CHAPTER 1 INTRODUCTION 1
CHAPTER 1
INTRODUCTION
1.1 Background of the Study
There are many writers introduced the useful guidelines how to conduct sustainability reporting and how give a reporting about their companies’ management on economics, environmental and social aspects. According to Bragina (n.d) Sustainability reporting also know as non-financial reporting has right now turn into a typical practice, driven by the potential business esteem produced through improved partner detailing and correspondence. Today, shareholders really shows their interested to understanding or to know how organization managing their sustainability from economic, environmental, social aspect in their organization activities including for worth return. For example, there is creating affirmation among investors that various business drivers upstream of an organization’s benefit and misfortune articulation including economics, social and governance (ESG) factors add to long haul budgetary performance and investment returns.
1.2 Background of Maybank
According to Maybank’s official website, Maybank (Malayan Banking Berhad) was founded in 1960 and today Maybank is the biggest organization by market capitalization on the Bursa Malaysia. They got 1st ranking among listed Malaysian companies and among the top 500 companies in the Forbes Global 2000 leading companies of the world. There several products and services that being offering by The Maybank Group including commercial banking, Islamic banking, investment banking, offshore banking, renting and hire purchase, insurance, factoring, trustee administrations, resource administration, stock broking, candidate administrations, investment and Internet-managing-an-account.
1.3 Problem Statement
All public listed organization nowadays in Malaysia already started publishing their sustainability report. According to Bedlow ; Yap (2016) They are required to disclose their CSR activities and explaining how they managed their economic, environmental and social risk and opportunity since Bursa Malaysia introduced this requirement in 2007 meanwhile in October 2015, Bursa Malaysia required all public listed companies to include their sustainability statement in their annual report to ensure all organizations involved give explanations how they manage their risks and opportunities of economic, environmental and social materials. Maybank also are involved to disclosure their CSR activities and their sustainability statement as being required by Bursa Malaysia. In issuing their sustainability report, did Maybank really follow the latest framework or guidelines that being introduced by Bursa Malaysia. In Bursa Malaysia’s Sustainability Reporting framework, engaging with shareholders are being emphasized and encouraged since shareholders also playing important role in sustainability reporting according to Bursa Malaysia. Therefore, it is important for this study being conducted to analyze Maybank’s sustainability report especially in 2015 and 2016, whether the improvement are needed.
1.4 Research Question
What is Maybank’s current practice for their sustainability reporting and which framework and guidelines being implemented in their sustainability reports?
What the differences between Maybank’s sustainability report 2015 and Maybank’s sustainability report in 2016 in GRI G4?
What are positive or negative attributes or problems from external or internal factors of Maybank based on their sustainability report in 2015 and 2016 in SWOT analysis?
1.5 Research Objectives
Research objectives is to shows the research’s goals after the study are being made. In this study, the objectives are:-
To studying which guidelines or framework for Maybank’s current practice to disclose their activities in sustainability reporting.
To studying about Maybank’s sustainability report by evaluating the comparison between Maybank’s sustainbility report in 2015 and 2016 by using Global Initiative Guidelines (GRI) G4.
To studying about Maybank by using SWOT (Strength, Weakness, Opportunity, Threat) analysis based on Maybank’s sustainability report 2015 and 2016.
1.6 Significance of Study
From the findings or results in this study, it could make people to understand about the Maybank’s performance in Maybank’s sustainability report especially for their shareholders. Then, people will be aware that whether Maybank disclosure their sustainability report. People also known about strengths, weaknesses, opportunities and threats of Maybank based on their sustainability report. From this study, it is also improving the knowledge regarding to sustainability report disclosure generally for them to use in conducting the research.
1.7 Scope of the study
This research focuses on Maybank’s sustainability report in 2015 and 2016. The report also being study based on GRI G4 and Malaysian Code of Corporate Governance (MCCG) 2012. The information about sustainability reports are being obtained via internet. The data about Maybank are being collected from their website and Wikipedia.
1.8 Limitation of the study
In order to complete this study, there are several limitations or problem have to be faced. Limitation to conduct this study are:-
Lack of references
There are many journals and paper referred cannot be excess freely from the internet. Subscription and purchasing are needed to obtain those reference materials. There are also several reading materials and other journals that related with this study are not subscribed by UiTM.
Lack of reliable resource
Most of information and data in this study are depend on secondary data or resource that available from internet. It is hard and impossible to obtain a specific and detailed information that came directly from Maybank as primary resource.
1.9 Definition of term
CSR: Corporate Social Responsibility
EES: Economics Environmental and Social
ESG: Environmental Social and Governance
GRI:Global Reporting Initiative
SWOT: Strength, Weakness, Opportunity and Thread
1.10 Summary
As a summarization of this chapter, the problem statement should be stated to simplify the complicated problem so it could be more simple and yet specific. The good problem statement should introduce the key problem to describe with clear and accurate for what problem to be study. Then, the research objective is needed to give a statement about the research’s purpose in a measurable term that should be achieved during conducting the study. Last but not least, the researcher also needs to come out with research question that related with the problem and variable and also with objectives.CHAPTER 2
LITERATURE REVIEW
2.1 Introduction
Literature review is a basic and top to bottom assessment of past of study or research. It is a summary and outline of a specific area of research, permitting anyone perusing the paper to build up why this specific research are being looking for. The decent literature review the explanations for choosing a specific research question (Shuttleworth, 2009). Shuttleworth (2009) also said, a literature review isn’t just a sequential catalog of every one of sources, yet an evaluation. It pulls the past research together, and explain how it associates with the research proposed by current paper. All sides of a contention must be obviously clarified, to avoid from inclination, and regions of agreement and disagreement ought to be featured.
2.2 CSR (Corporate Social Responsibility)
According to FT Lexicon website, Corporate social responsibility (CSR) is a business approach that adds to sustainable progression by carrying economic, social and environmental benefits for all partners. CSR is an idea with lot of definitions and practices. The way it is comprehended and actualized varies enormously for each organization and nation. Additionally, CSR is an exceptionally wide idea that tends to numerous and different subjects, for example, corporate governance, health and security, and others. No matter what the definition is, the impetus behind CSR is to drive revolution towards sustainability. Although a few organizations may accomplish striking endeavors with exceptional CSR activities, it is hard to be on the cutting edge on all parts of CSR.
