Statement of use | Commercial Bank of Ceylon PLC has reported in accordance with the GRI Standards for the period January 1, 2022 to December 31, 2022. |
GRI 1 used | GRI 1: Foundation 2021 |
Location | Omission | ||||
GRI Standard/Disclosure | Report commentary title | Requirement(s) Omitted | Reason | Explanation | |
GRI 2: General Disclosures 2021 | |||||
2-1 | Organisational details | Corporate Information | |||
Organisational Overview – About the Bank | |||||
2-2 | Entities included in the organisation’s sustainability reporting | Introducing our 54th Annual Report – “Report boundary” | |||
2-3 | Reporting period, frequency and contact point |
Introducing our 54th Annual Report – “The Journey so Far” | |||
Introducing our 54th Annual Report – “Contact” | |||||
2-4 | Restatements of information | Introducing our 54th Annual Report – “Report boundary” | |||
2-5 | External assurance | Annual Report of the Board of Directors – “External Assurances” | |||
Introducing our 54th Annual Report – “Responsibility for sustainability practices and external assurance” | |||||
Annex 6- Independent Assurance Reports | |||||
2-6 | Activities, value chain and other business relationships | Organisational Overview – About the Bank | |||
Business Model for Sustainable Value Creation | |||||
Sustainable Supply Chain | |||||
2-7 | Employees | Table – 19 Employees by Type and Gender – Bank | |||
2-8 | Workers who are not employees | Table – 19 Employees by Type and Gender – Bank | |||
2-9 | Governance structure and composition | Governance and Risk Management | |||
2-10 | Nomination and selection of the highest governance body | Appointments and retirements/ resignations of Directors (Principle A.7) | |||
Re-election/election of Directors (Principle A.8) | |||||
Report of the Board Nomination Committee | |||||
2-11 | Chair of the highest governance body |
Segregation of roles of Chairman and Chief Executive Officer (Principles A.2 and A.3) |
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2-12 | Role of the highest governance body in overseeing the management of impacts | Annual Corporate Governance Report | |||
Roles, responsibilities, and powers of the Board (Principles A.1.2 and A.1.3) and Board’s role in risk management (Principle D.2) | |||||
Segregation of roles of Chairman and Chief Executive Officer & Role of Independent Non-Executive Directors (Principles A.2 and A.3) | |||||
Shareholder engagement and voting (Principles C.1, C.2, E, and F) | |||||
2-13 | Delegation of responsibility for managing impacts | The Bank’s Organisation Structure | |||
Bank’s approach to governance | |||||
Figure 21 Governance structure | |||||
Executive Management Committee and Management Committees | |||||
2-14 | Role of the highest governance body in sustainability reporting | Responsibility for sustainability practices and external assurance | |||
Material Matters – “Management Approach” | |||||
Bank’s Sustainability Framework | |||||
Executive Sustainability Committee (ESC) | |||||
Roles, responsibilities, and powers of the Board (Principles A.1.2 and A.1.3) | |||||
2-15 | Conflicts of interest | Conflicts of interest (Principle A.10) | |||
Report of the Board Related Party Transactions Review Committee | |||||
Directors’ Interest in Contracts with the Bank | |||||
Note 62 to the Financial Statements – Related party disclosures |
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2-16 | Communication of critical concerns |
Board process (Principles A.1.6, A.1.7, and A.6) | |||
Board meetings (Principle A.1.1) | |||||
Whistleblowing | |||||
2-17 | Collective knowledge of the highest governance body | Diversity and inclusion | |||
Board of Directors’ industry/background experience | |||||
Induction and training of Directors (Principle A.1.8) | |||||
2-18 | Evaluation of the performance of the highest governance body | Board and Board Committee evaluations (Principle A.9) | |||
2-19 | Remuneration policies | Directors’ and Executive remuneration (Principles A.10, B.1 and B.3) | |||
Report of the Board Human Resources and Remuneration Committee | |||||
2-20 | Process to determine remuneration | The level and make-up of remuneration (Principle B.2) | |||
Report of the Board Human Resources and Remuneration Committee | |||||
2-21 | Annual total compensation ratio |
2-21 | Confidentiality constraints | Industry does not disclose this information due to confidentiality reasons. | |
2-22 | Statement on sustainable development strategy | Managing Director/Chief Executive Officer’s Review – “Advancing sustainability” | |||
2-23 | Policy commitments | Annual Report of the Board of Directors | |||
Introducing our 54th Annual Report – “Precautionary Principle” |
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Responsible Organisation – Shared Value | |||||
Community sustainability – outreach | |||||
Policies, procedures, and limits | |||||
