ICASL Annual Report Awards ends on a high note

The 46th Annual Report Awards organized by The Institute of Chartered Accountants of Sri Lanka (ICASL) ended at a high note at Cinnamon Grand Colombo, on December 7, 2010.

Hatton National Bank PLC emerged as the Winner of Overall Excellence in Financial Reporting 2010 winning the Cyril Gardiner Memorial Trophy (Gold). HNB's Managing Director and Chief Executive Officer, Rajendra Theagarajah received the award for his company's excellent annual financial reporting. The Silver award was shared between Commercial Bank of Ceylon PLC and Union Assurance PLC while Hayleys PLC and John Keells Holdings PLC shared the Bronze award in overall excellence in annual financial reporting.

A total of 57 awards were given out at Tuesday night's ceremony spanning diverse sectors in the country including finance, banking, hotel, health, manufacturing and insurance.

Apart from being the overall winner, HNB PLC won the Edmond J Cooray Memorial Trophy award under the Banking Sector Category, Gold Award for the Corporate Governance Disclosure and Gold for the Management Commentary sector.

The 46th Annual Report Awards ceremony was held under the auspices of International Monetary Cooperation Senior Minister Dr Sarath Amunugama and High Commissioner of India in Sri Lanka Ashok K Kantha. This year's competition saw 81 applicants, a massive increase from 2009's 69 entrees. The panel of judges consisting 15 members was chaired by Central Bank Governor Ajith Nivard Cabraal.

A total of 150 Chartered Accountants were appointed to closely scrutinize the annual reports during the initial selection process, while some 40 experts from respective sectors were tasked with going through the reports in those relevant sectors.

The competition is seen as a platform which encourages excellence in the presentations of information covering transparency, social accountability and good governance among diverse Sri Lankan business entities in the field of financial reporting.

Chief guest at the event, Minster Sarath Amunugama, underscored the need for the private sector to play a more pivotal role in the country's long- term development.

The guest of honour, Ashok K Kantha highlighted the need for both Sri Lanka and India to tap on the unused potential shared between the two nations. "We should take full advantage of the opportunities before us and build on this for our long-term benefits," he said.