Abstract
We examine the relationship between board flexibility in diversity, experienced CEOs and corporate sustainability disclosure (CSD) in the developing economy context. We utilised the annual reports of all the listed commercial banks in Bangladesh between 2016 and 2020. Our study found a positive and significant association between board flexibility in diversity, which includes independent directors, foreign directors, directors with a business background, accounting professional directors, experienced CEOs and CSD. Importantly, the strategic leadership role of experienced CEOs constructs a good boardroom environment for the diversified board to place more emphasis on stakeholders’ interests and business legitimacy in a developing economy. However, we found a negative relationship between directors with a law background and CSD in the developing economy context, perhaps their role might be positive where a regulative environment exists for corporate sustainability disclosure. Our study was controlled by the audit committee and sustainability committee, and we found that the sustainability committee had a positive and significant association with CSD. Our findings have implications for developing economies specifically and around the globe in general.
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Appendix A: Corporate Sustainability Disclosure (CSD) Framework
Appendix A: Corporate Sustainability Disclosure (CSD) Framework
Key Point | Items | |
|---|---|---|
Economic Sustainability Disclosure (s) | 1 | Contribution to national exchequer |
2 | Contribution to national economy | |
3 | Information related to retained earnings | |
4 | Information related to capital structure | |
5 | Information related to financial performance | |
6 | Information related to dividend policy | |
7 | Information related to employee compensation | |
8 | Expenditure on CSR/ sustainability activities | |
9 | Remittance collection information | |
10 | Information related to economic value added | |
11 | Impacts on local economy | |
12 | Impacts on global economy | |
Environmental Sustainability Disclosure (S) | 13 | Information related to environmental policy and strategy |
14 | Information related to green financing | |
15 | In-house green decoration/practices | |
16 | E-banking, mobile banking, fin-tech | |
17 | Information related to energy consumption | |
18 | Initiatives to reduce energy consumption | |
19 | Energy and resource efficiency | |
20 | Investing in renewable energy | |
21 | Compliance with environmental regulations | |
22 | Investing in waste recycling/treatment plant | |
23 | Investing in liquid waste management | |
24 | Investing in solid waste management | |
25 | Investing in green agriculture | |
26 | Financing in green/clean transportation projects | |
27 | Financing in Sand-witch Panel | |
28 | Financing in Govt. approved eco-tourism projects | |
29 | Financing in water management and conservation | |
30 | Financing in environment-friendly brick kiln | |
31 | Aiding environmentally friendly programmes, seminar, symposium | |
32 | Initiatives to reduce greenhouse gas emissions | |
33 | Climate change risks mitigation strategies | |
34 | Climate change adaptation measure | |
35 | Tree plantation programme | |
36 | Donate to protect ecological diversity | |
Social Sustainability Disclosure (s) | 37 | Contribution to community development |
38 | Contribution to educational sector | |
39 | Contribution to health sector | |
40 | Contribution to national food programmes | |
41 | Contribution to women empowerment | |
42 | Contribution to disabled person, children, and freedom fighters | |
43 | Contribution to poor and under-privileged people | |
44 | Credit facilities for women entrepreneurs | |
45 | Credit facilities to marginal farmers | |
46 | Sponsoring sports and cultural events | |
47 | Supporting and financing arts and culture | |
48 | Donation to prime minister’s relief fund | |
49 | Donation to philanthropic and charitable organisations | |
50 | Donation to climate change affected people | |
51 | Supporting research and development | |
52 | Participation in protecting human rights | |
53 | Protecting workers/employee’s rights and freedom | |
54 | Employee retention policy | |
55 | Customer satisfaction | |
56 | Anti-corruption measures |
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Mehedi, S., Maniruzzaman, M. & Akhtaruzzaman, M. Board Flexibility in Diversity, Experienced CEOs and Corporate Sustainability Disclosure: Evidence from the Emerging Market. Glob J Flex Syst Manag 25, 261–282 (2024). https://doi.org/10.1007/s40171-024-00387-y
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DOI: https://doi.org/10.1007/s40171-024-00387-y