Our stakeholders are individuals or organisations that interact with us and are impacted by our business activities, or whose actions can affect our business.
As a responsible banking entity we communicate with our stakeholders throughout the year and engagement is integrated into our business decision-making processes as the relationship we foster with them has a direct impact on the Bank’s success. The mode and frequency of engagement vary depending on the stakeholder group and nature of a specific aspect to be addressed. These aspects are summarised below.
Investors: Our investors provide us with equity and debt capital needed for expansion and growth. In turn, we strive to offer optimal returns on their investments through sustained profitable growth.
The Board-approved Corporate Communications Policy ensures that information relating to the financial performance and the progress of the Bank is made available to shareholders through the Colombo Stock Exchange (CSE). This information is also communicated through the Annual Report, press and electronic media and on the Bank’s website.
The primary modes of communicating with shareholders and bondholders include the Annual General Meeting, annual reports, corporate website, Colombo Stock Exchange announcements, press conferences and media releases, investor relations hotline, meetings and teleconferences. Key topics discussed include Board governance, sustainable performance of the Bank and plans to improve returns to shareholders.
Customers: Customers are the source of our earnings, and hence, our existence. We serve them through the provision of financial products and services to meet their diverse needs.
Their primary interests and concerns centre on our products and services, terms and conditions, corporate news, service standards and convenience. Accordingly, we largely engage with them through front line staff, relationship managers, advertising and promotion, media releases, branches, corporate website, other automated services, Facebook, surveys and the call centre.
Business Partners: Our key business partners are those who provide lines of credit (either to manage or to on-lend) as well as the regular suppliers of goods and services needed for business operations. These stakeholders are an important part of our value chain and share complementary business goals.
The primary topics of interest with international financiers hinge on the progress of programmes financed, compliance, overall health of the Bank as well as new developments and opportunities. Our engagement includes electronic exchanges of information, teleconferences, participation in review missions and the like. We have put in place a Board-approved Procurement Policy; and our discussions with suppliers are mainly on quality, reliability and price while we seek mutually rewarding long-term relationships.
Employees: Employees form the backbone of our organisation and are the very essence of our competitive advantage. They are nurtured and developed, and rewarded for their performance.
DBB has an internally developed Code of Conduct for its employees, which is posted on the internal web and is accessible by all employees. This sets out in detail the business ethics in relation to avoidance of conflict of interests, insider dealings, unfair business practices, maintenance of confidentiality of business information, etc. All employees are guided by the Bank’s core values (see institutional capital). We also have in place a Whistleblowing Policy to encourage employees to communicate legitimate concerns if they observe any illegal or unethical practices. A Board-approved Grievance Handling Policy and Procedure was introduced during the year to support sound employee relations and a fair, successful and productive environment at the workplace.
The main modes of employee engagement are through meetings, performance reviews, the human resource intranet portal, email bulletins, weekly newsletters, training workshops and seminars, special events, employee surveys, suggestion box and grievance procedure.
Regulators: Regulators contribute to the protection and enhancement of the stability of the country’s financial system. Through rules and regulations they inter alia provide consumer protection, combat financial crime and create market confidence which benefits all. We reciprocate accordingly by conducting our business in an ethical, transparent and responsible manner while complying with all applicable legal and regulatory requirements.
We engage with regulators through the timely submission of prescribed reports and returns, participation in meetings, forums, task forces and conferences as well as through media releases and the corporate website.
The main topics discussed cover compliance with regulations, voluntary guidelines and best practices, new legal and regulatory developments, matters affecting the financial sector and business and financial information pertaining to DBB.
Society and Environment: The local communities in which we operate are a source of customers and employees, while they also effectively ‘hold’ our licence to operate. We endeavour to understand their perceptions and expectations and tailor our business operations and CSR activities accordingly to create win-win solutions.
We engage with local communities mainly through our branch network and public events. We support them through volunteerism as well as CSR activities that cover entrepreneur development, education, environment conservation, emergency relief and sponsorships of deserving causes. In addition we engage with the media through meetings, press conferences, press releases and our corporate website.
DFCC Bank is a member of several associations and members of staff actively participate in their respective activities. Key memberships are listed below: