KUALA LUMPUR (July 27): Bursa Malaysia today published a consultation paper seeking public feedback on the proposal to enhance sustainability practices and disclosures in the marketplace.

The proposal comprises a new reporting framework for sustainability which involves changes to the listing tequirements as well as a sustainability reporting guide.

In a statement today, Bursa said both are aimed at enhancing sustainability practices and moving the focus from reporting on corporate social responsibility activities to sustainability, that is, how listed issuers manage material economic, environmental and social risks and opportunities.

The public consultation paper is available on the Bursa Malaysia website at www.bursamalaysia.com.

In formulating the proposal, the exchangesaid it undertook extensive benchmarking studies and numerous engagements with various stakeholders.

"As a gateway to a capital market, a stock exchange is uniquely placed to promote better disclosures of non-financial information and greater transparency on sustainability issues," Bursa chief executive officer Datuk Tajuddin Atan said in a statement today.

"Enhanced sustainability disclosures through our proposal, will help meet the needs and expectations of investors and stakeholders and ultimately improve the integrity, quality and
sustainability of our marketplace.

“Embedding sustainability into business strategies has led corporations to better manage their risks and take advantage of opportunities as well as to address stakeholder expectations. It enables them to improve their competitiveness and foster long-term growth and survival," he added.

On the sustainability reporting guide, Bursa said it will help listed issuers recognise sustainability-related issues impacting their business, provide guidance on how to embed sustainability within their business, as well as guidance on disclosure obligations pursuant to the listing requirements’ proposed changes.

The exchange will also offer other guidance and training to listed issuers to assist them to improve sustainability performance and reporting.

The exchange also plans to issue a toolkit which will comprise practical tools to further augment the sustainability reporting guide. The toolkit will be made available at a later date on its website.