This article first appeared in The Edge Malaysia Weekly on November 27, 2023 - December 3, 2023

Collaboration on ESG initiatives, clear regulatory frameworks, consumer support for sustainable products and practices, and investor interest in ESG-conscious companies are all crucial factors that can make the adoption of ESG easier and more widespread.” - Chu

For ViTrox Corp Bhd, sustainability goes beyond merely ticking boxes. Thanks to that spirit, the company clinched the gold award at The Edge Malaysia ESG Awards 2023 in the most improved performance over three years category among companies with market capitalisation exceeding RM5 billion.

ViTrox president and CEO Chu Jenn Weng says the group embarked on its ESG journey in 2021, following the establishment of its ESG Steering Committee (ESC) and ESG Working Group (EWG) to develop, evaluate and manage the resources of the group’s ESG initiatives, advise the board on sustainability risks and opportunities, and integrate sustainability strategies into its daily operations.

“In 2022, we set an ambitious target to achieve net-zero carbon emissions under Scope 2 by the end of 2030,” says Chu, adding that the group has set 30 ambitious goals to be achieved by 2030.

He points out, however, that the continuously evolving global landscape proved to be a hurdle for ViTrox in setting the relevant key performance indicators for long-term commitments, as well as measuring the impact and progress of its sustainability goals, which aim to address issues such as climate change, wealth inequality and food security.

As such, the group had in-depth deliberations with its ESG governing bodies to ensure its initiatives were strategically sound and aligned with the group’s core values.

“Despite the complexity and uncertainty, our commitment and diligence helped us to overcome this challenge. We are proud to have been able to set these 30 targets and goals and grateful for the unity and cooperation given by each department in our organisation in setting these goals,” says Chu.

These goals set by the group fall within the scope of 14 of the United Nations Sustainable Development Goals (SDGs), with its focus centred on greener operations, being an accountable purchaser, a caring employer and a trusted corporation, and ensuring sustainable governance.

ViTrox’s commitment is showcased through initiatives such as encouraging female leadership, fostering innovation in the tech sector, promoting community safety and providing essential support for underprivileged families. These efforts contribute to a comprehensive commitment to sustainable development and the SDGs, says Chu.

He adds that ViTrox’s values-driven approach distinguishes the group from others, with its guiding principles of IACTG, an acronym for integrity, accountability, courage, trust and respect, gratitude and care.

“We don’t blindly follow industry trends. Instead, we seek guidance from experts and consultants and then do what we genuinely believe is the right thing,” he says.

Chu hopes to see increased collaboration and collective action from all stakeholders, from government and related bodies to investors, as well as consumers.

“Collaboration on ESG initiatives, clear regulatory frameworks, consumer support for sustainable products and practices, and investor interest in ESG-conscious companies are all crucial factors that can make the adoption of ESG easier and more widespread. Together, we can drive net-positive impact and create a better future for all,” he says.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.