“One of the greatest benefits of the sustainability reporting approach is that it quickly created a better understanding across the organisation, fostering more ‘sustainability thinking’. There is so much more interaction between different departments now, thanks to sustainability reporting. We now build better relationships and collaborate,” said Mr Dao Dinh Thi, Chairman of Baoviet Holdings, when asked about the benefits of Sustainability Report.
Why does your company publish a Sustainability Report?
Sustainability reporting adds value to our company by highlighting the values that drive the long-term growth. It helps us understand the connections between social value and environmental value. At Baoviet, sustainability has been embedded in every corner of our business as a long-term strategy. Publishing our Sustainability Report (SR) is a means to review our sustainable development journey, as well as to re-evaluate our daily operations. Thepreparation of the SR puts Baoviet in a good position to develop specific KPIs, identify key issues, ensure the balance of stakeholder interests and keep track of its activities and communication systematically.
How do you use your Sustainability Report?
Baoviet has used the Sustainability Report as a tool to engage with stakeholders in a clear manner about the company's direction, strategy, plan, and how to use resources to create sustainable values. Our report provides investors and other stakeholders with a comprehensive view of the performance of the business, thus helping to make long-term investment decisions. Baoviet's view is that the report is also a measurement tool for assessing the yearly effectiveness of the sustainable development strategy. We invest in the report to improve performance and serve the information needs of stakeholders/interested parties. Currently, fewer than 30 per cent of companies listed on the Vietnam Exchange are currently reporting on ESG matters and less than 10 per cent of listed companies publish a stand-alone sustainability report. Baoviet Holdings is a pioneer in integrated reporting and transitioning our Sustainability Report from G44 to GRI Standards.
How does your company benefit from preparing and publishing a Sustainability Report?
One of the greatest benefits of the sustainability reporting approach is that it quickly created a better understanding across the organisation, fostering more ‘sustainability thinking’. There is so much more interaction between different departments now, thanks to sustainability reporting. We now build better relationships and collaborate. This is one of the big values of doing integrating reporting. Sustainability reporting helps us recognise where we are and where we must go next to create long-term value for the business. Via sustainability reporting, our company can redefine the scope of information that is relevant to a strategic goal in the long run. Based on a business strategy review with multiple stakeholders, including society and the environment, we can plan appropriate strategic goals to allocate and deploy resources.
What were you most proud of about your Sustainability Report?
Sustainability reporting is not new in the world, but it had not been introduced in Vietnam until 2012. As a pioneer in Vietnam, when we started our 2012 Sustainability Report, the first stand-alone report in the market, documents on sustainability reporting were still very scarce. Common reporting frameworks (as introduced by IFC and GRI) were mostly in English at the time, and there was no specific guidance on how to do it in the financial services sector. However, after many years of constant research and development, we have continually improved the content of the report by applying the most advanced standards for sustainability reporting which domestic and international auditors, and prestigious awards recognise. Although GRI Standards is set to be applied as of 2018, with the agreement of the Board of Directors and the Board of Management, Baoviet strives to understand and participate in the pilot application for the Report this year to learn from experience together, from such practical implementation. Our enterprise was also involved in drafting and reviewing the Vietnamese version of GRI with GRI representatives in Vietnam and other partners (PWC and IFC), helping to launch a friendlier version of the GRI Standards for Vietnamese enterprises. Reporting and disclosing information can also provide us with lessons and guidelines on how we can become a world-class company.
What will you change in your company as a result of publishing your latest Sustainability Report?
With our business characteristics in the financial services sector, Baoviet has little direct impact on the environment. However, Baoviet has implemented a green lifestyle in the workplace through a series of internal initiatives to improve awareness of staff in the system. Baoviet also aligns sustainable development activities along individual work objectives via many specific activities: from the smallest individual tasks such as saving stationary and minimising waste in the office, to working in the field, planting trees in the area and broad-based community activities such as investing in the younger generation, helping people overcome difficulties in disaster affected areas, or raising funds for war martyrs and other charitable activities. With these practical actions, Baoviet wishes to contribute more in raising awareness for sustainable development within the Group, but also to attract the participation of people and other businesses in the community. The specific changes we envisage include:
Enhancing awareness: Raise more awareness and action in society for sustainable development in Vietnam.
Engaging community participation: Mobilise the participation of the entire system, sectors, localities, agencies, business community, mass organisations, communities, and development partners in the implementation of sustainable development through Baoviet activities.
Mobilising resources: Take part in strengthening and mobilising domestic and foreign financial resources to implement the Vietnam National Action Plan.
Increasing coordination: Strengthen the leadership and direction of all internal and external levels and sectors, coordination among agencies, business community and organisations in implementing sustainable development goals and ensuring the integration of goals.
Strengthening international cooperation: Strengthening international cooperation in the implementation of sustainable development goals and mobilising and effectively utilising international resources for the achievement of Vietnam’s sustainable development goals.
Thank you very much!
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