UMW is First Malaysian Company to be Awarded A+ Rating for its Corporate Social Responsibility Reporting for Complying with Stringent GRI-G3 Sustainability Reporting Guidelines
Shah Alam, Selangor 25 July 2008 – UMW Holdings Berhad was recently awarded the prestigious Global Reporting Initiative (GRI) Application Level A (+) Certification for its Corporate Social Responsibility (CSR) reporting. The report was independently audited by Bureau Veritas, the world’s leading certification body. With the award, UMW is the first Malaysian corporation to comply with the stringent GRI-G3 sustainability reporting guidelines.
GRI, a collaborating centre of the United Nations Environment Programme, is a multi-stakeholder independent institution based in Amsterdam, The Netherlands, that develops and disseminates globally-applicable sustainability reporting standards. Its mission is to make sustainability reporting by all organisations as routine and comparable to financial reporting.
Upon receiving the A+ rating, Dato’ Abdul Halim Harun, Group Managing Director and Chief Executive Officer of UMW Holdings Berhad, said: “At UMW, our focus has never been purely on financial performance. We have always endeavoured to benefit all industries and the communities in which we operate.
“Therefore, giving back to society has always been a priority and now – with this recognition - we are proud to set the standard yet again as the nation’s very first to report the impact of our CSR activities using the highest standard of reporting available.”
In today’s more transparent business climate, business organisations are now being asked to provide complete and reliable information for capital markets and societal stakeholders concerning their CSR activities and impact. Consequently, forward-looking companies are already broadening their horizons beyond setting financial reporting standards as they understand the importance of engaging globally with other stakeholders in shaping the future of CSR reporting.
Compared to financial reporting, sustainability reporting is still in its infancy. The first version of the GRI guidelines was released in 2000, followed by revisions in 2002 and 2006.
In 2007, there was a total of 1,200 and growing GRI reporting organisations globally, with the majority of companies coming from first world countries such as USA, UK, Japan, Canada, France and Germany.
UMW now joins this global movement towards verified sustainability reporting by becoming Malaysia’s first corporate citizen to do so.
“We have taken CSR a step further by pracitising CR – that is, Corporate Responsibility – throughout the UMW Group as well as in the societies and businesses in which we have interests,” added Dato’ Halim.
“We realise that it is not charitable and social acts alone that constitute Corporate Responsibility and therefore, our approach is multi-dimensional. Our CR focus is on four main segments – the community, the environment, the marketplace and of course, in our very own workplace.
“As a result, these initiatives are now an imperative since they are pivotal to realising The New UMW’s goal of becoming truly world class as it goes Beyond Boundaries.”
The UMW Group is an international conglomerate that develops industries, manages partnerships and facilitates growth. It is involved in four core businesses - Automotive, Equipment, Manufacturing and Engineering, and Oil and Gas.
UMW recently unveiled its new brand which is aimed at amplifying its leading position at home and organising itself for greater global expansion. It will now focus on building on the strengths of its core businesses as well as enhancing those strengths in the global arena to further tap international opportunities.
In adopting its new rallying call - Beyond Boundaries – UMW is set to play a leading role in shaping the future of its industries globally. The Company will do this by inspiring vibrant ideas, nurturing potential, pioneering partnerships and delivering excellence in everything it does; the rewards of which will contribute to the progress and well-being of all its stakeholders.
About GRI
The Global Reporting Initiative or GRI is a multi-stakeholder process and independent institution whose mission is to develop and disseminate globally-applicable sustainability reporting. The GRI’s mission is to make sustainability reporting by all organisations as routine and comparable as financial reporting. The GRI Guidelines are the most common framework used in the world for reporting. More than 1000 organisations from 60 countries use the Guidelines to produce their sustainability reports.
The performance indicators under the GRI-G3 reporting guidelines are broadly categorised under Economic Performance, Environmental Performance, Labour Practices, Human Rights, Society and Product Responsibility. The A (+) level of certification requires externally-assured reporting and disclosures involving 50 plus core sectors of performance indicators.
Note: GRI Application Level check does not represent GRI's view on the value or quality of the report and its content. It is a statement about the extent to which the GRI Reporting Framework was applied. Therefore, GRI does not certify Application Level claims nor professionally assure the quality and the contents of the report.
