Overall winner at CA Sri Lanka’s 55th Annual Report Awards
Commercial Bank of Ceylon PLC was crowned the winner at the 55th Annual Report Awards, winning the coveted “Cyril Gardiner Memorial Trophy” for “Overall Excellence in Financial Reporting” at the grand finale held on Tuesday, 3 December 2019 at the Shangri-La Hotel, Colombo.Hayleys PLC came in second place by winning the silver award, while Hatton National Bank PLC and LB Finance PLC shared the bronze award under the same category.
The Annual Report Awards, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), is recognised as one of the country’s most prestigious and oldest corporate events which promotes transparency, accountability, social responsibility and corporate governance among the diverse business sector. The event was held under the patronage of Internal Trade and Consumer Welfare State Minister Anura Priyadarshana Yapa, and Central Bank Governor Dr. Indrajit Coomaraswamy.
A total of 130 companies, ranging from conglomerates and multinationals to small-time community groups, vied for honours at this year’s competition. Commercial Bank also bagged the gold under the “Management Commentary Award” while Hayleys won the silver award, and LB Finance came in third with the bronze award.
Union Assurance PLC won the gold award under “Corporate Social Responsibility Reporting Award” category, while L B Finance won the silver and Aitken Spence PLC won the bronze. The “Corporate Governance Disclosure Award” was won by Commercial Bank, while Hatton National Bank came in second and Softlogic Life Insurance PLC came in third.
Organisations which have adopted integrated reporting were also honoured at the grand finale, with John Keells Holdings PLC winning gold under the “Integrated Reporting Award” category, while Diesel and Motor Engineering PLC won silver and Softlogic Life Insurance won bronze.
The “Integrated Reporting: Best Disclosure on Capital Management” gold award was won by LB Finance, while John Keells Holdings won the silver and Diesel and Motor Engineering won bronze.
Under the “Integrated Reporting: Best Disclosure on Business Model” category, Commercial Bank won the gold award, while People’s Leasing and Finance PLC won the silver and John Keells Holdings won the bronze. Meanwhile, Hayleys won the gold award under “Integrated Reporting: Best Disclosure on Stakeholder Engagement” category while Citizens Development Business Finance PLC won silver and Softlogic Life Insurance won bronze.
Minister Anura Priyadarshana Yapa addressing the guests emphasised the need for all organisations, immaterial of the sector to continuously adhere to transparency and accountability, which are fundamentals for a developing country.
“As a nation which recently graduated to upper middle-income status, Sri Lanka needs to be increasingly mindful of strengthening these fundamental elements, if we are to continue to attract investments into the country,” he said.
Minister Yapa said that with Sri Lanka at the threshold of a new era following the presidential election, economic revival is paramount, and to achieve this vision, the current administration will roll out an important plan aimed at creating a progressive national economy and a pluralistic society.
CA Sri Lanka President Jagath Perera said that by introducing the Annual Report Awards Competition over half a century ago, CA Sri Lanka has ensured that businesses both big and small have continuously and consistently adhered to globally accepted standards, while also promoting transparency, accountability and good corporate governance.
Chairman of the Annual Report Awards Committee Heshana Kuruppu said that the Annual Report Awards Competition has increased in stature and significance over the years, and the growing number of participants each year is testament to the competition’s importance. “By participating in the competition, the companies demonstrated their commitment towards best practices in annual financial reporting,” he said.
Under the sector awards, Hayleys won the “Lal Jayasundara Memorial Trophy” under the “Diversified Holdings (Groups above 10 Subsidiaries)” sector and the ‘”Diversified Holdings (Groups up to 10 Subsidiaries)” sector was won by Diesel and Motor Engineering PLC.
Commercial Bank bagged the “Edmund J. Cooray Memorial Trophy” under the banking institutions category.
Bank of Ceylon won the “Albert A. Page Memorial Trophy” under the State Banks sector, while Lanka Hospitals Corporation PLC won the gold award under the Healthcare Institutions.
Hayleys Advantis Limited won the Gold Award under the Service Organisations sector and Sri Lanka Telecom PLC bagged the gold award under the Telecommunication Companies sector.
United Motors Lanka PLC was adjudged the god award winner under the Motor Companies sector, while L B Finance won the gold award under the Finance Companies and Leasing Companies (Total Asset Above LKR 20 BN) sector. Sarvodaya Development Finance Limited was presented the gold award under the Finance Companies and Leasing Companies (Total Asset up to LKR 20 BN) and Singer (Sri Lanka) PLC won the gold under the Trading Companies sector.
Aitken Spence Hotel Holdings PLC and Nuwara Eliya Hotels Company PLC were joint gold winners under the Hotel Companies sector, and the gold award under the Plantation Companies sector was also jointly won by Kelani Valley Plantations PLC and Talawakelle Tea Estates PLC.
Royal Ceramics Lanka PLC bagged the gold award under Manufacturing Companies (Turnover Above LKR 5 BN) sector, while Samson International PLC and Tea Smallholder Factories PLC were joint gold award winners under the Manufacturing Companies (Turnover Up to LKR 5 BN) sector.
Union Assurance won the gold award under the Insurance Companies sector, while Ceylon Cold Stores PLC won the gold award under the Food and Beverages Companies sector. Sri Lanka Institute of Marketing was adjudged the gold winner under the Not-For-Profit Organisations (NPO) Including Non-Governmental Organisations (NGO) sector, while R. I. L Property PLC won the gold award under the Land and Property Companies sector. The gold award under the Construction Companies sector was won by Access Engineering PLC and Laugfs Gas PLC won gold under the Power and Energy Companies sector.
LankaClear (Pvt) Limited won the gold award under the Small and Medium Sized Entities sector, while Asia Capital PLC won the gold award under the Investment Banking sector, while NSBM Green University Town won the gold award under the State Corporations and Statutory Boards sector.