Event highlights

The Building Trust Awards 2023 gala night

Date:
5 December 2023

Opening remarks:
Soo Hoo Khoon Yean, Managing Partner, PwC Malaysia

Keynote address:
YBhg Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia Berhad

On 5 December 2023, we announced the winners of PwC Malaysia’s Building Trust Awards 2023 at a black-tie dinner hosted at The Majestic Hotel Kuala Lumpur.

Established in 2015 as a flagship initiative under PwC’s Building Trust programme, the biennial Awards is the first in Malaysia that measures companies’ efforts in building trust, beyond the financials of the companies assessed. The Awards considers how companies communicate value creation, as well as how they are perceived to build trust from their stakeholders’ perspectives—including their customers, employees and the general public.

Soo Hoo giving his opening remarks

In his opening speech, Soo Hoo reflected on trust over the past few years and acknowledged the challenges brought on by issues such as inflation, climate change and the Great Resignation.

The business landscape may continue to challenge you and reveal new perspectives about yourselves. And you may find that doing the right thing may not work in your favour at times. Regardless, keep your head up and continue in your endeavours to earn trust, not just to secure your future success, but also to encourage others in Corporate Malaysia in their respective trust journeys.

Soo Hoo Khoon Yean

FBM KLCI winners of PwC Malaysia's Building Trust Awards 2023 with (from left) Nurul A'in Abdul Latif (Executive Chair, PwC Malaysia), Soo Hoo Khoon Yean, YBhg Tan Sri Abdul Wahid Omar, Sir David Tweedie, and Pauline Ho (Assurance Partner and The Building Trust Programme Sponsor, PwC Malaysia)

FBM Mid 70 Index winners of PwC Malaysia's Building Trust Awards 2023 with PwC representatives

The stage is set for the Awards gala night

Meanwhile, YBhg Tan Sri Abdul Wahid Omar highlighted in his keynote address the multifaceted nature of building trust. He emphasised the importance of nurturing trust not only among internal stakeholders and employees, but also engaging external audiences like customers and the public. Notably, he highlighted the crucial role of leaders in winning the trust of their counterparts, ultimately for the benefit of their own organisation.

YBhg Tan Sri Abdul Wahid Omar delivering his keynote address

'As leaders, be consistent, follow through on your commitments and keep any promises that you make. You don’t need to be perfect in any of these traits to be a trusted leader because trust is a journey. But, you do need to be true and consistent.'

YBhg Tan Sri Abdul Wahid Omar

A defining feature of the Awards is its independent approach. No nominations or submissions are accepted. An independent judging panel makes the final decision on the winners in a closed-door meeting.

The judges were:

Sir David Tweedie, Past Chairman, International Accounting Standards Board; Past Chairman of the Board of Trustees, International Valuation Standards Council; and Chief Judge for the Awards;
Prof. Tan Sri Dr Jemilah Mahmood, Executive Director, Sunway Centre for Planetary Health, Sunway University; and
Datuk Muhamad Umar Swift, Chief Executive Officer, Bursa Malaysia Berhad.

What’s new this year

When we introduced ESG reporting benchmarking in our methodology in 2021, it was a strategic recognition of the increasing importance of sustainability in the business landscape. Although it had no bearing on the shortlisting process at that time, it carried substantial weight in the final selection of the winners.

This year, ESG reporting assessment has been brought to the fore, as one of the shortlisting criteria. We believe it is now more crucial than ever to assess whether Malaysian companies are actively embedding ESG considerations in their business strategies, complete with clear goals and measurable success metrics – and communicate these authentically in their corporate reports.

We screened two videos at the ceremony to illustrate how the Awards methodology measures companies’ efforts in building trust.

Winners and Special Mentions

More than 140 industry captains, business leaders and board members across Corporate Malaysia gathered to find out who were the winners of the 2023 Building Trust Awards.

PETRONAS was announced the winner from the FBM KLCI group, while Malayan Banking Berhad and Sime Darby Plantation Berhad came in second and third respectively.

From the FBM Mid 70 Index group, Fraser & Neave Holdings Berhad emerged the winner, while Yinson Holdings Berhad came in at second place.

In addition to the winners, Special Mentions were awarded to finalists that excelled in building trust as indicated by specific components of the Awards methodology.

Special Mention	Recipient
PwC Malaysia’s Integrated Reporting Benchmarking Analysis	Malayan Banking Berhad (FBM KLCI) Yinson Holdings Berhad (FBM Mid 70 Index)
PwC Malaysia’s ESG Reporting Benchmarking Analysis	CIMB Group Holdings Berhad (FBM KLCI) Fraser & Neave Holdings Berhad (FBM Mid 70 Index)
PwC Malaysia’s Public Trust Perception Analysis	PETRONAS (FBM KLCI) Fraser & Neave Holdings Berhad (FBM Mid 70 Index)
PwC Malaysia-Asia School of Business’s Trust and Leadership Survey	PETRONAS (FBM KLCI) Heineken Malaysia Berhad (FBM Mid 70 Index)