Sustainability, incorporating environmental, social, and governance (ESG) practices and the United Nations’ Sustainable Development Goals (SDGs), is rapidly becoming a priority for many Chairpersons of Malaysian Businesses. They must make bold decisions about this crucial aspect of guiding the running of businesses, as sustainability is now an essential factor in corporate success and the ongoing success of an organisation. It has taken the spotlight in the boardroom and is the focus of attention moving forward.
In line with this, the School of Business at Monash University Malaysia recently hosted a roundtable discussion on how Chairpersons can help Boards make value-based decisions to accelerate sustainability in their organisations.
The discussion focused on four themes — from how the Board does value-based decision-making to developing purpose-based strategies to embed sustainability practices. Next was a discussion about how sustainability practices in organisations should be about “playing to win instead of playing just not to lose”. Lastly was a dialogue around governance and new requirements for Boards.
Members of the roundtable emphasised the need for a “Just Transition”. They shared that, for many companies, the conversation is no longer about “why” but rather “how” firms can make value-based decisions on sustainability.
The panel cautioned that short-termism could harm a company’s long-term success. It is crucial for business leaders to prioritise long-term value creation and ensure that executives and companies are not focused solely on short-term gains at the expense of sustainability and long-term growth.
Dr Avvari V. Mohan, Deputy Head (Engagement & Impact) at the School of Business, Monash University Malaysia, facilitated the roundtable and highlighted a critical insight from the discussion. “To truly integrate sustainability into a business, it must be a part of the company’s culture and values, not just a compliance checklist. Chairpersons and Board see it as their responsibility to guide management to embed sustainability practices and create a purpose-based strategy for their organisations,” he said.
With the collaboration, Monash University Malaysia and UNGCMYB hope to drive multi-stakeholder action towards sustainability to promote the widespread adoption of sustainable business practices anchored on the 17 SDGs, such as those encouraging action on water, clean energy and gender equalit
- Among the panelist, Tan Sri Dato’ Sri Zamzamzairani Mohd Isa, Chairperson, Malayan Banking Berhad, Datuk Yvonne Chia, Chairperson, Cradle Fund Dr Tunku Alina Alias, Chairperson, J A Russell & Company Alizakri Alias, Chairperson, Malaysia Venture Capital Management Berhad Tan Sri Che Khalib Mohamad Noh, Chairperson, Pelabuhan Tanjung Pelepas Ms Foong Pik Yee (Moderator), Independent Non-Executive Director, AmBank (M) Berhad, Industry Advisory Board Chairperson, School of Business, Monash University Malaysia.
