The Commercial Bank of Ceylon was declared the best among all Sri Lankan banks in sustainability reporting at the Sri Lanka Sustainability Reporting Awards for 2022 presented by the Association of Chartered Certified Accountants (ACCA) Sri Lanka.
As the winner in the ‘Banking’ category Commercial Bank was recognised for being one of the most transparent, accountable, and responsible entities in the country. The award was presented for the Bank’s 2021 Annual Report titled ‘Beyond a shape, beyond a colour’ which among other aspects, explores the Bank’s evolving operating context in which social and environmental concerns are brought to the centre of its corporate agenda.
Prepared in line with the International <IR> framework, this Annual Report also presents the Bank’s social and environmental impactsas per the Global Reporting Initiative (GRI) standards: Core option. Additionally, it reports onthe Bank’s contribution towards the UNDP Sustainable Development Goals. The Report also features a dedicated section on ‘Business model for sustainable value creation’ and discloses information on loans screened through the Bank’s Social and Environmental Management System (SEMS), paper reduction and recycling initiatives, increased use of renewable energy, and switching to energy-efficient appliances under the section on ‘Natural Capital.’
Indicators of value derived in this category include reduced energy consumption in gigajoules, number of facilities subjected to SEMS screening, number of new solar panel installation locations, number of internet banking and mobile banking users, and solar power generated as a percentage of energy consumption.
Commercial Bank’s high standards in comprehensive reporting area result of the Bank’s commitment to being a responsible financial entity and shaping its work ethics around sustainable business practices, a Bank official said.