My Report
Integrated Report
The context
Engaging with our stakeholders
Managing Director/Chief Executive Officer's and Chief Financial Officer's Statement of Responsibility
Independent Assurance Report - Internal Control
The Bank recognises that meaningful engagement with stakeholders is critical to our long-term success. Our stakeholders are the individuals, groups and organisations as well as the society and the environment in general, that materially affect or are materially affected by our business activities, products, services and performance. They provide the resources and capital we need to achieve our strategic priorities, ultimately enabling us to fulfil our purpose of sustainable value creation while safeguarding our social license to operate.
By engaging with our stakeholders proactively and constructively, we gain valuable insights that help us to:
- Shape our strategy to improve our services and performance
- Identify material matters and key priorities
- Mitigate risks and seize opportunities
- Adapt to an ever-changing operating environment
- Deliver value and care to our stakeholders.
Through ongoing dialogue, we foster enduring and mutually beneficial relationships that drive shared value creation across the short, medium and long term.
Identifying and prioritising our key stakeholders
Our stakeholder engagement approach involves identifying key stakeholders based on their level of interest in and influence over our business.
The Bank has categorised its stakeholders into three groups, each with tailored engagement strategies:
Our key stakeholders Figure – 11
Our stakeholder engagement principles
Our stakeholder engagement process is guided by a set of core principles that ensure consistency, transparency and accountability across all engagements:
Accessibility: Ensuring that stakeholders can readily engage with us through a range of platforms and mechanisms.
Transparency: Conducting open and honest communications in line with our Code of Ethics and Conduct and the Communication Policy.
Responsiveness: Listening to legitimate concerns and responding appropriately and promptly.
Constructive engagement: Proactively engaging with stakeholders, considering their concerns and suggestions with an open mind.
Ethical governance: Upholding integrity and ethical conduct in all our interactions, fostering trust and confidence.
The Figure 12 illustrates the stakeholder engagement process, reflecting our unwavering commitment to prioritising stakeholders’ interests, as captured in the tagline, “Our interest is in you”. This commitment underpins transparent and continuous engagement across various platforms, promoting strong collaboration. By incorporating their legitimate concerns and expectations into the strategy, we create value for stakeholders while fostering mutual benefits and driving sustainable value creation.
Our stakeholder engagement process Figure – 12
How we engage
Our stakeholder engagement process is dynamic, evolving to meet changing stakeholder expectations and external conditions. We engage through multiple channels, including formal meetings, industry forums, surveys, digital platforms, social media and feedback mechanisms. Engagement responsibilities are assigned to appropriate staff members who are responsible for reporting stakeholder concerns and priorities to the relevant Management and Board committees.
Informed by proactive engagement, we continuously adapt our business model, foster innovation and respond to stakeholder concerns to minimise reputational risks and enhance efficacy of strategic planning. Our engagement channels are two-way, enabling both proactive outreach and responsive dialogue. This ensures that stakeholders can initiate interactions while also allowing us to raise pertinent matters.
Engagement mechanisms and frequency
Recognising the evolving engagement landscape, particularly the shift towards digital platforms, we employ a mix of formal and informal mechanisms to ensure continuity, inclusivity, and responsiveness. Our engagement with each stakeholder group is focused on managing key value/risk drivers to ensure alignment with our strategic goals. The key engagement mechanisms, topics discussed, concerns raised, and the Bank’s responses to stakeholders are detailed in Figure 13 on pages 64 and 65.
Leveraging stakeholder engagement for strategic advantage
Our stakeholder engagement process not only strengthens our relationships but also enhances our ability to anticipate and respond to emerging trends, risks and opportunities. By integrating stakeholder feedback into our strategy, we are able to drive innovation, improve service delivery and contribute meaningfully to economic and social development.
In 2024, our enhanced focus on stakeholder engagement was instrumental in refining our material matters, prioritising key initiatives and aligning our Sustainability Framework with stakeholder expectations. As we move forward, we remain committed to deepening our engagement efforts, ensuring that stakeholder interests continue to shape our value creation journey.
