PwC announces winning companies of the Building Trust Awards 2017

Sime Darby Berhad emerges as Winner,
Axiata Group Berhad named as Runner-Up 

KUALA LUMPUR, 6 September 2017 – PwC Malaysia recognised Malaysian public-listed companies (PLCs) that are making efforts to build trust at its Building Trust Awards 2017 Ceremony, attended by business leaders and board members.  

Conceived in 2015, this is the second Awards, organised as part of PwC’s Building Trust programme to encourage Corporate Malaysia to put trust-building at the top of the business agenda. A first in Malaysia, the Awards employs a distinctive way of measuring trust, beyond the financials of the companies assessed.

The Building Trust Awards assesses how companies perform in their corporate reporting as well as how they are perceived in the eyes of their stakeholders (for instance, their customers and investors).  

Sime Darby Berhad emerged as the Winner of the 2017 Awards for its efforts in building trust with its stakeholders. Axiata Group Berhad was named as Runner-Up.

Special Mentions were also given to these companies for their efforts in building trust as indicated[1] by:

• PwC’s Integrated Reporting <IR> Framework benchmarking analysis - Sime Darby Berhad 

• PwC’s Trustworthy Organisation Model - Astro Malaysia Holdings Berhad

• PwC Malaysia’s “Trust in Business: Public Poll” - Nestlé (Malaysia) Berhad

Sridharan (Sri) Nair, PwC Malaysia Managing Partner said:
“The time is ripe for businesses to close the trust gap and rebuild faith in institutions, as the world at large continues to be weighed down by declining levels of trust in governments, institutions and businesses.

The Building Trust Awards is inspired by the PwC Purpose which is ‘To build trust in society and solve important problems’. The 2017 Awards elevates the importance of trust as a strategic business imperative. Through the Awards, we want to highlight the pivotal role played by corporate leaders in setting the right tone for their organisations, and in shaping how trust is viewed, nurtured and practised in companies.

We would like to congratulate the winning companies for their efforts in building trust among their key stakeholders. They have demonstrated that building trust starts with conscious efforts to engage the stakeholders most important to the company. At the same time, they have also displayed a keen understanding of how trust can lead to business growth.”

Sri and Yang Berbahagia Dato’ Mohammad Faiz Azmi, PwC Malaysia Executive Chairman presented the awards to the winning companies and acknowledged the 20 Finalists (see Notes section below) as well as the companies receiving Special Mentions. 

Joining Sri and Dato’ Mohammad Faiz Azmi on stage to recognise the winning companies, Special Mention recipients and Finalists were two of the Awards judges:

(i) Sir David Tweedie (Chairman, Board of Trustees, International Valuation Standards Council; Past Chairman, International Accounting Standards Board) (Awards Chief Judge);

(ii) Mr. Faris Hadad-Zervos (Country Manager and Head, World Bank Group Global Knowledge and Research Hub in Malaysia) 

The keynote speaker was Yang Berbahagia Tan Sri Dr. Zeti Akhtar Aziz (Former Governor, Central Bank of Malaysia; current Co-Chair Board of Governors, Asia School of Business). The opening speech was presented by Dato’ Mohammad Faiz Azmi. 

The Building Trust Awards are not based on nominations or submissions by the companies. A unique feature of the Awards, is that companies are selected both by what they say about themselves (via their reporting) and the public perception of their effort. An independent judging panel (see Notes section below) made the final decision on the winners via a face-to-face deliberation.

Sir David said:
“I am pleased with the results of these Awards. At the Judges’ Meeting to deliberate on the winners, my fellow judges and I agreed that companies in Malaysia are making progress in building trust.

Among the 20 companies which were selected as Finalists, we observed several best practices in their reporting, including clear disclosure of strategic priorities, linked to quantifiable KPIs; and a broad overview of the business outlook. This is certainly encouraging, reflecting a corporate reporting market that is maturing.

In terms of public perception, several companies stood out for performing well in Values trust from the digital conversations PwC looked at and the public poll responses. This can be attributed to the corporate responsibility programmes in which the companies invest and which reflect how they interact with their wider stakeholders. Interestingly, some companies did not perform so well in the area of Competence trust (delivering on their products as advertised). This is the most basic attribute stakeholders expect of a company. My fellow judges and I find that companies would do well to engage with the public more, so that the public knows what they do, the products and services they provide, as well as what they stand for.”

PwC’s methodology which leverages on predictive analytics and data extracted from conversations on digital platforms helps companies gain an understanding of the diverse expectations of their stakeholders through the wider public’s lens. The public poll offers another layer of insight into how the public views the companies, in line with PwC’s efforts to broaden the conversation on trust among the wider public.

By enabling the public to have a say on trust, this puts them in a unique position to influence the future shape of trust in Corporate Malaysia.

Sri said:
“The Awards is inspired by our belief that trust is not an end goal in itself. Since the start of our Building Trust programme in 2015, we have been making efforts to encourage corporates to look at trust through a different lens – as an asset that can be measured, managed and nurtured to bring tangible gains to businesses in an environment of constant change. 

Our journey to encourage Malaysian companies to put trust at the top of their agenda is something we can’t do alone. I would like to urge business leaders, influencers and the general public to join us in the dialogue on trust. Collectively, let’s rally for companies to put trust at the heart of business, as we look to create world-class, sustainable businesses and close the trust gap in Malaysia.”    

[1] The special mentions are in recognition of the companies’ performance in the three elements of the Awards methodology. See appended visual for more details on the methodology.  

ENDS