Sri Lanka Telecom adjudged overall winner
SAFA regional awards honour SL companies
Twenty-five Sri Lankan companies were accorded top honours at the
prestigious South Asian Federation of Accountants (SAFA) regional awards
on Friday night in Colombo for their outstanding financial reports in
the presence of South Asia’s corporate glitterati. Sri Lanka Telecom was
adjusted an overall winner along with Bangladesh’s IDLC Finance Limited
and Prime Bank Limited at the SAFA Best Presented Annual (BPA) Report
Awards which was hosted by the Institute of Chartered Accountants of Sri
Lanka (CA Sri Lanka).
Dr. Nalaka Godahewa |
Considered as the most prestigious accolade for financial reporting
in the South Asian region, Sri Lankan companies together with companies
from India, Pakistan, Bangladesh and Nepal were rewarded for their
excellent annual reports which promoted transparency, accountability and
good governance.
A total of 85 awards were given out with Sri Lanka winning 26 awards,
while the remaining prizes were shared between companies from India,
Pakistan, Bangladesh and Nepal.
On behalf of Sri Lanka, Commercial Bank of Ceylon PLC, Hatton
National Bank PLC and Sampath Bank PLC were rewarded under the private
sector banks category, while in the public sector bank category,
National Savings Bank, Bank of Ceylon and People’s Bank won the BPA
awards. Chief Guest at the event was Dr. Nalaka Godahewa, Chairman of
the Securities Exchange Commission of Sri Lanka, and SAFA President
Abdul Mannan was also present at the ceremony. Union Assurance PLC, HNB
Assurance PLC and Janashakthi Insurance PLC won awards under the
insurance sector, while in the financial services category awards were
given out to Peoples Leasing Co. Ltd., DFCC Bank and Mercantile
Investment PLC.
In the manufacturing sector, CIC Holdings PLC, Chemanex PLC and
Singer (Sri Lanka) PLC were honoured for their annual reports while Sri
Lanka Telecom PLC bagged the award on behalf of Sri Lanka for the
communication and information technology sector.
Overall winners together with the dignitaries |
Hayleys PLC, Aitken Spence PLC and John Keells Holdings PLC won
awards on behalf of the service sector while the Ceylon Chamber of
Commerce, Association of Accounting Technicians of Sri Lanka and the
Plantation Human Development Trust were honoured under the non
governmental organization sector. In the agriculture category, SAFA BPA
awards were won by Watawala Plantations PLC, Kelani Valley Plantations
PLC and Namunukula Plantations PLC.
Three Sri Lankan companies, namely Union Assurance PLC, Commercial
Bank of Ceylon PLC and John Keells Holdings PLC along with three
companies each in Bangladesh and Pakistan also won the SAARC Anniversary
Award for Corporate Governance. The SAFA BPA Award signifies SAFA's
recognition and reward for organizations in the region which have
achieved excellence in presentation and disclosure of high quality,
relevant, reliable and objective financial statements in accordance to
the framework stipulated by the International Accounting Standards Board
(IASB).
The event has been held annually since 1996 in one of the SAFA member
countries.
CA Sri Lanka is a founding member of SAFA, which is the Apex Body of
the South Asian Association for Regional Co-operation (SAARC) and a
Regional Grouping of the International Federation of Accountants (IFAC).
Speaking at the awards ceremony, CA Sri Lanka President Sujeewa
Rajapakse said transparency and accountability are two key elements in
any system of good governance and that transparency is a powerful force
that can help fight corruption, improve governance and promote
accountability in any country.
“Today our countries operate in a world where effective communication
is a vital constituent of good governance. The world is getting smarter,
and people are beginning to talk and understand the efficiency and
effectiveness of corporate reporting.
Amidst changing trends, organisations are now taking exceptional
efforts in ensuring all stakeholders are given a clear and balance view
of their organisations performance and so events such as these further
promotes these important objectives,” he noted. Rajapakse also noted
that quality and reliability of financial reporting is one of the key
elements instrumental in the successful development of the capital
market in any country. Reliable and quality financial reporting is
largely driven by application of Globally Accepted Accounting
Principles, which is why even Sri Lanka adopted the International
Financial Reporting Standards in January last year.
Chief Executive Officer of CA Sri Lanka, Aruna Alwis said that the
Institute was pleased to host a regional event of such a standing in
Colombo. “CA Sri Lanka is proud to be the host this year for the SAFA
BPA awards ceremony and this event will further boost the image of the
accounting profession in Sri Lanka as well as CA Sri Lanka’s standing in
the global accountancy arena,” he added. |