Adjudged overall runner-up and joint winner in Banking sector for 2022 Annual Report
The 2022 Annual Report of the Commercial Bank of Ceylon was adjudged the overall runner-up and joint winner in the Banking category at the Sustainability Reporting Awards presented recently by the Association of Chartered Certified Accountants (ACCA).
Awarding the overall runner-up award to Commercial Bank, the ACCA judges noted that “The bank has submitted an excellent report which covers all material aspects of its business, showing concern for the community at risk in these difficult economic times.”
In their comments on the Bank’s victory in the Banking category, the judges said: “The guiding principles for sustainability are well expressed. 50% of the SME portfolio is devoted to women in the SME sector. There is an excellent sustainability framework which includes UNGC and SDGs. The business model integrates ESG considerations. The contribution to the national health services and to environmental institutions such as in relation to coast conservation are a valuable contribution to national wellbeing. Employees are subject to training in sustainability needs.”
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2022 Annual Report also won three Golds and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2023, excelling in key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank was adjudged the best overall for ‘Corporate Governance Disclosure’ and for Digitally Transformative Reporting’ taking two Golds in the main category awards, and won the Gold for the best annual report in the Banking sector, in addition to taking the Bronze for ‘Overall Excellence in Corporate Reporting.”
Titled ‘In Context, Weathering a perfect storm’ the Commercial Bank’s 2022 annual report is the Bank’s 54th annual report and presents comprehensive information on all aspects of performance and governance in the backdrop of a series of events of great adversity. The report elaborates on how the Bank had kept faith in its proven prudence of strategy and adherence to a progressive drive towards enhancements in technology, customer-centric decision making and operational efficiencies to take the Bank forward during a challenging year.
Sri Lanka’s first 100% carbon neutral bank, Commercial Bank introduced a green element into its corporate logo this year, to symbolize the Bank’s multifaceted commitment to sustainability, encompassing diversity, inclusivity, good governance, transparency, social equity, accountability and eco-friendly banking solutions.
The largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a strategically-located network of branches and 964 automated machines island-wide, and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.