The Malaysian stock exchange has published a CSR framework setting out
guidelines for public listed companies on environmental, community,
marketplace and workplace activities.
Bursa Malaysia has
issued a definition of CSR as meaning ‘open and transparent business
practices’ with respect for the community, employees, the environment,
shareholders and other stakeholders, and triple bottom-line reporting.
The statement says: ‘CSR goes beyond compliance to laws. And we wish to
emphasize this.’
Yusli Mohamed Yusof, chief executive of the
stock exchange, said the time had come for Malaysian public limited
companies to take CSR seriously. He wanted to see them going beyond
legal compliance, philanthropy and public relations, operating CSR
throughout their activities, communicating through sustainability
reporting, engaging with stakeholders, creating a CSR agenda and
undergoing cultural transformation.
In their environmental
policies, he said, companies should concentrate on climate change,
renewable energy, energy efficiency, biofuel, waste management,
biodiversity and endangered wildlife. In their communities they should
pay attention to employee volunteering, education, schools adoption
schemes, youth development, the underprivileged, graduate employment
and children.
In the marketplace companies were reminded they
should develop green products, obtain supplies from ethical businesses,
manage their supply chains, develop vendors and social branding, and
work on corporate governance. Their workplace policies, he said, should
embrace employee involvement, workplace diversity, gender issues, human
capital development, quality of life, labour rights, human rights, and
health and safety.
Despite the announcement, there are
criticisms that Bursa Malaysia has fallen into the trap of suggesting
that CSR is solely in the hands of companies, rather than emphasizing
that policies should involve consultations with stakeholders.
