18 September 2024 12:14 am Views - 104
In a significant move towards enhancing sustainability, three of Sri Lanka’s leading companies—Brandix Apparel Ltd, Teejay Lanka PLC and Fortude (Pvt.) Ltd—have partnered with InterBalance, a pioneering consultancy in sustainability and enterprise risk management, to implement an environmental, social and governance (ESG) and sustainability management framework.
This initiative seeks to align reporting with the latest International Financial Reporting Standards (IFRS) S1 and S2 and Global Reporting Initiative (GRI) standards, reflecting a global trend of integrating sustainability into corporate governance and risk management.
Brandix Apparel Senior General Manager Compliance Nirmal Perera stated, “This collaboration has enabled Brandix to significantly reduce environmental impacts, enhance social sustainability and mitigate ESG risks. InterBalance has been crucial in guiding us through this process.”
Teejay Lanka PLC’s annual report 2023/24, based on a double materiality approach and aligned with both GRI and IFRS S1 and S2 standards, marks a major milestone in sustainability reporting.
Teejay Lanka Chief Financial Officer Renuja Selvanathan noted, “InterBalance has played a key role in our journey towards environmental stewardship and social responsibility, helping us implement practices that reduce our environmental footprint and foster positive social impact.”
Fortude has also made strides in integrating ESG and risk management.
Fortude Chief Risk Officer Surendra Karunakaran stated, “InterBalance’s guidance has been instrumental in effectively equipping us with the tools and insights needed to integrate ESG into our enterprise risk management framework.”
Chulendra De Silva, InterBalance Co-Founder Member of the Global Sustainability Standards Board of the Global Reporting Initiative, added, “Organisations must assess both their impacts on society and the environment and the risks and opportunities arising from these impacts. Governance frameworks need to adapt to include not only sound corporate governance but also risk management integrated with sustainability.”
InterBalance Co-Founder Charith Jayasundera added, “Our services go beyond individual aspects of sustainability. We aim to establish a comprehensive management process that covers an organisation’s complete sustainability performance, management and reporting, ensuring that sustainability is deeply embedded within the organisational strategy.”