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GRI
2-29
Engaging with our stakeholders to create and derive value is fundamental to our business. We recognise that a strong, mutually beneficial stakeholder engagement strategy is essential for the Bank’s sustainable future. Given the diverse range of individuals and institutions we interact with, a well-structured approach to stakeholder engagement is critical in fostering long-term, meaningful relationships.
As a banking institution, our primary objective is to enable financial empowerment for all who engage with us. Whether through our customer capital, business partner capital, or human capital, we remain steadfast in delivering on this commitment. Furthermore, we uphold the highest standards of transparency and accountability in our engagement with regulatory bodies, ensuring timely and accurate reporting at all times.
Engagement Strategy
We implement a four-point engagement strategy to address this key aspect comprehensively.
Identification of stakeholders
Identification and categorisation of stakeholders based on key questions:
- who will contribute to the business?
- who will be impacted by the business?
- who can directly/indirectly influence the business
Stakeholder analysis
- Understand the needs, concerns, interests and positions of each stakeholder category
- Decide on the key topics to be addressed
- Evaluate channels to engage with stakeholders
Action plan
- Decide engagement mechanisms and design value-driven projects/activities
- Decide on frequency of engagement to ensure timely response
- Plan and allocate resources for engagement
- Decide on the key topics to be addressed
- Formulate policies and procedures if necessary
- Implement the action plan
Continuous dialogue
- Engage and communicate with stakeholders to establish a qualitative dialogue with stakeholders
- Obtain feedback and take further steps when concerns are raised
Each stakeholder segment engages with the Bank at varying levels of intensity, depending on their specific business needs and the degree of support required for sustainable operations. Accordingly, we ensure that information flows through the most appropriate channels, fostering strong and enduring relationships.
Stakeholder Assessment
Stakeholder Category
Shareholders and Investors
Primary providers of capital for the Bank’s operations.
Impact
Reason for Engagement
To share information onthe Bank’s performance,opportunities for furtherinvestment throughdevelopment andpossible challengesfaced by the Bank.
Intensity
High
Discussion Topics
- Macro-economic factorsthat impact the bank
- Regulatory landscape
- Financial reporting andreturns
- Corporate governanceand transparency
- Risk management
- ESG and sustainability
Most relevant Information flowfrom the Bank to the Stakeholder
- Annual Report
- Financial Statements
- Institutional wealth at Institutional Wealth page
- Social
- Corporate Governance at Corporate Governance page
- Risk Management at Integrated Risk Management page
- Sustainability framework at Our Commitment to sustainability page
Engagement Mechanism
Annually
- AGM
- Annual Report
Quaterly
- Quarterly Financial Statement and Press Release
Regularly
- General Correspondence
Periodically
- Announcements through the Colombo Stock Exchange
- Investor Relations Meetings
When Needed
- Shareholder forums/webinars
Stakeholder Category
Customers
An extremely diversified portfolio, that upholds the Bank’s business and impacts its profitability.
Impact
Reason for Engagement
To ensure customer wallet-share is not diluted, to update them on new products and services, need assessment for future product development.
Intensity
High
Discussion Topics
- Future needs for funding
- Inform them of product/service rollouts
- Gauge customer satisfaction
- Capacities for borrowing expansion
- Moratoriums/concessions
- Regulatory requirements that impact customers
- Customer safety/security
- Customer service
- Special promotions and loyalty programmes
- Innovations and customised solutions to address timely requirements
Most relevant Information flowfrom the Bank to the Stakeholder
- Refer Customers at Customers page
- Restructuring loans/interest rates, credit assessments
- National priorities
- Digital channels
Engagement Mechanism
Regularly
- Social media and online platforms
Periodically
- Customer feedback mechanisms
Continuous
- Branches and contact centre
- AI/digital assistance
- Customer Relationship Officers
- Digital channels
- Customer complaint handling mechanisms
When Needed
- Marketing and promotional activities, digital communications
- Website is updated when necessary
Stakeholder Category
Employees
A talent pool of skilled bankers and operational service providers, our employees are the backbone of our business that assures its sustainability.
Impact
Reason for Engagement
To ensure ethical service delivery, career progress, health and safety, skill enhancement through training, and where necessary, disciplinary conversations.
Intensity
High
Discussion Topics
- Well-structured performance-based incentive schemes
- Diversity, equity and inclusion
- Employee well-being and work-life balance
- Career development opportunities
- Training and development
- Employee recognition and rewards
Most relevant Information flowfrom the Bank to the Stakeholder
- Refer Employees at Employees page.
