Speakers at a workshop on Tuesday emphasized on sustainability reports and disclosing to everyone so that all can know everything what are happening to or going to happen to the company.
Mentioning that very developed set of standards can help accelerating companies’ performance, they said stakeholders inclusiveness is very important through which they can assess whether the guidance have been followed thoroughly.
They were speaking at a workshop on Technical Series – Preparing a Sustainability Report, jointly organised by Global Reporting Initiative (GRI) and the Dhaka Stock Exchange Limited (DSE) at Pan Pacific Sonargaon Dhaka on Tuesday.
Dr. Swapan Kumar Bala, Commissioner, Bangladesh Securities and Exchange Commission (BSEC) was present at the workshop as the chief guest.
Main objective of the workshop was to deep drive into materiality and stakeholder engagement on preparing a sustainability report. On May 20, 2018, DSE and GRI jointly launched Guidance on Sustainability Reporting for listed companies in Bangladesh.
Managing Director of DSE K. A. M. Majedur Rahman said the bourse and Global Reporting Initiative (GRI) entered into an agreement on May 20, 2018 to receive mutual benefits such as formal recognition as partner, capacity building for stock exchange, arrange seminars and trainings for listed companies, support listed companies in initiating their sustainability reporting journey.
He said since the inception of GRI, 93 percent of the world’s largest corporations by revenue are reporting on their sustainability performance of which three quarters use the GRI framework. To support listed companies of DSE in reporting with the GRI standards and to protect the environment and improve society by improving governance and stakeholder relations, enhancing reputations and building trust, DSE has already launched guidance on sustainability reporting and welcomed all the listed companies to follow the guidance.
Rahman also mentioned that the government of Bangladesh vastly emphasized on protection, safety and soundness of environment. Ministry of Environment has already imposed a condition on consumption of energy that at least 5 percent of total power should come from solar energy.
He ensured that DSE will continue these support in collaboration with Regulatory Bodies and GRI on sustainability reporting guidance and all the listed companies will gain from these workshop. DSE Managing Director also informed that there will be 3 workshops spaced over a period of 10 months and this is the first workshop.
In his keynote presentation, Dr. Swapan Kumar Bala, Commissioner, Bangladesh Securities and Exchange Commission (BSEC) said in initial stage accounting researchers emphasized three key issues: sustainable cost, natural capital accounting and input output analysis. He emphasized that triple bottom line i.e. transparency, inclusiveness and auditability should be ensured.
Dr. Bala also mentioned that going concern and ESG are closely related and ensuring guidance on sustainability reporting a major portion of going concern are ensured. It would be very healthy if GRI could review the sustainability report prepared by listed companies of DSE.
Dr. Aditi Haldar, director, Global Reporting Initiative, South Asia said that skill and competencies in preparing and disseminating sustainability report will increase day by day. The courses of actions of what to be disclosed, who to be disclosed and whom to be disclosed is very important.
Short-term, mid-term and long-term process flow on sustainability reporting need to be left by all of you, representatives of various organizations, for the betterment the company, country and region as well.
Dr. Haldar also said that globally 110 countries are working on GRI Standards and this works become easier when regulatory bodies like Bangladesh Securities and Exchange Commission (“BSEC”) work together. As a part of this Technical Series – Preparing a Sustainability Report, we in collaboration DSE, next series will be held in September 2019 and early 2020.
GRI is an international independent organization that has pioneered corporate sustainability reporting since 1997. GRI helps businesses, governments and other organizations understand and communicate the impact of business on critical sustainability issues such as climate change, human rights, corruption and many others.
With thousands of reporters in over 90 countries, GRI provides the world’s most trusted and widely used standards on sustainability reporting, enabling organizations and their stakeholders to make better decisions based on information that matters.
Currently, 40 countries and regions refer GRI in their policies. GRI is built upon a unique multi-stakeholder principle, which ensures the participation and expertise of diverse stakeholders in the development of its standards. GRI’s mission is to empower decision-makers everywhere, through its standards and multi-stakeholder network, to take action towards a more sustainable economy and world.
