Genashtim Joins Malaysian B Corp Industry Players in B Corp Advocacy
During the lunch and networking gathering hosted by Genashtim Sdn Bhd in Kuala Lumpur, Malaysia, The Edge Malaysia seized the opportunity to gain insights from B Corp Leaders about businesses becoming a force for good. Genashtim’s Thomas Ng and Tan Ee Beng, alongside InNature’s Datin Mina Cheah-Foong and Molly Fong, Christopher Marquis from Cambridge University, and Johan Rozali-Wathooth from Bintang Capital Partners, shared their views on B Corp’s potential in the business landscape.
Thomas recounted Genashtim’s challenges since its establishment in 2008 as a for-profit social enterprise aiming to provide sustainable employment for people with disabilities (PWDs). Initially offering web development, programming, and e-Learning services, the company faced limited market value because the business model of remote work was probably ahead of its time. Thomas and his team struggled to keep Genashtim afloat during those years until it finally became profitable during the COVID-19 pandemic. Despite the initial setbacks, B Corporation recognized Genashtim’s commitment to disability inclusion and invited them to pursue B Corp certification in 2013. Taking the B Impact Assessment (BIA) in 2015, was a turning point for Genashtim, marking the beginning of Genashtim’s successful journey with B Corp in Southeast Asia and its appointment as a B Market Builder for Southeast Asia (except Singapore) to promote B Corp certification.
Of Genashtim’s 150+ employees, over half are PWDs, whilst 30% are from disadvantaged groups. Today, about 100 of them work in the environmental, social, and governance (ESG) services team spearheaded by Tan Ee Beng, who is partially blind. Impressed by Genashtim’s ability to balance financial viability and social responsibility, Ee Beng joined the company in 2020.
As interest in B Corp grew in 2021, six times than what was expected, B Lab appointed Genashtim to do the verification for companies applying for B Corp certification. Genashtim seized the opportunity and Ee Beng was appointed to lead this effort.
Genashtim played a pivotal role in the development of B Corp in Malaysia. Thomas is in discussion with a Malaysian government agency interested in integrating elements of the BIA into Malaysian small and medium enterprises. Molly Fong, Executive Director of InNature, had to liaise with Ee Beng to improve its BIA score, identifying areas needing improvement. Managing Director and Executive Director of InNature, Datin Mina Cheah-Foong emphasized the holistic and globally recognized criteria of B Corp certification, combating greenwashing effectively. Meanwhile, Johan Rozali-Wathooth of Bintang Capital Partners stressed the importance of due diligence on social and environmental factors, citing the adverse impacts of a growing population on delicate ecosystems. He highlighted Bintang’s readiness for the investment landscape of the future, where sustainability becomes a focal point for investors. In alignment with these insights, Thomas urged businesses to initiate the free B Corp certification process.
Under Thomas’ strong stewardship and Ee Beng’s expertise, Genashtim remains committed to assisting small and medium businesses in Malaysia to acquire B Corp certification. Their shared goal is to promote sustainable and conscientious business practices that benefit the society and the environment.
For more information, read the full article here – B Corp: Can Businesses Really be a Force for Good?