Stakeholder Engagement
We define ‘Stakeholder’ as any person, group or entity that is affected or expected to be affected, directly or indirectly, by the Bank’s activities, or by their engagement with the Bank. The following are our key stakeholders, all of whom have an expressed interest in our economic, social and environmental performance:
- Investors (including shareholders and analysts)
- Customers
- Employees (including employee associations)
- Government institutions (including legislators and regulators)
- Suppliers (and other business partners)
- Society and Environment
The governance structure of the Bank demands active engagement with stakeholders to achieve the mission: ‘Providing reliable, innovative, customer-friendly financial services, utilising cutting-edge technology and focusing continuously on productivity improvement whilst developing our staff and acquiring necessary expertise to expand locally and regionally’. The Board of Directors and Bank management understand the importance of building a strong bond of trust with all stakeholders. Despite there being no single individual or a unit responsible for issues relating to economic, social and environmental topics, members of all Board appointed Sub-Committees and the Trustees of the Bank’s CSR Trust Fund meet at least on a quarterly basis to keep the Board posted of economic, social and environmental concerns and proposed action plans to address same.
Constructive dialogue with stakeholders helps us to understand their expectations so we can better manage risk, learning, innovation and process improvements. This ongoing dialogue also enables the Bank to identify current and emerging issues and opportunities to develop new products and services, and improve our performance while ensuring that our responses are in the interests of all stakeholders.
Most of the Bank’s engagement takes place in the normal course of business in day-to-day interactions with customers, suppliers and various other stakeholders. Besides these routine engagements, the Bank also carries out more structured engagements as discussed under ‘How we connect with Various Stakeholder Groups’.
The Stakeholder Engagement Process
The following diagram illustrates Commercial Bank’s stakeholder engagement process, identifying the mechanisms in place to assess relevant expectations and interests. This process promotes inclusiveness and ensures that any critical concerns are brought swiftly to the attention of the Board of Directors and Bank management, prompting the necessary responses.
During the latest reporting period, Commercial Bank did not encounter any critical stakeholder concerns.
How We Connect with Various Stakeholder Groups
In this section we consider each stakeholder group in turn, looking at the mode and frequency of engagement, key discussion topics, concerns raised and methodologies employed to respond.
1. Investors, including Shareholders and Analysts
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised | Methodologies Employed to Respond |
| Annual Reports | Annually | Key Topics Discussed:
|
Concerns of shareholders and prospective shareholders are addressed (provided they are not related to commercial secrets) as part of an effective ongoing dialogue. Transparency, accountability and regular communications are among our top priorities. |
| Annual General Meeting | Annually | ||
| Extraordinary General Meetings | As and when required | ||
| Interim Financial Statements | Quarterly | ||
| Press Conferences and Media Releases | As and when required | ||
| Investor Presentations | As and when required | ||
| Announcements Made to the Colombo Stock Exchange | As and when required | ||
| One-to-one Discussions | As and when required | ||
| Road Shows | As and when required | ||
| Corporate website: www.combank.lk www.combank.net |
Continuous |
In our previous report this stakeholder group was identified as ‘Shareholders, investors and Analysts’. We have renamed the group as ‘Investors, including Shareholders and Analysts’ in this year’s Report for better presentation.
