ComBank excels at ACCA’s Sustainability Reporting Awards

Commercial Bank’s Chairman Justice K. Sripavan, Managing Director/Group CEO S. Renganathan, Chief Operating Officer Sanath Manatunge and members of the corporate management receiving  the award for Overall Winner

Receiving the award for Best in the Banking sector 

The Commercial Bank of Ceylon was crowned the overall winner for its Annual Report 2020 which was also adjudged the Best in the Banking sector at the Sri Lanka Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA) Sri Lanka.
These awards were presented to the bank for being one of the most transparent, accountable, and responsible entities in the country. 

Titled ‘101: A century of experience. A year of reinvention,’ Commercial Bank’s 2020 annual report features a dedicated section elaborating on its Business Model for Sustainable Value Creation.  A Statement on Capital Position elaborates on activities undertaken to create each type of capital. This includes loans screened through the bank’s Social and Environmental Management System (SEMS), paper reduction and recycling promotions, increased usage of renewable energy, and switching to energy efficient appliances under Natural Capital. 
Indicators of value derived in this category include reduced energy consumption in gigajoules, number of new solar panel installation locations, and number of online banking and mobile banking users. 

While the table on Social and Network Capital lists activities such as financial inclusion promotions, co-creation of products and services, collaborations with business partners, improvements to the capacity of SMEs, expansion of the bank’s footprint and support to the community, indicators of Value Derivation feature investments by the bank’s CSR Trust among others. 

Commenting on this award, Commercial Bank Managing Director and Group CEO S. Renganathan said, “As a responsible financial entity, not only are we wholeheartedly committed to moulding our work ethics around sustainable business practices, we are also committed to comprehensive reporting on our latest best practices in our annual reports.”  

In the realm of sustainability, Commercial Bank finances projects that focus on renewable energy, energy and resource efficiency, waste management, emission reductions, smart agriculture and green buildings. 
ACCA is the fourth organisation to recognise Commercial Bank’s 2020 Annual Report with awards. Previously Transparency International Sri Lanka, the Institute of Chartered Accountants of Sri Lanka, and the Institute of Certified Management Accountants (CMA) of Sri Lanka have recognised its excellence in different aspects with awards.