Vietnam’s leading state-owned financial-insurance group Baoviet Holdings clinched Asia’s Sustainability Report of the Year award at the just concluded 2016 Asia Sustainability Reporting Awards (ASRA). Baoviet also bagged Asia’s Best Integrated Reporting award.

Mr. Dao Dinh Thi – Chairman of Baoviet Holdings, said: “Sustainable development has been one of our strategic objectives; it is not only closely engaged in business strategy but also converted into specific actions. Baoviet is honoured to know that our contributions to the environment, society and business growth for such sustainable future which was expressed through Baoviet 2015 Sustainability Report has been recognized and reflected in the ASRA award this year. This contributes to raise the credibility of the Baoviet sustainable business commitment and other Vietnamese businesses in the regional market”.

An impressive 68 companies from 14 countries made it to the final round of the 2016 Asia Sustainability Reporting Awards. The finalists were shortlisted by the members of an independent judging panel. Baoviet’s report was outstanding and highly appreciated by the ASRA judge council on the quality of its content, creativity, especially the high level of infomation credibility as assured by the third party.

The event was hosted by the British High Commissioner in Singapore H.E. Mr. Scott Wightman while the Swedish Ambassador in Singapore H.E. Mr. Håkan Jevrell was present as the Special Guest.

Rajesh Chhabara, managing director at CSRWorks International and the creator of the Awards, said: “Sustainability reporting has become a key indicator to assess a company’s long term success. Baoviet’s win at ASRA 2016 reflects the company’s leadership in sustainability reporting and a commitment to long term value creation for all stakeholders.”

Hosted in Singapore, the Asia Sustainability Reporting Awards (ASRA) are the highest recognition for sustainability reporting in the region. To encourage more Asian companies to embrace sustainability reporting, CSRWorks International, a Singapore-based sustainability firm, has created the Asia Sustainability Reporting Awards. The awards are CSRWorks International’s not-for-profit initiative, and is part of its own corporate responsibility programme.

A spokesperson from the ASRA Secretariat said: “ASRA winners are decided by an independent judging panel following stringent criteria. The judging process involves multiple rounds of screening and evaluations to identify the very best in each category. Finally, a comprehensive due diligence is carried out to assess finalists’ reputation among stakeholders and the findings are considered to determine the winners.

To be recognized as the winner, Baoviet has made persistent efforts to improve the report content under international best practices. Baoviet was also the earliest Vietnamese enterprise certified by the Global Reporting Initiative Organization (GRI) in conducting Sustainability report. Baoviet 2015 Sustainability Report is prepared in line with the GRI4 Reporting principles and indicators as required for Financial sector G4 (FS). Through the assessment of the relationship between stakeholders’ concerns and the company impacts, Baoviet established the materiality matrix to identify the priority level and allocated its resources with a view to fulfil stakeholders’ expectations as well as ensure its long-term value creation for stakeholders.

“Sustainability reporting is crucial to attract Socially Responsible Investment (SRI) funds which invest only in responsibly-run businesses”, said Mr. Chhabara. He added that the assets under management by global SRI funds have grown to more than $21 trillion but less than 0.6 per cent of this is invested in Asia. “A key reason for low SRI investment in the region may be attributed to the fact that very few Asian companies have adopted sustainability reporting.”

It may be noted that several stock exchanges in the region have legislated sustainability reporting for listed companies recently, mainly to meet investors’ expectations for non-financial disclosure.

In this context, ASRA winners are setting the leadership example which hopefully will inspire more companies to embrace sustainability reporting.

The event was attended by the finalists of ASRA 2016, and dignitaries from diverse fields including business, non-profit, embassies, trade associations, advocacy organisations and academics.

The winners received a specially designed plaque framed with recycled wood. The winner of the top honours, Asia’s Sustainability Report of the Year, received an exclusive golden plaque. All finalists received a merit certificate printed on FSC certified paper sourced from sustainable forests. In addition, the winners and the finalists will be authorised to use the privileged Asia Sustainability Reporting Awards Icons for branding purpose.

Printed edition of Sustainability Reporting: Learn from Asia’s Best, a special publication featuring the 2015 ASRA winners, was released at the event.

Note to editors:
More comprehensive information on the Asia Sustainability Reporting Awards can be viewed at: www.csrworks.com/asra

About the Awards
The Asia Sustainability Reporting Awards (ASRA) recognise and honour sustainability reporting leaders in Asia. The Awards celebrate best practices in sustainability reporting. The vision for ASRA is to become the most inspiring recognition for sustainability reporting excellence in Asia. The Awards are open to all types and sizes of private, public and non-profit organisations in all sectors which produce a sustainability report in Asia. An independent panel of distinguished judges evaluates the entries to select the winners. Read more