Standard Bank unveils its first sustainability report

Standard Bank Limited recently launched its first-ever sustainability report using GRI Standards — a set of ESG-linked guidelines for reportage that is outlined by the non-profit organisation Global Reporting Initiative.

The launching event was graced by Standard Bank chairman Kazi Akram Uddin Ahmed, managing director and CEO Khondoker Rashed Maqsood, additional managing director & CRO Md Touhidul Alam Khan Khan and Chief Financial Officer Md Ali Reza along with other members of the Sustainability Reporting Committee of the bank.

Sustainability reporting is being a common practice of the 21st Century which was not the case before, said a press release.

Earlier, this practice was limited only to green and community-oriented organizations, but now, it has become the best practice among the leading organizations worldwide.

Among different standards for sustainable reporting, Global Reporting Initiatives (GRI) holds the supreme position in terms of usage by its stakeholders.

Around 75 percent of G250 companies report on sustainability report using GRI Standards. To keep pace with the global sustainability drive, sustainable banking is also getting momentum in developing countries and Bangladesh is one step ahead in the race with wholehearted support from the government and regulatory bodies.

As the key catalyst of growth and development, Banking institutions remain at the centre of an economy. The Government of Bangladesh has taken many initiatives to implement SDGs and the central bank of the country has been working hard to support that role.

In 2011, Bangladesh Bank issued ‘Policy Guidelines for green Banking’ to implement and promote green banking activities across the country.

Mentionable that among the Shari’ah-based Islamic Banks in Bangladesh Standard Bank prepared the first Sustainability Report under GRI Standards, globally acclaimed method towards the commitment of sustainable banking under Islamic Sharia’h.