CMA holds Excellence in Integrated Reporting Awards 2024

Keynote Speaker CMA Excellence in Integrated Reporting Awards Panel of Judges Chairman Prof. Ho Yew Kee

SEC Chairman Prof. D.B.P.H Dissabandara

Supreme Court of South Africa former Judge and Global Reporting Initiative Chairman Prof. Mervyn King

CMA Sri Lanka Founder and President Prof. Lakshman. R. Watawala

CSE Chairman Dilshan Wirasekera

By Janani Kandaramage

CMA Sri Lanka, the national professional management accounting body, in collaboration with the Colombo Stock Exchange (CSE) on 3 December hosted the 10th anniversary awards celebrations of the ‘CMA Excellence in Integrated Reporting Awards 2024’ at the Taj Samudra Hotel. 

The Excellence in Integrated Reporting Awards was held to promote Sri Lankan companies both unlisted, and state-owned institutions/companies, to undertake integrated reporting which will be beneficial to investors and stakeholders.

The key objective of an integrated report is to communicate to financial capital providers how an organisation generates, sustains, or diminishes value across the short, medium, and long term. However, its benefits extend beyond investors, offering valuable insights to a broad range of stakeholders, including employees, customers, suppliers, business partners, local communities, policymakers, legislators, and regulators, all of whom have a vested interest in the organisation’s capacity to create value over time.

Delivering the keynote address, Panel of Judges Chairman Prof. Ho Yew Kee urged the importance of concise reporting for better understanding that will aid informed decision-making. 

He called Sri Lanka and Burma the shining lights in Asia and expressed his gratitude in partnering with CMA Sri Lanka, hoping to promote Sri Lankan listed and unlisted companies via a gradual transfer of technical knowledge to the nation. 

Supreme Court of South Africa former Judge and Global Reporting Initiative Chairman Prof. Mervyn King emphasised the need for reporting that adheres to global financial standards, only then would the country and its companies become globally recognised for its accountancy and business standards, ensuring trust in Sri Lanka’s economy.

The event was also attended by Securities and Exchange Commission Chairman Prof. D.B.P.H. Dissabandara as a special guest of honour, who spoke about the leverage integrated reporting has over traditional accountancy reports, stating that, “Traditional reports often failed to capture the full potential, picture, prospects and long-term value of companies. This is because, not only do integrated reports have the capacity to capture financial information, but even non-financial information can be recorded.”

Elaborating on the benefits of integrated reporting, he described management effectiveness as a result of a more holistic approach to strategy and performance, and brand value enhancement. He also emphasises the alleviation of asymmetrical information (a common crisis faced by businesses) as integrated reports encourage investors to make informed decisions in the long-term.  Speaking about the inception of this competition since 2015, CMA Sri Lanka Founder and President Prof. Lakshman Watawala said, “We have witnessed an increasing number of companies both quoted, unquoted, state owned enterprises and SMEs adopting integrated reporting and many of them with a high level of compliance from top conglomerates, banks, finance companies, insurance companies, manufacturing sector, plantation companies, hotel and tourism sector, apparel and over 20 sectors. We are the best in the Asian region in preparing integrated reports.”

He labelled the event an auspicious gathering meant to celebrate practices of good governance and corporate social responsibility. “Integrated reporting creates value to organisations by providing a comprehensive and transparent view of an organisation’s performance, including financial, environmental, social, and governance factors, which enhances accountability, supports better decision-making, and builds trust with stakeholders,” he opined.

Prof. Watawala, while praising the present administration’s efforts at alleviating bribery and corruption, called for greater support and collaboration from the private sector in steering economic development. The private sector shoulders the responsibility of leading by example via transparent business practices, strong corporate governance, and anti-corruption legal frameworks. 

CSE Chairman Dilshan Wirasekara said: “CMA related programs encourage institutions to think holistically and create value for stakeholders, set a benchmark for what corporate sustainability looks like while enhancing the quality of financials and non-financials. In addition, risk assessment and management is done in a transparent and accessible manner. All these are the cornerstone for a strong, sustainable market 

and economy.”  Reiterating Watawala’s words, Wirasekara believes that all organisations, State-owned, private, and non-profit must prioritise societal, economical, and environmental wellbeing 

for a sustainable future.

The event concluded with the declaration of Diesel and Motor Engineering PLC as the overall winner, followed by Softlogic Life Insurance PLC and John Keells Holdings PLC as runners up. Other companies awarded for excellent integrated reports were – Commercial Bank PLC, LB Finance, and NDB Bank.

Pix by Shehan Gunasekara