Our Commitment to Sustainability

At Commercial Bank, Sustainability ranks high on our agenda among our top business priorities; Sustainability has always been central to our philosophy and is entwined in our culture and in how we conduct business. 

As defined by the Bruntland Commission, ‘Sustainable Development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs’. As a leader in country’s banking sector, the Board of Directors and Management recognize our position of responsibility as a financial institution in influencing and shaping the transition to a more sustainable green, and inclusive economy. 

We remain steadfastly committed to play a lead and active role in enabling and facilitating sustainable growth across our business undertakings, our operations, our engagements with stakeholders and the markets we serve.

We constantly make every effort to proactively identify and integrate Sustainability principles within our business strategies and operations to minimize risks and to leverage opportunities towards generating value not just for the Bank but for all our stakeholders, including society as a whole. We have pioneered the adoption of many such sustainable best practices in our operations and our business undertakings through different business units across the Bank. Consistent recognition received by the Bank for Environmental, Social and Governance (ESG) performance both at the local and global stage thus bears testimony to the Bank’s commitment to Sustainable Development. 

Our Sustainability Purpose

“To be a responsible financial services provider by enabling and empowering people, enterprises and communities towards environmentally-responsible, socially-inclusive and economically-enriching growth“

Our Purpose Statement resonates Commercial Bank’s Sustainability commitments and undertakings, i.e.,

• As the largest private Bank, we recognize our responsibility to influence and shape the country’s transition to a sustainable and inclusive economy.
• We are committed to enabling sustainable growth across our business undertakings, our own operations and our engagements with all stakeholders.
• We take steps to integrate Sustainability principles within our business operations to minimize risks and leverage opportunities for shared value creation

Our Sustainability Approach 

Our approach to Sustainability is organized along a three-pillar structure, focusing our Sustainability activities across three overarching themes, anchored in the Bank’s strategic business-alignment, a responsible organization culture and our responsibilities beyond our business undertakings. 

ComBank’s 3-Pillar Approach to Sustainability

Our Sustainability approach is guided by:

• Central Bank of Sri Lanka Sustainable Finance Roadmap
• Sustainable Banking Principles of the Sri Lanka Banks’ Association
• United Nations Global Compact Principles
• UN Sustainable Development Goals
  

How sustainability aspects are infused into our day-to day business practices:

• Integrating Sustainability considerations within decision making processes and business activities
• Incorporating ESG due diligence into lending activities and financing decisions so as to identify and manage the bank’s exposure to ESG risks of clients, ensuring responsible financing decisions that create positive ESG outcomes for both the client and the bank.
• Advancing the transition to a green economy by mobilizing capital investments and offering financing solutions towards resource-efficient, low-carbon, inclusive industries and solutions. 
• Building social equity through financial Inclusion of traditionally excluded sectors by extending access to affordable financial services in a responsible and sustainable manner, and improving Financial Literacy of under served communities
• Managing and controlling the direct environmental risks and impacts resulting from the Bank’s operations, including energy use, paper consumption, waste management, water usage, etc.
• Upholding standards and principles for safe and fair labour practices and working conditions for employees. 
• Implementation of CSR activities focused on education, healthcare and environment conservation.
• Empowerment of women through targeted strategic banking initiatives.
• Instilling sustainability values in business partners including suppliers and ensuring their conformity to the Bank’s specified standards of conduct.
• Leveraging innovative technologies to bring increased convenience to customers through digital banking channels.

Compliance

We are strongly committed in ensuring that our operations, business engagement and activities, projects and products comply with all requisite environmental, social and governance standards, laws and regulations as stipulated by the industry, applicable local, national or international authority.

Memberships

The Bank holds memberships in the following national and international associations as a means to reinforce our commitment and actively contribute to collective efforts towards sustainable development. These affiliations have guided us on developing and refining our approach to manage the opportunities and challenges of our focus areas.

Support for the Sustainable Development Goals (SDGs)

As a leading banking institution, we are also committed to support the global mandate in achieving the Sustainable Development Goals (SDGs) by the year 2030, agreed on by 193 countries. Based on a process of principled prioritization, we have identified the following SDGs as most aligned to the Bank’s ethos:

By committing our support to these selected SDGs that most closely align with our work, we believe we can focus our efforts better to realize maximum positive impact in these areas.