2011 Communication on Progress

Participant
Published
  • 2011/09/20
Time period
  • September 2010  –  September 2011
Format
  • Stand alone document – Basic COP Template
Differentiation Level
  • This COP qualifies for the Global Compact Active level
Self-assessment
  • Includes a CEO statement of continued support for the UN Global Compact and its ten principles
  • Description of actions or relevant policies related to Human Rights
  • Description of actions or relevant policies related to Labour
  • Description of actions or relevant policies related to Environment
  • Description of actions or relevant policies related to Anti-Corruption
  • Includes a measurement of outcomes
 
  • Statement of continued support by the Chief Executive Officer
  • Statement of the company's chief executive (CEO or equivalent) expressing continued support for the Global Compact and renewing the company's ongoing commitment to the initiative and its principles.

  • September 20th 2011,

    To our stakeholders:

    I am pleased to confirm that Ceylon Asset Management Co. Ltd. (CAM) reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti – Corruption.

    In this annual Communication on Progress we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

    CAM aims to set the benchmark in the capital market industry in Sri Lanka by adopting UN Global Compact standards and maintaining compliance with the Code of Ethics and Standards of Professional Conduct issued by the CFA institute.

    At present, CAM is working together with UNGC – Ceylon to promote Sri Lanka’s first mutual fund tracking an index of listed “Sustainable Companies” committed to UNGC principles.

    As proof of our commitment to UNGC principles, the UNGC logo is displayed on our business cards.

    Sincerely Yours

    Dulindra Fernando
    Managing Director
    Ceylon Asset Management Co. Ltd.

Human Rights
  • Assessment, policy and goals
  • Description of the relevance of human rights for the company (i.e. human rights risk-assessment). Description of policies, public commitments and company goals on Human Rights.

  • • CAM has published its own updated Human Resource Policy Manual (2011) which in accordance with the Universal Declaration of Human Rights and Sri Lankan Labour law (Shop and Office Employees Act) details employees’ rights and resources within the organization.
    • The human resource manual (HR manual) includes guidelines related to professional conduct, best management practices as well as other criteria that aim to safeguard the rights of employees and external parties in the conduct of daily operations.
    • The Company revises this document on a continuous basis, to reflect experiences gained and contains timely and accurate provisions for the protection of its stakeholders.

  • Implementation
  • Description of concrete actions to implement Human Rights policies, address Human Rights risks and respond to Human Rights violations.

  • • CAM, in its labor contract, guarantees an honest culture of openness, to ensure transparency – training & orientation and the employee is well-informed of the consequences in the event of violation of the code of conduct. Staff is encouraged to discuss issues encountered in the work place so as to find adequate solutions and prevent recurrence.
    • The Human Resources department is responsible for receiving employees’ issues and suggestions to improve the overall quality of the work environment, on a continued basis.
    • HR will then commit to resolve the issues in conformity with the country’s laws and Universal Human Rights principles.
    • As an equal opportunity employer, CAM has recruited differently-able persons while other employees are recruited without gender bias.
    • Differently-able employee has blended into the office environment without any difficulty and is able to function independently.

  • Measurement of outcomes
  • Description of how the company monitors and evaluates performance.

  • • To date, the Company has not encountered any incidents of Human Rights violations, due to the management frequently reassessing the Company’s policies and ensuring that its employees and stakeholders are treated fairly and equally.

Labour
  • Assessment, policy and goals
  • Description of the relevance of labour rights for the company (i.e. labour rights-related risks and opportunities). Description of written policies, public commitments and company goals on labour rights.

  • • CAM recognizes the importance to provide an organizational culture based on respect and openness.
    • The HR manual clearly states employee rights and responsibilities and their compensation and entitlements.
    • Within the coming year, CAM proposes to incorporate profit sharing for employees in its compensation packages a wider range of employee’s benefits and foster a greater sense of ownership within the organization.

  • Implementation
  • Description of concrete actions taken by the company to implement labour policies, address labour risks and respond to labour violations.

