Friday Nov 22, 2024
Friday Nov 22, 2024
Wednesday, 18 September 2024 03:21 - - {{hitsCtrl.values.hits}}
In a significant move towards enhancing sustainability, three of Sri Lanka’s leading companies – Brandix Apparel Ltd., Teejay Lanka PLC, and Fortude Ltd. – have partnered with InterBalance, a pioneering consultancy in sustainability and enterprise risk management, to implement an Environmental, Social and Governance (ESG) and sustainability management framework.
This initiative seeks to align reporting with the latest International Financial Reporting Standards (IFRS) S1 and S2, and the Global Reporting Initiative (GRI) standards, reflecting a global trend of integrating sustainability into corporate governance and risk management.
Brandix Apparel Ltd., Teejay Lanka PLC and Fortude Ltd., are now equipped to identify key sustainability-related risks and opportunities, integrate sustainability with risk management, and establish Key Sustainability Performance Indicators (KSPIs).
Brandix Apparel Senior General Manager – Compliance Nirmal Perera said: “This collaboration has enabled Brandix to significantly reduce environmental impacts, enhance social sustainability, and mitigate ESG risks. InterBalance has been crucial in guiding us through this process.”
Teejay Lanka PLC’s Annual Report 2023/24, based on a double materiality approach and aligned with both GRI and IFRS S1 and S2 standards, marks a major milestone in sustainability reporting.
Teejay Lanka Chief Financial Officer Renuja Selvanathan said: “InterBalance has played a key role in our journey towards environmental stewardship and social responsibility, helping us implement practices that reduce our environmental footprint and foster positive social impact.”
Fortude has also made strides in integrating ESG and risk management. Fortude Chief Risk Officer Surendra Karunakaran stated, “InterBalance’s guidance has been instrumental in equipping us with the tools and insights needed to integrate ESG into our enterprise risk management framework.”
InterBalance Co-Founder and member of the Global Sustainability Standards Board (GSSB) of the Global Reporting Initative (GRI) Chulendra De Silva said: “Organisations must assess both their impacts on society and the environment, and the risks and opportunities arising from these impacts. Governance frameworks need to adapt to include not only sound corporate governance but also risk management integrated with sustainability.”
As global regulations evolve, including the European Union’s Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CS3D), the importance of ESG and sustainability reporting is being underscored. These directives make sustainability reporting a requirement for compliance, especially for companies within the EU and their supply chains.
InterBalance Co-Founder Charith Jayasundera said: “Our services go beyond individual aspects of sustainability. We aim to establish a comprehensive management process that covers an organisation’s complete sustainability performance, management, and reporting, ensuring that sustainability is deeply embedded within the organisational strategy.”
This partnership between Brandix, Teejay, Fortude, and InterBalance highlights their commitment to sustainability and positions them as leaders in ESG integration.