2. Customers
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised | Methodologies Employed to Respond |
| Customers satisfaction survey | Annually | Key Topics Discussed:
|
Opinions and multiple expectations of customers gathered through a variety of engagements with them are embedded into new products and services. Prompt communications regarding interest rates, as well as terms and conditions of banking products, to all staff through internal circulars equips our people to handle a wide variety of customer requests. The Bank conducts periodic customer surveys to obtain feedback on levels of satisfaction and improvements to existing services. Other measures to enhance customer satisfaction include improving information security, responsible marketing communications, innovative and environmentally friendly products, and assisting in customers’ business development processes. To resolve customer complaints, a member of the corporate management team has been appointed Complaint Resolution Officer, as a part of the voluntary Financial Ombudsman programme established by the Central Bank of Sri Lanka. |
| Touch points | As and when required | ||
| Relationship Managers’ engagement with corporate customers | As and when required | ||
| Complaint Resolution Officer | As and when required | ||
| Customer workshops | As and when required | ||
| Media advertisements | As and when required | ||
| Corporate website | Continuous |
3. Employees, including Employee Associations
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised | Methodologies Employed to Respond |
| Managers’ Conference | Annually | Key Topics Discussed:
|
The Bank also organises training and awareness sessions, and sends instructions via circulars to increase employee awareness of various matters, including sustainability issues embedded in the SEMS. The performance-driven culture of the Bank rewards employees based on how well they achieve set targets. (Please note that the remuneration packages of Commercial Bank’s Non-Executive Officers are covered by a collective agreement signed with the employee associations). Staff welfare measures are discussed with employee associations. |
| Relationship-building exercises with employee associations | Annually | ||
| Special events, such as quiz contests, children’s parties, staff get-togethers, art and sports competitions, etc. | Annually | ||
| Regional review meetings | Quarterly | ||
| Internal newsletter, Com Pulse |
Quarterly | ||
| Operational updates to staff via email | Daily | ||
| Feedback from cross-functional training programmes | As and when required | ||
| Negotiations with employees and their associations | As and when required | ||
| Intranet site of the HR Division |
Continuous |
In our previous report this stakeholder group was identified as ‘Employees and Employee Associations’. We have renamed the group as ‘Employees, including Employee Associations’ in this year’s Report for better presentation.
4. Government Institutions, Including Legislators and Regulators
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised | Methodologies Employed to Respond |
On-site surveillances by the Central Bank of Sri Lanka and the Bangladesh Bank |
Annually | Key Topics Discussed:
|
The Bank has an ongoing dialogue with regulators and has put in place systems and procedures to assure regulatory compliance, both in letter and spirit, strengthening our relationship with other public and professional institutions |
| Directives and circulars | As and when required | ||
| Filing of returns | As and when required | ||
| Consultations | As and when required | ||
| Press releases | As and when required | ||
| Meetings | As and when required | ||
| Official email address |
In our previous Report this stakeholder group was identified as ‘Legislators and Regulatory Bodies’. We have renamed the group as ‘Government Institutions, including Legislators and Regulators’ in this year’s Report for better presentation.
5. Suppliers and Other Business Partners
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised |
Methodologies Employed to Respond |
| Supplier relationship management | As and when required | Key Topics Discussed:
|
The Bank maintains a list of registered suppliers. We have an ongoing dialogue to ensure that value is created for both suppliers and the Bank. Reliability and mutual trust are key to building strong relationships. |
| On-site visits and meetings | As and when required |
In our previous Report this stakeholder group was identified as ‘Suppliers’. We have renamed the group as ‘Suppliers and Other Business Partners’ in this year’s report for better presentation.
6. Society and Environment
| Mode of Engagement | Frequency of Engagement | Key Topics Discussed and Concerns Raised |
Methodologies Employed to Respond |
| Widespread network of delivery channels | Ongoing |
|
Commercial Bank contributes to local economic development through our widespread branch and ATM network. Committed to being transparent in all of our activities, we keep the public informed of our sustainable performance and other relevant developments. We also support local communities and some of the neediest members of society through sponsorship of the CSR Trust Fund, which includes scholarships for underprivileged students. |
| Press releases | As and when required | ||
| Scholarships | As and when required | ||
| Press conferences and media briefings | As and when required | ||
| Informal briefings and Communication | As and when required | ||
| Communication with the general public | As and when required | ||
| Public events | As and when required | ||
| Sponsorships | As and when required | ||
| Call centre | Continuous | ||
| Corporate website: | Continuous | ||
| www.combank.lk www.combank.net |
The stakeholder groups identified as ‘Media and Public’ and ‘Communities and Youth’ in our last year’s Report have been consolidated in to one Group in this Report titled ‘Society and Environment’ as the two groups represent similar interests and concerns and for better presentation.
In addition, to the channels described above, stakeholders are encouraged to communicate with the Bank through the Investor Feedback Form attached to the Annual Report, as well as electronically via email@combank.net.
A detailed analysis of our stakeholders identified as above is given under Stakeholder Analysis.