The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.
According to ACCA, sustainability reporting requirements are developing rapidly, with the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB Standards) serving as the basis for globally consistent reporting.
The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.
Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.
The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.
Titled ‘In Context, Navigating storms together with conviction, courage and empathy’ the Commercial Bank’s 2023 Annual Report is its 55th overall, and is Greenhouse Gas (GHG) neutral. It presents comprehensive information on all aspects of performance and governance in respect of 2023.
Commercial Bank’s annual reports have consistently been recognised with local and regional awards for many years.
The Bank has been awarded the Cyril Gardiner Memorial Trophy presented by CA Sri Lanka for Overall Excellence in Financial Reporting 10 times and has also won the Edmund J. Cooray Memorial Trophy for the Best Annual Report among Banking Institutions presented by CA Sri Lanka on 17 occasions.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE).
The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank.
Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
The Bank’s fully-owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its own branch network.
Photo caption Commercial Bank Chief Operating Officer Mr S. Prabagar and members of the senior management accepting one of the ACCA awards.