Broker’s take: Top Glove’s ESG risks to fall on strong balance sheet, automation investments, says Maybank KE

The Business Times | Oct 12, 2020 at 2:00 AM
  • GLOVE maker Top Glove Corporation might be under the spotlight now for environmental, social and governance (ESG) risks, but such risks should fall over the years.
  • Ms Lee notes that since then, certain improvements have been made – including a payment of RM136 million to its 11,300 migrant workers or 90 per cent of its total factory workers, as well as the enlargement of workers’ space at the hostels to comply with Malaysia’s new minimum standard.
  • The group also has targets to reduce water consumption intensity by 12 per cent by FY2024 through its reverse osmosis water treatment plant, as well as reduce generation of scheduled waste by 5 per cent by FY2029 to comply with Malaysia’s Department of Environment’s requirements and maintain its quality at Standard B.