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COMMERCIAL BANK OF CEYLON PLC

ANNUAL REPORT 2024
 

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Integrated Report

Introduction and Overview

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Commitment to Transparency, Accountability, Governance, and Sustainability

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Managing Director/Chief Executive Officer's and Chief Financial Officer's Statement of Responsibility

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Independent Assurance Report - Internal Control

As part of our ongoing commitment to stakeholder trust and ethical governance, we have introduced various initiatives aimed at enhancing transparency, accountability, governance and sustainability. These efforts, which included enhanced disclosure practices, robust internal controls and proactive stakeholder engagements, are elaborated in this report.

Transparency

The Bank ensures full disclosure and openness in its financial reporting, operational policies, and stakeholder communication.

  1. Integrated reporting approach: The Bank adopts the International <IR> Framework, ensuring clear, concise, and transparent disclosure of both financial and non-financial performance.
  2. Comprehensive financial disclosures: Compliance with SLFRS/LKAS ensures accurate and fair financial reporting. Regular updates and disclosures enhance stakeholder trust.
  3. Stakeholder communication and engagement: Regular publication of investor presentations, press releases, and reports ensures that shareholders, customers, and regulators remain informed.
  4. Annual independent audits: The Bank undergoes independent audits by Messrs KPMG, ensuring transparent validation of financial and sustainability performance.
  5. Proactive disclosure of ESG performance: The Bank voluntarily reports on environmental, social, and governance (ESG) performance, ensuring clear communication of its sustainability initiatives.
  6. Access to digital reports: The Bank provides a comprehensive, AI-powered interactive online report, allowing stakeholders to navigate financial data and corporate performance transparently.

Accountability

The Bank upholds responsibility and ownership in decision-making and performance.

  1. Board oversight and accountability: The Board of Directors is directly accountable for strategic decisions, ensuring compliance with regulatory requirements and corporate governance best practices.
  2. Independent audit and risk committees: The Board Audit Committee and the Board Integrated Risk Management Committee provide independent oversight of financial reporting, risk management, and internal controls.
  3. MD/CEO and Senior Management responsibility: The MD/CEO and Senior Leadership team are responsible for strategy execution and operational performance, ensuring measurable accountability.
  4. Performance-based executive compensation: The Remuneration Committee ensures that executive compensation is linked to performance metrics, fostering accountability at all levels.
  5. Transparent procurement and supplier evaluation: The Bank has fair and accountable procurement processes, including supplier screening based on ESG criteria.
  6. Compliance with regulatory directives: The Bank aligns with CBSL, SEC, and CSE directives, ensuring that all financial and operational processes meet legal compliance and accountability standards.

Sustainability

The Bank is committed to long-term sustainability through environmental, social, and financial initiatives.

  1. First carbon-neutral bank in Sri Lanka: The Bank remains the first fully carbon-neutral financial institution in Sri Lanka, reducing its environmental footprint through sustainable banking operations.
  2. Integration of ESG principles into banking operations: Sustainability is embedded in the Bank’s business model, ensuring responsible lending, social inclusion, and ethical investment practices.
  3. Sustainable finance and green banking initiatives: The Bank has launched green lending products and renewable energy financing solutions to support sustainability-focused businesses.
  4. Corporate Social Responsibility (CSR) Initiatives: The CSR Trust invests in education, healthcare, and community development, ensuring long-term social sustainability.
  5. Climate risk assessment and carbon footprint monitoring: The Bank actively monitors its climate impact, aligning with the IFRS S2 Climate-Related Disclosures Framework.
  6. Digital banking for a paperless future: Initiatives such as ComBank Digital, AI-powered chatbots, and mobile banking solutions contribute to reduced paper usage and a sustainable digital transformation.

Governance

The Bank maintains a strong governance structure ensuring compliance, ethics, and risk management.

  1. Well-defined Board governance structure: The Bank’s Board is structured to include independent non-executive directors who provide oversight and strategic direction.
  2. Adoption of best practice on corporate governance: Compliance with the CBSL’s Banking Act Directions, Code of Best Practices on Corporate Governance etc. ensures a robust governance framework.
  3. Strong risk management and compliance framework: The Bank has a well-structured risk governance model, ensuring that all financial and operational risks are systematically identified, assessed, and mitigated.
  4. Regular Board and Committee meetings: The Board holds regular meetings with dedicated committees on audit, risk management, compliance, remuneration, and sustainability.
  5. Ethical governance and Corporate Social Responsibility (CSR) oversight: The Bank integrates CSR governance into its strategic decision-making to align with stakeholder expectations and ethical banking standards.
  6. Independent external assurance on governance practices: Messrs KPMG provides independent assurance on corporate governance, ensuring that the Bank’s governance structure meets international standards.
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