What is the Guide to Annual Reports and Websites?
Welcome to the “2020 Guide to Annual Reports and Websites in Malaysia and Singapore”, Black Sun Asia Pacific’s annual flagship research that identifies trends and best practice in corporate reporting, and assesses how companies are responding to challenges and changes within the reporting landscape.
Since 2017, this annual Guide has served as an aide-memoire for organisations what constitutes best practice corporate reporting. The Guide also contributes to the wider development of long-term thinking, disclosure and transparency.
Stakeholder Engagement in Turbulent Times
Much is currently happening round the world, from global pandemics to hot button issues such as corruption and responsible capitalism that have dominated the global business and political agenda in recent years. It is evident that stakeholder demands and needs are getting increasingly complex.
Stakeholder trust is a critical and essential process for sustainable long-term growth and financial health. Therefore, this year’s research focuses on and analyses how companies engage with their stakeholders. We have designed the 2020 Guide with four sections that capture our research findings – Consult, Commit, Communicate and Digital.
This is the mechanism of discussing and obtaining feedback from stakeholders. During this “soul searching” stage, companies will be able to better understand the needs and wants of their stakeholders, and the resulting impact that they have on the company. This is a crucial first step towards aligning the interests and objectives of the company and its stakeholders.
This is the practice of showing an interest and pledging to take stakeholder feedback into consideration and actingon it. Companies should reassure stakeholders that their voices have been heard, and that they are working hard to address their feedback. Making a commitment to your stakeholders is part of building and retaining trust, an integral component of a company’s long-term success.
This is the process of conveying the information to stakeholders in an authentic and transparent manner. Effective stakeholder communications ensure stakeholders receive information that is relevant to their needs. This is especially relevant as stakeholder expectations and considerations are constantly in flux and can change multiple times throughout the year. At the same time, companies need to seek feedback on what they have communicated.
Technological advances have dramatically changed the rules of stakeholder engagement. By creating experiences and building connections through the corporate website, social media platforms and video conferencing, companies can increase the quality of engagement and form meaningful relationships. Companies must ensure the contents on their websites are accurate, accessible and relevant, and provide clear communication channels on matters that are of importance to specific stakeholders.