NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA) 2022 CALLS FOR ENTRIES
KUALA LUMPUR, 16 March 2022 – Now in its 32nd year, the National Annual Corporate Reporting Awards (NACRA) 2022 has called for entries at the NACRA 2022 Virtual Launch held today. The closing date for registration and submission of entries is 31 May 2022.
Organised by Bursa Malaysia Berhad, Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA), NACRA deems it important for organisations to deliver high-quality corporate reports that tell their unique value creation stories in order to support investors in their actionability and decision-making.
NACRA guides organisations to balance the disclosure of financial and non-financial information to show how they stayed agile and resilient to continuously create long-term stakeholder value. “This is what the market and investors are seeking from today’s corporate reports. They expect a comprehensive yet concise, reliable, balanced, and comparable analysis that clarifies the enterprise’s strategic focus and future directions, to facilitate their decision-making processes,” said Ong Chee Wai, Chairman, NACRA 2022 Organising Committee in his welcome remarks.
As per past years, NACRA has assembled an independent panel of expert adjudicators who are well-versed with the latest issues and developments in business and markets, as well as corporate reporting and sustainability disclosures, commented Ahmad Zahirudin Abdul Rahim, Chairman, the NACRA 2022 Adjudication Committee in his remarks.
NACRA will assess companies’ annual reports against their peers within the same tier of market capitalisation. “There are three different tiers of market capitalisation and participants will be sub-divided into the appropriate tier based on their organisation’s market capitalisation,” added Ahmad Zahirudin.
To ensure that corporate reporting in Malaysia is up-to-date with the latest local and global developments, reporting frameworks and best practices, the NACRA framework and assessment criteria incorporates elements that, among others:
- Align with the latest Malaysian Code on Corporate Governance (MCCG), which was reviewed and updated in April 2021 to strengthen Board governance and integrate sustainability into business
- Emphasise on sustainability to encourage organisations to integrate ESG (environmental, social, governance) considerations into their business models and disclosures, including narratives on how they address climate change, net zero targets, labour rights violations and modern slavery, to name a few key emerging risks.
- Facilitate investor demands for greater accountability and transparency on how the COVID-19 pandemic which continues to be ranked as a significant risk affects businesses and their prospects.
All public listed and non-public listed organisations as well as other organisations established in Malaysia are cordially invited to participate in NACRA. All organisations will compete for Excellence Awards according to market capitalisation for listed companies, with a separate category for nonlisted organisations. All participants are also eligible to compete for the Best Sustainability Reporting and Best Designed Annual Report. Those participants who submit the Bahasa Malaysia version of their annual report will be eligible to compete for the title of Best Annual Report in Bahasa Malaysia.
NACRA was first established in 1990 by Bursa Malaysia Berhad, Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA) to inspire high quality corporate reporting in line with its perennial theme of “Towards Accountability and Excellence”.
The COVID-19 crisis and related restrictions are creating an unprecedented and very challenging landscape for organisations in all sectors. Despite these challenges, NACRA will continue with its advocacy to promote and recognise excellence in corporate reporting in 2022, given the pivotal role NACRA plays in support of the capital market.
However, changes will need to be made in this year’s NACRA to reflect the new normal and to manage the impacts arising from the COVID-19 crisis and new social distancing norms.
The following are the changes to note as announced by NACRA joint organisers Bursa Malaysia Berhad (Bursa), the Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA):
- Submission deadline – The submission deadline would be May 31, 2022.
- Revision of participation fee – The participation fee is revised as follows:
The revised participation fee will be wholly used to meet the costs arising from the adjudication process. Please note that in previous years, the NACRA participant fee included one standard table at the awards presentation dinner but this charge will be omitted for 2022 as the dinner has been cancelled due to the COVID-19 safety measures.
- NACRA 2022 Awards Presentation Ceremony– Due to the current pandemic and for safety measures, the NACRA 2022 winners and results will be announced at a virtual ceremony on December 15, 2022.
For more information about NACRA 2022, please contact the NACRA Secretariat at firstname.lastname@example.org
NACRA 2022 Brochure
|NACRA 2021 Winners|
|NACRA 2020 Winners|
|NACRA 2019 Winners|
|NACRA 2018 Winners|
|NACRA 2017 Winners|
Promoting excellence in annual corporate reporting has a long history in Malaysia. It started in 1985 with the launch of the Malaysian Corporate Report Awards (MACRA) which was jointly organised by The Malaysian Association of Certified Public Accountants (MACPA) and the Malaysian Institute of Management (MIM). In 1988, Malaysian Institute of Accountants (MIA) and the Kuala Lumpur Stock Exchange (KLSE) collaborated to organise the National Annual Report Awards (NARA). In recognition that the two awards shared common objectives, 1990 saw the unification of the awards to become the National Annual Corporate Report Awards (NACRA), which was jointly organised by KLSE, MIA, MIM and MACPA.
Today, NACRA is the collaborative effort of Bursa Malaysia Berhad, Malaysian Institute of Accountants, and The Malaysian Institute of Certified Public Accountants (MICPA).
The criteria for NACRA has been reviewed and enhanced each year to encourage the disclosure of all material and relevant information beyond the statutory requirements. Compliance with approved accounting standards and statutory disclosure requirements has become the norm expected of all organisations. Greater emphasis has been given to voluntary disclosure such as information about the company’s long-term objectives, its strategic plans for growth, initiatives to protect the environment through corporate social responsibility projects. The aim is to promote more effective communication between the organisation and its stakeholders.
Although new elements have been added over the years, the objective remains essentially the same, to recognise and highlight the importance of good financial reporting, not only to protect the interests of stakeholders, but to ensure the effective functioning of the capital market. This is the very essence of NACRA’s theme, Towards Accountability and Excellence.
- To promote effective communication by organisations through the publication of timely, informative, transparent and reader-friendly annual reports
- To raise the bar for quality corporate reporting in Malaysia
- To recognise and encourage excellence in the presentation of financial and corporate information
- To create public awareness of the objective measures of an organisation and their value creation over time, and greater understanding of the financial performance and results an organisation has achieved