Risk management tools | |||||
2-24 | Embedding policy commitments | Responsible Organisation – Shared Value | |||
Community sustainability – outreach | |||||
Policies, procedures, and limits | |||||
Risk management tools | |||||
2-25 | Processes to remediate negative impacts |
Management Approach | |||
Whistleblowing, Anti-Bribery and Anti-Corruption & Group Conduct Risk Management Policy Framework | |||||
Risk Governance and Management – Streamlining customer complaint handling | |||||
2-26 | Mechanisms for seeking advice and raising concerns | Whistleblowing | |||
Annex 1.1: 3 (1) (i) (d) Compliance with Banking Act Direction – Communication with all stakeholders | |||||
2-27 | Compliance with laws and regulations | Annual Report of the Board of Directors | |||
2-28 | Membership associations | Memberships: Nexuses in Synergy | |||
2-29 | Approach to stakeholder engagement | Connecting with Stakeholders | |||
2-30 | Collective bargaining agreements | Collective Bargaining: The Dialogues | |||
Material topics
GRI 3: Material Topics 2021 |
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3-1 | Process to determine material topics |
Material Matters | |||
3-2 | List of material topics | Material Topics, Risks, Opportunities, How we manage and GRI Disclosures | |||
3-3 | Management of material topics | Material Topics, Risks, Opportunities, How we manage and GRI Disclosures | |||
Economic performance GRI 201: Economic Performance 2016 |
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201-1 | Direct economic value generated and distributed | Annex 4: Our Sustainability Footprint | |||
201-2 | Financial implications and other risks and opportunities due to climate change | Climate Position Statement of Commercial Bank of Ceylon PLC | |||
201-3 | Defined benefit plan obligations and other retirement plans | Note 48.3 to the Financial Statements-Provision for unfunded pension scheme | |||
Note 48.5 to the Financial Statements-Employee retirement benefit | |||||
201-4 | Financial assistance received from government | The Bank did not receive financial assistance from the Government during the year under review | |||
Indirect economic impacts
GRI 203: Indirect Economic Impacts 2016 |
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203-1 | Infrastructure investments and services supported | Community sustainability – outreach | |||
203-2 | Significant indirect economic impacts | Customer Centricity: Uplifting the Small and Medium-Trilingual Presence: Tripartite Inclusivity | |||
Anti-corruption
GRI 205: Anti-corruption 2016 |
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205-1 | Operations assessed for risks related to corruption | Anti-Bribery and Anti-Corruption | |||
Bribery and corruption-related risks | |||||
205-2 | Communication and training about anti-corruption policies and procedures | Anti-bribery and Anti-corruption: Perfect Altitudes | |||
Anti-Bribery and Anti-Corruption | |||||
205-3 | Confirmed incidents of corruption and actions taken | The Bank did not come across incidents of corruption during the year 2022 | |||
Anti-competitive behaviour
GRI 206: Anti-competitive Behaviour 2016 |
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206-1 | Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices | There were no legal proceedings relating to anti-competitive behaviour, anti-trust, and monopoly practices during the year 2022. Note 59 to the Financial Statements – Litigation against the Bank | |||
Tax
GRI 207: Tax 2019 |
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207-1 | Approach to tax | Note 9 to the Financial Statements – Significant Accounting Policies – Tax expense |
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207-2 | Tax governance, control, and risk management | Note 9 to the Financial Statements – Significant Accounting Policies – Tax expense |
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207-3 | Stakeholder engagement and management of concerns related to tax | Table 03 – Mode and Frequency of Stakeholder Engagement: Regulators and policy makers | |||
207-4 | Country-by-country reporting | Note 9 to the Financial Statements – Significant Accounting Policies – Tax expense |
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Energy
GRI 302: Energy 2016 |
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302-1 | Energy consumption within the organisation | Annex 4: Our Sustainability Footprint | |||
302-2 | Energy consumption outside of the organisation | 302-2 | Not applicable |
Due to the nature of the operations of the Bank |
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302-3 | Energy intensity | 302-3 | Not applicable |
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302-4 | Reduction of energy consumption | Annex 4: Our Sustainability Footprint | |||
302-5 | Reductions in energy requirements of products and services |
