According to reports, Chor said, “Local companies, both public and private, have not fared well compared with their British and Australian counterparts in terms of being socially and environmentally friendly... I have to admit that we are far off the mark in the area of CSR and our adherence to international environmental standards."

Chor added, “But that is why the Government, together with regulatory bodies like ACCA and Securities Commission, is extending a long-term commitment to further the national agenda of sustainability in the corporate sector."

Speaking at the ACCA Malaysia Sustainability Reporting Awards 2009 (ACCA MaSRA) recently, Chor was also reported to have said that there was a lack of awareness among local firms when it came to the importance of environmental sustainability. He noted that local public-listed companies (PLCs) are encouraged to achieve better non-financial reporting through voluntary and mandatory initiatives.

This include Bursa Malaysia’s move that makes it compulsory for PLCs to disclose their environmental and social reporting in annual reports. The deputy finance minister called on local businesses to be part of a self-regulatory system of corporate governance to enable them to improve and take responsibility for their sustainability reporting and help in international convergence with best practices.

ACCA MaSRA was introduced in 2002 to encourage sustainability reporting among local companies.