THE Institutional Investors Council Malaysia (IIC) has called for companies to prioritise job preservation in view of the Covid-19 pandemic, stating that the “Jobs First” strategy can ensure business sustainability.
“The IIC views with great concern the current extremely challenging economic conditions that not only Malaysia but the whole world is experiencing due to the unprecedented Covid-19 pandemic,” said the IIC via a media statement, adding that the council recognises the struggles companies are facing in the currently volatile financial market.
The council maintains that all its investee companies should prioritise job preservation by adopting a “Jobs First” strategy in all measures to ensure business sustainability, and hopes that companies will explore every other measure and implement those before making any decision that may affect the job continuity of their present employees.
The IIC also believes that companies should “show their sincerity” to ensure their employees are able to keep their jobs during the current crisis.
“This form of social obligation is essential at this point in time, given job misplacement will have harmful impacts to both the family institution as much as it does to the economy,” said Rohaya Mohammad Yusof, chairman of the IIC.
She believes that, under the current circumstances, the value of stewardship should be accorded the utmost priority with companies and investors joining forces to maintain a focus on the long-term well-being of the stakeholders, the broader community and the country. — March 31, 2020
