KUALA LUMPUR: Malayan Banking Bhd (Maybank) and UMW Corp Sdn Bhd have signed a memorandum of collaboration (MoC) with Bursa Malaysia Bhd to become pioneers of the Early Adopter Programme (EAP) of the local exchange’s centralised sustainability platform.
Participants of the EAP will validate the value extraction of this platform during its testing phase from April to October 2023, according to Bursa Malaysia.
The MoC was signed by Bursa Malaysia CEO Datuk Muhamad Umar Swift, Maybank’s group president & CEO Datuk Khairussaleh Ramli and UMW’s group president & CEO Datuk Ahmad Fuaad Kenali.
The MoC comes following the news by Prime Minister Datuk Seri Anwar Ibrahim at Invest Malaysia Kuala Lumpur 2023 on the rolling out of the sustainability platform in partnership with the London Stock Exchange Group.
The platform will serve as a repository for listed companies’ ESG disclosures, enabling listed firms’ to reinforce their sustainability disclosures and accelerate adoption of their supply chain’s carbon emissions, which also includes non-listed entities.
“The platform will also help banks develop green financing products and services, that will incentivise and encourage decarbonisation of the corporate sector and their supply chain,” Umar said.
He added that the platform will enable Malaysian corporates to meet regulatory requirements, facilitate greater transparency and consistency in sustainability disclosures, while providing wider access to green financing products.
“The platform will also offer additional capabilities such as TCFD modules, as well as a carbon emission calculator for corporates and their supply chain,” he said.
To familiarise themselves with the features and functions of the platform, general awareness and education sessions for the broader listed firms will commence from July onwards. This will assist firms with financial year ending December 2023, in time to meet mandatory disclosure requirements which starts March 2024.
According to the sustainability listing requirements released last year, all firms listed on the Main Market will be required to disclose their ESG indicators by December 2023, while those listed on the ACE Market will have to do so by the following year.
