HDFC Bank wins ADFIAP’s Best Annual Report Award

Tuesday, 6 May 2014 00:01 - - {{hitsCtrl.values.hits}}

HDFC Bank of Sri Lanka dominated the 2013 Annual Report Awards of the Association of Development Financing Institutions Asia Pacific (ADFIAP), winning the topmost award for the Best Annual Report across all the member institutions in the Asia Pacific region at the award ceremony held on 23 April in Moscow, Russia. ADFIAP Annual Report competition is considered as a platform which encourages excellence in the presentations of information covering transparency, social accountability and good governance among member’s business entities in the field of financial reporting. The integrated Annual Report 2012 of HDFC Bank was recognised for its superiority in the sphere of financial reporting and corporate disclosures on environmental, social and economic performance. As the baseline for reporting, the HDFC Annual Report makes reference to “sustainability Reporting Guidelines-G3.1, developed by Global Reporting Initiative (GRI) and the prototype framework for integrated reporting released by the International Integrated Reporting Council (IIRC). The Association of Development Financial Institutions in Asia and Pacific is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. It has over 125 member institutions in 45 countries and territories and partner-organisations around the world, working with a strong continuing commitment to its motto of “financing sustainable development”. ADFIAP is a founding member of the world Federation of Development Financing Institutions. The association is also a member of the United Nations Environment Programme Financing Initiative’s Asia-Pacific Task Force and a collaborating partner of Asia-Pacific Economic Corporation (APEC) Business Advisory Council. The annual report is the single most important document that a public listed business produces. HDFC Bank, the premier housing development finance institution in the country, listed at the Colombo Stock Exchange, operates under the purview of the Ministry of Finance and Planning and has demonstrated a high level of excellence in annual reporting with continuing improvements in line with national and international sustainability reporting standards and its latest developments. HDFC has won the world most prestigious Sustainability Reporting Award, conducted by the Association of Chartered Certified Accountants (ACCA), for four consecutive years from 2010 to 2013 and the Bronze award from the Institute of Chartered Accountants of Sri Lanka (CASL) in 2012 and 2013. The CASL award reflects HDFC Bank’s effectiveness in communication of financial and non-financial information to stakeholders and its strict compliance with legislative requirements and accepted accounting best practices.