CMA EXCELLENCE IN INTEGRATED REPORTING AWARDS - 2024

Message from Prime Minister of the Democratic Socialist Republic of Sri Lanka

I am pleased to extend my congratulations to the Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka) on the commemoration of the l0th Anniversary of the CMA Excellence in Integrated Reporting (IR) Awards 2024. This shows CMA Sri Lanka’s commitment to fostering transparency, accountability, and sustainable business practices in Sri Lanka in accordance with international standards.

The CMA Excellence in Integrated Reporting Awards continues to serve as a vital platform for encouraging Sri Lankan companies, including both quoted and unquoted companies, SME sector and state-owned institutions, to adopt integrated reporting in alignment with global best practices.

By embracing the International <IR> Framework, these organizations showcase their dedication to creating value over the short, medium, and long-term benefitting all stakeholders including employees, suppliers, business partners, local communities, legislators, regulators and policy makers. While demonstrating their ability to create impact on financial, social, human and environmental fronts.

Integrated reporting plays a crucial role in building investor confidence and promoting stakeholder engagement by presenting a holistic and transparent narrative of an organization’s performance and prospects which should also be applicable to all state-owned enterprises to improve their efficiency and productivity and contribute to the economic development of the country. In this regard, the IR Awards highlight Sri Lanka’s journey towards fostering a more inclusive and sustainable economic landscape.

I commend the efforts of CMA Sri Lanka in championing this initiative and inspiring organizations across sectors to adopt integrated reporting. May this year’s awards further advance the cause of corporate excellence and sustainable value creation in our nation.

I wish the CMA Sri Lanka Excellence on Integrated Reporting Awards 2024 all success and congratulate all award winners on their excellent performance.

Message from  Keynote Speaker

I like to congratulate CMA Sri Lanka on the tenth anniversary of the CMA Excellence in Integrated Reporting award. It is with foresight that this competition was inaugurated and it has not deviated from its original intention which is “to promote Sri Lankan companies both listed and unlisted and state-owned institutions / companies to undertake integrated reporting which will be beneficial to investors and stakeholders”. The need to provide credible and robust information to stakeholders could not be more important in this BANI (brittle, anxious, non-linear, and incomprehensible) world where the overload of information can obscure good decision making. As stated clearly, integrated report is “to explain to providers of financial capital how an organization creates, preserves or erodes value over time.” A significant benefit to the preparers of IR is that of integrated thinking which allows the preparers to strategise and link together the several factors that are highly integrated which will create or destroy values for the firm. This cannot be further emphasised in a significantly fragmented world with multiple moving parts and new genre of risks and opportunities.

As a member of the judging panel for the last 10 years, I have witnessed the systematic progress in the quality of the IR. Without a doubt, DIMO is a significant model which inspires and educates numerous companies on what an excellent IR looks like. In fact, the IR of DIMO matches some of the best in the world. This encourages other companies to improve their IR to come within or surpass the excellent standard set by DIMO. I want to specially commend DIMO for putting IR in Sri Lanka on a global stage for IR. I like to congratulate all winners for the quality of IR which converges towards global best practices.

I have also observed the significant efforts by companies to improve their IR by attending training workshops, engaging consultants and companies have even subjected their IR to limited assurance. All these are signposts of an investment market where companies take their value creation story seriously and credibly. This will lay a firm foundation for Sri Lankan companies to be priced investment targets. 

We could not have imagined that a CMA Excellence in Integrated Reporting award inaugurated 10 years ago would achieve such impact on the investment landscape. I am of the view that more can be done for IR to send a strong signal to the world that the Sri Lankan companies are good for investment. 

In addition, the IR award is also made available to non-listed companies, SMEs, not-for-profit organisations, and state-owned enterprise. I hope this will inspire more of such companies to enter this competition. IR will significantly help these companies to consider the key drivers of value creation or destruction and promote integrated thinking for the preparers.

On this note, I congratulate CMA Sri Lanka for a truly visionary award and may I wish her enormous success in the years to come.

Message from Special  Guest of Honour

In today’s dynamic corporate environment, the essence of transparency and value creation cannot be overstated. While traditional financial reporting is essential, it often fails to capture the full picture of an organization’s performance and prospects. Investors and stakeholders now seek insights beyond financial metrics, looking for a deeper understanding of how organizations create long-term value. This shift highlights the growing need for Integrated Reporting, which combines financial and non-financial information to provide a holistic view of a company’s strategy, governance, performance, and impact.

The Securities and Exchange Commission of Sri Lanka (SEC) has long been a champion of disclosure-based regulation. Our mission is to protect the interests of investors and ensure that markets are efficient, fair, and transparent. In this context, Integrated Reporting lays the foundation for what I believe will be the future of disclosure-based regulation, offering investors, stakeholders, and the public with clear, coherent, and relevant information to make informed decisions.  

The SEC in collaboration with the Colombo Stock Exchange (CSE), plays a pivotal role in strengthening corporate governance within the capital markets. To this end, the Listing Rules mandate that listed entities establish and implement a policy on Environmental, Social, and Governance sustainability. This requirement has provided the basis for frameworks that foster transparency, accountability, and responsible decision-making, which are key principles that are integral to fostering effective Integrated Reporting. 

