Shareholders laud HDFC's first integrated annual report
At the 27th annual general meeting of HDFC Bank, held recently,
shareholders lauded the first integrated annual report published.
This annual report for the year 2011, was HDFC Bank’s maiden effort
towards an Integrated Annual Report, incorporating a holistic view of
economic, environmental, societal impacts of its operation. This
publication also features international reporting standards of the
trendy - Global Reporting Initiative (GRI) G3 framework – once again, a
1st time initiative for HDFC Bank’s efforts to be more transparent with
its Stakeholders.
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D. Vidana
Pathirana |
Commenting on the latest Annual Report published, HDFC Bank’s AGM
Finance and Planning , D. Vidana Pathirana, who spearheaded this
referred publication on this occasion mentioned that HDFC Bank was the
1st Bank to publish an Integrated publication. This publication adheres
to international accepted guidelines and incorporates a GRI analysis
included in each section unlike the current practice of containing a
separate Sustainability section integrated as a stand-alone chapter.
Triple-Bottom-Line reporting is yet another global initiative
incorporated in the referred publication. Whilst environmental
considerations are often the focus of attention, Triple-Bottom-Line
definition of sustainability is a broader concept. In addition to
preservation of the physical environment and stewardship of natural
resources, Triple-Bottom-Line reporting considers the economic and
social context of doing business and also encompasses the business
systems, models and behaviours necessary for long-term value creation.
Pathirana further added that the market value of a company depends on
two tangibles - Financial Capital and Physical or Tangible Assets. In
addition to these measurable assets, Intangible Assets such a
reputation, brand, trust, credibility, integrity, intellectual capital,
customer loyalty, Risk Management, Social and Environmental
responsibility, are aspects that now tend to be regarded as being
equally important as Tangible Assets.
Sustainability reporting facilitates accountability to the
stakeholders as a systematic practice. By publishing a sustainability
integrated annual report, HDFC imparts more transparency to the public
at large to properly assess the level of overall competence of the
organization. This act of greater transparency would naturally improve
HDFC Bank’s compliance with their vision
On the subject of Sustainability Reporting, it’s noteworthy to
mention that HDFC Bank has consecutively secured ACCA’s Sustainability
Reporting Award over the last couple of years. Nearly 12% of the total
extent of nearly 250 page extent in this publication has been dedicated
to a very comprehensive chapter on HDFC Bank’s role towards economic,
environmental and societal value-addition. Amidst this focus is HDFC
Bank’s maiden effort to also conform to Carbon Footprint guidelines.
With the infrastructure now set in place, HDFC Bank is now full of
promise as it’s now poised towards delivering an improved
result-oriented performance during the coming years.
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