Singer Finance (Lanka) PLC
Climate Impact & Sustainability Data (2023-04 to 2024-03, 2024)
Reporting Period: 2023-04 to 2024-03
Environmental Metrics
Total Energy Consumption:1,085,212 kWh/year
Water Consumption:9,096,847 liters/year
Waste Generated:5,280 tons/year
ESG Focus Areas
- Sustainability
- Responsible finance
- Green and sustainable lending
- Climate change
- Corporate governance
- Human rights
- Social impact
- Digital transformation
Environmental Achievements
- Planted 2,510 trees
- Recycled 5,280 kgs of paper
- Reduced Greenhouse Gas Emission by 5,280 kg of Carbon Equivalent
- Saved 90 fully grown trees
- Installed solar panels across branches
Social Achievements
- Great Place to Work Certified with an 86% satisfaction rating for the 6th consecutive year
- 209 employees promoted
- Rs. 989 million in remuneration to employees
- Rs. 24 million invested in health insurance
- Rs. 2.1 million invested in life and disability insurance
- Invested Rs. 1.4 million in CSR projects
- 60 training programs conducted with 12,144 training hours
Governance Achievements
- Adopted the Bribery and Anti-Corruption Policy and the Shareholder and Investor Communications Policy
- Complied with Listing Rule #9 on Corporate Governance by the Colombo Stock Exchange
- Strengthened risk management and internal controls
- Established a security operations centre to capture cyber infiltrations
- Implemented a robust ESG risk management process
Climate Goals & Targets
Long-term Goals:
- Significant growth by expanding the branch network
- Maintain a strong commitment to sustainability
Medium-term Goals:
- Gradual expansion and strengthening of existing branches
- Invest in digital and human capital development
Short-term Goals:
- Cautious branch expansion
- Enhance branch efficiency
- Launch e-wallet
- Increase marketing personnel by 48%
Environmental Challenges
- High inflation
- High interest rates
- Fluctuations in gold values
- Economic uncertainty
- Employee migration
- Increased competition from banks
- Cybersecurity risks
- Climate-related risks (e.g., adverse weather, natural disasters)
Mitigation Strategies
- Cautious lending
- Strengthened recoveries
- Improved risk management and internal controls
- Enhanced cybersecurity measures
- Strategic investments
- Retention strategies and training programs
- Superior customer service
- Implementation of green initiatives
- Development of alternative sourcing strategies
Supply Chain Management
Responsible Procurement
- Supplier development initiatives
- Fair pricing practices
- Transparent procurement processes
- Ethical sourcing
Climate-Related Risks & Opportunities
Physical Risks
- Adverse weather conditions
- Natural disasters
Transition Risks
- Changes in agricultural sector dynamics
- Regulatory changes
Opportunities
- Green branches implementation
- Hybrid electric vehicle leasing
- Enhanced green loan products
- Access to green funding lines
Reporting Standards
Frameworks Used: GRI, SASB, TCFD, UN SDGs
Certifications: Great Place to Work
Third-party Assurance: KPMG
UN Sustainable Development Goals
- Goal 1
- Goal 2
- Goal 3
- Goal 4
- Goal 5
- Goal 7
- Goal 8
- Goal 9
- Goal 10
- Goal 12
- Goal 13
- Goal 16
Initiatives contribute to these goals through various programs and activities
Sustainable Products & Innovation
- Green loan products
- Solar loan plan
Awards & Recognition
- Merit Award at CMA Excellence in Integrated Reporting Awards 2023
- Annual Reporting Excellence at the CA (Sri Lanka) TAGS Awards 2023
- Great Place to Work certification for six consecutive years
- Best Workplaces in Asia for two consecutive years in 2021 and 2022
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Environmental
- Social
- Governance
Environmental Achievements
- Not disclosed
Social Achievements
- Not disclosed
Governance Achievements
- Established an ESG Committee to monitor ESG performance and integrate ESG considerations into strategic decision-making.
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Achieve 100% usage of energy-efficient air conditioners and electrical items by 2030.
- Achieve 30% usage of renewable and sustainable energy sources by 2030 (including solar and other renewable options).
- Reduce overall GHG emissions by 10% by 2030 (across Scope 1, 2, and 3).
- Reduce water wastage by 30% by 2030 through the 4R concept (Reduce, Recycle, Recover, and Reuse).
- Reduce waste by 30% by 2030.
- Recycle 75% of paper used by 2030.
- Achieve a portfolio allocation of 8% for green financing projects by 2030.
- Offer concessionary interest rates for eligible green projects, with a goal of increasing green project loan disbursement by 10% by 2030.
- Collaborate with at least two environmental organizations to support and co-finance green initiatives by 2030.
- Achieve a 15% improvement in employee retention by 2030 through well-being programs and flexible work policies.
- Provide a minimum of 20 hours of training per employee annually by 2030.
- Reduce employee turnover to 15% or lower.
- Ensure 100% of employees receive performance appraisals annually.
- Ensure equal opportunities for career growth and development, with at least 15% of promotions coming from underrepresented groups (women, ethnic minorities, individuals with disabilities).
- Increase the proportion of women in leadership roles to 15%
- Establish infrastructure to support employees with disabilities.
- Plant 1000 trees annually to contribute to environmental sustainability.
- Maintain a customer satisfaction rate of 90% or higher by 2030.
- Provide financial literacy resources and workshops to 500 customers annually by 2030.
- Resolve 90% of customer complaints within 7 business days.
- Reach and serve at least 500,000 unbanked and underbanked individuals and small businesses by 2030.
Short-term Goals:
- Reduce water wastage by 5% by the end of the financial year.
- Reduce waste by 5% by the end of 2024.
- Increase paper recycling to 15% by the end of 2024.
- Achieve a 2% reduction in Scope 1 & 2 emissions and begin tracking Scope 3 by the end of 2025.
- Implement wellbeing programs by the end of 2024.
- Provide at least 5 hours of training per employee by the end of 2024/25.
- Reduce turnover by the end of 2024.
- Achieve an engagement rate of 100% completion of performance appraisals by the end of 2024.
- Commence DEI training by the end of 2024.
- Hire and promote women for key leadership positions.
- Ensure 100% compliance with workplace accessibility standards.
- Plant 4000 trees by the end of 2024.
- Successfully complete 5 community development initiatives by the end of 2024.
- Gradually increase beneficiaries by the end of 2024.
- Achieve a satisfaction rate of 80% by the end of 2024.
- Educate 250 customers by the end of 2024.
- Resolve 80% of complaints within 7 business days by 2024.
- Serve 50,000 individuals and small businesses by the end of 2024.
- Achieve a 2% market share of affordable financial products by 2024.
- Increase SME lending by 2% by the end of 2024.
- Reach 1,000 beneficiaries by the end of 2024.
- Offer financial wellness resources and advice throughout the year.
- Test and refine contingency plans regularly by 2024.
- Ensure all ESG risk assessments are conducted and reported quarterly by 2024.
Environmental Challenges
- Not disclosed
Mitigation Strategies
- Not disclosed
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Sustainable Supplier Evaluation
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Not disclosed
Opportunities
- Not disclosed
Reporting Standards
Frameworks Used: GRI, UN SDGs
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- SDG 7
- SDG 12
- SDG 6
- SDG 13
- SDG 14
- SDG 3
- SDG 4
- SDG 5
- SDG 10
- SDG 1
- SDG 8
- SDG 9
- SDG 16
The policy aligns with various UN SDGs through its initiatives in energy, water, waste management, green finance, human capital, diversity and inclusion, CSR, customer management, financial inclusion, and governance.
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- Not disclosed