It is encouraging to note that over 45% of listed companies in Sri Lanka, including leading conglomerates, banks, financial institutions, and insurance providers, have embraced full or partial Integrated Reporting formats, demonstrating impressive levels of compliance. This growing adoption signifies a positive shift towards greater transparency, accountability, and long-term sustainability in our capital markets, aligning Sri Lanka with global trends in corporate reporting. 

I urge all corporate leaders to embrace Integrated Reporting not merely as a compliance requirement but as a strategic tool to enhance stakeholder trust, improve decision-making, and driving sustainable growth. Together, let us foster a culture of transparency and accountability that benefits not only our organizations but also our economy and society at large.

On the occasion of the 10th anniversary of the CMA Excellence in Integrated Reporting Awards 2024, I extend my heartfelt congratulations to all the winners for their outstanding achievements in promoting transparency, accountability, and sustainable growth through Integrated Reporting. 

I wish continued success to this prestigious event, and may it inspire even more organizations to adopt best practices in Integrated Reporting for a sustainable and prosperous future.

Message from President CMA Sri Lanka 

Since the inception of this competition in the year 2015, we could witness an overwhelming number of companies both quoted and  unquoted private and state owned applying for the CMA Excellence in Integrated Reporting Awards competition showing the recognition and wide acceptance by the business community. 

This year too we recognized the voluntary efforts taken by the business organizations in both the private and public sector in adopting integrated  reporting, integrated thinking and value creation to their stakeholders in the short, medium and long term. The integrated reports are evaluated using guidelines applicable in the International <IR> Framework issued in December 2013 and revised in 2021. The evaluation will take into account not only the accounting and financial information, but also non-financial information provided in <IR>.

We wish to thank the Colombo Stock Exchange the “Strategic Partner” for the “CMA Excellence in Integrated Reporting Awards - 2024” and they  should be proud that their continuing support has resulted in many public quoted companies taking part in the event and winning the top  awards at the competition.

Our thanks are also due to our eminent panel of     foreign and local Judges Chaired by Prof Ho Yew   Kee Deputy Dean, Chow Yei Ching School of Graduate Studies and Professor in Practice Department of Accountancy, College of Business City University of Hongkong, former Prof in Accounting National University of Singapore together with the Team Leaders, Deputies and Evaluation Panel for their dedicated services to make this event a great success.

It would be appropriate to mention the developments taking place with the IFRS Foundation announcement on the completion      of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation which states:  

“Part of this effort includes further developing the Integrated Reporting Framework, for which the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) assumed responsibility when the Value Reporting Foundation consolidated into the IFRS Foundation in August 2022.

The IASB and the ISSB will work together to determine how to build on and integrate the Integrated Reporting Framework into their standard-setting projects and requirements. During this transition, the Chairs of the IASB and ISSB actively encourage companies to continue adopting the Integrated Reporting Framework”.

We will keep companies informed of any changes that take place in Integrated Reporting as and when it occurs. 

We take this opportunity to thank all public quoted companies, private and state organizations, SMEs, and Government sector organizations for implementing integrated reporting to create value in the short, medium and long term and join us in the journey of Integrated Reporting and Value Creation to their  stakeholders over a decade of excellence.

Message from Guest of Honour

On behalf of the Colombo Stock Exchange, I am pleased to congratulate CMA Sri Lanka for organizing the ‘CMA Excellence in Integrated Reporting Awards 2024’ and we value the long-term partnership the CSE is having with CMA as a ‘Strategic Partner’ over the years.  This prestigious event serves as a pivotal platform for recognizing and celebrating the exemplary efforts of  companies in advancing the practice of integrated reporting and in this regard, I would like to acknowledge the dedication of Prof. Lakshman R. Watawala and the Council of CMA.

Integrated reporting is not simply a compliance requirement but a strategic tool that enables companies to provide a holistic view of their performance, governance, and prospects.

Embracing integrated reporting will allow companies to demonstrate their commitment to transparency, accountability, and sustainable value creation for all stakeholders. This approach aligns with the prevailing global shift towards more responsible and comprehensive business practices, which have proven to be essential for building investor confidence and fostering long term economic growth.

Presently more than 130 companies in Sri Lanka have produced sustainability reports, with over 50 companies that are adopting either full or partial integrated reporting formats in Sri Lanka with a high level of compliance from top conglomerates, banks, finance companies and insurance companies.

With the mandatory adaptation of SLFRS S1 and S2 for annual reporting periods beginning on or after 1 January 2025 for the first 100 listed entities of the Colombo Stock Exchange, based on respective entities’ market capitalization as of 1 January 2025 will improve the integrated reporting as IR and Sustainability Standards are complementary frameworks. 

Although integrated reporting is a voluntary requirement, the CSE has recognized the importance of its adoption by all listed entities towards their journey of a sustainable value creation for shareholders. We endorse and support the voluntary adoption of integrated reporting for companies and encourage companies to enter the CMA Excellence in Integrated reporting Awards competition 2024. Our best wishes to CMA Sri Lanka.