Message from Nilusha Ranasinghe, Head of South Asia, ACCA
Sri Lanka’s business environment has been highly competitive due to the country’s economic crisis in recent years. in such situations, many companies prioritize activities that are geared towards short-term gains and may not take into account the longterm consequences of their actions. This has resulted in companies overlooking sustainability and transparency practices, which can ultimately harm both the environment and the community.
However, the 2030 Agenda and the Sustainable Development Goals (SDGS) have brought to light the need for companies to adopt sustainable practices that ensure the wellbeing of both people and the planet. These goals encompass almost every aspect of human and planetary wellbeing, and if achieved, will provide a stable and prosperous life for every person while ensuring the health of the planet.
As such, companies in Sri Lanka must prioritize adopting best practices in corporate social responsibility (CSR) to ensure that they contribute to the achievement of the SDGS. This includes protecting the environment and communities, as well as implementing transparent and sustainable practices that benefit both the company and its stakeholders.
By prioritizing sustainability and transparency practices, companies can benefit from a positive public perception, increased customer loyalty, and a competitive advantage over companies that do not prioritize these practices. in addition, implementing sustainable practices can lead to cost savings in the long run, such as reducing energy consumption and waste.
As professionals, accountants possess a unique skill set that can be leveraged to contribute to a more sustainable future. They have the expertise to develop metrics and information systems that can accurately measure and report on a company’s environmental and social impact. This information is vital in helping companies identify areas where they can improve their sustainability practices.
Moreover, accountants can help improve corporate accountability by developing reporting frameworks that encompass environmental, social, and sustainability information. This will enable companies to provide a more comprehensive view of their impact, not just in terms of financial performance but also in terms of their impact on the environment and society. By doing so, companies can become more accountable to stakeholders, such as investors, customers, and communities.
As such, ACCA Sri Lanka’s Sustainability reporting Awards are designed to recognize and promote the reporting of environmental, social, or overall sustainability information by companies and is aimed at raising awareness about transparency issues and encouraging the adoption of integrated reporting that encompasses all aspects of sustainability. Through these awards, ACCA Sri Lanka hopes to encourage companies to prioritize sustainable practices and transparency, which will enable stakeholders, the media, and the general public to gain a greater understanding of their activities.
By recognizing and celebrating businesses that have adopted sustainability reporting and integrated reporting, the ACCA also aims to encourage more companies to follow suit. Therefore the awards not only acknowledge the efforts of businesses but also serve as a motivator for others to improve their reporting practices. Overall, the ACCA’S awards program is an important step towards promoting sustainable business practices and encouraging the adoption of integrated reporting within Sri Lankan companies.