Leading corporates shine at CA Sri Lanka’s 56th Annual Report Awards

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Some of Sri Lanka’s top corporates, including conglomerates, were honored last Thursday at the Grand Finale of the 56th Annual Report Awards, organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for their resilience and perseverance in promoting transparency, accountability, good governance, and social responsibility amidst the new pandemic-influenced business climate.  

John Keells Holdings PLC was crowned the Gold winner for Overall Excellence in Annual Financial Reporting winning the coveted ‘Cyril Gardiner Memorial Trophy’, while Hayleys PLC and Softlogic Life Insurance PLC shared the Silver award, and both LB Finance PLC and Commercial Bank of Ceylon PLC bagged the Bronze awards for overall excellence in financial reporting. The gala ceremony was held under the patronage of Securities and Exchange Commission of Sri Lanka Chairman Viraj Dayaratne PC, CA Sri Lanka President Manil Jayesinghe, Colombo Stock Exchange Chairman Dumith Fernando, CA Sri Lanka Vice President Sanjaya Bandara, Annual Report Awards Committee Chairman Chaaminda Kumarasiri, Annual Report Awards Committee Alternate Chair Chamila Cooray, Colombo Stock Exchange CEO Rajeeva Bandaranaike and CA Sri Lanka CEO Dulani Fernando. 

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Over 70 companies, ranging from conglomerates, multinationals to non-profit organizations, and SMEs, were honored at this year’s competition for their excellence in financial reporting.

John Keells Holdings also won the Management Commentary Award, while Hayleys won the Silver and LB Finance won the Bronze. Under the Corporate Social Responsibility Reporting Award category, LB Finance won the Gold, while John Keells Holdings and Hayleys shared the Silver, and Softlogic Life Insurance PLC walked away with the Bronze. 

Commercial Bank bagged the Gold under the Corporate Governance Disclosure Award category, while LB Finance won the Silver, and National Development Bank PLC won the Bronze. 

Corporates that adopted integrated reporting were also honored at the grand finale held at BMICH, which was attended by business leaders and C-suite executives. John Keells Holdings and Hayleys shared the Gold prize in the Integrated Reporting Award category, while National Development Bank won the Silver and Softlogic Life Insurance won the Bronze. 

The Gold award for Integrated Reporting: Best Disclosure on Capital Management was won by National Development Bank, while LB Finance won the Silver and Commercial Bank of Ceylon won the Bronze. The ‘Integrated Reporting: Best Disclosure on Business Model’ category Gold award was bagged by John Keells Holdings, while Hayleys won the Silver and Softlogic Insurance walked away with the Bronze. John Keells Holdings also bagged the Gold award under Integrated Reporting: Best Disclosure on Stakeholder Engagement category, while Hayleys won the Silver and Softlogic Life Insurance walked away with the Bronze.

For the first time in the history of the competition, a special award in recognition of the Most Transformative and Digitalized Annual Report was conferred at the grand finale, with LB Finance winning the special award.

At the awards, Aitken Spence PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, Diesel & Motor Engineering PLC, Hatton National Bank PLC, Hayleys PLC, John Keells Holdings PLC, LB Finance PLC, National Development Bank PLC, and Softlogic Life Insurance PLC were recognized as the top 10 companies at this year’s competition. 

In his speech, Manil Jayesinghe said that the annual report is the single most important document for readers and potential investors to understand the financial state of a company as well as its positive contribution not only to the company’s bottom line but also to the country and society.

“Known to promote transparency, corporate governance, sustainability and social responsibility for over half a century, the competition’s importance does not need to be underscored, especially in a post-COVID-19 scenario, as businesses navigate through this challenging time,” he said.

Annual Report Awards Committee Chairman Chaaminda Kumarasiri

Addressing the gathering, Chaaminda Kumarasiri said that the competition has played a key role in strengthening Sri Lanka’s financial landscape, whilst also ensuring that the country boasts a world-class accounting framework which is in line with international standards.

“A fundamental advantage of the competition is that it has also helped organizations producing annual reports to transform their reporting methodology and style, helping investors and other stakeholders gain better insight into the organization’s operations, and achievements,” Kumarasiri said.

Under the sector awards, John Keells Holdings won the ‘Lal Jayasundara Memorial Trophy’ under the Diversified Holdings (Groups Above 10 Subsidiaries) category, while Diesel & Motor Engineering won the Gold under the Diversified Holdings (Groups up to 10 Subsidiaries) sector.

The Gold award under the banking institutions sector was won by Commercial Bank of Ceylon which bagged the ‘Edmand J. Cooray Memorial Trophy’ while under the State bank sector, Bank of Ceylon won the ‘Albert A. Page Memorial Trophy.’ 

Nawaloka Hospitals PLC won the Gold award under the healthcare sector, while Hayleys Advantis Ltd.  won the Gold under the service organizations sector, and Sri Lanka Telecom PLC won the Gold under telecommunications, while United Motors Lanka PLC bagged the Gold award under Motor Companies.

LB Finance won the Gold in the Finance Companies and Leasing Companies (Total Asset Above Rs. 20 billion) sector, and Prime Finance PLC won the Gold in the Finance Companies & Leasing Companies (Total Asset up to Rs. 20 billion) sector. Singer Sri Lanka PLC walked away with the Gold under the trading companies sector, while Aitken Spence Hotel Holdings PLC bagged the Gold award under the hotel sector.

Under the plantation companies’ sector, the Gold award was shared by Kelani Valley Plantations PLC and Talawakelle Tea Estates PLC, while Royal Ceramics Lanka PLC and Dipped Products PLC shared the Gold under Manufacturing Companies (Turnover Above Rs. 5 billion), while Samson International PLC walked away with the Gold under Manufacturing Companies (Turnover up to Rs. 5 billion).

Softlogic Life Insurance won the Gold under insurance companies, and Ceylon Cold Stores PLC won the Gold under Food & Beverages Companies. In the Not-For-Profit Organizations (NPO), including Non-Governmental Organizations (NGO) sector, the Association of Accounting Technicians of Sri Lanka won the Gold, and R I L Property PLC won the Gold under Land & Property Companies.

Access Engineering PLC walked away with the Gold under the Construction Sector, while Lanka IOC PLC and LAUGFS Gas PLC jointly won the Gold award under Power & Energy. Oxford College of Business Ltd. won the Gold under the Small and Medium Sized Entities category, while Capital Alliance Holdings Ltd. walked away with the Gold under the Investment Banking sector. 

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