Meanwhile according to Triple Pundit website, the concept of CSR reporting (CSR means “corporate social responsibility”) is closely as adaptable as the idea of CSR itself. Much the same as each organization can characterize to itself what CSR implies, it can likewise pick how to impart its CSR development in the way it finds appropriate. On one hand this absence of consistency can be really debilitating and here and there bothering, simply figure what might have happen if each organization chose autonomously how to report its financial outcomes. Then again, this level of adaptability empowers organizations to be inventive and thought of a report that has a type of identity, mirroring the vision, qualities and identity of the organization.
2.3 ESG (Environmental Social Governance)
ESG is a non-specific term used as a part of capital markets and used by shareholders to assess corporate conduct and to decide the future financial performance of organizations. ESG factors are a subset of non-monetary performance markers which include sustainable, moral and corporate governance issues, for example, dealing with the organization’s carbon footprint and guaranteeing there are frameworks set up to guarantee responsibility (FT Lexicon).
Term of “ESG” is uses in light of the fact that it is usually uses among financial specialists, the expression “sustainability” is used reciprocally as it is more typical among organizations. While inconspicuous subtleties exist, with the end goal of this direction, the two terms are viewed as enveloping the expansive arrangement of environmental, social and governance contemplation that can affect an organization’s capacity to execute its business methodology and make esteem. While ESG factors are now and again called non-financial, how an organization oversees them without a doubt has finance related outcomes. The plain term non-financial related is a disputable perspective, in light of the fact that numerous trust that ESG data is no less pertinent or valuable to a investment in evaluating the financial prospects and operational performance of an organization than data diverted through customary accounting practices. Studies have discovered connection between’s organizations with descent ESG practices and a lower cost of capital, bring down stock value unpredictability, and better valuation over the long haul. Deutsche Asset and Wealth Management, for instance, distributed an examination (ESG and Corporate Financial Performance: Mapping the worldwide scene) in 2015 that strengthened this supposition. (NASDAQ ESG Reporting Guide).2.4 EES (Economic Environmental Social)
With regards to depicting sustainability in our world, three main zones of impact need to be concerned . There are three interconnected circles of sustainability that depict the connections between the economics, environmental, and social parts of our world. These circles are a related arrangement of ideas that, when taken together, can frame a strong ground from which significant selections and activities can be made. Cases of such choices could include land utilize planning, surface water administration, building plan and development, and even law making. At the point when the ideas contained in the three circles of sustainability are connected to real circumstances, everyone wins. Natural resources are saved, the earth is ensured, the economy isn’t harmed, and the personal satisfaction for our kin is enhanced or kept up. (Soapboxie, 2018)
Disclosure of the organization on parts of economics, environmental, and social aspects in the Sustainability report ended up having a significant impact and the market performance of the organization. These three aspects will have the capacity to show their organization’s commitment to the financial aspects advancement of both worldwide and local, to demonstrate the presence of the organization’s concern for environmental, and in addition their social commitment to the network and it will upgrade the organization image from community perspective, in this manner expanding the organization’s market performance (Aisyah F. Caesaria ; B.Basuki, 2016)2.5 Summary
As summarization of this chapter, CSR disclosure become a requirement since 2007 by Bursa Malaysia and it bring the wide meaning and practices. Many organizations or issuer like to report their social effort for CSR even though CSR more explain about organization external performance than internal itself. Meanwhile investors are really concerned on ESG practices and reporting because it plays important role investment decision making. ESG shows how sustainable practice in organization with their financial performance and managing their relationship with their suppliers, employees and customers in a same time. The ethical or moral practices also be a part of ESG practices such as anti-corruption and others. Basically the sustainability reporting should be explain based on their sustainable management in economic, social, environmental material of risk and opportunities in their operational.
CHAPTER 3
METHODOLOGY
3.1 Introduction
This chapter will give the explanation about the theoretical analysis and information that being applied in this research. The overall purpose of this study is to investigate about Maybank’s sustainability report. The investigation are including to identify and compare the information regarding to Maybank’s sustainability report especially about their guidelines information and to analyze the negative and positive attribution or problems regarding Maybank in their sustainability report from external and internal factor by using analysis method. This chapter also discuss about the theoretical investigation as a first step to understand about sustainability reporting.
3.2 Theoretical Perspectives
Theoretical perspective is ideas or theory that being discuss regarding the topic of study for knowledge improvement only based on theory point of view. In this theoretical perspectives, there are theoretical investigation are being made for the better understanding regarding to sustainability report. There are three relevant theories to be include in this study for the future consideration which are legitimacy theories, agency and signaling theories and authenticity theories.
3.2.1 Legitimacy Theory
Legitimacy theory is one of the prevailing theoretical points of view for corporate, social and natural detailing and a standout among the most talked about speculations to clarify the voluntary approach of social and environmental disclosure data in annual reports (Deegan ; Gordon, 1996; O’Donovan, 2002; Patten, 1991). Legitimacy theory is a standout among the most mainstream clarifications of deliberate sustainability reporting in the literature (Cho et al., 2015; Deegan, 2002; Owen, 2008). This theory based on the idea of hierarchical authenticity and this has been depicted the hole among social and natural obligation angles that fit into societal expectation attribute and financial performance and corporate notoriety viewpoints that have a place with the association’s expectation ADDIN CSL_CITATION {“citationItems”:{“id”:”ITEM-1″,”itemData”:{“DOI”:”10.1080/23311975.2018.1423872″,”ISSN”:”2331-1975″,”author”:{“dropping-particle”:””,”family”:”Gnanaweera”,”given”:”K.A.K.”,”non-dropping-particle”:””,”parse-names”:false,”suffix”:””},{“dropping-particle”:””,”family”:”Kunori”,”given”:”N.”,”non-dropping-particle”:””,”parse-names”:false,”suffix”:””},”container-title”:”Cogent Business & Management”,”id”:”ITEM-1″,”issue”:”1″,”issued”:{“date-parts”:”2018″},”publisher”:”Cogent”,”title”:”Corporate sustainability reporting: Linkage of corporate disclosure information and performance indicators”,”type”:”article-journal”,”volume”:”5″},”uris”:”http://www.mendeley.com/documents/?uuid=7c81886a-39bc-4e60-8c5e-29aa5f43ce1e”},”mendeley”:{“formattedCitation”:”(Gnanaweera & Kunori, 2018)”,”plainTextFormattedCitation”:”(Gnanaweera & Kunori, 2018)”,”previouslyFormattedCitation”:”(Gnanaweera & Kunori, 2018)”},”properties”:{“noteIndex”:0},”schema”:”https://github.com/citation-style-language/schema/raw/master/csl-citation.json”}(Gnanaweera ; Kunori, 2018). In practicing an legitimacy theory point of view, an organization would deliberately provide details regarding exercises if administration saw that those exercises were normal by the networks in which it works (Deegan 2002; Deegan, Rankin and Voght 2000; Cormier and Gordon 2001).
