PwC announces the winning companies of The Building Trust Awards 2023

KUALA LUMPUR, 5 December 2023 – PwC Malaysia applauded the efforts of Malaysian public-listed companies that are making significant strides to build stakeholder trust at its Building Trust Awards 2023 ceremony.

Winners were unveiled in both FBM KLCI and FBM Mid 70 Index categories at a black tie dinner event at The Majestic Hotel Kuala Lumpur. The gala event was attended by business leaders and board members across Corporate Malaysia. 

From the FBM KLCI, PETRONAS was declared Winner of the 2023 Awards while Malayan Banking Berhad came in 2nd place and Sime Darby Plantation Berhad took 3rd place. 

From the FBM Mid 70 Index, Fraser & Neave Holdings Berhad emerged the Winner, followed by Yinson Holdings Berhad in 2nd place.

Finalists^[1] of the Awards were shortlisted from both the FBM KLCI and the FBM Mid 70 Index.

The Building Trust Awards is the first in Malaysia that measures companies’ efforts in building trust, beyond the financials of the companies assessed. The Awards was conceived in 2015 as a flagship initiative under PwC’s Building Trust programme^[2] to encourage Corporate Malaysia to recognise trust-building as an asset with tangible gains to the business. 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 public).

A defining feature of the Awards is its independent approach. No nominations or submissions are accepted. An independent judging panel^[3] makes the final decision on the winners at a meeting.

8 Special Mentions were given in recognition of efforts demonstrated in specific areas of the methodology^[4]:

• PwC Malaysia’s Integrated Reporting Benchmarking Analysis (FBM KLCI) – Malayan Banking Berhad

• PwC Malaysia’s Integrated Reporting Benchmarking Analysis (FBM Mid 70 Index) - Yinson Holdings Berhad

• PwC Malaysia's ESG Reporting Benchmarking Analysis (FBM KLCI) – CIMB Group Holdings Berhad

• PwC Malaysia's ESG Reporting Benchmarking Analysis (FBM Mid 70 Index) – Fraser & Neave Holdings Berhad

• PwC Malaysia’s Public Trust Perception Analysis (FBM KLCI) - PETRONAS

• PwC Malaysia’s Public Trust Perception Analysis (FBM Mid 70 Index) - Fraser & Neave Holdings Berhad

• PwC Malaysia-Asia School of Business's Trust and Leadership Survey (FBM KLCI) - PETRONAS

• PwC Malaysia-Asia School of Business's Trust and Leadership Survey (FBM Mid 70 Index) - Heineken Malaysia Berhad
  

Soo Hoo Khoon Yean (Soo Hoo), PwC Malaysia Managing Partner said:

"Companies are running a tough race amid unprecedented levels of stakeholder scepticism and weariness over the economic climate. Trust needs to prevail and businesses need to take the lead in building trust.

We are heartened by the inspiring efforts of the winning companies and finalists of our Building Trust Awards. Their actions demonstrate that trust is indeed a timeless asset that can be managed and nurtured for long term gains. There are rewards in being consistent in your interactions with stakeholders, and finding new ways to create value for them throughout your trust-building journey. 

The achievements we observe among the companies honoured tonight, strengthens our commitment to our Purpose 'to build trust in society and solve important problems'. This is the very reason we invest in our Awards and our Building Trust programme."

The keynote speaker was the Chairman of Bursa Malaysia Berhad, Yang Berbahagia Tan Sri Abdul Wahid Omar. The opening speech was presented by PwC Malaysia Managing Partner, Soo Hoo Khoon Yean.

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 said:

"It's evident that building trust in business is an exercise in resilience, amid increasing stakeholder pressure and scrutiny. The winning companies were able to inspire confidence in their stakeholders through their corporate reporting, sharing valuable insight into their achievements, strategies and objectives in an uncertain market environment. It is indeed timely that the Awards shortlisting process includes an ESG reporting assessment component this year, in recognition of the gravity of ESG issues in the market.

This year, it's especially fitting that the finalists' employees had a say on their employers' ability to address crucial societal issues like climate change and artificial intelligence (AI), in nurturing a supportive leadership culture.”

ENDS