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The Institute of Chartered Accountants of Sri Lanka, (ICASL) the Premier National Professional Accountancy body in Sri Lanka, will launch a competition for the award of the Best Corporate Governance disclosures.

The awards will be held in March 2003 for companies listed on the Colombo Stock Exchange, together with the Annual Report Awards Ceremony which has been held continuously for the 39th successive year.

Applications will be called from companies, who have registered for the Best Annual Report Awards and will be adjudged on a checklist already drawn by a special committee appointed for this purpose. Among the basic disclosures expected, are the disclosures on Chairman/Chief Executive, Directors/Non Executive Directors, Business Strategies, Business Risks, Audit Committee disclosures, Remuneration Committee disclosures, disclosures related to Internal Controls and Social and Environmental Obligations.

The President of the Institute, Asite Talwatte said that this new feature on a corporate Governance disclosures Award was launched as a part of the Institute's initiative to help to build investor confidence through enhanced standards of disclosures particularly at a time when post Enron concerns still continue to linger and with the recent revival of the Colombo Stock Market activity.

The Institute has always taken the lead in Corporate Governance Issues, he said having published a disclosure checklist titled "Financial Aspects of Corporate Governance" in 1997, and the "Code of Best Practice on Audit Committees" in 2002.

The Institute leads an initiative along with the National Task Force on Corporate Governance to issue a document on Corporate Governance which is due to be released early next year.

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