We are one of the signatory companies of the UN Global Compact (UNGC). The UNGC is the world’s largest initiative to help companies align their practices for a sustainable and inclusive future. As a participant in the UNGC, we disclose our progress on the implementation of the Ten Principles and the activities we are carrying out.
Commitment from Managing Director, AYA Bank
AYA Bank embarks on the 11th year journey of serving its customers, and 9th year of it’s unwavering commitment to the United Nations Global Compact (UNGC). With a view to a growing legal and regulatory reforms during the past few years, particularly in the financial services sector, AYA Bank reaffirms our support to the Ten Principles of the United Nations Global Compact.
Since adopting the UNGC principles, AYA Bank has been working consistently to raise the governance standards internally to become a role model for the rest of the industry within its rank and beyond. AYA Bank together with Ayeyarwady Foundation consistently made best endeavors to support health initiatives and promote environmental practices in 2021. AYA Bank has been awarded ‘Myanmar’s Best Bank for CSR’ in 2017 and 2019 for its remarkable contribution to society. AYA Bank is strongly committed to continue to develop a wide range of corporate social responsibility programs covering a broad spectrum of compiled social, economic, and environmental issues often associated with rapidly changing society in which we operate.
In the period of 11 years, AYA Bank Ltd. (AYA) has become the 2nd largest private bank in Myanmar in terms of Customer Deposits, Loans & Advances, Capital, Branches and Number of Customers. For 6 consecutive years now, AYA is the only IFRS compliant bank as well as the only one to be audited by an international big 4 firm – Deloitte. AYA touches a wide cross section of customers with the largest 100 depositors. In working towards our goal to be a leading bank in the country, we adhere to and embed the UNGC Principles into our practices, policies, and operations.
In this 8th Communication on Progress Report, we highlight a summary of our progress in adhering to the Ten Principles. Additionally, we commit to share this information with our stakeholders using our primary channels of communication.
The Ten Principles of UNGC and Compliance by AYA Bank (August 2021)
- AYA Bank developed the Code of Ethical Conduct and Employee Handbook to provide guidelines to all employees and standard framework for communication with all stakeholders.
- AYA Bank will continue to promote and advocate human rights norms and respect fundamental human rights for all our stakeholders: employees, customers, suppliers, partners, and government regulators.
- As the bank expands its retail network, we will expand our advocacy effort across the nation.
- The Whistleblowing policy is established to allow raising concerns about any wrongdoing or malpractice of employees.
- AYA Bank will not assist in committing any forms of human rights violations and will not be tolerant in any act of violation and abuses. AYA bank has its own Human Right Policy and Code of Ethical Conduct which are adopted from Universal Declaration of Human Rights and the Ten Principles of UNGC.
- SOP on how to deal with human rights violations is established.
- As of 31st July 2021, more than 7000 employees drive our business and AYA Bank fully takes pride in being an “Employer of Choice” in the country.
- Our human capital investment is the driving force that made it possible for us to grow up to (265) branches in 11 years and counting.
- AYA Bank establishes policy related to labor rights that needs vendors’ commitment along with service or product contract.
- AYA Bank’s Grievance channel has been set up for human rights grievances and all staffs are encouraged to report any suspected breach of human right act through an established channel.
- We believe in creating a conducive and rewarding work environment for our employees.
- AYA Bank places utmost importance on being transparent in our procedures and processes when catering to our employees as well as customers.
- AYA Bank is also continuously reviewing policies and guidelines to ensure updated and transparent. Employee Handbook has been revised with up-to-date rules and regulations, staff benefits, etc., and ensure all our staffs are fully aware of their rights and obligations.
- Child Labor Policy is in place as part of AYA Bank Human Right Policy.
- AYA Bank Human Rights policy also ensures vendors/third party suppliers follow the terms and conditions of “No Child Labor Policy”.
- AYA Bank organized awareness session to all staffs for gender equality. AYA Bank has received EDGE Certificate for gender equity.
- We provided COVID-19 Health Insurance Plan to all staff and implemented ‘Sharing with Care’ program to provide basic necessities and monetary support to non-clerical staff on top of their salary.
- AYA Bank recognizes and understands the need to emphasize the environmental impact caused by the rapid growth of businesses and industries. AYA Bank actively promotes the objective of reducing negative impact on the environment internally and externally.
- All AYA Bank suppliers and vendors must sign a mandatory SCP (Supplier Code of Conduct Policy) agreement prior to entering any form of business relationship. Within this SCP, the Supplier Code of Conduct serves as a controlling mechanism to prevent and reduce negative environmental impact.
- AYA Bank implemented monitoring mechanism to ensure the rules and regulations on environmental impact are adhered.
- The rules and regulations to reduce the negative impact in the environment are being incorporated into our training programs, and staff orientations. Similarly, such trainings and orientation are delivered to our suppliers and vendors at no cost or encourage them to follow AYA’s practices.
- AYA Bank Promote paperless and cashless services
- Encourage all staffs to be mindful of utility reduction at office.
- Ongoing with Projects on Reducing paper usage, Save Energy, Recycle Bin as Internal Campaign to educate our AYA Staff to be aware of the risks and impact on the environment.
- AYA Bank has implemented Waste Management System, rules, and regulations internally to reduce the usages of paper, petrol, and other natural resources.
- The awareness sharing tools are in place. The AYA Bank is picking up the momentum in promoting the awareness of environmental impact to all stakeholders, partners, and suppliers.
- AYA Bank’s Anti-Corruption Policy states that the Reputation of AYA Bank is our greatest Asset. Under Myanmar Anti-Corruption Law 2013, AYA Bank is strictly against all kind of corruptions and committed to ensure that AYA Bank’s business activities are free from corruption.
- AYA Bank has declared and is committed to zero tolerance for corruption.
- Anti-Fraud and Anti-Corruption Policy are in place.
- AYA Bank raised the awareness of staff towards anti-corruption through training and previous cases.
- AYA Bank’s Internal Audit Team has been carrying out audits to avoid fraud and corruption within the organization at any touch point.