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The Best Corporate Citizens Review is a fortnightly series of reviewing some of the best corporate citizens in Sri Lanka by Daily FT in partnership with the Ceylon Chamber of Commerce.
The main objective at the formative stage of incorporating of People’s Leasing Company Ltd. (PLC) as a fully-owned subsidiary of People’s Bank in 1995 was to provide quick leasing facilities and related financial services to the valuable customers of People’s Bank.
Annual Polythene Collection Project at Adams Peak implemented by the Ratnapura Branch |
At that time, People’s Bank was unable to provide a comprehensive package deal to its customers including leasing facilities due to lack of expertise in leasing. The principal lacuna was successfully rectified with the commencement of commercial operation in May 1996. With the gradual expansion of leasing operations, it was commercially viable to extend leasing business by walking an extra mile beyond the customers of People’s Bank by enjoying a perfect mix of private sector dynamism and public sector accountability.
When it comes to rural areas, people have a lot of faith and trust in two State banks. Therefore its linkage with People’s Bank is definitely a major strength. In 2003, People’s Leasing became the market leader in the leasing sector and retained the supremacy for the last nine consecutive years. People’s Leasing has built a robust CSR profile over the years as well, engaging in various project initiatives to uplift lives and provide essential infrastructure services to communities and the environment. CEO/GM D.P. Kumarage said: “Today’s corporates are judged not just by their profitability, but by what they do for the society in which they operate.” He feels that community engagement efforts are an integral part of the company’s business philosophy.
In recognition of these endeavours, People’s Leasing was the only leasing company which was named among the Bent Corporate Citizens of Sri Lanka as selected by the Ceylon Chamber of Commerce in 2009 and 2010. The company also bagged a Commendation Award for Transparency in Sustainability Reporting by ACCA
The Nuwara Eliya Branch of the company completed the renovation of the ENT Ward of the Nuwara Eliya Base Hospital |
One of its main pillars of strength and best asset is human capital. The company spends heavily on training and development of staff in building capacity, skills and leadership qualities. It does not spend much on advertising. Therefore, through its staff, their customer service levels and contributions, it retains market leadership. The positive impact it creates in society through CSR initiatives builds brand visibility through its customers who act as brand ambassadors.
Group business strategies
The growth engines are business growth, cost control, improvement of margins; diversify business in forming subsidiaries pertaining to insurance, finance, property development, fleet management and micro finance.
Categories of CSR initiatives
In line with Global Reporting Initiatives (GRI), PLC’s CSR initiatives can be categorised under education, healthcare, infrastructure development, stakeholder relations, environment, cultural and religious activities. Projects undertaken from April 2010 to March 2011 are briefly listed:
Projects and beneficiaries
Education:
Healthcare
Infrastructure development
Stakeholder relations
Religious/cultural
Environment