies make a difference in becoming the driving force for a more sustainable environment, as well as in social and governance.
The results of the judging will be announced during the ESG PIA Gala Night in July.
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