Com Bank, Hayleys share Annual Report Awards

Commercial Bank of Ceylon PLC and Hayleys PLC jointly shared the Gold Award for ‘Excellence in Annual Financial Reporting’ at the Chartered Accountants Annual Report Awards presented by the Institute of Chartered Accountants of Sri Lanka (ICASL) held at the Cinnamon Grand yesterday.

Diesel and Motor Engineering PLC clinched Gold Awards in both the ‘Corporate Governance Disclosures’ and ‘Corporate Social Responsibility’ categories while Union Assurance PLC won the Gold Award in the ‘Management Commentary’ category.

The Chartered Accountants Annual Report Awards is a much looked forward to and prestigious event in Sri Lanka’s annual corporate calender since 1964.

It recognises and honours those organisations which have achieved excellence in annual reporting.

Nearly 60 awards were presented in special categories, with a winner and runner-up in each category. The awards are open to every organisation that produces an annual report, and, this year, attracted a large number of entries ranging from large multinational companies to small community groups.

Among the Silver and Bronze award winners were: Union Assurance PLC (Silver) and John Keells Holdings PLC (Bronze) in the ‘Excellence in Annual Financial Reporting’, Hatton National Bank PLC (Silver) and Union Assurance PLC (Bronze) in the ‘Corporate Governance Disclosure’ category, Union Assurance PLC (Silver) and Hatton National Bank PLC (Bronze) in the ‘Corporate Social Responsibility’ category, Commercial Bank of Ceylon PLC and Hayleys PLC (joint Silver) and Bank of Ceylon and Diesel and Motor Engineering PLC (joint Bronze) in the ‘Management Commentary’ category.

“Chairman of the Annual Report Awards Committee Lasantha Wickremesinghe said this annual competition has helped corporates to significantly improve compliance. “Over the years it has had a significant influence on corporate to disclose more information on a voluntary basis,” he said.