About This Report

Reporting Scope and Boundary

This Integrated Annual Report covers the domestic and overseas operations of Bank of Ceylon (also referred to as “BoC” or “the Bank”) and its subsidiaries (collectively referred to as “the Group”) during the 12-month period from 1 January 2022 to 31 December 2022.

Key financial aspects represent consolidated information, while non-financial aspects are discussed in context of the Bank, given its dominance within the Group. The reporting boundary remains unchanged from the previous year and there were no significant changes to the Group’s size, structure, or supply-chain other than the delisting of Property Development PLC.

As per changes to the Board and the Chief Executive Officer/General Manager before the sign off date of this report, the Report includes a message from the Bank’s newly appointed Chairman and General Manager.

Integrity of Information

The Bank follows a combined assurance model to ensure credibility and integrity of external reporting. The Audit Committee and Internal Audit functions are responsible for ensuring the effectiveness of the Group’s financial reporting processes and relevant internal controls, while external assurance on the Consolidated Financial Statements is undertaken by the National Audit Office. The Bank’s Corporate Management team is accountable to the Board for preparation of the Report. The Report has been prepared with input from the leadership team, cross-functional internal information, and other relevant external information.

Sustainability information published in the Report has been externally assured by Messrs. KPMG. There were no major restatements of non-financial information published in last year.

Precautionary Principle

The Bank’s approach to mainstreaming sustainability in its core business operations has foundational consideration for the precautionary principle. The Bank’s efforts towards sustainable financing, outlined in the section on Community and Environment, detailed actions were taken not only to mitigate potential negative impacts of operations, but also to proactively address local and global challenges to the environment and health and safety of stakeholders.

Basis of Preparation

The Report follows a structure that is in line with guidelines in the <IR> Framework. Disclosure is based on identified material topics. The Bank’s process for determining material topics, and their alignment with reporting metrics, is outlined in the Material Issues section.

The Report utilises referencing and signposting throughout pertinent sections to highlight key Environmental, Social, and Governance (ESG) disclosures as per the GRI reporting framework. Contribution to specific UN SDGs in line with the Bank’s sustainability ethos; and reference to Capitals prescribed by the <IR> Framework are also included.