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As mentioned above, the Prime Minister of Malaysia holds CSR awards every year.
This year’s awards recognized several companies for their CSR achievements.
When a company develops a CSR strategy, an array of factors has to be accounted for.
According to a report published by the Association of Sustainable and Responsible Investment in Asia and the Centre for Sustainability and Excellence, CSR means a “voluntary commitment of businesses to include in their corporate practices the Economic, Social, and Environmental criteria/actions, which are above and beyond legislative requirements, and are related with everyone influenced by their activities.” This means that the company must consult with the public, government, employees, shareholders, and NGOs when they form their CSR strategy.
After the Malaysian government announced that all PLCs would have to disclose their CSR activities, Bursa Malaysia, which operates several securities exchanges, published a report advising companies on how to form their strategy.
First, companies need to figure out what is important for the company in terms of CSR; companies may have several areas they wish to explore but priorities need to be made.
In Malaysia, volunteers from the company spent time at a turtle sanctuary and also planted 4000 mangrove trees.
Mangrove trees are very important to protect coastlines in the case of floods.
The overall winner was the oil company Petronas, which was also recognized in the sectors of education and culture and heritage.
In the categories of environment, the community and workplace practice, the winners were Intel Malaysia, CIMB and Telekom Malaysia, respectively.