Message from CEO - Colombo Stock Exchange
The CSE is pleased to be associated with CMA Sri Lanka in the Annual CMA Excellence in Integrated Reporting Awards competition over the years.
The effort made by CMA Sri Lanka to promote Integrated Reporting principles is commendable being one of the national professional management accounting institutes in Sri Lanka and I would like to acknowledge the dedication and passion of Prof. Lakshman R. Watawala and the Council of CMA in this connection
IR has evolved to respond to the needs of a new reporting paradigm that reflects the changing business environment, where for many businesses intangible and non-financial assets have become the most important determinants of long term value creation. It has therefore led to calls to change the way businesses report and communicate their value creation to their stakeholders
Integrated Reporting is on the agenda of many international bodies. For example, the B20 and
IOSCO are both taking an interest in integrated reporting as part of the answer to market challenges worldwide.
Regulators in countries such as Japan, India and the UK are among those taking a greater interest in integrated reporting as a route towards achieving more cohesive reporting and promoting financial stability, with the European Commission labeling integrated reporting as ‘ a stepahead’.
IR is therefore far more than just another reporting framework; it helps organisations create value, tell their story and contribute to more efficient capital markets. Broader, multi-capital reporting is the future of corporate reporting and should be the foundation of internal reporting focused on long-term business success.
Presently there are about 130 + companies that are adopting either full or partial integrated reporting formats in Sri Lanka with a high level of compliance from top conglomerates, banks, finance companies and insurance companies.
Even though integrated reporting is a voluntary requirement, the CSE has already recognised the importance its adoption by the all listed entities towards their journey for sustainable value creation for shareholders. We would support and endorse voluntary adoption of integrated reporting to all listed entities
In conclusion we would like to commend CMA Sri Lanka for this timely initiative to recognise Sri Lankan companies that have adopted integrated reporting and to encourage those who have not done so to do so.
Our best wishes to CMA Sri Lanka.