3.2.2 Agency Theory and Signaling Theory
Agency theory is significant for the circumstances wherein one party (the central) delegates expert – in terms of control and basic leadership about specific undertakings – to another party (the agent) (Eisenhardt, 1989; Mitnick, 1973; Ross, 1973). Meanwhile according to Investopedia, the agency theory is a thought that clarifies the connection between principals (investors) and operators (association) in business. Agency theory is concerned about undertaking complexities that can exist in office connections due to unaligned objectives or distinctive abhorrence levels to hazard. The most widely recognized office relationship in fund happens between shareholders (principal) and executive administrators (agents). Meanwhile Fama and Jensen (1983) argue that the board become more effective when more non-executive directors involved and that will makes the organization will need to disclose more.
Signaling theory is related with agency theory and summaries different stage of administrators and shareholders. According to it sets that organizations with great performance tend to make intentional disclosure all the more promptly, as doing as such is viewed as a simple methods for separating themselves from others in the commercial center. Hence,we guess that deliberate revelation is emphatically identified with organization performnce and quality ADDIN CSL_CITATION {“citationItems”:{“id”:”ITEM-1″,”itemData”:{“abstract”:”This study investigates the effects of agency theory and signaling theory on the level of voluntary disclosure . empirically the research data is collected from 45 firms in the Tehran Security Exchange (TSE) during 2008- 2013.multiple regressions technique is used for examining the stated hypotheses. It is used for, two models. The first model is based on agency theory and the second model is based on signaling theory.The relationship between ratio of fixed assets, Leverage, ROE, Liquidity on the level of voluntary disclosure.. In order to examine the hypotheses, data is collected from the annual reports of the companies using official bulletins of the Tehran stock exchange, mainly, through Novin software, Tadbir Pardaz software, and stock sites such as www.rdis.ir & www.irbourse.com.The results indicate that based on the models, ratio of fixed assets, and, Liquidity are associated significantly and positively with the level of voluntary disclosure.”,”author”:{“dropping-particle”:””,”family”:”Birjandi”,”given”:”Hamid”,”non-dropping-particle”:””,”parse-names”:false,”suffix”:””},{“dropping-particle”:””,”family”:”Hakemi”,”given”:”Behruz”,”non-dropping-particle”:””,”parse-names”:false,”suffix”:””},”container-title”:”Research Journal of Finance and Accounting”,”id”:”ITEM-1″,”issue”:”1″,”issued”:{“date-parts”:”2015″},”page”:”174-184″,”title”:”The study effect agency theory and signaling theory on the level of voluntary disclosure of listed companies in Tehran Stock Exchange”,”type”:”article-journal”,”volume”:”6″},”uris”:”http://www.mendeley.com/documents/?uuid=a345a78b-f457-46d4-8fbc-d32ef4cd9a95″},”mendeley”:{“formattedCitation”:”(Birjandi & Hakemi, 2015)”,”plainTextFormattedCitation”:”(Birjandi & Hakemi, 2015)”},”properties”:{“noteIndex”:0},”schema”:”https://github.com/citation-style-language/schema/raw/master/csl-citation.json”}(Birjandi ; Hakemi, 2015).
3.2.3 Authenticity Theory
It is a critical to shareholders theory (Devinney, 2009). Authenticity is conceptualized in general in one of two differences ways (Bingham et al., 2011; Classen ; Roloff, 2012; Cording, Harrison, Hoskisson ; Jonssen, 2013; Delmas ; Burbano, 2011; Ewing, Allen ; Ewing, 2012; Grayson ; Martinec, 2004; Kovács, Carroll ; Lehman, 2013; Liedtka, 2008; Perez-Batres et al., 2012; Yim ; Fock, 2013). Authentic act can be considered as views that a performers is being true to themselves (Liedtka, 2008),. It can be said that in this theory it is more to behavioral or observation that organization received. In order to get a good observation, the organization tend to disclose more about their activities even though it can be seen as unimportant or not necessarily point. To achieve the authenticity in sustainability, the organization needs to shows a clear aims and worth.
3.3 The Guidelines
3.3.1 The Global Reporting Initiative (GRI) G4 Guidelines
Almost all companies or organizations in Malaysia using GRI’s Sustainability Reporting framework or guidelines to publish their Sustainability Report annually including Maybank. Maybank is one of financial institution that already started publishing their sustainability report other than BIMB, CIMB, Bank Rakyat and Hong Leong Bank.
According to Wikipedia, the Global Reporting Initiative (known as GRI) is an global independent standards organization that assist other organization such as business and government in understanding and deliver their impacts on issues such as climate change, human rights and corruption. The GRI Sustainability Reporting guideline was launched in 2000. Nowadays, more than 90 countries using it by multinational companies (MNC), governments, Small Medium Enterprise (SME), NGOs and other industry assocation. In 2017, GRI reporting guideline was stated are being used by 63% of largest organization (N100) and 75% of the Global Fortune 250 (G250). GRI’s reporting framework was launched in October 2016 as GRI Standard. GRI Standard was established by the Global Sustainability Standard Board (GSSB) where it becomes the first global standard for sustainability reporting and free public goods. Compared to the earlier reporting frameworks, the GRI Standards have a sectional structure, making them easier to update and adjust.
