Fostering integrity and inclusion: How ComBank delivers performance with ethics and humanity at its core

Commercial Bank of Ceylon Managing Director/CEO Sanath Manatunge

• In conversation with Commercial Bank of Ceylon PLC Managing Director/CEO Sanath Manatunge

As the financial sector grapples with rising expectations around ethics, transparency, and inclusivity, Commercial Bank of Ceylon continues to distinguish itself through governance and human capital strategies rooted in integrity and responsibility. 

In this interview, Sanath Manatunge as Managing Director/CEO of Sri Lanka’s largest private sector bank, discusses how the bank’s strong ethical framework, zero-tolerance policies, and diversity initiatives are shaping a workplace that is both principled and progressive. Excerpts of the interview are as follow:

Q: Commercial Bank has often been described as a values-driven organisation. How would you describe the culture that underpins the bank today?

A: At the heart of Commercial Bank’s success is a culture defined by integrity, accountability, and inclusivity. We have worked hard to build an environment where transparency and empowerment drive collective performance. Every decision and interaction within the bank are guided by our Code of Ethics and Conduct Risk Management framework, ensuring that we uphold the highest professional standards. This culture is not imposed from the top, it is shared and lived across all levels. By fostering ethical awareness and inclusivity, we have built a workplace where people feel trusted, respected, and motivated to contribute their best.

Q: You mentioned the Code of Ethics and Conduct Risk Management framework. Can you elaborate on how these mechanisms operate in practice?

A: The Code of Ethics is essentially our moral compass. It defines what we stand for as a Bank. It lays down clear expectations for conduct, covering everything from customer relations and workplace behaviour to regulatory compliance and conflict resolution. To make it meaningful, we integrate the Code into our daily operations and policies. It is not a document that sits on a shelf. Regular updates ensure that it remains relevant to new ethical and regulatory challenges.

We also prioritise employee awareness and training because ethics must be practiced, not just preached. In 2024, over 96% of our employees completed training on ethical behaviour and compliance. This is a very encouraging statistic that reflects the seriousness with which our people embrace these values. These programs reinforce our zero-tolerance stance on misconduct and help embed ethical decision-making into everyday work.

Alongside this, our Conduct Risk Management framework helps identify and mitigate risks related to unethical practices. We have policies for managing conflicts of interest, preventing insider trading, and ensuring that decisions are made objectively. Automated monitoring systems, periodic audits, and ethical decision-making tools are in place to maintain accountability and properly guide our teams through complex scenarios.

Q: Ethical governance is a cornerstone of responsible banking. How does Commercial Bank ensure that its governance framework promotes integrity and compliance across all functions?

A: Governance at Commercial Bank is not limited to compliance. It’s about setting highest standard of behaviour that builds trust among all stakeholders. Our governance framework ensures that ethical conduct is woven into every process, from lending decisions to supplier relationships. Oversight mechanisms, including internal audits and board-level committees, ensure proper implementation and transparency. We also encourage open communication so that employees can raise concerns without fear.

This multi-layered approach, combining policy, monitoring, and culture, helps us mitigate conduct risk effectively and sustain long-term stakeholder confidence.

Q: Bribery and corruption are major concerns in the global financial industry. How does the bank maintain its zero-tolerance position in this area?

A: We take our zero-tolerance stance very seriously. Our Anti-Bribery and Anti-Corruption Policy, which aligns with the UN Global Compact’s 10thPrinciple, ensures that there is absolutely no room for unethical influence in any of our dealings. This policy applies not just to employees but to third-party vendors and partners as well.

We have a dedicated compliance team that monitors adherence through audits and risk assessments, and any instance of non-compliance is dealt with firmly. Just as importantly, we invest heavily in awareness. Last year alone, we conducted 19 sessions on anti-bribery and anti-corruption with participation from more than 75% of our employees. This consistent education ensures that ethical conduct is second nature to our people.

