Deloitte Sri Lanka recently hosted an exclusive forum titled “Beyond Compliance: Unlocking Strategic Value Through Sustainability”, bringing together business leaders, sustainability professionals and industry stakeholders to discuss regulatory, reporting and market developments influencing sustainability priorities among Sri Lankan businesses.
The forum highlighted the growing role of sustainability in areas such as business strategy, corporate governance, risk management, access to finance and long-term value creation as expectations around corporate sustainability continue to evolve.
Opening the session, Chathumin Gunarathne, Partner – Sustainability & Emerging Assurance at Deloitte Sri Lanka, outlined developments in Sri Lanka’s sustainability reporting and assurance landscape, including the implementation of SLFRS S1 and S2 and the introduction of the International Standard on Sustainability Assurance 5000 (ISSA 5000).
He noted the increasing connection between sustainability and business performance, while emphasising the importance of strengthening internal controls, systems, processes and data as organisations prepare for increased assurance requirements relating to sustainability information.
Chathumin also highlighted the growing importance of sustainability in corporate decision-making, noting that global business priorities are increasingly influenced by sustainability considerations and that investments in sustainability initiatives are beginning to affect business performance.
The session then turned to nature and biodiversity-related risks, with Saviesha Samaraweera, Manager – Sustainability & Emerging Assurance at Deloitte Sri Lanka, examining the subject from both business and financial perspectives.
She explained how organisations depend on natural systems and ecosystem services, and how disruptions to these systems can have implications for operating costs, supply chains and future cash flows. Practical examples and case studies were presented to demonstrate how nature-related risks can translate into business impacts.
Saviesha also introduced the Taskforce on Nature-related Financial Disclosures (TNFD) framework and its Locate, Evaluate, Assess and Prepare (LEAP) approach, which can be used by organisations to assess nature-related dependencies, impacts, risks and opportunities as part of business decision-making.