Maybank currently practicing GRI G4 Guideline in publish their sustainability report. They always keep up to date their guideline based on the latest edition of guideline that being set by GRI Standard..The Standards unite content from both the G4 Guidelines and the G4 Implementation Manual. Second is GRI G4 Guidelines have changed arrangement with clearer prerequisites where the new format has clear qualifications between requirement (demonstrated by shall’), proposals (showed by ‘should’), and direction. Third, GRI G4 Guidelines have content illuminations in GRI G4 Guidelines where key ideas and disclosure from G4 have been elucidated to enhance comprehension and implementation of the Standards (e.g., how to characterize the subject Boundary, how to give an account of themes not secured by the GRI Standards, ‘representative’/’specialist’ phrasing). Forth, there are more noteworthy adaptability and straightforwardness in how to utilize the Standards in GRI G4 Guidelines for associations setting up a report as per the Standards and additionally for those applying chosen Standards to report particular data. Fifth, there are additionally rebuilding/migrating chosen content where a few disclosure and ‘Aspects’ from G4 have been consolidated or united into different segments keeping in mind the end goal to lessen duplication and to enhance the intelligent stream of the Standards. These progressions are set out in detail in the ‘Mapping G4 to the GRI Standards’ apparatus. Lastly, content from G4 has been altered for more clear lucidity and simpler term or language.
3.3.2 Malaysian Code of Corporate Governance (MCCG) 2012 (Corporate Governance)
Based on the Maybank’s sustainability report, there are mentioned that Maybank’s governance framework follow Malaysian Code of Corporate Governance (MCCG) 2012 at the Corporate Governance section. MCCG 2012 was introduced by Security Commission Malaysia. It is targeted to all listed companies in Bursa Malaysia and encourage them to follow it to ensure for making good corporate governance disclosure.
3.3.4 Main Market Listing Requirement of Bursa Malaysia Secuities (Corporate Governance)
Bursa Malaysia already made a few improvements in their listing requirement in the line of Companies Act 2016 and Malaysia Code of Corporate Governance (2012). Bursa want to promote the efficiency in business and quality disclosures. They also requiring all Act Committee members to be non-executive directors.
3.3.5 Bank Negara Malaysia Guidelines on Corporate Governance (Corporate Governance)
In promoting the high standard of corporate governance and effectiveness, Bank Negara Malaysia introduced their corporate governance to follow for financial holding companies.The adoption of this corporate governance guideline is important to ensure financial holding companies managing in safe where business safety and risky activities are in well balanced and interest of shareholders are protected.
3.4 SWOT Analysis
SWOT (Strength, Weakness, Opportunity and Threat) analysis is one of analysis tools to evaluating the project based on positive or negative attribute or problem that come from internal and external factor of the project. SWOT analysis is a one of method to conduct this study, evaluate or analyze the strength, weakness, thread or opportunity of the research or project. From this method, favorable or unfavorable findings can be identified from both external and internal factors based on this study.
Strength and weakness are apositive or negative attribute or findings in evaluation result from internal factors. Opportunity and threat is favorable and unfavorable result or finding after the study being evaluated from external factors or aspect.
CHAPTER 4
RESULTS AND FINDINGS
4.1 Introduction
Results and findings is section where results or findings of the study being reported by the researcher. The results or findings of this study are being achieved after the researcher applied the methodology(s) based on previous section which is in chapter 3. At this section, it is shows the importance of findings or result should be described or stated especially when the paper of study is included the information or data that being obtained by researcher.
4.2 The Case Study of Malayan Banking Berhad (Maybank)
Type of Business Publicly traded government-linked company
Industrial Section Financial Services
Headquarter Menra Maybank, Kuala Lumpur, Malaysia
Founded Year 1960
Key People Abdul Farid Alias (Group President and CEO)
Mohaiyani Shamsudin (Chairwoman)
Products and Services Banking and Finance
Number of Employees in 2016 43,976
Profit after Taxation and Zakat RM 6.74 billion
Operating Income in 2016 (EBIT) RM 8.84 billion
Table 4.2 Overview of Maybank
Maybank started operating since May 1960 by Khoo Teck Puat, a business tycoon (deceased in 2004) and Oei Tjong Le, son of Oei Tiong Ham, a Chinese – Indonesian Conglomerate . The organization was led by Amirsham Abdul Aziz who become the president and CEO from 2002 until March 2008. After his resignation from Maybank, Dato Sri Abdul Wahid Omar took over his place as next president and CEO of Maybank Group from My 2008 until June 2013. Currently Maybank are leading by Datuk Abdul Farid Alias as the latest president and CEO of Maybank.
Today Maybank become Malaysia’s largest bank by market capitalization and total assets.Maybank also become one of the largest bank in Southeast Asia with total assets more than RM 736 billion and net profit RM 6.74 billion in 2016. Maybank’s Islamic banking arm, Maybank Islamic, got Top ranking Islamic bank in Asia Pacific and 5th in the world in terms of assets.
Maybank currently providing various great types of financial and banking products and services and to fulfill the demand of various types of customers and businesses. Maybank’s products also have Sharia compliance verification and constituent by Bank Negara Malaysia.
