Launch of the second version of the ‘Communicating Sustainability’ publication for Sri Lankan listed companies. From left: Senior Coordinator GRI South Asia Rubina Sen, Director GRI South Asia Dr. Aditi Haldar, First Secretary (Development) Australian High Commission Sri Lanka Dr. Thomas Davis, GRI Chief Executive Tim Mohin, CSE Head of Research and New Products Nishantha Hewavithana, Dhaka Stock Exchange Managing Director Majedur Rahman
More than 500 businesses in Sri Lanka and Bangladesh are being supported to report on their sustainability impacts following the launch of new guidance.
Global Reporting Initiative (GRI) has provided technical input to guides produced by the Dhaka Stock Exchange (DSE) and the Colombo Stock Exchange (CSE), which they will share with all their listed companies, providing recommendations on best practices for sustainability reporting.
The two publications were launched yesterday as GRI chief executive Tim Mohin hosted an event in Colombo, titled ‘Sustainability Reporting for Sustainable Development’.
The session was attended by senior representatives from listed companies from the region, stock exchanges, professional organizations and international bodies.
“More and more companies are starting to realize that sustainability reporting is not only a business opportunity, it’s a business necessity. Reporting on their impacts promotes transparency, which in turn helps them anticipate risks and informs decision making,” Mohin said.
“These new guides for Sri Lanka and Bangladesh, which will be promoted to more than 500 listed companies across the region, will have an important role in supporting them to unlock the many social, environmental and economic benefits of greater transparency.
As GRI’s event in Colombo sets out, sustainability reporting has a crucial role in supporting sustainable development, helping companies understand and communicate their impacts on critical issues for the communities where they operate, such as climate change, human rights and labour relations,” he added.
Rajeeva Bandaranaike, CSE CEO said he is encouraged by the growing commitment of Sri Lankan entities towards communicating their sustainability performance.
“We encourage Sri Lankan listed companies to take considerable strides towards making sustainability reporting an effective and standard practice.
The second version of our guidance document to listed companies on communicating sustainability integrates perspectives and standards of GRI, which is set to add considerable value to users of the publication,” he said.
Majedur Rahman, Managing Director of the DSE said, “It is unquestionable that many environmental, social and governance factors impact the ability of companies and their investors to achieve sustainable growth and prosperity.
From a regulatory point of view, DSE will play a vital role in monitoring the sustainability reports through which listed companies’ economic, environmental and social impacts and decisions will be reflected. We look forward to continuing improvements in sustainability disclosure in corporate reporting in Bangladesh.”