Q: Whistleblower protection often determines how safe employees feel about reporting misconduct. What has Commercial Bank done in this area?

A: The Whistleblower Charter is a central part of our ethical governance. It guarantees anonymity and protection against retaliation for employees who raise ethical concerns. We have established multiple channels – hotlines, email access to the Chief Internal Auditor, and escalation pathways that reach even the highest levels of governance.

This assurance of safety is critical because it encourages openness. Employees know they can speak up without fear. We reinforce this confidence through regular awareness programs, ensuring that everyone understands both the process and their rights. Ultimately, this mechanism strengthens our transparency and keeps us accountable.

Q: Ethics aside, inclusivity and diversity have also become defining elements of good corporate governance. How is the bank fostering diversity within its workforce?

A: We believe that diversity is a strength that drives innovation and relevance. Our workforce reflects Sri Lanka’s own cultural, ethnic, and gender diversity, and we make deliberate efforts to enhance that balance. In 2024, we significantly expanded our Diversity, Equity, and Inclusion (DEI) initiatives, introducing structured policies and programs to promote gender equality and cultural representation.

The results are visible: women now account for over 30% of our workforce, and 14 female employees were promoted to senior management roles last year. We have also conducted leadership mentoring programs for women and workshops on unconscious bias. These initiatives ensure that opportunities for growth are merit-based and free from discrimination.

Q: You were personally recognised as one of Sri Lanka’s Top 10 Diversity Champions in 2024. What does that recognition represent to you and to the bank?

A: I consider that as a collective recognition of the culture we have built rather than a personal accolade. The award, presented by Women in Management and the IFC, acknowledges leadership that actively advances inclusivity in the workplace. For me, it validates our approach to empowering people regardless of gender, ethnicity, or background.

It also reflects the alignment between our values and actions. We don’t treat diversity as a checkbox exercise. It’s a fundamental part of how we build teams, make decisions, and engage with communities. This recognition encourages us to push further in embedding DEI principles across all areas of the organisation.

Q: How does the bank support work-life balance and gender equality in practical terms?

A: We have introduced several policies that are both progressive and empathetic. For example, mothers with children below one year receive special allowances, while female employees can take up to one year of leave after childbirth or adoption. These measures acknowledge the real-life responsibilities of our employees and ensure they don’t have to choose between career and family. After introducing this policy, we have witnessed 100% of female employees return to office after confinement. 

We also focus on developing future female leaders through targeted leadership development programs. In 2024, 21 women completed an exclusive leadership course designed to prepare them for higher responsibilities. By nurturing female leadership, we are laying the foundation for a more balanced and equitable organisation.

Q: Cultural diversity and inclusion extend beyond gender. How does the bank promote representation and equal opportunities for all employees?

A: Inclusivity for us means ensuring that everyone, irrespective of geography, ethnicity, or ability, has equal access to opportunities without any discrimination. We have launched recruitment drives in underserved regions to ensure that rural and minority communities are well represented within our workforce.

We also provide workplace accommodations for differently-abled employees and maintain accessibility standards across our offices. These are not symbolic gestures. They are practical steps towards building a workplace where every individual can thrive. By celebrating our differences, we strengthen unity and drive innovation.

Q: Finally, how do these ethical and inclusive practices translate into long-term organisational impact?

A: Ethics and inclusivity are not separate from performance; they are central to it. A transparent and fair workplace enhances employee engagement, while a diverse workforce brings in new ideas and perspectives. Together, they improve decision-making, strengthen our reputation, and deepen stakeholder trust.

From an operational perspective, our governance frameworks ensure compliance with both local and international standards, reducing risk and reinforcing sustainability. But beyond compliance, these practices define who we are as an institution and continuously build a strong culture around ethics and inclusivity. As we look to the future, we will continue to enhance our ethical awareness programs, refine our whistleblowing systems, and leverage technology to strengthen monitoring.

Our goal is simple: to remain a bank that not only delivers financial results but does so with integrity, fairness, and humanity at its core.