DIMO continues to reign supreme at CMA Excellence in Integrated Reporting Awards 2021
For over a decade, DIMO, a leading diversified conglomerate in Sri Lanka, has continuously received recognition of the highest order in the Integrated Reporting sector. This great success continues to this day as DIMO emerged the Platinum Award Winner at the CMA Excellence in Integrated Reporting Awards 2021, bagging four awards in total. The Platinum Award was introduced in this year to recognise organisations that have demonstrated excellence in Integrated Reporting continuously for seven years. DIMO was the first company in Sri Lanka to be recognised with this award.
DIMO won Gold Award for ‘Best Integrated Report - Diversified Holdings Sector’ at the CMA Exc e l l e n c e in I n t e g rat e d Re p o r t i n g Award s 2021. Continuing its winning streak, DIMO also won the award for the ‘ Best Concise Integrated Report’ and was also recognised among the ‘ Five Excellent Integrated
Re p o r t s ’ in Sri Lanka. A d d i t i o n a l l y, Mr. Suresh Gooneratne - Director, Chief Financial Officer and Company Secretary of DIMO, was honoured with the CMA CFO Excellence Award.
The CMA Excellence in Integrated Reporting Awards is organised annually by the Institute of Certified Management Accountants of Sri Lanka, which is the national professional management accounting institute. The Excellence in Inte g rat e d Reporting Awards is designed to encourage local companies to undertake integrated reporting which will be beneficial to their investors and stakeholders.
DIMO published its first Integrated Report in 2011 and the journey following this has been one of many learnings. The first phase of integrated reporting saw DIMO primarily focus on the completeness of the report in terms of its content and what was reported.
The second phase was focussed on value creation. This was the most important phase as DIMO was able to articulate its complex business operations, interdependencies and interconnections of capital in a simple and an efficient manner.
The third phase began in 2019, when DIMO decided to raise the standard of its integrated report to be on par with internationally acclaimed integrated reports. Currently, the focus of this phase is to report DIMO’s value creation story, in a manner that showcases how the organization is being managed, how integrated thinking is practiced and how the substance of the integrated reporting framework is kept in mind. In light of this new development, DIMO is attempting to demonstrate DIMO’s value creation story with less silos and more integration.
Recognising the value of the seven guiding principles of integrated reporting was also an important aspect of DIMO’s rise to integrated reporting excellence.
Adhering to principles such as materiality, strategic focus and conciseness require an in- depth understanding of the integrated reporting framework and the complexities of today’s business environment. Filtering aspects that are material and eliminating information that is not so material
is the foundation for a clear and concise integrated report. DIMO’s Annual Report is one of the most concise Integrated Annual Reports in Sri Lanka, which is a significant achievement in the company’s annual report journey.
DIMO believes that real transparency occurs when an organisation presents material information in a concise manner, so that financial capital providers and readers of the report have a clear idea and are not misled by an overload of unnecessary information. Transparency, accountability, good governance and social responsibility are ingrained in DIMO’s corporate philosophy.
The COVID- 19 pandemic was a game changer in terms of DIMO’s work procedures. However, these fundaments remained a cornerstone in the company’s transformation and adaptation to what is now known as the new normal. DIMO’s consistency in reaching the pinnacle of the integrated reporting sphere, is a culmination of the company’s ability to adapt their business practices and persevere through even the most challenging conditions, while still standing by its brand philosophy of fuelling the dreams and aspirations of the communities it serves.
The integrated reports submitted for the awards programme are evaluated by the CMA based on guidelines applicable in the Revised International Framework issued by the International Integrated Reporting Council (IIRC) in 2021. Judging is based on Guiding Principles, Content Elements and Fundamental Concepts which appear in the International Framework issued by the IIRC by an internationally acclaimed panel of judges.