One of Sri Lanka’s leading companies, Diesel & Motor Engineering PLC (DIMO) won the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale of the 51st Annual Report Awards Competition, organized by the Institute of Chartered Accountants of Sri Lanka. The silver award was won by John Keells Holdings PLC, while Commercial Bank of Ceylon PLC won the bronze.
Held yesterday under the patronage of President Maithripala Sirisena who graced the occasion as Chief Guest and Vajira Kulatilaka, Chairman of the Colombo Stock Exchange as Guest of Honour the grand finale at the Waters Edge, Battaramulla saw an overwhelming participation of over 600 guests, comprising of the country’s corporate glitterati including business leaders, company chairman, CEOs, Directors, CFOs, as well as high ranking government officials.
A total of 144 organisations including leading blue chip companies, conglomerates to small time community groups competed for the coveted awards this year which promotes transparency, accountability and corporate governance. This was the highest number of entries in the history of the competition.
The Integrated Reporting gold award was won by Diesel & Motor Engineering PLC, while Mercantile Investment & Finance PLC won the silver award with Asian Alliance Insurance PLC and L B Finance PLC sharing the bronze award.
Two special awards were also conferred under the Integrated Reporting Category, with Diesel & Motor Engineering PLC winning the award for Best Disclosure on Capital Management, while Mercantile Investment & Finance PLC winning the special award for Best Disclosure on Business Model.
Commercial Bank of Ceylon PLC won Management Commentary gold award, while People’s Leasing & Finance PLC won the silver, and Diesel & Motor Engineering PLC won the bronze.
The Corporate Governance Disclosure gold award was won by Hatton National Bank PLC, while Commercial Bank of Ceylon PLC won the silver award, and John Keells Holdings PLC winning the bronze.
The gold award in the category of Corporate Social Responsibility Reporting was won by Diesel & Motor Engineering PLC, while Sampath Bank PLC won the silver award and Commercial Bank of Ceylon PLC wining the bronze.
John Keells Holdings PLC also won the gold award under the Diversified Holdings (Groups above 05 subsidiaries) category, and Diesel & Motor Engineering PLC winning the gold under the Diversified Holdings (Groups up to 05 subsidiaries) category.
Under the Sector Awards, the gold awards were won by the Association of Accounting Technicians of Sri Lanka, Laugfs Gas PLC, Access Engineering PLC, Seylan Development PLC, the Ceylon Chamber of Commerce, Ceylon Cold Stores PLC, HNB Assurance PLC, CIC Holdings PLC, Talawakelle Tea Estates PLC, John Keells Hotels PLC, Singer (Sri Lanka) PLC, Merchant Bank of Sri Lanka & Finance PLC, People’s Leasing & Finance PLC, National School of Business Management Ltd, United Motors Lanka PLC, Sri Lanka Telecom PLC, Colombo Dockyard PLC, Nawaloka Hospitals PLC, DFCC Bank PLC and Commercial Bank of Ceylon PLC.
President of CA Sri Lanka, Arjuna Herath said that the institute in its capacity as a foremost professional body as well as the legislated promulgator of Accounting and Auditing Standards in the country, has taken every step necessary over the years to enhance the financial landscape in the country. “Today we can stake claim to a world class accounting framework which is in line with international standards. There is no doubt that competitions such as the Annual Report Awards have helped enhance this standing further,” he said.
Herath noted that in recent years the competition has increased in stature and significance, and the growing number of participants each year for the prestigious competition is testament to the competition’s significance and standing. “This year, in our 51st anniversary, we recorded the highest number of entries, which means more and more organisations understand the importance of transparency, accountability and good governance, and that no doubt is a very encouraging sign,” Herath added.
Chairman of the 2015 Annual Report Awards Committee, Tishan Subasinghe in his welcome speech underscored that this year the judging panels searched for the most cohesive, clear and customized Annual Reports produced in the country.
“This year our competition centered around the theme ‘Clarity Redefined’ – this is relevant for many reasons, especially with Sri Lanka at the threshold of renewed development and economic revival, as well as with our country being identified as one of the fastest growing markets in the South Asian region,” he said.
Subasinghe noted that in their search for the best annual reports that best reflects an entity’s operation, the organisers also updated the checklists to keep pace with the changes to the accounting standards and other relevant pronouncements that are currently in effect.
“Selecting the best among the best was no easy task. We conducted our evaluations in several stages. The reports were initially evaluated by the Technical Marking Panel comprising more than 200 Chartered Accountants, followed by the Industry Expert Marking Panel consisting of around 40 Members representing diverse industries across the country, and finally by the Final Panel of Judges headed by Prof. W.D. Lakshman who was supported by 30 other distinguished personalities representing the corporate sector and academia,” he added.