Commercial Bank adjudged best among banks for sustainability reporting

Wednesday, 9 March 2016 00:00 - - {{hitsCtrl.values.hits}}

The Sustainability Report of the Commercial Bank of Ceylon PLC has been adjudged the best in the banking sector at the2015 Sri Lanka Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA) Sri Lanka Liaison Office.

One of five key segments in the bank’s Annual Report for 2014, the Commercial Bank Sustainability Report is a comprehensive 57-page account covering the economic, social and environmental performance of Sri Lanka’s largest private bank for the fiscal year ending 31 December 2014.

The prestigious ACCA Sustainability Reporting Awards presented for the 12th year, recognised one overall winner and runner-up and presented 13 additional awards in six industry categories. The entries were judged on the triad of 3Cs – Completeness, Credibility and Communication. The awards are endorsed by the Ministry of Environment and the Global Compact Network Ceylon.

This was the second major award won by the Commercial Bank’s 2014 Annual Report in the sphere of Sustainability Reporting this year, and its seventh award overall. In early February 2016, the report was adjudged ‘Asia’s Best Integrated Report’ at the Asia Sustainability Reporting Awards in Singapore. The report also won five awards at the 2015 Annual Report Awards of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), including the Edmund J. Cooray Memorial Trophy for the Best Annual Report among banking institutions.

“We have always believed that the importance of comprehensive disclosure on all aspects of our operations cannot be over-emphasised,” Commercial Bank Managing Director and CEO Jegan Durairatnam said. “Each year, we make a greater effort to incorporate the latest best practices in reporting into our Annual Report. We are therefore much encouraged by the ACCA Award.”

He said the 2014 Sustainability Report of Commercial Bank adopts the Global Reporting Initiative (GRI) Guidelines Version G4 and GRI’s G4 Financial Services Sector Supplement for Sustainability Reporting.

Themed ‘Combanking’ the award-winning 2014 Annual Report of Commercial Bank is a 432-page volume.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 250 branches and 625 ATMs in Sri Lanka, the largest electronic cash dispensing facility owned by a single bank in the country. The bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives. The bank also received license to operate a fully owned Money Transfer Operation in Italy recently.