- Performance based incentive and reward schemes
- Appropriate training
- Effective grievance handling mechanisms
- Review of compensation based on market surveys
- Promote Diversity Equity and Inclusion
Engagement Mechanism
Annually
- Performance Appraisal
Regularly
- Staff events
- Training
- OMMM wellness activities
- Grievance handling mechanism
Periodically
- Performance appraisal
- Engagement surveys
- Open day with Chairman and CEO
- Employee recognition
Continuous
- Proactive engagement by HR department
- WeConnect – Intranet
- Listening Wall
- HR Mate – AI-Driven Human resource chatbot
- CSR programmes
Stakeholder Category
Business Partners, Suppliers and Service Providers
The Bank interacts with a wide range of stakeholders in this stakeholder segment in diverse ways.
Most significant development is the partnership for its green financing its green funding, and the Bank’s efforts in funding and partnering for ethical sourcing that ensures the preservation of the environment.
Impact
Reason for Engagement
To develop strategic partnerships and transparency of engagement by providing essential information as to the Bank’s requirements, while actively seeking insights into our partners’ activities and challenges. This reciprocal exchange of information is integral to enhancing collaboration and ensuring a mutually beneficial business relationship.
Intensity
Medium
Discussion Topics
- Maintain wholesome dialogues on issues that are mutually impactful
- Emphasis is on ethical resourcing/funding
- Implement SLAs, MOus and other contractual requirements
Most relevant Information flowfrom the Bank to the Stakeholder
- Refer Business Partners at Business Partners page
- Providing information in a timely and relevant basis
- Two-way communication process
- Speedy resolution of any differences
- Timely payments
Engagement Mechanism
Regularly
- Reviews and Assessments
- Communications and Meetings
When Needed
- Supplier Registration Process
- Requests for proposals
- Communications, meetings and visits to business partner premises
Stakeholder Category
Government Institutions, Regulatory Bodies and Other Advocacy Groups
As a premier banking institution, we are governed by several government institutions and regulatory bodies.
Similarly, we hold membership with banking associations, chambers of commerce and industry, financial market-related institutions, professional bodies, and advocacy groups.
As such, collaborating with governmental and regulatory bodies and being affiliated with professional and business institutions, contribute to our reputation and sustainability.
Impact
Reason for Engagement
- Being compliant with all regulatory requirements.
- Transparent, accurate and timely regulatory reporting.
- Maintaining our visibility and standing in the professional and business arena.
- understand diverse viewpoints, perceptions, and assess their impact on the Bank’s reputation and sustainability, and craft appropriate action plans, if needed.
Intensity
High
Discussion Topics
- New regulations
- Regulatory reporting requirement
- Expected amendments to funding/interest/loan restricting
- Global Financial Crime Compliance
- Challenges and opportunities faced with the banking industry within a challenged global and local macro-economy
- The Bank’s input to the broader community
Most relevant Information flowfrom the Bank to the Stakeholder
- Refer Business Partners at Business Partners page
- Operate a vigilant and adequately resourced Compliance Department with skilled individuals
- Train required staff on regulatory aspects, as and when amendments and updates are received
- Reporting suspicious transactions on a timely and accurate basis, within the strict confidentiality framework
- Share knowledge with industry peers
- Meetings and forums, media releases
Engagement Mechanism
Regularly
- Compliance Department
- Regular senior level interaction with regulatory bodies
- Onsite-and off site supervision
Periodically
- Timely and accurate regulatory reporting
When Needed
- Timely and accurate regulatory reporting
- Responding to regulatory audits and any other regulatory reviews.
- On-site and off-site supervision
Stakeholder Category
Communities
The Bank’s business is both influenced by and has an impact on the broader community in which it operates. Particularly in economically challenging times, the extent of this impact can play a crucial role in alleviating the hardships the community faces. The Bank undertakes well-planned CSR initiatives to enhance livelihoods and provide support in vulnerable areas
Impact
Reason for Engagement
- To upgrade the livelihoods and the living conditions of the broader community when needed.
- To convey the many ways and means by which the Bank could contribute to their well-being.
Intensity
Medium
Discussion Topics
- The many ways in which the Bank could contribute to alleviate economic hardships
- SME/MSME Sector funding and facilitation
- Community capacity building and empowerment
- Environmental protection and conservation
- Social welfare, health and well-being
Most relevant Information flowfrom the Bank to the Stakeholder
- Refer Social at page 66
- Implement CSR Projects
- Implement funding products that are conducive to SME/MSME sectors
Engagement Mechanism
Regularly
- Partnerships and Interactions with government and other institutions
Periodically
- Workshops on health and well-being
Continuous
- CSR/community development programmes
- Corporate Website
- Digital mediums
When needed
- Press releases, conferences and media briefings
- Public events
Strong relationships built on two-way communication and appropriate actions are essential for maintaining,
nurturing, and building a sustainable future, as our stakeholders play a direct role in shaping our business.
This process also contributes to achieving the UN SDGs, whether directly or indirectly.