Commercial Bank of Ceylon PLC emerged victorious bagging the Gold Award for Overall Excellence in Annual Reporting at the grand finale of the coveted 49th Annual Report Awards Competition organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), while John Keells Holdings PLC won the Silver Award. HNB Assurance PLC and Seylan Bank PLC shared the bronze award as joint winners.
Held on Tuesday, 10th December 2013, under the distinguished patronage of Speaker of Parliament, Hon. Chamal Rajapaksa, the Chief Guest, the event had an overwhelming response with the participation of over 600 guests, consisting of company Chairmen, CEOs, CFOs – the corporate glitterier of the country. Dr. Indrajit Coomaraswamy was the Guest of Honour at this event.
Delivering his address, Mr. Chamal Rajapaksa underscored the importance of transparency and good governance which he emphasized were vital components in ensuring the stability of a nation.
“At a government level, we have taken every effort required to promote transparency across all sectors, because we understand its importance and relevance not only locally but also at a global context,” he noted.
Mr. Rajapaksa highlighted that over the past four years, Sri Lanka has witnessed some very impressive foreign investments coming into the country, from mega hotel chains to high rise building projects.
“Under such a condition, financial reporting plays a vital role in helping uplift the image both of an organization as well as that of a country. Therefore, competitions such as the Annual Report Awards not only helps the country in a much broader sense but also plays a vital role in helping increasing investments into the country, resulting in enhanced development,” he noted.
Mr. Rajapaksa also underscored the important responsibility lying on the shoulders of professionals and business leaders in helping take Sri Lanka forward.
“The next few years will be crucial for our country as we slowly yet steadily head towards achieving the middle income status, but as a government, we cannot achieve this target alone, we need your support,” the Speaker of Parliament said.
CA Sri Lanka President, Mr. Sujeewa Rajapakse delivering his address at the Annual Report Awards grand finale said that the corporate sector in Sri Lanka has witnessed vast growth over the years, and there is no doubt that the Annual Report Awards competition has played an integral role in helping develop the sector further by promoting transparency, corporate governance and excellence in financial reporting.
“Transparency and good governance plays an extremely vital role which ultimately contributes to building market confidence. And I believe it is the responsibility of both ruling administrations and corporate sector to oblige to these expectations. Therefore the annual report awards competition is an important catalyst in ensuring these expectations are met,” he noted.
CA Sri Lanka President emphasized that in keeping with changing times, every year CA Sri Lank upgrades the competition by revising the marking schemes to be on par with global developments.
He also stressed that the competition’s importance has been showcased by the consistent increase in the number of applications the institute receive annually. “This year we broke the record for the highest number of applications in the event’s 49 year old history, with a total of 126 entries vying for the annual prestigious awards,” Mr. Rajapakse said.
He also disclosed that this year’s award competition also recorded a 60 percent increase in entries from the public sector for the state corporation and statutory board sector awards.
“The fight for good governance and transparency is not an easy one. It is today a major global concern and yet it is heartening to note more and more companies and organizations are working to ensure these vital areas are addressed. But I believe a lot more needs to be done. Therefore, it is time for us to join hands and travel in one direction, which should be the right direction, in our journey to achieve excellence and success,” he said in conclusion.
Chairman of the Annual Report Awards Committee 2013 Mr. Tishan Subasinghe Underlining the judging process, noted that selecting the winners were no easy task and evaluations were conducted at three stages, where the reports were initially evaluated to a technical marking, follow by the shortlisted reports being subjected to an industry expert panel review and subsequently in the final stage, the reports were evaluated by a final panel of judges chaired by Central Bank Governor Mr. Ajith Nivard Cabraal.
Mr. Subasinghe noted that an annual report is not merely about the numbers of a corporate but was instead the story behind the numbers and the journey towards its destination.
“People trust the information disclosed in an annual report before they place their trust on a corporate. Investors make decisions based on information disclosed in Annual reports. We also trust information disclosed in Annual Reports in carrying out our evaluations. As such, annual reports do certainly contribute to the informational efficiency of the capital markets,” he noted.
Mr. Subasinghe added that the efficiency of capital markets would certainly contribute to corporate sustainability, and sustainability of corporations would finally contribute to the sustainable development of our nation.
Click here to view the Winners list of the 49th annual awards
