Kudos to the two companies for coming out on top of The Wall Street Journal's ranking. But shame on the rest of the sector. Time to do better.
Genting Group in Kuala Lumpur, Malaysia, and Meliá Hotels in Spain were the only travel companies that The Wall Street Journal included in its ranking of the 100 most sustainably managed companies in the world.
The list, published Tuesday, evaluated more than 5,500 publicly traded businesses based on sustainability metrics. Genting, which ranked 14th, owns casinos, resorts like Sentosa, theme parks, and cruise lines.
Genting’s Malaysia unit, for example, is a resort operator that regularly reports a “triple bottom line,” covering the company’s financial, environmental, and social impact. The company trains its employees to observe protocols for conserving biodiversity in the areas surrounding its properties, efficiently using water and fuels, and managing effluents and waste properly.
“Genting Malaysia has made environmental protection and preservation an integral part of its corporate philosophy and business policy since its incorporation,” said Dato’ Sri Lee Choong Yan, president and chief operating officer and executive director.
The Journal’s list took an expansive view of sustainability. It looked at recent objective measures of performance, but it also assessed whether a company’s leadership and governance practices promise an ability to create value for shareholders.
Meliá ranked seventh on the list. It owns more than 370 hotels in 40 countries. Gabriel Escarrer, vice president and CEO of Meliá, has said that his company’s management model is to make “sustainability an intrinsic part of the business… given the need for companies to generate a positive impact on society and the planet.”
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Photo credit: The First World Hotel at the Genting Highlands Resort in Malaysia. Genting