On Sep. 24, MLY SCM launched sustainability reporting framework.
MLY SCM said MLY GVT launched National sustainability reporting framework (NSRF) on Sep. 24, 2024; NSRF is set to enhance state of sustainability disclosures in country.
NSRF addresses the use of the IFRS Sustainability disclosure standards issued by the ISSB as the baseline for companies in Malaysia; the aim is to enhance transparency and accountability of how businesses manage sustainability risks and opportunities.
Plus, improve business resilience, contribute to nation’s broader sustainability agenda.
NSRF also addresses the needs of stakeholders especially investors for consistent, comparable and reliable disclosures; MLY SCM explained that Malaysia joins more than 20 jurisdictions, which have decided or are taking steps to use the standards.
Phased Approach to Compliance
MLY SCM explained that listed issuers on MLY BML's Main and ACE Markets, as well as large non-listed companies (referred to as NLCos) with annual revenue of MYR 2bn and above will have to comply with the new reporting requirements in a phased approach.
Large-listed issuers on Main Market (MM) with market cap of MYR 2bn or more will begin using ISSB standards in 2025 (group 1); will extend to other MM listed issuers in 2026 (group 2), then by listed issuers on ACE Market, large NLCos in 2027 (group 3).
In relation to climate disclosures, the recommendations of FSB TCFD which are incorporated in MLY BML Listing requirements are fully embedded in ISSB’s standards for climate-disclosures; ISSB standards builds on the same pillars of the FSB TCFD.
MLY SCM Comments on ACSR Plans
MLY SCM said, subject to further consultations and engagements, the ACSR aims to mandate reasonable assurance of sustainability information commencing in 2027.
To support NSRF implementation, ACSR’s Policy, Assumptions, Calculators, Education (PACE) initiative will offer capacity building programs, resources, toolkits to help preparers, i.e. those which are focused on addressing needs of medium, small firms.
In Sep. 2024, MLY BML issued proposal regarding listing requirements, see #227335.
Sep. 24, 2024 MLY SCM Remarks
On Sep. 24, 2024, MLY SCM Chairman Dato Faiz Azmi issued remarks re launch above.
Document dated Sep. 24, 2024, received from MLY SCM Sep. 27, summarized Sep. 30.
In Oct. 2024, MLY SCM delivered a keynote address on ESG transition, see #230095.
