Commercial Bank wins ICA award for Financial Reporting

GAYAN KANCHANA

Commercial Bank PLC emerged as this year's winner by winning the Cyril Gardiner Memorial Trophy in the overall excellence in the Financial Reporting Category for 2011, competition organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) at Water's Edge last Friday.

The silver award in the overall Excellence in the Financial Reporting Category was won by Union Assurance PLC and the bronze award was won by Hatton National Bank PLC. The corporate social responsibility Reporting award was won by Diesel and Motor Engineering PLC while Union Assurance PLC won the corporate Governance Disclosure Gold award. National Savings Bank was adjudged the winner in the management commentary award category.

A total of 60 awards were given at the event including Finance, Banking, Hotel, Health, Manufacturing, Insurance and the non government organisation sector. Total of 47 certificates of compliance were also given out to the companies which complied with statutory requirements which are expected in Annual Report.

Making the keynote speech, Treasury Secretary Dr. P.B Jayasundera said, "Apart from the sound economic fundamentals the government has provided consistency and continuity in its policy strategy. This shows how the President guided us to ensure the country's basically not only get fundamental side but also consolidated and continuation for next several years. During that period Sri Lanka will be able to become a middle income country in Asia."

He said: "The President gave us few guidelines. He wanted us to prepare a well informed budget. In that context he also wanted to involve in the process himself. "We organized thirty three cluster meetings for the President to interact with different stakeholders in the country starting from such as average household consumer groups to civil society interest groups and professionals," he said.

ICASL President Sujeewa Mudalige said: "Over the years CA Sri Lanka has evolved both as profession and professional body it has made a great deal. The fact that the Chartered Accountants plays a great role in the Sri Lanka board room. Two years ago out of top 50 Listed companies registered in Sri Lanka stock exchange 50% of them has at least one Chartered Accountant. Two years after as at today out of 50 listed companies 70% of them has at least one chartered accountant as a Chairman and Managing Director or as a Director," he said.

The competition held since 1964, is seen as a platform which encourages excellence in presentation of information covering transparency, social accountability and good governance among diverse Sri Lankan business entities in the field of financial reporting.