4.3 Comparison Between Malayan Banking Berhad (Maybank) sustainability report in 2016 and 2015 according to GRI Standard GRI G4
GENERAL STANDARD DISCLOSURE
GENERAL STANDARD DISCLOSURE DESCRIPTION MAYBANK’S SUSTAINABILITY REPORT 2016 MAYBANK SUSTAINABILITY REPORT 2015
STRATEGY AND ANALYSIS
G4-1
Chairman Message P8-P9, P10-P11 P8, P10
G4-2 Key impacts, risks, and opportunities P8-P9, P10-P11, P15 P8, P10
ORGANIZATIONAL PROFILE
G4-3
Name of organization P6 P13
G4-4
Primary brands, products, and services P2, P6 P2
G4-5
Location of organization headquarters P12 P2
G4-6
Countries where organization operates and names of countries where there are significant operations P2-P3 P2
G4-7
Nature of ownership P6 P2, P6
G4-8
Markets served P2-P3, P6 P2
G4-9
Scale of the organization P2-P3, P4-P5 P2, P6
G4-10
Employee breakdown P86 P71
G4-11
Percentage of total employees covered by collective bargaining agreements P28 P21
G4-12
Organization’s supply chain P84 P70
G4-13
Significant change in operation during the reporting period P6 P6, P8
G4-14
Whether/how precautionary approach is addressed P23 P17
G4-15
Externally developed economic, environmental, and social charters, principles, or other initiatives to which the organization subscribes/endorses P12, P16, P22, P27, P75-P76 P62, P64, P69
G4-16 List memberships in associations and national or international advocacy organizations P82-P83 P21, P62, P64
IDENTIFIED MATERIAL ASPECTS AND BOUDARIES
G4-17
Entities included in the organization’s consolidated financial statements P12 P13
G4-18
Process for defining report content and Aspect Boundaries P12, P19 P13, P16
G4-19
Material Aspects identified in the process for defining report content P20-P21 P18
G4-20
Aspect Boundary within the organization for each material aspect P12 P13, P16
G4-21
Aspect Boundary outside the organization for each material aspect P12 P13, P16
G4-22
Effect of any restatements of information provided in previous reports Significant restatements of data compared
to prior years are noted in the section where
they appear Significant restatements of data compared
to prior years are noted in the section where
they appear
G4-23 Significant changes from previous reporting periods in Scope and Aspect Boundaries P12 P13
STAKEHOLDER ENGAGEMENT
G4-24
List of stakeholder groups engaged by organization P17 P15
G4-25
Basis for identification and selection of stakeholders with whom to engage P19 P16
G4-26
Organization’s approach to stakeholder engagement P17-P18 P15
G4-27
Key topics and concerns raised through stakeholder engagement and how organization has responded P17-P18 P18, P23
REPORT PROFILE
G4-28
Reporting period for information provided P12 P13
G4-29
Date of most recent previous report P12 P13
G4-30
Reporting cycle P12 P13
G4-31
Contact point for questions regarding the report or its contents P12 P13
G4-32
GRI Content Index P12 P13
G4-33 Organization’s policy and current practice with regard to external assurance for report P12
P13
GOVERNANCE
G4-34
Governance structure of the organization, including committees of the highest governance body P16, P26 P20
G4-35
Process for delegating authority for economic, environmental and social topics
from the highest governance body to senior executives and other employees. P16 P182, Sustainability Governance, Annual
Report 2015 (Corporate Book)
G4-36
Whether the organisation has appointed an executive-level position or positions
with responsibility for economic, environmental and social topics, and whether
post holders report directly to the highest governance body. P16 P182, Sustainability Governance, Annual
Report 2015 (Corporate Book)
G4-38
Composition of the highest governance body and its committees P27 –
G4-39
Chair of the highest governance body P143-P144, Board Composition, Statement
on Corporate Governance – Annual Report
2016 (Corporate Book)
–
G4-40
Nominating and selecting the highest governance body P145-P146, Board Appointments, Statement
on Corporate Governance – Annual Report
2016 (Corporate Book)
P148-149, Statement on Corporate
Governance, Annual Report 2015 (Corporate
Book)
G4-41
Processes for the highest governance body to ensure conflicts of interest are avoided
and managed. Report whether conflicts of interest are disclosed to stakeholders. P153, Board Professionalism, Statement on
Corporate Governance – Annual Report
2016 (Corporate Book)
P155, Board Professionalism, Statement on
Corporate Governance, Annual Report 2015
(Corporate Book)
G4-42
Highest governance body’s and senior executives’ roles in the development,
approval, and updating of the organisation’s purpose, value or mission statements,
strategies, policies, and goals related to economic, environmental and social impacts. P16
P141, Board of Directors, Statement on
Corporate Governance – Annual Report
2016 (Corporate Book)
P17
G4-45
Highest governance body’s role in the identification and management of economic,
environmental and social impacts, risks, and opportunities. Include the highest
governance body’s role in the implementation of due diligence processes and
whether stakeholder consultation is used to support the highest governance body’s
identification and management of economic, environmental and social impacts,
risks, and opportunities. P16, P17 YES, P91 P17
G4-46
Highest governance body’s role in reviewing the effectiveness of the organisation’s
risk management processes for economic, environmental and social topics. P16 –
G4-51 Remuneration policies – P153, Director’s Remuneration, Statement on
Corporate Governance, Annual Report 2015
(Corporate Book)
G4-52
Process for determining remuneration P146-P149, Board Processes, Statement on
Corporate Governance – Annual Report
2016 (Corporate Book) P153, Director’s Remuneration, Statement on
Corporate Governance, Annual Report 2015
(Corporate Book)
ETHICS AND INTERGRITY
G4-56 Values, principles, standards, and norms of behaviorP26-P29 P22
G4-57 Mechanisms for advice and concerns about ethics P27 P21
G4-58 Mechanisms for advice and concerns about ethics P27 P21
Table 4.3.1 Table of Comparison Between Malayan Banking Berhad (Maybank) sustainability report in 2016 and 2015 according to GRI Standard GRI G4 (General Standard Disclosure)
From the comparison between Maybank’s sustainability report in 2016 and 2015 according to GRI G4 Content Index (Global Standard Disclosure), it can be concluded that Maybank applied GRI G4 Guideline for both sustainability reports. From the index, it shows that Maybank disclose all of their activities regarding sustainable practice in their sustainability report. From the findings, it shows that the reporting at the governance section that related with G4-39, G4-40,G4-46 of general standard disclosure are absent in the Maybank’s sustainability report 2015 but they are disclosed in 2016. Meanwhile reporting at the governance section that related with G4-51 general standard disclosure are being disclosed in 2015 but absent in 2016. That is shows, Maybank not disclose about their activities regarding Chair of the highest governance body and Nominating and selecting the highest governance body in their sustainability report 2015. Meanwhile in 2016 they are not disclosing about their activities that related with numerous policies.
