Malaysia pushes for companies to adopt ESG standards

A social accountability scheme will advance the sustainability efforts of companies and will be in line with the UN’s Sustainable Development Goals 2030.
By: | May 23, 2022
Topics: Malaysia | News | Restructuring

SIRIM, an agency under the purview of Malaysia’s Ministry of International Trade and Industry, has launched a social accountability scheme called SIRIM 50 to help Malaysian-based companies with workplace safety and welfare.

SIRIM 50 — consistent with international social standards like SA 8000 and ISO 26000 — serves to advance the sustainability efforts of companies in Malaysia, in line with the UN’s Sustainable Development Goals 2030, the group highlighted in a statement.

“Environmental, Social, and Governance (ESG) is pivotal to business today as it affects a company’s reputation and its relationship with stakeholders. Therefore, I strongly urge all companies to participate and implement the SIRIM 50 standard,” said SIRIM President and CEO Ahmad Sabirin Arshad.

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The scheme is in line with SIRIM’s commitment to assist companies in Malaysia incorporate the principles of ESG into their business operations, he noted.

“The SIRIM 50 standard aims to enhance social accountability and operations of companies,” SIRIM highlighted in a statement.