STAKEHOLDER NEEDS
AND EXPECTATIONS
APPROACH TO STAKEHOLDER ENGAGEMENT
In a diverse stakeholder landscape, we strive to keep our communication channels open,
dialogues ongoing and relationships flourishing to create and deliver enhanced value to
our stakeholders.
Our external stakeholder profile includes customers, community and environment, shareholder and fund providers, regulators and
business partners that are reliant on us for value creation, while our internal stakeholders comprise of our employees at diverse levels
in the hierarchy that are central to the organisation and determining factors in the process of value creation.
Stakeholder engagement is facilitated through numerous formal and informal platforms, and we tailor our engagement approach
based on the unique needs of different stakeholders. The following section demonstrates our key stakeholder groups, how and why
we engage with them, their key concerns as well as our responses.
Identify and prioritise
stakeholders
Allocate resources
Identification
STAGE
Establish objectives
Determine modes of
engagement
Planning and
engaging
STAGE
Formulate and implement
strategies to address
stakeholder expectations
Preparation
and alignment
STAGE
Measure effectiveness
Monitor shortcomings
Report to stakeholders
Make improvements where
required
Monitoring,
evaluating
and reporting
STAGE
STAKEHOLDER ENGAGEMENT PROCESS
STAKEHOLDER MAPPING
High to Moderate
Customers
Regulators
Community and
Environment
Business
Partners
Shareholder and
Fund Providers
Employees
High
Customers
As a customer-centric bank, we
support our customers and enrich
their customer experience through
digital banking services.
Regulators
Adherence to all relevant
regulatory and statutory
requirements maintaining a
transparent and ongoing dialogue.
Employees
We value our team which is the
vital link between the customer
and the Bank. Our HR policies and
processes help to build and nurture
a future ready team.
Community and Environment
Through our long term approach
to sustainability we strive to create
value for the communities we
operate.
Shareholder and Fund Providers
Through our comprehensive
strategies we create shared
stakeholder value and consistent
returns.
Business Partners
We maintain a continuous and open
dialogue with all suppliers and
business partners to promote our
sustainability practices.
Manage Closely
Shareholder and
Fund Providers
Our sole shareholder is the Government and therefore, only external
capital infusion is available from the Government.
Debt security holders who have invested in the Bank's Debentures have
provided the debt.
WHY WE
ENGAGE
Investors' attitudes are influenced by the Bank’s prospects, and therefore transparency, easy access to information
and open dialogue to understand and address concerns are vital.
KEY CONCERNS
•
Adequate returns commensurate with risk
•
Transparent and timely reporting
•
Strong corporate governance and risk
management practices
•
Reputation
•
Responsible business practices
OUR RESPONSE
•
Creating value with adequate returns
•
Focus on preserving Balance Sheet strength
•
Effective margin management
•
Ongoing focus on strengthening capital growth
•
Market disclosures in a timely manner
ENGAGEMENT PLATFORMS
•
BoC website
O
•
Annual Report and other publications
O
A
•
Periodic meetings
P
•
One-on-one meetings with large investors
•
Engagement through market intermediaries
P
P
Quality of
relationship
STRONG
SDG impact
Customers
Our customer segments include Retail, SME, Corporate and Cross Border
foreign currency customers, to whom we offer a range of financial services
and products.
WHY WE
ENGAGE
We engage with customers to present a superior offering that reflects our operational and commercial excellence
and ensure the profitability and sustainability of the Bank.
KEY CONCERNS
•
Speedy and convenient service
•
Convenient, reliable and secure platforms
•
Debt relief
•
Transparent, competitive pricing
•
Access to finance
OUR RESPONSE
•
Customer-centric solutions
•
Focus on customer experience
•
Enhance digital offerings
•
Reduce transaction turnaround time through automations
ENGAGEMENT PLATFORMS
•
Satisfaction surveys
P
•
Direct engagement through branches and
digital channels
O
•
Website and social media platforms
O
•
Customer hotline
O
•
Financial literacy programmes
O
•
Marketing, advertising and promotions
O
Quality of
relationship
STRONG
SDG impact
STAKEHOLDER NEEDS AND EXPECTATIONS
A Annual
O Ongoing
P Periodic
BI Bi-annual
Q Quarterly
Employees
Our team is spread across the island as well as overseas, supporting the
Bank’s operations and ability to create value by delivering financial services
to our customers.
