Sustainability: Malaysian, ASEAN Businesses Must Embrace Core Principles, Says Ex-UN Sec-Gen

KUALA LUMPUR, Nov 26 (Bernama) -- Malaysian and ASEAN businesses must embrace the core principles of sustainability to remain viable entities in the future, says former (eighth) United Nations secretary-general, Ban Ki Moon. He said the situation could no longer be “business as usual”, and corporations will no longer remain viable if they fail to plan for the future of the planet and humanity. “The COVID-19 pandemic has only been a trigger to highlight an already inherent problem,” he said in his keynote address at the GO ESG ASEAN 2020 virtual summit on Wednesday. In his speech, Ban encouraged the leadership of ASEAN nations and its business community to replicate the model of “sharing values for prosperity”. “The crisis of the recent trade war and the on-going pandemic has unravelled the reality that we must accelerate finding solutions to all the world’s biggest challenges ranging from poverty and gender to climate change, inequality and closing the finance gap. “Value-based or shared value principles is one such solution. It upholds that business prosperity, should be shared, instead of coming at the expense of the broader communities where companies operate,” he said. Summit organiser, United Nations Global Compact Network Malaysia (UNGCMY) in a statement said the shared values also known as Sustainable Development Goals (SDGs), are 17 stated goals or values that determine the achievement of a sustainable future. “UNGCMY will build on the success of the GO ESG ASEAN 2020 summit to become a pivoting point to drive the adoption of sustainability amongst Malaysian businesses. “We shall continue to engage not only our members but also all companies in the ecosystem to start using the ESG principles to guide business strategy,” said its executive director Faroze Nadar. Via such approach, he said, UNGCMY could help small and medium enterprises (SMEs) transform their businesses and thereby generate shareholder value that is real and meaningful. The GO ESG ASEAN 2020 virtual summit held on Nov 23 and 24, is part of a month-long summit organised by UNGCMY. -- BERNAMA