SPECIFIC STANDARD DISCLOSURE (CORE)
CATEGORY: ECONOMICS
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Economic Performance G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Highlights of 2016,
Spending per Focus Area,
Annual Report 2016 (Financial
Statements Book) – Operating Revenue,
Notes to the Financial Statements, P130,
Annual Report 2016 (Financial
Statements Book) – Overhead Expenses,
Notes to the Financial Statements, P133,
Annual Report 2016 (Financial
Statements Book) – Taxation and Zakat,
Notes to the Financial Statements, P137
Our Environmental Agenda, Green
Technology Financing Our Approach
Financial Highlights,
Community and Citizenship,
Overhead Expenses, Notes
to the Financial Statements
– Annual Report 2015
(Financial Book)
Green Technology Financing
G4-EC1 Direct economic value generated and distributed G4-EC2 Financial implications and other risks and opportunities due to climate change Indirect Economic
Impacts
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Community and Citizenship
Community and Citizenship, Migrant
workers and remittances as a backbone
of economies, Our Commitment to
SMEs Our Approach
Community and Citizenship
Community and Citizenship,
Our Commitment to SMEs,
Trade&Give, Microfinance
G4-EC7 Infrastructure investments and services supported G4-EC8 Significant indirect economic impacts Procurement
Practices
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Strategic Procurement Our Approach
Strategic Procurement
G4-EC9 Proportion of spending on local suppliers CATEGORY: ENVIRONMENTAL
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Materials G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach,
Our Environmental Agenda,
Managing Our Environmental Impacts
Paper Consumption Our Approach
Paper Consumption
G4-EN1 Proportion of spending on local suppliers Energy G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Managing Our Environmental Impacts
Electricity Consumption Our Approach
Electricity Consumption
G4-EN3 Energy consumption within the organization Water G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Managing Our Environmental Impacts
Water Consumption Our Approach
Water Consumption
G4-EN8 Water withdrawal by source Biodiversity G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Environmental Diversity
Environmental Diversity Our Approach
Environmental Diversity
G4-EN13 Habitats protected or restored Emissions G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Managing Our Environmental Impacts
Carbon Emissions
Carbon Emissions
Carbon Emissions Our Approach
Carbon Emissions
Carbon Emissions
Carbon Emissions
G4-EN15 Direct (Scope 1) GHG emissions G4-EN16 Energy indirect (Scope 2) GHG emissions G4-EN17 Other indirect (Scope 3) GHG emissions Effluents and Waste G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Managing Our Environmental Impacts
Waste Management and Recycling Our Approach
Waste Management and
Recycling
G4-EN23 Waste by type and disposal method Compliance G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach – Our Approach
Our Footprint
G4-EN29 Non-compliance with environmental laws and regulations CATEGORY: SOCIAL
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Employment G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Performance Data –
Workplace Our Approach
Performance Data
-Workplace
G4-LA1 New employee hires and employee turnover Occupational Health
and Safety
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Safety, Health and
Well-being
Safety, Health and Wellbeing,
Performance Data
– Workplace Our Approach
Occupational Safety and
Health
G4-LA6 Types of injury and rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities Training and
Education
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach fOur Approach
Learning and Development,
Performance Data –
Workplace
Talent and Leadership,
Learning and Development
Performance Data –
Workplace Our Approach
Learning and Development
Talent and Leadership,
Learning and Development
Talent and Leadership
G4-LA9 Average hours of training per year G4-LA10 Programs for upgrading employee skills and transition assistance programs G4-LA11 Percentage of employees receiving regular performance and career development reviews Diversity and Equal
Opportunity
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Our Workforce, Gender
Equality, Performance Data
– Workplace, Annual Report
2016 (Corporate Book) –
Board of Directors’ Profile,
P108-P113 Our Approach
Board of Directors’
Profile – Annual Report
2015 (Corporate Book),
Diverse and Inclusive
Workplace,
Performance Data –
Workplace
G4-LA12 Diversity of governance bodies and employees Labour Practices
Grievance
Mechanisms
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Grievance Mechanisms Our Approach
Grievance Mechanisms
G4-LA16 The management approach and its components CATEGORY: HUMAN RIGHTS
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Child Labour G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Good Business Conduct,
Strategic Procurement Our Approach
Good Business Conduct,
Strategic Procurement
G4-HR5 Operations and suppliers at significant risk for incidents of child laborSecurity Practices G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Performance Data –
Workplace Our Approach
Performance Data –
Workplace
G4-HR7 Security personnel trained in human rights policies or procedures CATEGORY: SOCIETY
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Local Communities G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Our Approach
Community and Citizenship,
Leadership in Islamic
Finance Our Approach
Community and Citizenship
G4-SO1 Operations with local community engagement, impact assessments, and development programs CATEGORY: PRODUCT RESPONSIBILITY
MATERIAL ASPECT GRI DISCLOSURE INDICATORS REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2016 REFERENCES OF MAYBANK SUSTAINABILITY REPORT 2015
Product and Service
Labelling
G4-DMA Explanation of the material topic and its Boundary, The management approach and its components and Evaluation of the management approach Focus on Customers
Focus on Customers –
Performance Data Our Approach
Focus on Customers
G4-PR5 Approach to stakeholder engagement
Key topics and concerns raised Table 4.3.1 Table of Comparison Between Malayan Banking Berhad (Maybank) sustainability report in 2016 and 2015 according to GRI Standard GRI G4 (Specific Standard Disclosure) Core Option
Maybank’s sustainability report 2015 and 2016 are being compared according to GRI G4 Content Index Specific Standard Disclosures – Core Option. It can be concluded that Maybank follow GRI G4 Guideline and reporting all of their activities and sustainability performance based on the guidelines provided by GRI Standard. Specific Standard Disclosure are Disclosure Management Approach (also known as DMA) are one of reporting approach that arrange the Specific Standard Disclosure based on three aspects which is Economic, Environmental and Social. From the findings, it shows that Maybank disclose all of their activities in sustainability report according to GRI G4 Guideline. In 2015 Maybank disclose their activities or act regarding Compliance material aspects but not in 2016. It shows that Maybank did not report about their environmental compliance in their sustainability report 2016.