WHY WE
ENGAGE
Employees are one of the key asset in the Bank, and we encourage them to make valuable contributions in
delivering our business strategy. We provide them with stable employment, fair remuneration, rewards and
training to keep them motivated and satisfied.
KEY CONCERNS
•
Competitive remuneration schemes
•
Safe workplace
•
Career progression
•
Learning opportunities for skills development
•
Equal opportunities
•
Job security
•
Post retirement benefits
OUR RESPONSE
•
Measures to ensure physical and mental well-being
•
Ongoing opportunities for training and skills development
•
Attractive reward and compensation structures
•
Aligning the remuneration with increase Cost of Living expenses
(COLA)
•
Retirement benefit plan
•
Providing deferment for staff loans
ENGAGEMENT PLATFORMS
•
Multi-level staff meetings
O
•
Open door culture
O
•
Grievance handling mechanism
O
•
Virtual engagement through tvBOC
O
•
Performance appraisals
BI
•
Engagement through trade unions
O
•
Year-round activity calendar
O
Quality of
relationship
STRONG
SDG impact
Regulators
The Bank’s key regulators include the Central Bank of Sri Lanka (CBSL), the
Securities and Exchange Commission of Sri Lanka (SEC), and the Colombo
Stock Exchange (CSE). The overseas branches are regulated through the
Central Banks in the relevant country.
WHY WE
ENGAGE
To ensure compliance with all legal and regulatory requirements and keep regulators informed in a timely
manner.
KEY CONCERNS
•
Supporting businesses and economic revival
•
Maintaining confidence in financial sector
•
Strong governance and risk management practices
•
Facilitating financial inclusion
OUR RESPONSE
•
Timely reporting and adequate discloures
•
Compliance with all regulations/guidelines
•
Adhering to mandatory lending requirements to vulnerable segments
•
Ongoing support to critically affected sectors
•
Maintain integrity and industry harmony
ENGAGEMENT PLATFORMS
•
Regulatory reporting
O
•
One-on-one meetings
O
•
Discussions through industry fora
O
A Q
•
Annual Report and other publications
Quality of
relationship
STRONG
SDG impact
STAKEHOLDER NEEDS AND EXPECTATIONS
Community and
Environment
The communities in which the Bank operates, the general public and the
natural environment.
WHY WE
ENGAGE
The community and environment are key components of our social license to operate. We engage openly to
understand the Bank’s impacts on the community and environment and how we can support economic, social
and environmental sustainability.
KEY CONCERNS
•
Contribution to community development projects
•
Responsible business practices
•
Financial inclusion and empowerment to drive the
revival of the economy
•
Alignment of the Bank's strategy to the national
development agenda
OUR RESPONSE
•
Strong governance and risk management practices
•
Employment generation
•
Facilitating financial inclusion across the country
•
Continued investments in long-term community related
projects
•
Value creation to the Government
•
Supported for economic revival of the country
ENGAGEMENT PLATFORMS
•
Annual Report and other publications
O
A
•
BoC website
O
•
Industry fora and meetings
O
•
Engagement through branches
O
•
Investment in communities
O
•
Press releases and media campaigns
O
Quality of
relationship
STRONG
SDG impact
Business Partners
Our extensive network of local and global suppliers, business partners.
WHY WE
ENGAGE
We need to maintain strong and sustainable relationships with our business partners to secure timely
acquisition of goods and services to support our operations.
KEY CONCERNS
•
Transparent selection and competitive pricing
•
Ease of transacting
•
Timely payments
•
Secure and predictable demand
OUR RESPONSE
•
Transparent selection and competitive bidding process
•
No payment defaults
•
Automation of procurement process
ENGAGEMENT PLATFORMS
•
Ongoing written communication
O
•
Regular meetings
P
•
Periodic bidding process
P
•
Publications on Financial Statements
and Annual Reports
A
Q
Quality of
relationship
STRONG
SDG impact
A Annual
O Ongoing
P Periodic
BI Bi-annual
Q Quarterly