This article first appeared in The Edge Malaysia Weekly on October 28, 2024 - November 3, 2024

For the second year running, ViTrox Corp Bhd ­(KL:VITROX) has clinched the gold award at The Edge Malaysia ESG Awards 2024 in the most improved performance over three years category among companies with market capitalisation exceeding RM5 billion. The company also won gold as the best performer in the technology sector for the first time.

ViTrox president and CEO Datuk Chu Jenn Weng says one of the ESG-related achievements the company is most proud of over the past year is being ranked in the top 3% percentile by FTSE Russell, with an ESG score of 4.7 out of 5.

“In addition to this milestone, we have deliberately set ambitious goals to drive ESG excellence. By establishing high benchmarks, we ensure our efforts remain impactful, forward-looking and continuously foster innovation and improvement,” he says.

“This achievement was the result of disciplined strategic planning, cross-functional collaboration and a shared dedication across ViTrox to not only meet but also exceed industry standards in ESG performance.”

Chu adds that the company’s ESG strategy comes from the heart, driven by its “inside-out” philosophy and core values: integrity, accountability, courage, trust and respect, gratitude and care.

“We don’t pursue ESG initiatives merely for compliance; we do it because we genuinely believe in their value. These values guide us to do what’s right. In every decision, we consider the broader ESG impact. By living our values daily, we’re building a sustainable, innovative business that creates real value not just for our company but also for society as a whole.”

Chu says last year was challenging as the global economy was marked by high inflation, overstock issues and geopolitical tensions between major powers. Despite these obstacles, ViTrox remained steadfast in its commitment to sustainability, understanding that the health of the business is inseparable from that of the planet.

“To sustain our ESG performance, we reassessed and realigned our sustainability targets to address critical issues. This included holding quarterly ESG meetings to improve cross-department collaboration and refine our strategies in alignment with our set goals,” Chu explains.

Looking ahead, Chu believes that to enhance ESG adoption in Malaysia, greater collaboration between the private sector and the government is essential. The government could offer monetary incentives and ESG-related training, particularly for listed issuers and small and medium enterprises, while also strengthening regulatory frameworks.

“Incorporating ESG awareness into our education system, with topics like green engineering and waste management, will build future generations who value sustainability. Public awareness should also be raised to appreciate companies prioritising sustainability over profitability,” he says.

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