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Saturday Sep 28, 2024
Friday, 28 February 2014 00:57 - - {{hitsCtrl.values.hits}}
John Keells Holdings was adjudged the country’s most transparent and accountable business entity when it bagged the Overall Winning Award at the annual ACCA Sri Lanka Sustainability Reporting Awards, with Diesel & Motor Engineering PLC (DIMO) coming in as the overall Runner-up. The new format for the awards which differed from the previous years also identified winning companies in six industry sectors, with some runners-up also added to the fray in sustainability reporting practices. a
In the Banking, Finance & Industry sector, Union Assurance PLC came in as winner, while the Runner-up was HDFC Bank; American & Efird Limited won in the Manufacturing sector, while Diesel & Motor Engineering PLC won in Retail & Trading and John Keells Holdings won in the Diversified Organisations sector, with Expolanka Holdings bagging the Runners-up trophy. The Agriculture & Plantation Sector was won by Talawakalle Tea Estates PLC, while Nawaloka Hospitals PLC was Runner-up in Leisure & Services with Aitken Spence Hotels PLC winning the sector.
With British High Commissioner John Rankin presenting the awards having praised ACCA for the support it gained through the Queen’s Award for Sustainable Development which recognises individuals and companies who have integrated these issues successfully into their businesses, he also posed similarities in the two island nations of the UK and Sri Lanka facing risks from rising sea levels. “We have a shared interest in finding common ways to meet these challenges, but Governments alone cannot ensure that sustainable development is done. All of us, individually and in organisations, including businesses, have a vital role to play,” he said adding his delight that these annual awards give recognition to those organisations for disclosure.
In rolling out the Children’s Rights & Business Principles, developed by UNICEF, the UN Global Compact and Save the Children, Misbah Sheik, Spokesperson for UNICEF asked the audience, “Are children your business?” Elaborating on the principles, she said, “This is the first comprehensive set of principles to guide companies on the full range of actions they can take in the workplace, marketplace and community to respect and support children’s rights.”
Having studied and analysed over sixty sustainability reports, which is in excess of a 100% increase over last year’s submissions, the panel of judges chaired by Professor of Management, Post Graduate Institute of Management Professor Uditha Liyanage, stated in its Judges’ Report that, “We recommend that companies also submit their sustainability reports to the GRI website, in order to increase awareness internationally about the commitments made by companies in Sri Lanka on sustainability reporting.”
Sustainability inextricably intertwined into business strategy
The report also elaborated that the winners have demonstrated, that sustainability is inextricably intertwined into their business strategy. Liyanage added: “The number of participants paying attention to the areas highlighted previously by the judges and learning from each other is noteworthy and is a positive development.”
This sentiment was augmented by ACCA Sri Lanka President Rajiv Casie Chetty who asserted in his welcome speech, “The winners and nominees participating in these awards are certainly those who are setting the benchmark for other businesses in Sri Lanka by not taking short cuts and taking sustainability seriously.”
His belief was that these awards are in fact a testimony that Sri Lanka understands that to induce change, businesses need to undergo dramatic innovation, noting that never before have capital markets been so interested in how businesses deal with climate issues, social change and good corporate governance.”
While Council Member Channa de Silva delivered the appreciatory notes, ACCA CSR Committee Chairman Adrian Perera stated that in this tenth consecutive year, it was rewarding to observe the marked improvement in the number of submissions as well as the quality of reporting and reports. “Reporting the actions taken by institutions is the challenge and sustainability reporting is no longer a reporting system for awards, but rather, one that is integral to the financial system,” he affirmed.
Judged on the criteria of completeness, credibility and communication, the panel of judges who comprised Chairman of CCC Solutions Prema Cooray, Senior Economist, Finance and Private Sector Development Unit Colombo Sriyani Hulugalle and Senior Country Economist of the ADB Tadateru Hayshi also urged a need for greater participation in the way forward, encouraging more companies to submit their reports. “Companies that do participate are highly valued by investors due to their awareness of stakeholder responsibility,” stated Professor Liyanage.
