,“This suggests a strong need for companies to relook at their board composition, to reassess and reconsider what skills or experience are needed for companies to stay on top of the game,’’ said ICDM president and CEO Michele Kythe Lim. (pic)
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THE size of a company may not matter in terms of qualifying for inclusion into the FTSE4Good Bursa Malaysia (F4GBM), which is an environmental, social and governance (ESG) index.
However, the impression and perception of the index will improve based on its constituents, even though it is not an opt-in index (where companies choose to participate in) but one in which an organisation qualifies for, based on the Financial Times Stock Exchange’s (FTSE) assessment methodology.
As such, larger and more established companies should lead the way.
As an example, government-linked companies had led in terms of adopting the Global Reporting Initiative reporting framework relating to critical sustainability issues, ahead of the launch of the Sustainability Reporting Framework and F4GBM index.
Against growing awareness of ESG, boards have been found to be lacking in ESG skills, as revealed in the Malaysian Board Practices Review 2020 that was conducted by the Institute of Corporate Directors Malaysia (ICDM).
Respondents of the study acknowledged that ESG (44%); digital, social media and technology (44%) and human resources, culture and succession (55%) were skills and competencies that were least present but required in their current boardroom structure.
“This suggests a strong need for companies to relook at their board composition, to reassess and reconsider what skills or experience are needed for companies to stay on top of the game,’’ said ICDM president and CEO Michele Kythe Lim.
ICDM will play the role of a one-stop centre for boards and directors in delivering bespoke offerings such as board evaluation and placement services, as well as development programmes to ensure that it can equip boards and directors with ESG skills.Among ICDM members, UEM Edgenta Bhd, Kenanga Investment Bank Bhd (pic) and TMC Life Sciences Bhd were recently listed on the FBM Emas index, following which they will be accorded ESG ratings.
The institute will continue to widen and deepen its director talent pool and empower more boards to be ESG-ready, through its customised board development programmes.