Unveiling the 20 finalists of PwC Malaysia’s Building Trust Awards 2023
KUALA LUMPUR, 14 August 2023 – PwC Malaysia's Building Trust Awards is back for the fifth time, to recognise and celebrate Malaysian companies that are making efforts to build trust with their stakeholders.
The first of its kind in Malaysia, the Awards was conceived in 2015, inspired by the PwC Purpose 'to build trust in society and solve important problems'. While the Awards has gradually evolved in its approach over the years, the fundamentals remain, to assess trust-building efforts of businesses from two perspectives; what companies are saying about themselves through their corporate reporting, and also how stakeholders perceive them. To preserve the integrity of the Awards, we do not solicit or accept submissions or nominations.
Since 2021, we have been assessing a wider group of companies beyond just companies with a large market capitalisation. Constituents from both the FBM KLCI and FBM Mid 70 Index published on the Bursa Malaysia website as of June 2023 were assessed during the shortlisting stage.
The 20 finalists are (in alphabetical order):
From the FBM KLCI
CIMB Group Holdings Berhad
Hong Leong Financial Group Berhad
IHH Healthcare Berhad
Malayan Banking Berhad
MISC Berhad
Nestlé (M) Berhad
PETRONAS
RHB Bank Berhad
Sime Darby Berhad
Sime Darby Plantation Berhad
TM
Tenaga Nasional Berhad
From the FBM Mid 70 Index
CTOS Digital Berhad
Fraser & Neave Holdings Berhad
Gamuda Berhad
Heineken Malaysia Berhad
Matrix Concepts Holdings Berhad
UEM Sunrise Berhad
Unisem (M) Berhad
Yinson Holdings Berhad
Soo Hoo Khoon Yean (Soo Hoo), PwC Malaysia Managing Partner said:
“Organising the Building Trust Awards in the current economic climate is not a decision we take lightly. Every day, businesses wrestle with the need to do the right thing, which may not always be popular or profitable.
We believe that there is never a perfect time to build trust. It has to start somewhere and the journey needs to continue through the collective effort of businesses large and small, if we are to move the needle on trust in Corporate Malaysia.
Through these Awards we want to emphasise that trust is a tangible quality that can be measured, nurtured and protected."
The Building Trust Awards methodology is consistent with that of the 2021 Awards, with minor adjustments to standardise the shortlisting process for both categories of companies.
Pauline Ho, PwC Malaysia Assurance Partner and Building Trust programme sponsor said:
“Various considerations drive trust in business. A research we conducted earlier this year among members of the public, revealed that delivering a consistent customer experience is the most highly favoured at 76%, followed by treating employees well (57%) and launching innovative products and services (51%).
Recognising the rich insights contributed by the people, we are once again measuring the trust perception of finalists, based on publicly available conversations via our AI-assisted approach and a public poll.
We also continue our collaboration with the Asia School of Business (ASB) on a survey among employees of the shortlisted companies to assess how leaders cultivate a culture of trust at the workplace."
The results of these components will be deliberated by an independent panel of judges who will meet and decide on the winners. They are:
Sir David Tweedie (Past Chairman, Board of Trustees, International Valuation Standards Council)
Tan Sri Dr. Jemilah Mahmood (Executive Director, Sunway Centre for Planetary Health, Sunway University)
Datuk Muhamad Umar Swift (Chief Executive Officer, Bursa Malaysia Berhad)
Stay tuned for the announcement of the winning companies at the Awards Ceremony towards the end of 2023.
The Building Trust Awards is part of our wider Building Trust programme.
ENDS
Notes
1. More details on the Building Trust Awards 2023 here: pwc.com/my/bta
2. Our methodology:
Shortlisting
i) Public trust perception
News reports, online conversations in the media, blogs, forums, social networks and other publicly available information were collected on the FBM KLCI and FBM Mid 70 Index companies between January and December 2022. We took an AI-assisted approach to help us measure how the various stakeholders of these companies perceive their trust building efforts. The data was analysed against PwC Malaysia’s Trust Analytics Framework based on 3 elements: capability, responsibility and transparency.
ii) Corporate reporting
PwC Malaysia performed a detailed assessment on the annual and/or sustainability reports of selected FBM KLCI and FBM Mid 70 Index companies, benchmarking them in accordance with the IFRS Foundation’s Integrated Reporting Framework and PwC Malaysia’s ESG reporting assessment. The annual and/or sustainability reports benchmarked were the latest reports available as of June 2023.
Measuring trust perceptions
We further analyse the trust perceptions of the 20 finalist companies.
i) Employee trust perception
We have been assessing leadership culture since the 2019 Awards. This year we continue to recognise the impact of leaders’ abilities to engage and provide a trusted environment and organisational culture for employees to perform their roles. We are collaborating with the Asia School of Business (ASB) who will help us measure this through a survey on leadership culture. The survey will be conducted with the employees of our finalist companies and their subsidiaries from 14 August - 3 September 2023.
ii) Public trust perception
We extend the public trust perception analysis on the 20 finalists to cover the period from January to July 2023, supplemented by a public poll that runs from 14 August - 3 September 2023. The Malaysian public will once again have the chance to share, through an online public poll, how well they think our 20 finalists are doing to build trust. Questions are centred around capability, responsibility, and transparency - consistent with the elements studied in PwC Malaysia’s Trust Analytics framework.
The poll is available in both English and Bahasa Malaysia and can be found on pwc.com/my
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
© 2023 PwC. All rights reserved. “PricewaterhouseCoopers” and/or “PwC” refers to the individual members of the PricewaterhouseCoopers organisation in Malaysia, each of which is a separate and independent legal entity. Please see www.pwc.com/structure for further details.
