Redefining success of organisations in view of their purpose

AAT Sri Lanka Business Conference 2023 ‘Beyond Numbers’

By Divya Thotawatte

The AAT Sri Lanka Business Conference 2023 titled ‘Beyond Numbers’ was held recently where experts highlighted that organisations were increasingly recognised for their purpose and commitment to society and the environment.

The conference focused on the responsibility of accountants and businesses in focusing beyond financial aspects to commit to sustainability and other broader issues that affect more individuals.

Eminent resource personnel presented thought-provoking Technical Sessions on the topics "Circular Business Models", ”Digital Transformation”, Building Resilient Organisations” and Entrepreneurial Mindset and Leadership  all of which coincided with the theme's substance and significance.

Speaking at the event, Chief Guest Sri Lanka Telecom Chairman Reyaz Mihular stressed the increasing recognition of purpose-driven companies by the society and investors as well. “Companies today must go beyond numbers and become purpose-driven companies. Those are the companies that consider the responsibility to society and to the environment as important as the profit they make. The purpose is to give back to the environment and the society they operate in,” he explained.

Mihular said that the growing awareness of destructive and unsustainable industrial and business practices that cause environmental problems like natural disasters have caused people to set apart and recognize businesses that are more responsible. He said: “there is a demand from society to go beyond their comfort zone. Companies are no longer recognised merely for the profits they make or their share price, but they are also increasingly respected for their sustainability initiatives, environmental initiatives and societal initiatives they conduct.”

Mihular added that accountants of a company shared responsibility in transforming it. Even though the traditional role of accountants have been in relation to finance and financial integrity, the current businesses and organisational landscape also required measurement and reporting of the impact created by businesses.

Mihular explained that when people assess companies by the impact they create in society, it could only be recognized through the measurements done by accountants.  He said that even investors do not merely consider the budget sheet of an organisation, but they look at initiatives which are measured, reported and audited to understand how the companies go beyond numbers to create value to society.

“But even  though you embrace technology, sustainability and such, don’t forget, your roots are in finance. Accountants today should be a jack of all trades, but master one. Don’t abdicate your mastery of finance because that is the root that helps you go beyond the numbers.”

Giving the keynote speech, University of Moratuwa Department of Civil Engineering Professor Rangika Halwatura said that sustainability in production and trading had been practiced in Sri Lanka throughout its older history where individuals lived with consideration of nature and other individuals.

He warned against the repercussions of practices that harmed the environment and stressed the need to refocus on sustainability strategies as the people of the past had done. Therefore it is important to use the developing technology for sustainable and healthy production, Halwatura explained.

AAT Sri Lanka President Naleen De Silva stressed on the necessity of a holistic approach to business. He said, “success is no longer recognised by profit margins, balance sheets and financial ratios, instead it explores the broader dimensions and intangible aspects that define its success in society.”

He pointed out the need for circular business models that promote sustainability and responsible resource management instead of linear ones that depleted resources. Accounting professionals also play a vital role in guiding organisations to adopt these models, he noted.

AAT Sri Lanka Conference Technical Committee Chairman  Damith Gangodawilage said: “The singular focus on profit has disrupted the harmony of our planet. We believe that profit should be the by-product of a business, and it is high time for companies to refocus on value creation by prioritising the environment and the people.” 

The opening session was presided over by University of Kelaniya Senior Lecturer Dr. Sugeeth Patabendige  Environs Lanka Ltd., CEO/Director Sanjeewa Chulakumara, delivered an inspiring lecture on circular business models and the importance of it towards a better future. The conversation was also joined by Star Garments Group General Manager Emmanuel Susitha.

The second session, titled " Digital transformation " was chaired by EPIC Technology Group Chairman/Managing Director Dr. Nayana Dehigama. The presentation was made by John Keells Holdings PLC COO - Group Information Technology, Senior Vice President Nalaka Umagiliya.

Following the presentation, SLT Group Smart Solutions General Manager Kalhara Gamage, and Hutchison Telecommunications Lanka Ltd., General Manager-Business Planning Shakila Wijesinghe, joined the panel discussion. 

The 3rd session, which was held under the topic " Building Resilient Organizations” chaired by Wardena Venture Holdings Ltd., Group Chief Financial Officer Channa Gunasekera. Advocata Institute Chief Executive Officer Dhananath Fernando conducted a wonderful presentation on building insights on formulating strategies that go beyond policies and programs and learn how to create a positive work environment that elevates engagement, productivity, and attracts top talent. CBL Foods International Ltd., Chief Operating Officer Kamal Geeganage and M I Synergy Ltd., Founder Director/CEO Tesman A J Maloney also joined the discussion.

Final Session of the conference held under the topic “Entrepreneurial Mindset and Leadership”  was moderated by Corporate Doctors Ltd Founder/Consulting Entrepreneur, Dr. Chamara Bandara, and eminent panel included Thuru and Venture Frontier Lanka Co-Founder Heminda Jayaweera, H C P Consulting Chairman/Principal Consultant Chaaminda Kumarasiri,  La Vivente Ltd., Co-Founder/Chairperson Dr. Dilesha Perera, and Institute of Supply and Materials Management of Sri Lanka General Secretary Dr. Sanath Divakara,. According to the panel, as Sri Lankans, we must change our mindsets and thinking patterns so that the changes we make today will be investments for future generations.

 Pix by Ruwan Walpola