PETALING JAYA: There needs to be a cohesive sustainable ecosystem in Malaysia for environment, social and governance (ESG) principles to be fully integrated into the economy, according to Think Plus Consulting Sdn Bhd group CEO Dr Norsaidatul Akmar Mazelan.
She said Malaysia needs to form a single sustainability-focused ecosystem that embraces all stakeholders, including the private and public sectors.
“The Malaysia Will and Trust Association (MWTA) is trying to create a single platform which everyone can agree on,” she told SunBiz after MWTA’s Shaping the Future of Estate Planning Forum recently.
Norsaidatul said no single body or association should monopolise sustainability in Malaysia – rather, it needs to have a shared prosperity element for all parties.
She noted that each stakeholder has its own set of values and purposes, but if a shared prosperity element is not present, each party would only act and make decisions according to its own goals, which may not fit or “gel” with the rest of the ecosystem.
“The government’s agenda is to ensure that the private sector integrates ESG practices into its business model, which why there is ESG reporting. So, the skill in ESG is not so much of managing your business, but rather managing all your elements of sustainability,” she remarked.
In addition,Norsaidatul said sustainability should be embedded in a company’s products, processes, people, environmental as well as its own ecosystem engagement which includes its “prosperity-sustainability”.
“Knowledge, competency and attitude bring you the real meaning of transformation ... companies need to assess the project application of their ESG, - not just by looking at their reports.
“We look at the transformation that made the changes for you to fully embrace sustainability; whether you’re with the private sector or the government, the process is the same. Practices will always give you results, if you don’t practise, there are no results,” she added.
Meanwhile, Norsaidatul said estate planners should not be solely product or sales-driven, instead they should understand the needs of their clients and try to integrate ESG principles in their planning process.
“What is your concern on environment? What is your concern on people? What is your concern about your wealth? What you are contributing back .... (it’s ) not just expecting a return out of a process. So, that (ESG) element is where a mindset change must come in.
“It is a new business model, not a traditional one. That element is probably not thought about anywhere else. I hope that MWTA can help give a different perspective of why it is a new game changer and not follow the old traditional mindset,” she added.
Organised by MWTA, the forum aimed to address issues in estate planning, discuss emerging trends, challenges as well as understanding the importance of comprehensive estate planning for peace of mind and asset protection.
