Transparency builds trust

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MRCB group chief operating officer Kwan Joon Hoe (right) and Chief Corporate Officer Amarjit Singh Chhina taking a photo after receiving the trophy. — FAIHAN GHANI/The Star

MRCB group chief operating officer Kwan Joon Hoe (right) and Chief Corporate Officer Amarjit Singh Chhina taking a photo after receiving the trophy. — FAIHAN GHANI/The Star

Being upfront will help boost brand loyalty and sales for companies

TRUST between a company and its investors, customers, partners and employees is based on a company's transparency in doing business. Being transparent means being honest and upfront with stakeholders when companies discuss business-related issues.

The goal of transparency in business is to build trust and goodwill by establishing and maintaining the firm's reputation for being open and honest in its business dealings. Transparency in business can take many different forms depending on the type of communication being used and the stakeholders involved.

Each group of stakeholders may react differently to transparency but the effect is the same whether they are investors, shareholders, purchasers or employees. Investors and stakeholders define transparency as the ease with which they can obtain financial data, such as a company's price range and audited financial reports. Investors must have confidence that the financial reports your company generates are accurate, informative and independently audited.

On the purchasers side, they want to know that the companies they select to buy their homes are being transparent because this will boost their confidence in the development. Done right, the developer can ensure brand loyalty and increase sales.

Lastly, transparency with employees is centred on honesty and two-way communication between employees and their managers. This includes frank discussions about business goals and objectives, challenges, employee performance and other work-related issues.

Paramount Property deputy group chief executive officer and executive director Benjamin Teo holding his TOTC trophy.

Paramount Property deputy group chief executive officer and executive director Benjamin Teo holding his TOTC trophy.

TOTC quantitative rankings - Transparency 

The transparency attribute is based on the company’s willingness to reveal information about itself in the latest annual report. Transparency in the MDA judging criteria is centred on information disclosure, accountability and clarity. The breakdown of scores are as follows:

● Transparency pledge (20%)
● Precise remuneration of directors (20%)
● Time taken to file annual financial results (10%)
● Dividend policy statement (10%)
● Shareholders meeting procedures and minutes (10%)
● Responsibilities to stakeholders, including donors, sponsors, programme beneficiaries, staff and
the public (10%)
● Whistle-blower policy (10%)
● Limiting the usage of technical terminology, fine print or complicated mathematical notations
(10%)

In the RM1bil and above category, MRCB achieved the highest score of 86%. This achievement
puts MRCB in top spot for this attribute. Of the top 10 rankers in the TOTC RM1bil and above
category, OSK Holdings (with 81%) was the only other company that scored above the 80%
mark.
In the TOTC below RM1bil category, Paramount Corporation Bhd was the highest achiever at
96%, a near perfect score. This places them in top spot for this attribute. The closest company
to Paramount Corporation is Symphony Life at 85%, also the only other company that scored
above 80%.

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