KUALA LUMPUR, Malaysia (June 29): Tan Sri Lim Wee Chai, executive chairman of Top Glove Corp Bhd, said self-refereeing and self-regulation are essential in the operation of any business. In a statement released on June 16, Lim stated that checks and balances ensure that individuals behave properly, but that no matter how many layers of control are in place, someone will cheat.
“I’ve been playing golf for a long time. Any golfer will tell you that the game requires us to self-regulate and self-referee our actions. We don’t need a third party to keep an eye on us. In a nutshell, you’re both a player and a referee.” This rule applies to and is relevant in the operation of any business. Systems and processes, as well as audit and compliance measures, are additional checks and balances on human personalities and behaviors. These checks and balances ensure that we act appropriately. Countries and companies both put a lot of money into them.
“No matter how many layers of control we create and enforce, anyone can cheat,” Lim added.
He went on to say that Top Glove emphasizes the ideals of honesty, integrity, and transparency to guarantee that everyone in the organization acts responsibly.
“We are first and foremost responsible to ourselves and our conscience for all of our activities,” he continued, “then to those who may be affected by our actions: our family, friends, colleagues, shareholders, and stakeholders.”
Top Glove’s environmental, social, and governance (ESG) initiatives and pledges will focus on attracting and cultivating workers with high integrity and ethics as it works to become a Forbes and Fortune Global 500 firm, he noted.
“Furthermore, in keeping with our aim to do well by doing good, I am glad to report that we had a solid performance in the third quarter of fiscal year 21.”
Sales revenue for Top Glove was RM4.16 billion, up 147 percent year on year (y-o-y), and profit after tax was RM2.06 billion, up 490 percent from 3QFY20.
“We issued a dividend of 18 sen per share for 3QFY21, which includes a special dividend payout of 21% plus 50% per the company’s dividend policy,” he said.
However, sales revenue plummeted 22.42 percent to RM4.16 billion from RM5.37 billion in the previous quarter, while profit after tax fell 29 percent to RM2.06 billion from RM2.9 billion.
Top Glove’s share price fell four sen, or 0.95 percent, to RM4.27 at 12:30pm, giving the company a market capitalization of RM35.04 billion. Continue reading
