Global Compact Network Malaysia (GCMY) and the Securities Commission Malaysia’s (SC) affiliate Capital Markets Malaysia (CM²) have jointly launched the Global Compact Network Malaysia Centre of Excellence (COE).
It is aimed at driving strategic development of the sustainability agenda and accelerating the performance of corporate Malaysia in supporting the achievement of the Sustainable Development Goals (SDGs).
GCMY is the local network of the United Nations Global Compact, which aims to mobilise a global movement of sustainable companies and stakeholders.
CM², meanwhile, is tasked to spearhead both local and international positioning and profiling of the Malaysian capital market.
In a joint statement issued, GCMY and CM² said growing adoption globally of sustainable and responsible investing (SRI) as an investment principle has made it imperative for Malaysian public listed companies to be equipped to meet global sustainability standards and be prepared to communicate their sustainability efforts meaningfully to stakeholders.
CM² will provide strategic support and seed funding for the COE as part of its initiative to position Malaysia as a regional centre for sustainable and responsible investment.
SC chairman Datuk Syed Zaid Albar said the SC is committed to the development of Malaysia’s sustainable financing and investment ecosystem, and will continue to encourage innovation and collaboration by the industry to advance our national sustainability agenda.
“The partnership between GCMY and CM² is certainly a step forward to enable and accelerate private sector performance in incorporating globally recognised sustainability standards,” he said in a statement.
The Malaysian capital market has undertaken various other initiatives to advance the country’s sustainability agenda, including the development of the FTSE4Good Index, introduction of the Sustainability Reporting Framework for public listed companies by Bursa Malaysia and most recently the SC’s Sustainable and Responsible Investment Roadmap for the Malaysian Capital Market (SRI Roadmap).
The COE will carry out capacity building activities to train companies on corporate sustainability practices and conduct C-suite coaching sessions on reporting and engagement with institutional investors to ultimately prepare corporations to meet global sustainability standards and align themselves with the SDGs.