  • • All employees (permanent & contact) are entitled for medical insurance for the individual and their families.
    • CAM has written guidelines to ensure that HR manual is respected and violations are resolved equitably. Below are a few examples of implementation measures taken by the Company
    - Employees are aware of their rights and responsibilities;
    - During the 360˚ evaluation of employees, they are encouraged to speak openly about any issues and concerns about the company, management, bosses and peers as well as suggest improvements.
    - Bonuses are paid to reward employee performances.
    - Trainings and orientations are held to create awareness about the employment contractual obligations, legal implications, motivation and teamwork.

  • Measurement of outcomes
  • Description of how the company monitors and evaluates performance.

  • • Human Resources and senior management work to ensure that all employees are given access to the same resources and treated equally in the work place.
    • CAM is proud to encourage freedom of speech and diversity in the work place, having employees from different ethnic, religious and educational backgrounds.
    • The office assistant’s wife had serious medical complications during child birth but was able to afford private medical attention in Colombo to safeguard mother and child.
    • An employee whose house was affected by natural disaster was supported with a roof repair as well as a bed and mattress.

Environment
  • Assessment, policy and goals
  • Description of the relevance of environmental protection for the company (i.e. environmental risks and opportunities). Description of policies, public commitments and company goals on environmental protection.

  • • CAM is an investment firm focused on sustainable practices.
    • The Company has adopted simple guidelines to reduce energy consumption in the work place and sustainable environmental practices.

  • Implementation
  • Description of concrete actions to implement environmental policies, address environmental risks and respond to environmental incidents.

  • • Examples of sustainable practices at CAM:
    - System in place for recycling of paper as a policy
    - Reuse one side printed papers as drafts/rough notes
    - Energy:
    - Natural lighting where/when ever possible
    - Turn off lights, air conditioning, computer equipment, including desktops, upon leaving the office
    - Use public transport, instead of taxis or Company cars, whenever possible to attend external meetings.
    • CAM’s goal, starting in 2012, is to appoint ambassadors for environmental compliance.
    • CAM is working together with UNGC – Ceylon to promote Sri Lanka’s first mutual fund tracking an index of listed “Sustainable Companies” committed to UNGC principles.
    • As proof of our commitment to UNGC principles, the UNGC logo is displayed on our business cards.

  • Measurement of outcomes
  • Description of how the company monitors and evaluates environmental performance.

  • • We maintain a separate box to recycle paper
    • Reusable kitchenware
    • A/C temperature maintained at 25˚C
    • Less than 10% artificial lighting in usage on a daily basis
    • Usage of energy saving lights in high usage areas

Anti-Corruption
  • Assessment, policy and goals
  • Description of the relevance of anti-corruption for the company (i.e. anti-corruption risk-assessment). Description of policies, public commitments and company goals on anti-corruption.

  • • CAM complies with all Securities Exchange Commission’s and Colombo Stock exchange regulations and guidelines on securities trading as a company and also guidelines for employees
    • CAM intends to adopt CFA standards on compliance and employee during 2012. In case staff is confronted to situations where corruption and bribery are likely to take place, the CFA standards provide guidance on how to react and report this type of violation.
    • Maintaining arms length policies in recruitment and securing goods and services from external parties
    • The Company maintains a zero-tolerance policy for corruption and bribery. The Employment Contract contains the Company policy on compliance to follow in the incidence of corruption and bribery violation.

  • Implementation
  • Description of concrete actions to implement anti-corruption policies, address anti-corruption risks and respond to incidents.

  • • The selection of business partners and opportunities are done through a competitive quotation process, based on transparency and fairness, so as to encourage competitiveness and avoid corruption.

  • Measurement of outcomes
  • Description of how the company monitors and evaluates anti-corruption performance.

  • • In accordance with the Company’s policy, all employees are made aware of consequences related to corruption and bribery violations. Senior management engages all employees in promoting an equitable and transparent culture that complies with UNGC sustainability principles and other professional standards.