Friday, June 11, 2010

The Edge Billion Ringgit Club to recognise the biggest, best performers

KUALA LUMPUR: Malaysia's biggest and best listed companies will soon be recognised with the establishment of The Edge Billion Ringgit Club, which will induct companies listed on Bursa Malaysia with a market capitalisation or turnover of at least RM1 billion.

Over 20 companies in the club, from seven sectors, will also be recognised in terms of profitability and shareholder wealth creation. The best of these companies will receive the Company of the Year award.

The Billion Ringgit Club and accompanying awards are established by The Edge, Malaysia's leading business and investment weekly. The inaugural awards are being held in partnership with OCBC Bank (Malaysia) Bhd, Audemars Piguet and Mercedes-Benz Malaysia Sdn Bhd. The results will be audited by Deloitte Malaysia.

The club will be inaugurated at a gala dinner on July 5, which will be attended by Prime Minister Datuk Seri Najib Razak and his wife Datin Seri Paduka Rosmah Mansor. At the dinner, the top companies and the personalities behind their success will be recognised.

"Membership in The Edge Billion Ringgit Club is automatically open to companies that meet the criteria. The Edge Billion Ringgit Club awards, on the other hand, are based on performance. The winners are chosen based on a strict but transparent methodology, which looks at a range of criteria," said The Edge editor-in-chief Dorothy Teoh during a handshake event between the publication and two of the sponsors, OCBC Bank and Mercedes-Benz, on Thursday, June 10.

OCBC director and CEO Jeffrey Chew said the purpose of a business is to provide a meaningful service to humanity. "Within this overarching framework lies the role of profits, which represent the mechanism for maintaining the viability and longevity of the business in order for it to continue making available its services," he said.

A good company is the result of purpose and profit combined, he added.

"We see The Edge Billion Ringgit Club as a serious attempt to place the spotlight on companies that are both providing a meaningful service to humanity as well as doing so in a consistently profitable manner."

Peter Hornegg, president and CEO of Mercedes-Benz Malaysia, said the methodology of The Edge Billion Ringgit Club awards promoted transparency. The best companies would inspire other companies to up their own game, he said.

"(Companies should) be proud to be in this league... it is very exclusive," he added.

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