Less Than 10 Per Cent Malaysian Firms Adopt CSR Agenda – Peter Chin.

 Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui said less than 10 per cent of Malaysian companies adopt corporate social responsibility (CSR) agenda.

“Most of the rest already know how important this CSR is, but still they didn’t make it as business practices,” he told reporters after opening the CSR Sustainability Summit 2011 here Monday.

The one-day summit, themed “Redefining Global Footprints for Sustainable Development”, was organised by the Asian Strategy and Leadership Institute. It discussed key issues and strategies on new insights for businesses, governments, CSR practitioners and non-governmental organisations.

In a speech earlier, Chin said CSR represents the first step of a transition towards a system that is radically different from the past.

“It will be a system in which the concepts of competitiveness on one hand and sustainable development on the other hand become increasingly indistinguishable,” he said.

He said the 10th Malaysia Plan reinforces the nation’s agenda to achieve a high income and high productivity economy while focusing on socio-economic issues.

The Budget 2011 announcement which among others requires public limited companies to disclose their CSR activities and provides encouragement for good CSR practices, he said, surely had set in motion the trend amongst local institutional investors to integrate social, environmental and governance considerations in their investment decision.

“Following on from this, I do hope that more Malaysian companies will see that there is an increasing convergence between the private sector, the financial markets and the global community where CSR is not an option.

“It should not be regarded just as a response to externally prescried measures, but as an essential business strategy,” Chin said.

-Bernama-