CA Sri Lanka hosts SAFA Best Presented Annual Report Awards 2023

Special invitees being ushered by Kandyan dancers

Chief Guest Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe lighting the oil lamp in the presence of CA Sri Lanka SAFA President Heshana Kuruppu  

Board of Investment Chairman Arjuna Herath delivering the keynote 

A Sri Lankan company being recognised for their exceptional annual reporting at the SAFA BPA Awards 2023 

The South Asian Federation of Accountants (SAFA) celebrated the region’s finest achievements in financial reporting at the 2023 Best Presented Annual Report Awards (BPA Awards) hosted by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) in Colombo on 11 November.

This year’s theme, ‘Honouring Excellence,’ captured the essence of the awards, celebrating the highest standards in annual reporting across diverse industries and recognising achievements in integrated reporting and corporate governance in South Asia. It also reflected the core values championed by professional accountants — clarity, transparency, and integrity.

Pakistan’s Fauji Fertiliser Company Ltd., earned the prestigious gold award as the Overall Winner, setting a standard for exemplary reporting. A total of 24 awards were won by Sri Lankan companies, highlighting Sri Lanka’s rising role in setting benchmarks for quality and precision in the field. 

The event at the Cinnamon Lakeside Colombo was held under the patronage of Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, Board of Investment Chairman Arjuna Herath, CA Sri Lanka SAFA President Heshana Kuruppu, SAFA Vice President Ashfaq Yousuf Tola, SAFA Committee for Improvement in Transparency, Accountability, and Governance Chairperson Anoji De Silva as well as representatives from member bodies of SAFA.

Addressing the event, Kuruppu said that since 1996, the BPA Awards organised by SAFA have recognised companies in the region that embody the highest standards of transparency and accountability. “Today, we honour businesses that go beyond numbers and financial performance, embracing values essential for a world increasingly focused on sustainability and responsible governance,” he added.

He also said that addressing information asymmetry through transparent financial and non-financial reporting is paramount for the healthy growth of capital markets. “Striking a balance between providing comprehensive information and ensuring fair access to it is crucial for fostering trust, attracting diverse investors, and promoting market efficiency.”

In the Integrated Reporting category, Bank Asia PLC from Bangladesh won the silver, while Sri Lanka’s Softlogic Life Insurance won the bronze, and Diesel & Motor Engineering PLC won a merit award. 

The SAARC Anniversary Award for Corporate Governance honoured Shahjalal Islami Bank PLC from Bangladesh with the gold. Sri Lanka’s Commercial Bank of Ceylon PLC took silver, while Hatton National Bank PLC received bronze.

Delivering the keynote, Herath underscored the resilience of the South Asian region, as it has, time after time, gone through challenges but then overcame them, stabilised, and kept moving forward. “The requirement of this region is, to really up the game and leapfrog into the economic advancement that we all are expecting. I believe the strength and integration of the SAARC region can play a pivotal role in this, and I hope this can be catalysed sooner rather than later.” 

Under the Private Sector Banks category, Pakistan’s Bank Alfalah Ltd., was awarded gold, followed by Shahjalal Islami Bank PLC from Bangladesh with silver, and MCB Bank Ltd., from Pakistan with bronze. Merit awards were presented to Sri Lanka’s Commercial Bank of Ceylon PLC and National Development Bank PLC.

Under the Public Sector Banks category, National Bank of Pakistan received the gold award, Bank of Punjab won silver, and State Bank of India earned bronze, while Bank of Ceylon and National Savings Bank in Sri Lanka received merit awards.

During the event, the new logo of SAFA was also unveiled. Speaking at the event, Tola explained that the dynamics of SAFA have changed in the last two years, and the face of SAFA has transformed along with it. “The traditional job of accountants used to involve mainly working with numbers, but now we are going beyond this — as the world requires much more from us.”

The Life Insurance sector recognised National Life Insurance PLC from Bangladesh with the gold award. Softlogic Life Insurance PLC from Sri Lanka received silver, while Ceylinco Life Insurance Ltd., also from Sri Lanka, won bronze.

In General Insurance, Bangladesh’s Green Delta Insurance PLC was awarded gold, Reliance Insurance Limited won silver, and Pakistan’s Adamjee Insurance Company Ltd., bagged bronze.

IDLC Finance PLC from Bangladesh secured gold in the Financial Services category, while IPDC Finance PLC received silver. Bronze was jointly awarded to People’s Leasing & Finance PLC and LB Finance PLC from Sri Lanka.

The Manufacturing category saw a joint gold awarded to Walton Hi-Tech Industries PLC from Bangladesh and Fauji Fertiliser Company Ltd., from Pakistan. Silver went to British American Tobacco Bangladesh Company Ltd., while Haycarb PLC from Sri Lanka won bronze, and Royal Ceramics Lanka PLC received a merit.

Grameenphone Ltd. from Bangladesh won bronze in the Communication and Information Technology sector, while Sri Lanka Telecom PLC earned a merit award.

In the Service category (excluding Financial Services, Communication, and IT), T.V. Today Network Ltd. from India received silver, Ceylon Tea Brokers PLC from Sri Lanka won bronze, and Hayleys Advantis Ltd., from Sri Lanka received a merit award.

Within the Non-Governmental Organisations (NGOs) and Non-Profits (NPOs) category, SAJIDA Foundation from Bangladesh was honoured with silver, while ChildLife Foundation of Pakistan bagged the bronze. 

Sri Lanka’s Talawakelle Tea Estates PLC won the silver award, while Kelani Valley Plantations PLC walked away with the bronze under the Agriculture category.

Pakistan State Oil Company Ltd., bagged the gold award under the Public Sector category, while Pakistan Petroleum Ltd., secured the silver and India’s Oil and Natural Gas Corporation Ltd. received the bronze.

Under the Diversified Holdings category, the gold award was won by Lucky Core Industries Ltd. of Pakistan, while Sri Lanka’s Hayleys PLC bagged the silver and John Keells Holdings PLC won the bronze award.

In the Power and Energy category, K-Electric Ltd., of Pakistan walked away with the silver, while Bangladesh’s United Power Generation & Distribution Company Ltd. received the bronze award. Pan Asian Power PLC of Sri Lanka received a merit.

Lucky Cement Ltd., of Pakistan secured the silver award under the Infrastructure and Construction category, while Cherat Cement Company Ltd., of Pakistan and Fentons Ltd., of Sri Lanka were declared joint bronze winners. Access Engineering PLC received merit under the same 

category.