Union Assurance among Top 25 Companies in 2016 STING Corporate Accountability Index

Earlier last month, the STING Corporate Accountability Index recognised the contributions of the top corporate citizens of Sri Lanka, actively working to ensure accountability in reporting and functions. 

The STING Corporate Accountability Index invites the largest listed companies, as well as State-Owned Enterprises to voluntarily submit information for consideration in the index. This year, in addition to the 20 companies and SOEs that submitted information, the Index also considered accountability information currently available in the public domain, such as annual reports, sustainability reports, and information on corporate websites. 

Each year, the companies are scored based on their performance on six key parameters: measurement and disclosure – assessing the extent to which the company measures its performance on key sustainability indicators; policy coverage – looking at the policies the company has in place to manage environmental aspects, labour, human rights, and social concerns; stakeholder engagement – assesses the awareness of the company of who its key stakeholders are and the nature of engagement; identifying impacts, risks and opportunities – assesses awareness of the impact the company has had on environmental, economic, and societal sustainability as a result of its operations; management and governance – measures to what extent globally recognised management systems have been implemented with regard to environment, health and safety, quality, and workplace practices; and corporate values – establishing to what extent the company has made the effort to establish high-level values and principles that define the role it wants to play in society. 

Based on the scores, the corporate citizenry is then classified as falling in to one of four ranks – platinum (75-100), gold (60-74.9), silver (50-59.9), and bronze (40-49.9). 

Interestingly, Union Assurance is ranked Silver with a score of 57 – and is the sole representative from the insurance sector in Sri Lanka to be seated in the top 25 companies. The Company has made great strides in the recent years to increase accountability and transparency in all its dealings, and has set the benchmark for trust and responsibility very high for the insurance sector in the country. 

Union Assurance (UA), the country’s trusted insurance provider, celebrates a solid and consistent track record covering over 28 years, 140 locations, over 4,500 employees and field staff who touch the lives of approximately 220,000 Sri Lankans island-wide. The company is constantly introducing innovation to its operations in order to bring the utmost in its promise of ‘trust’ to its valued consumers. Union Assurance will strive to give the best to all its stakeholders by providing convenience, transparency, and respect in all its dealings.