Higher Safety Scores, Better Sourcing — What Malaysia’s Top-Rated Brewer Says It’s Doing Differently

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A Malaysian brewery has achieved the highest possible environmental, social and governance (ESG) rating from Morgan Stanley Capital International (MSCI), one of the world’s most widely referenced investment benchmarks — and it is the only brewer in the country to hold that distinction.

Carlsberg Brewery Malaysia was upgraded from ‘AA’ to ‘AAA’ by MSCI ESG Ratings in March, placing it among the top tier of 72 companies assessed globally in the beverages industry and among 27 Malaysian companies rated by MSCI.

The upgrade was driven by improvements across all three ESG pillars, but the most striking gain came in social performance — a score that jumped from 3.8 to 6.3 in a single year, reflecting stronger product safety, quality standards, and workplace health and safety practices.

Environmental performance also improved, with the company’s overall environmental score rising to 8.0 from 7.5, led by better packaging and waste management, which scored 9.0.

Carbon footprint performance has also improved steadily over three consecutive years.

Beyond The Rating — Governance, Disclosure, And The Long Game

“This reflects years of consistent effort to strengthen governance, improve operational practices and enhance the quality of our ESG disclosures — not as an end in itself, but as part of building a resilient and future-proof business,” said Managing Director Stefano Clini.

Separately, the company also received a four-star ESG grading under the FTSE4Good Bursa Malaysia Index in 2025, scoring full marks in corporate governance and human rights.

It also published its first sustainability report aligned with the International Sustainability Standards Board (ISSB) framework, covering both general sustainability and climate-related disclosures.

The MSCI AAA rating has been held by the company since it first achieved an ‘AA’ in August 2021, with this latest upgrade marking the next step in a five-year improvement trajectory.

Over 120 years in Malaysia, And Still Brewing

Carlsberg has been part of Malaysian life longer than most people realise — the Danish beer was first imported here in 1903, more than six decades before a single drop was brewed locally.

That changed in 1972, when the company’s Shah Alam brewery — the first Carlsberg brewery in Asia — rolled out its first locally made batch.

Built through a partnership between the Danish parent company and local investors, the facility has grown into one of the region’s most recognised brewing operations, producing brands such as 1664 Blanc, Asahi Super Dry, and Connor’s Stout Porter, alongside its flagship lager.

In 2024, the company committed RM343 million to overhaul the brewery — its largest single investment ever — with upgrades aimed at achieving zero carbon emissions by 2030.

The business has remained financially healthy throughout, posting a net profit of RM375.6 million in its most recent results.

Today, Carlsberg Malaysia operates across Malaysia and Singapore, with exports reaching markets including Taiwan, Hong Kong, and Laos.

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Higher Safety Scores, Better Sourcing — What Malaysia’s Top-Rated Brewer Says It’s Doing Differently