4.4 SWOT (Strength, Weakness, Opportunity and Threat) Analysis
Favorable Unfavorable
Internal Factor Strength
Have a lot of employees domestically and international.
Become Malaysia leading financial or banking institution.
Have several type of services in the line of technological development such as online banking. Weakness
More focusing on revenue gaining.
Most of branches around Southeast Asia region.
External Factor Opportunity
Lot of branches out of Malaysia
Have many investors.
Threat
Higher Competition
Macroeconomics situation could affect bank’s performance indirectly.
Table 4.4 Table of SWOT Analysis of Maybank in Sustainability Reporting
4.4.1 Strength
Several strengths can be found based on the SWOT Analysis being conducted on Maybank in reporting their sustainability performance. First is Maybank have many employees internationally. This could make Maybank’ performance on satisfying their shareholders and customers more effective. Second is Maybank become Malaysia’s leading financial or banking institution. Maybank’s market capitalization with total assets around RM736 billion and net worth around RM 6.74 billion is more than enough to make Maybank is the largest banking institution in Malaysia. Third, Maybank providing various types of financial services in the line with technological development to make customers dealing and businesses easier with their online banking system.4.4.2 Weakness
The weakness can be found is Maybank is more focusing to generate revenue highly. As other financial institution, Maybank mostly depend on sales of products and services to generate revenue and always seek the way to attract investors. Second is, there are lot of Maybank branches that focusing on Southeast Asia. This could make the global penetration of Maybank weaken since Maybank’s operation is too focusing between Malaysia and Singapore regions.
4.4.3 Opportunity
There are few favourable external factor could be found. First is Maybank have a lot of branches out of Malaysia. This could make the economy of scale of Maybank growth and Maybank able to spread their risk. Second is Maybank already having many investors. There are around 290 companies or organization already investing in Maybank in 2016 based on their sustainability report.
4.4.4 Threats
As other organizations, Maybank also facing several threats that could impact their sustainability reporting. First is there are lot of competitors which is other banking institutions that could stand in same level as Maybank such as HSBC and CIMB. Second is macroeconomics situation could affect Maybank’s performance and it could give an impact toward Maybank’s sustainability reporting indirectly. For example, Malaysia have been facing a recession, it could make the power of purchase decreses, people tend to hold money more, thus the investing into bank also decreasing, the demand of financial product such as loan also decreases it could make Maybank facing a little difficulties to give a-good impression in their sustainability reporting.
CHAPTER 5
CONCLUSION AND RECOMMENDATION
Malayan Banking Berhad is a Malaysia’s largest financial institution that operating over 50 years and become the leading bank organization. As other listed companies, Maybank also fulfill the requirement to publish their sustainability report. Maybank using several recommended guidelines for their sustainability reporting. Maybank follow GRI G4 Guideline that being set in GRI Standard. Maybank also follow Malaysian Code of Corporate Governance (MCCG) 2012, Main Market Listing Requirement of Bursa Malaysia Securities, Bank Negara Malaysia Guidelines on Corporate Governance for their corporate governance reporting. From theoretical perspectives, Maybank sustainability reporting have a few perception based on legitimacy theory, agency theory and authenticity theory.
There several conclusions could be made based on findings. First, the guidelines or framework for Maybank’s current practice to disclose their activities in sustainability reporting is GRI G4 Guidelines for their overall sustainability report that being introduced in GRI Standard by GSSB. For corporate governance disclosure, Maybank follow Malaysia Code of Corporate Governance (MCCG) 2012 that being introduced by Security Commission Malaysia, Main Market Listed Requirement of Bursa Malaysia Securities and Bank Negara Malaysia on Corporate Governance.
Second is from evaluation of comparison based on Maybank’s sustainability report in 206 and 2015 according to GRI G4 Content Index. Maybank disclose all of their activities with GRI G4 Guidelines. Even though there a few disclosure absent and different from another such as compliance of environmental aspect and numerous policies absent in sustainability report 2016 and Chair of the highest governance body and Nominating ; Selecting the highest governance body absent in sustainability report 2015 but their GRI G4 Index could be considered as complete.
Third is according to SWOT Analysis that being conducted, there are several favorable and unfavorable attribute could be found from internal and external aspects of Maybank based on their sustainability report. First is Maybank’s strengths could be influenced by their scale of economy since they are one the largest financial institution in Southeast Asia and become Malaysia’s leading banking institution. This also could be the factor that they able to hiring many employees. Second is their limited branches around the global and organization main aim could be considered as Maybank’s weaknesses where they only have a few branches out of Asia region and their main aim is to generate more income. Third is Maybank have several branches around the globe especially in Southeast Asia region and succeeded to attract many investors could be considered as Maybank’s opportunities in growing their business and be more sustainable in same time. Lastly, there are lot of financial institution nowadays are have a potential to growth and competing with the Maybank plus with the current macroeconomic condition that could be threats to Maybank in making their sustainability report have great result of reporting since they are also depending to income to funding their corporate social responsibilities activities.
As recommendation, Maybank’s sustainability report is one of the best sustainability report in Malaysia. There are lot of organizations have to follow the good and requirement frameworks or guidelines such as GRI G4 Guideline when they want to issuing their sustainability report especially financial institution in Malaysia that also have another framework need to follow such as Bank Negara Malaysia Guidelines on Corporate Governance. Maybank also have to make an improvement based on their weakness and always be aware and ready to any threat will be facing to ensure they always have a good impression based on their sustainability report.
REFERENCES
Agency Theory https://www.investopedia.com/terms/a/agencytheory.asp#ixzz5LJdY8dz1
Follow us: Investopedia on Facebook
Birjandi, H., & Hakemi, B. (2015). The study effect agency theory and signaling theory on the level of voluntary disclosure of listed companies in Tehran Stock Exchange. Research Journal of Finance and Accounting, 6(1), 174–184
Anuar Isa. (2012). Sustainability Practices And Corporate Performance: A Case Of Malaysia Companies.
