20 Oct 2022 - {{hitsCtrl.values.hits}}
An extensive study in the IT/BPM sector in Sri Lanka found that only 30 percent of the entities have embarked upon environmental, social, and corporate governance (ESG) activities, an area that is becoming increasingly important in the current global economy.
PwC ESG Leader and Director Zahra Cader hands over the report to SLASSCOM Vice Chairman Jehan Perinpanayagam |
A report that followed an extensive survey carried out by SLASSCOM in partnership with PwC revealed that 70 percent of the entities are in the initial stages or have not yet embarked on the ESG journey.
A majority of SME companies had not taken any steps into moving towards ESG, while most medium and large companies have begun implementing ESG activities for some time, the survey findings revealed.
Of these, 26 percent had an ESG strategy, with only 10 percent of the entities being aligned with their business strategy. About 36 percent of the ESG strategy of large firms was distinct from their business strategy, 14 percent had embedded ESG into their core operations and had a robust data collection process, whereas 14 percent reported regularly on ESG, with 6 percent using global standards.
The top three drivers for companies were moral and ethical reasons, aligned with corporate values and reputation. Customers, regulators and investors posed a high influence. Key topics comprised employee engagement, diversity and inclusion and information security, SLASSCOM said in a statement. The top three environmental initiatives of more than 50 percent were in setting goals and targets to become energy efficient, measure energy consumption, follow effective approaches to manage water and utilise renewable sources to fulfil energy requirements. About 16 percent were already measuring their e-waste, whilst 43 percent were considering doing so in the future, with a few having partnered with certified vendors. Fifty-five percent of companies were looking to implement waste management initiatives with regard to paper, focusing on plastic and e-waste management.
According to SLASSCOM, a majority see infrastructure on the cloud as an opportunity for now and the future. More than 70 percent of companies have policies to address customer data security and privacy, conduct regular employee training programmes and get employees involved in the organisation’s decision-making processes backed by inclusive and diversified recruitment practices. Having gained insights into the status of ESG in the sector, SLASSCOM has put in place a set of comprehensive plans that concentrate on knowledge-sharing, capacity building and awareness-creation. SLASSCOM will also work on encouraging companies to implement ESG activities by helping them measure and monitor ESG indicators, promote certifications and assurance endorsements related to ESG and brand Sri Lanka as the leading IT/BPM destination for ESG that is advancing the Sustainable Development Goals.
“As we institutionalise sustainability best practices across our industry, we will make a significant difference to our planet and people whilst strengthening the attractiveness of Sri Lanka’s IT/BPM offering amongst our international partners and clients,” said SLASSCOM Vice Chairman Jehan Perinpanayagam.
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