KUALA LUMPUR, 6 December 2013 – Transparency International-Malaysia (TI-Malaysia), in cooperation with GIZ (German Society for International Cooperation), organised a seminar on Transparency in Corporate Reporting (TRAC): Assessing Emerging Market Multinationals, in conjunction with the release of Transparency International’s TRAC Report 2013.
The event was well attended, with representatives from embassies, legislators, members of parliament, government offices and companies.
The seminar started with a welcoming address by Dato’ Akhbar Satar, president of (TI-Malaysia). Then, Mr Philipp Kruschel, GIZ Senior Advisor, gave an introduction of GIZ and its focus on sustainable development in emerging markets.
Dr Mark Lovatt, Business Integrity Programme Manager, followed with a presentation on the TRAC report findings for 2013. In this study, TI sampled the top 100 companies in the emerging companies, which were featured in the Boston Consulting Group’s 100 global challengers for 2012 that included private, public and state owned enterprises. These companies’ corporate reporting was evaluated in the following three areas: Reporting on Anti-Corruption, Organisational Transparency, and Country by Country Reporting. Malaysia’s very own Petronas, which is the sole representative from Malaysia in the study, scored well by scoring 88% for Reporting on Anti-Corruption, and 100% for Organisational Transparency. Overall, Petronas was ranked fifth out of the 100 companies.
This was followed by a presentation by Petronas, represented by Datuk Samsiah (Chief Integrity Officer) and Pn Faridah (Head of Legal, Corporate Governance & Finance). They gave an overview of Petronas’ journey in improving its integrity frameworks, and a response to Petronas’ ranking in the TRAC report 2013.
There was also a workshop facilitated by Dr Mark Lovatt, where participants discussed “How can we increase transparency in corporate reporting in Malaysia?” and were invited to give their comments on the recommendations as put forward in the TI TRAC report.
Following the workshop, Transparency International Malaysia is looking into promoting corporate transparency in Malaysia, by means of a possible TRAC report for Malaysia.