Transparency, accountability and good governance tips for a great financial report

Transparency, accountability and good governance are vital for both public and private sectors and also interconnected to a country’s growth and sustenance, according to Lasantha Wickremasinghe, President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).

He made this statement at the 52nd Annual Report Awards finale held at the Waters’ Edge in Colombo on Wednesday in which Finance Minister Ravi Karunanayake, was the chief guest.

“At a juncture when Sri Lanka is progressing towards enhanced economic and infrastructure development, there is a strong need to ensure that these vital elements are further strengthened and more importantly maintained,” added Mr. Wickremasinghe.

The annual report awards is a benchmark event in Sri Lanka’s corporate calendar as it promotes the importance of transparency and accountability across the country’s very vibrant corporate sector. With new technology and access to information, people have become more knowledgeable and demanding, he stated.

Mr. Wickremasinghe mentioned that an essential ingredient of a good financial report is accurate, timely and comprehensive corporate disclosures. This not only helps foster the confidence of shareholders and investors of a company, but also contributes to the building up of the company's public image and reputation.

He also noted, today the business world has become more complex and challenging. It’s the responsibility of professional organisations to take the lead in imparting knowledge to the corporates on acceptable global trends while spearheading initiatives which are of importance if 'we' are to remain in line with international standards.

Many corporates were presented with awards at the 52nd CA Sri Lanka Annual Report Awards event.

John Keells Holdings PLC (JKH) won the ‘Cyril Gardiner Memorial Trophy’ gold award for overall excellence in annual financial reporting while Diesel and Motor Engineering PLC (DIMO) and Commercial Bank of Ceylon PLC (COMB) won the silver and bronze awards, respectively.

Management Commentary award - JKH (gold), DIMO (silver) and Hayleys PLC (bronze). CSR reporting award - Hayleys PLC (gold), COMB (silver) and LB Finance PLC (bronze). Corporate Governance Disclosure award – People's Leasing and Finance PLC (gold), COMB (silver) and Sampath Bank PLC (bronze). Integrated Reporting award – DIMO (gold), JKH (silver) and COMB (bronze). Best disclosure on capital management in integrated reporting award - LB Finance PLC (gold), COMB (silver) and People's Leasing and Finance PLC (bronze). Best disclosure on business model in integrated reporting award – DIMO (gold), Sampath Bank PLC (silver) and JKH (bronze).

Sector-wise the following companies won gold awards: Lanka Clear (Pvt) Ltd (small and medium size entities), Laugfs Gas PLC (power and energy), MTD Walkers PLC (construction companies), Seylan Development PLC (land and property companies), the Ceylon Chamber of Commerce (in not-forprofit organisations including NGO category), Keells Food Products PLC (food and beverages companies), Softlogic Life Insurance PLC (insurance), CIC Holdings PLC and Alumex PLC (manufacturing companies), Talawakelle Tea Estates (plantation companies), Aitken Spence Hotel Holdings PLC (hotels), Singer Sri Lanka PLC (trading companies), People's Leasing and Finance PLC (finance and leasing companies), National School of Business Management (state corporations and statutory boards), United Motors Lanka PLC (motor companies), Sri Lanka Telecom PLC (telecommunications), Hayleys Advantis Ltd (service organisations), Nawaloka Hospitals PLC (healthcare institutions) and EAP Broadcasting Company Limited (media and entertainment),

National Savings Bank won the ‘Albert A. Page Memorial Trophy’ gold award under financial institutions sector while COMB won the 'Edmund J Cooray Memorial Trophy' gold award under banking institutions sector. DIMO won gold in the diversified holdings (groups up to 10 subsidiaries) category and JKH won the ‘Lal Jayasundara Memorial Trophy’ gold award in the diversified holdings (groups above 10 subsidiaries) category.

(RM)