302-5 | Not applicable |
Due to the nature of the operations of the Bank |
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Emissions
GRI 305: Emissions 2016 |
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305-1 | Direct (Scope 1) GHG emissions | Annex 4: Our Sustainability Footprint | |||
305-2 | Energy indirect (Scope 2) GHG emissions |
Annex 4: Our Sustainability Footprint | |||
305-3 | Other indirect (Scope 3) GHG emissions |
305-3 | Not applicable |
Due to the nature of the operations of the Bank | |
305-4 | GHG emissions intensity | 305-4 | Not applicable |
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305-5 | Reduction of GHG emissions | 305-5 | Not applicable |
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305-6 | Emissions of ozone-depleting substances (ODS) | 305-6 | Not applicable |
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305-7 | Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions | 305-7 | Not applicable |
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Employment
GRI 401: Employment 2016 |
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401-1 | New employee hires and employee turnover | Annex 4: Our Sustainability Footprint | |||
401-2 | Benefits provided to full-time employees that are not provided to temporary or part-time employees | Note 7.8 to the Financial Statements: Employee benefits | |||
401-3 | Parental leave | Annex 4: Our Sustainability Footprint | |||
Occupational health and safety
GRI 403: Occupational Health and Safety 2018 |
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403-1 | Occupational health and safety management system | Peaking in Tough Times: Optimised operations | |||
403-2 | Hazard identification, risk assessment, and incident investigation | A Transformed Working Environment: Metamorphosis of enterprise | |||
403-3 | Occupational health services | 403-3 | Not applicable |
Due to the nature of the operations of the Bank | |
403-4 | Worker participation, consultation, and communication on occupational health and safety |
403-4 | Not applicable |
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403-5 | Worker training on occupational health and safety | 403-5 | Not applicable |
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403-6 | Promotion of worker health | A Transformed Working Environment: Metamorphosis of enterprise | |||
403-7 | Prevention and mitigation of occupational health and safety impacts directly linked by business relationships | 403-7 | Not applicable |
Due to the nature of the operations of the Bank | |
403-8 | Workers covered by an occupational health and safety management system | 403-8 | Not applicable |
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403-9 | Work-related injuries | There has been no injuries during the year | |||
403-10 | Work-related ill health | 403-10 | Not applicable |
Due to the nature of the operations of the Bank | |
Training and education
GRI 404: Training and Education 2016 |
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404-1 | Average hours of training per year per employee | Annex 4: Our Sustainability Footprint | |||
404-2 | Programs for upgrading employee skills and transition assistance programs | Training and Development of Staff: Stepping Up | |||
The Banking Vocation: Impassioned Caretakers | |||||
Staff Training: Learning Curves | |||||
404-3 | Percentage of employees receiving regular performance and career development reviews | Annex 4: Our Sustainability Footprint | |||
Diversity and equal opportunity
GRI 405: Diversity and Equal Opportunity 2016 |
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405-1 | Diversity of governance bodies and employees | Brilliant Colours of Diversity: Financial Strokes | |||
Figure – 22 Composition of Board (as at December 31, 2022) |
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Annex 4: Our Sustainability Footprint | |||||
405-2 | Ratio of basic salary and remuneration of women to men | Annex 4: Our Sustainability Footprint | |||
Customer privacy
GRI 418: Customer Privacy 2016 |
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418-1 | Substantiated complaints concerning breaches of customer privacy and losses of customer data |
The Bank did not come across any complaint that had resulted in a reputational damage or significant financial loss during the year under review. |
Location | ||
Non GRI disclosures | Report commentary title | |
Instability and lack of policy consistency | Operating Context and Outlook | |
Economic slowdown | Operating Context and Outlook | |
Directed lending | Uplifting the Small and Medium Enterprises (SMEs): Lending Matters | |
Higher regulatory capital | Financial Review- Capital | |
Envisaged upturn in private sector credit and improvement in asset quality | Operating Context and Outlook | |
Changing customer expectations | Customer centricity |