CIC wins Gold for 'Redwood in a Green Forest'

CIC Holdings received top honours for outstanding financial reporting at the recently held Annual Report Awards 2012, taking the Gold in the Manufacturing Category. Organized by the Institute of Chartered Accountants of Sri Lanka for 48 consecutive years, the Annual Report Awards are the yardstick of measurement for transparency and accountability of local corporations.

CIC's awarded annual report is published under the theme "Redwood in a Green Forest", and maps out the company profile in the business landscape in Sri Lanka.

Additionally, it features their efforts in sustainably supporting local industry through their endeavours, an aspect that is becoming increasingly important when judging the health of any corporation.

"We are extremely proud of our achievement in winning the Gold Award in the Manufacturing Category at the 2012 Annual Report Awards," said Samantha Ranatunga, Managing Director/CEO of CIC Holdings.

"The annual report is an essential component in a company's communication toolbox and is a great way for us to effectively communicate the strategic and tactical decisions we take. I would like to thank the ICASL for acknowledging our efforts in better reaching all our stakeholders."

All publications entered for the Annual Report Awards 2012 had to undergo an initial selection process, after which the shortlisted reports were subjected to a more exhaustive technical review.

The final overall winners were selected by a panel of judges chaired by the Governor of the Central Bank, Ajith Nivard Cabraal, who subjected the reports to an intensive screening process, and were selected purely based on merit, irrespective of their business sector.

The CA Sri Lanka's Annual Report Awards inculcate financial reporting disciplines in the corporate sector.

This year, the judging panel considered additional information provided by the particular company, along with this year's theme, 'Looking Beyond Regulatory Reporting,' and the organisation's resources and scale, along with complexity and the sophistication of its operation, while creativity and colour of the actual report were also taken into account during the judging process.