At the 27th Annual General Meeting of HDFC Bank, held at 31 May 2012 Shareholders lauded the first integrated annual report published by the Bank.
This Annual Report for the year 2011 was HDFC Bank’s maiden effort towards an Integrated Annual Report, incorporating a holistic view of economic, environmental, societal impacts of its operation. This publication also features international reporting standards of the trendy - Global Reporting Initiative (GRI) G3 framework – once again, a 1st time initiative for HDFC Bank’s efforts to be more transparent with its Stakeholders.
Commenting on the latest Annual Report published, HDFC Bank’s AGM Finance and Planning – D. Vidana Pathirana, who spearheaded this referred publication on this occasion mentioned that HDFC Bank was the first bank to publish an integrated publication. This publication adheres to international accepted guidelines and incorporates a GRI analysis included in each section unlike the current practice of containing a separate sustainability section integrated as a stand-alone chapter.
Triple-Bottom-Line reporting is yet another global initiative incorporated in the referred publication. Whilst environmental considerations are often the focus of attention, Triple-Bottom-Line definition of sustainability is a broader concept. In addition to preservation of the physical environment and stewardship of natural resources, Triple-Bottom-Line reporting considers the economic and social context of doing business and also encompasses the business systems, models and behaviours necessary for long-term value creation.
Pathirana further added that the market value of a company depends on two tangibles – financial capital and physical or tangible assets.
In addition to these measurable assets, Intangible assets such a reputation, brand, trust, credibility, integrity, intellectual capital, customer loyalty, risk management, social and environmental responsibility etc are aspects that now tend to be regarded as being equally important as tangible assets.
Sustainability reporting facilitates accountability to the stakeholders as a systematic practice. By publishing a sustainability integrated annual report, HDFC imparts more transparency to the public at large to properly assess the level of overall competence of the organisation. This act of greater transparency would naturally improve HDFC Bank’s compliance with their vision.
On the subject of Sustainability Reporting, it’s noteworthy to mention that HDFC Bank has consecutively secured ACCA’s Sustainability Reporting Award over the last couple of years. Nearly 12% of the total extent of nearly 250 page extent in this publication has been dedicated to a very comprehensive chapter on HDFC Bank’s role towards economic, environmental and societal value-addition. Amidst this focus is HDFC Bank’s maiden effort to also conform to Carbon Footprint guidelines.
With the infrastructure now set in place, HDFC Bank is now full of promise as it’s now poised towards delivering an improved result-oriented performance during the coming years.
More details on HDFC Bank’s Annual Report can be obtained from the website – www.hdfc.lk