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Our Approach |
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The 2011/12 annual report of Aitken Spence PLC is presented as an integrated report - an attempt at portraying the sustainability strategy of the Group in its actual implementation structure. We believe that integrated reporting allows our stakeholders to evaluate the strategic, long term focus of our sustainability programmes.
The disclosures contained in this report follow the GRI G3.1 guidelines of the GRI Reporting Framework and meet the application criteria of a self-declared B Level report. The reporting process is driven and supervised entirely by the internal expertise of the Group.
This Annual Report complies with the financial reporting regulations pertaining to the Companies Act No. 7 of 2007 and the Listing Rules of the Colombo Stock Exchange, and follows the reporting criteria laid down by the Institute of Chartered Accountants of Sri Lanka (ICASL). |
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The report encompasses information pertaining to all owned and managed operations with significant operational control, which includes operations in Asia and South Africa. A limitation of this report is that only the sustainability performance of owned and managed operations in Sri Lanka and Maldives are disclosed as the sustainability programmes have not yet been extended to other operations in India, Oman and South Africa.
Data collection at SBU level has been sourced through the main representative of each subsidiary's sustainability subcommittee, who has the responsibility to coordinate with their colleagues to extract the necessary information. Some limitations exist in the availability of required data. The data has been calculated and measured on the basis of generally accepted industry norms and standards, and has been presented in the most comparable manner.
The process of identifying the indicators to report, involved first shortlisting all performance indicators of significant importance to the Group by the centre. These indicators were then filtered through the subsidiary sustainability representatives and other subsidiary personnel following which, the senior management was consulted. The identification of the disclosures was governed by the materiality of the performance indicators, the completeness of the information available and the requirements of stakeholders.
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Organisations have come to the forefront of driving sustainability forward by engaging in efficient, productive and smarter ways of doing business to meet the challenges of economic, environmental and social risks. Adaptability to climate change, social and economic trends and future vulnerabilities would be a key ingredient to the profitability, integrity and viability of an organisation in the years to come. A strong sustainability-consciousness and a long term focused strategy have been hallmarks of Aitken Spence well before this global paradigm shift took shape. Throughout our history of over 150 years the company has always sought ways of making a meaningful and relevant contribution to all of our key stakeholders, thereby generating sustainable value and enduring relationships.
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By mid-2009, Aitken Spence began implementing a Group-wide integrated sustainability policy, which enabled the formal and structured integration of sustainability into our business model. The policy encompasses 19 clauses on compliance, ethical conduct, environment, community outreach, sustainable processes, governance, stakeholder engagement, quality, customer service, talent management, innovation, health and safety, human rights, information security, continuous improvement and credible reporting. The policy framework is implemented on a tier basis, to ensure that basic requirements in all key areas are met. From a patchwork of sustainability initiatives tackled in different manners, the integrated policy served to blanket all areas identified as important for the sustainable growth of the organisation and implement essential activities in all areas across the Group. Simultaneously subsidiary companies are required to pay closer attention to key areas specific to their operation as per the impacts, risks and opportunities identified.
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