MyEG above average on proprietary ESG scoring

KUCHING: My E.G. Services Bhd’s (MyEG) is above average on the research arm of Maybank Investment Bank Bhd’s (Maybank IB Research) proprietary ESG scoring. To note, Maybank IB Research introduced MyEG‘s expanded ESG tear sheet and assigned an above average overall score of 67 (over 100).

The research arm found its ESG-related policies and framework adequate, with zero incidents of controversies or breaches of cyber security and customer data.

Further inroads into establishing proper carbon reduction and net zero targets could further boost its ESG profile, in Maybank IB Research’s view.

“As an IT services provider, MyEG identifies cyber threat, technology performance, customer experience and data protection as the most critical areas for its business model,” Maybank IB Research said.

“It has yet to experience any incidents or controversies on these matters thus far.

“It has also managed to reduce GHG emissions, as well as electricity and petrol consumption between financial year 2019 (FY19) to FY21 as part of adopting more digitalised practices.”

According to Maybank IB Research, MyEG’s supply chain financing application on its Zetrix blockchain platform could also provide a sustainability angle through traceability of products.

“The group recently reached another milestone in Oct 2022 through the formation of partnerships with AmBank and MIMOS Technology Solutions to roll out cross-border trade financing solutions for the local businesses with the Chinese merchants.”

Demand for this service, in the research arm’s view, could grow over time as more stakeholders began incorporating traceability as part of their business practices.

According to Maybank IB Research, MyEG ranked fairly well on Sustainalytics ESG metric, with a score of 21.5 and ‘medium’ risk rating, as well as being at the top quartile on Bursa’s ESG ranking.