Bedlow, R., & Yap, N. (2016). Communicating Value Through Sustainability Reporting. PwC. Retrieved from https://www.pwc.com/my/en/assets/press/1606-micpa-communicating-value-thru-sustainability-reporting.pdf
Bingham, J. B., Dyer Jr., W. G., Smith, I. & Adams, G. L. 2011. A stakeholder identity
orientation approach to corporate
Bragina, Z., (n.d). Comparative study of the nonfinancial report practices in the US, the EU, and Russia.
Caesaria, A. F., & Basuki, B. (2017). The study of sustainability report disclosure aspects and their impact on the companies’ performance. SHS Web of Conferences, 34, 08001. doi:10.1051/shsconf/20173408001
Classen, C. ; Roloff, J., 2012. The Link Between Responsibility and Legitimacy: The Case
of De Beers in Namibia. Journal of Business Ethics, 107:379–398.
Liedtka, J. 2008. Strategy making and the search for authenticity. Journal of Business Ethics,
80: 237-248.
Cho, C.H., Laine, M., Roberts, R.W. and Rodrigue, M. (2015), “Organized hypocrisy, organizational façades, and sustainability reporting”, Accounting, Organizations and Society, Vol. 40, pp. 78-94.
Cho, C. H., ; Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8), 639–647. https://doi.org/10.1016/j.aos.2006.09.009
Cormier, D. and Gordon, I. (2001), An Examination of Social and Environmental Reporting Strategies, Accounting, Auditing ; Accountability Journal, Vol. 14, No. 5, 587-
616.
CWanamaker. (2018). The Environmental, Economic, and Social Components of Sustainability. Retrieved from https://soapboxie.com/social-issues/The-Environmental-Economic-and-Social-Components-of-Sustainability
Deegan, C., ; Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187–199. https://doi.org/10.1080/00014788.1996.9729510
Deegan, C. (2002), “The Legitimizing Effect of Social and Environmental Disclosures- A
Theoretical Foundation” Accounting, Auditing and Accountability Journal, Vol. 15, No. 3, pp. 282-311.Deegan, C., Rankin, M. and Voght, P. (2000), Firms’ Disclosure Reactions to Social Incidents: Australian Evidence, Accounting Forum. Vol. 24, No. 1, pp. 101-130.
Devinney, T. M. 2009. Is the socially responsible corporation a myth? The good, bad and
ugly of corporate social responsibility. Academy of Management Perspectives, 23(2),
44–56.Eugene F. Fama and Michael C. Jensen The Journal of Law & Economics Vol. 26, No. 2, Corporations and Private Property: A Conference Sponsored by the Hoover Institution (Jun., 1983), pp. 327-349
Eisenhardt, K.M. (1989), “Agency theory: an assessment and review”, The Academy of Management Review, Vol. 14 No. 1, pp. 57-74.
ESG Reporting Guide (p. 10, Publication). (2017). NASDAQ. doi:http://business.nasdaq.com/media/ESG-Reporting-Guide_tcm5044-41395.pdf
social performance in family firms. Journal of Business Ethics, 99:565–585
FT Lexicon. (n.d.). Retrieved from http://lexicon.ft.com/Term?term=ESG
FT Lexicon. (n.d.). Corporate Social Responsibility (CSR) Definition from Financial Times Lexicon. Retrieved from http://lexicon.ft.com/Term?term=corporate-social-responsibility–(CSR)
Global Reporting Initiative. (2006). Sustainability Reporting. Retrieved from https://www.globalreporting.org/information/sustainability-reporting/Pages/default.aspx
Gnanaweera, K. A. K., & Kunori, N. (2018). Corporate sustainability reporting: Linkage of corporate disclosure information and performance indicators. Cogent Business & Management, 5(1). https://doi.org/10.1080/23311975.2018.1423872
.Global Reporting Initiative. (2016). Transitioning from G4 to GRI Standards. Globalreporting.Org. Retrieved from https://www.globalreporting.org/standards/questions-and-feedback/transitioning-from-g4-to-gri-standards/
.
Godelnik, R. (2012). Back To Basics: What is CSR Reporting? Retrieved from https://www.triplepundit.com/2012/06/csr-reporting/
Malayan Banking Berhad. (n.d.). Community _ Maybank. Retrieved from https://www.maybank.com/en/about-us/sustainability/community.page
Malayan Banking Berhad. (n.d.). Overview _ Maybank. Retrieved from https://www.maybank.com/en/about-us/who-we-are/overview.page
Maybank Banking Berhad. (2015). Sustainability Report 2015
Malayan Banking Berhad. (2017). Sustainability Report 2016.Manasseh, S. (2004). Study On the Level of Corporate Social Disclosure Practices In Malaysia. Master’s, Universiti Sains Malaysia.
Martyn Shuttleworth (Sep 16, 2009). What is a Literature Review?. Retrieved Jul 06, 2018 from Explorable.com: https://explorable.com/what-is-a-literature-review
Mitnick, B. (1973), “Fiduciary rationality and public policy: the theory of agency and some consequences”, paper presented at the Annual Meeting of the American Political Science Association, New Orleans, LA.
Mohamed-Zain, M. ; Janggu, T. (2006). Corporate Social Disclosure (CSD) of Construction Companies in Malaysia, Malaysian Accounting Review, 5(1), 85-114.
Owen, D. (2008), “Chronicles of wasted time? A personal reflection on the current state of, and future prospects for, social and environmental accounting research”, Accounting, Auditing ; Accountability Journal, Vol. 21, pp. 240-267.Said, R., Zainuddin, Y. H., ; Haron, H. (2009). The Relationship between Corporate Social Responsibility Disclosure and Corporate Governance Characteristics in Malaysian Public Listed Companies. Social Responsibility Journal, 5(2), 212-226.
Ross, S.A. (1973), “The economic theory of agency: the principal’s problem”, The American Economic Review, Vol. 63 No. 2, pp. 134-9.
Shawwarn, T. (2004). Determinants of Corporate Social Reporting in Malaysia. MSc Unpublished Thesis, Universiti Putra Malaysia.
Zainab, A., Sarifah, I., ; Nor Suhaily, B. (2015). Corporate Sustainability Reporting: Malaysia Evidence, 2015(November), 287–299.
