CMS is also First ASEAN Finalist in the 70-Year History of the ARA
Kuching (Sarawak), Thursday, 25 June 2020 – Cahya Mata Sarawak (CMS) was recently named one of five finalists for the “Report of the Year Award” at the prestigious 2020 Australasian Reporting Awards (ARA) event. CMS was also a recipient of an ARA Gold Award for distinguished reporting which enabled it to qualify as a finalist for the Report of the Year Award. CMS’ inaugural Integrated Report 2018 also had the added distinction of being the first ever report from a company within ASEAN to be selected as a finalist in the 70-year history of the ARA.
The winners of the 2020 ARA were announced yesterday over a virtual awards presentation event broadcast from Melbourne, Australia. Introduced in the 1950s, the annual ARA event celebrates private sector, public sector and not-for-profit organisations from Australia, New Zealand and throughout the Asia-Pacific region that uphold world class reporting standards.
The ARA Report of the Year Award is presented to the most outstanding annual report entered in the Awards. The finalists for this award are selected from among those reports that have received a distinguished Gold Award and are subject to further rigorous review by the ARA Awards Committee. All reports are benchmarked against stringent ARA criteria which are based on world best practice standards. CMS was one among 69 participants who won a Gold Award at the 2020 ARA event and the only Malaysian organisation to make the list of finalists. Two of the other four finalists hailed from Australia and the other two from New Zealand.
Commenting on CMS’ achievement was Group Managing Director, Dato Isaac Lugun who had this to say: “We are both humbled and elated to know that the quality of our maiden Integrated Report stands on par with other distinguished reports that uphold world best practices. This achievement underscores our commitment to excellence and to raising the standards of our reporting and disclosure.”
“Being a passionate, people-led organisation, CMS makes every effort to exceed the expectations of our discerning stakeholders and uphold the responsibilities we are entrusted with. We have endeavoured to approach our business in ways that truly preserve and create stakeholder value. I am pleased to say that CMS has been doing just that by remaining agile amidst an increasingly challenging playing field, as well as by rolling out relevant and focused business strategies.”
“Our move towards integrated reporting serves to capture in a more formal and transparent manner, the way in which CMS has been aligning strategy with value creation and performance. This has been happening for some time now across the Group and the resources that we utilise. By formally demonstrating how we are creating real value for our stakeholders over the short, medium and long-terms, we aim to strengthen stakeholder confidence and bolster our position as a preferred company on Bursa Malaysia.”
Dato Isaac went on to say, “We are honoured to be counted among the five finalists that hailed from diverse geographies and industry sectors. We also take pride in the fact that CMS was the only Malaysian entity (and a Sarawakian company at that) to be counted among the five finalists. We also have the double honour of knowing that we are the first organisation within ASEAN to have been nominated as a finalist since ARA’s inception some 70 years ago.”
According to the ARA Awards Committee, all five finalists achieved a very high standard in annual reporting with each finalist found to have committed to providing a report that responded to stakeholders’ needs with disclosures that were honest, open and genuine. In a world where trust in large corporations and government agencies is diminishing, the tenets of integrity, transparency and balanced reporting are the keys to rebuilding that trust. All of the finalists distinguished themselves in these areas and the overall standard was so high that judges had a very difficult task in selecting a winner.
Established in 1950 by a group of business leaders who were keen to establish awards for excellence in preparing annual reports, the ARA aims to constantly improve the standards of financial reporting and communication with stakeholders. The criteria for the ARA include an open and proactive stance towards communication, attention to detail and accuracy, a sensitivity and responsiveness to stakeholders, a willingness to put in the effort to communicate effectively, as well as a commitment to achieving and enhancing standards.