First Capital triumphs at CMA Excellence in Integrated Reporting Awards 2024

Sector Award for CMA Excellence in Integrated Reporting Awards 2024

Merit Award for CMA Excellence in Integrated Reporting Awards 2024

The First Capital team with the awards and Certificates

First Capital a pioneering force in the investment sector was awarded the coveted title of Sector Winner in the Investment Banking Sector at the 10th annual CMA Excellence in Integrated Reporting Awards on 3rd December 2024, at Hotel Taj Samudra, Colombo. This prestigious event, organised by the Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka), recognised First Capital for its stellar achievements in financial transparency and excellence in integrated reporting. Additionally, the company received the Merit Award for Overall Excellence in Integrated Reporting, further solidifying its position as a leader in the financial industry. 

The CMA Excellence in Integrated Reporting Awards, supported annually by the Colombo Stock Exchange, serve as a platform to encourage institutions in Sri Lanka both public and private, listed and unlisted to adopt integrated reporting principles. These principles, which go beyond traditional financial reporting, include both financial and non-financial information, allowing for a more holistic view of an organisation’s performance. The awards aim to provide a mechanism for companies to communicate the value they create for investors and stakeholders while adhering to global standards of reporting clarity, corporate accountability, and oversight.

What makes Integrated Reporting so Vital?

In today’s fast-paced global financial landscape, investors and stakeholders are increasingly looking for more than just financial statements to assess an entity’s performance. Integrated reporting offers a comprehensive approach by combining both financial and non-financial information, giving a more complete picture of an organisations’ overall health and long-term strategy. Non-financial elements such as environmental sustainability, social responsibility, governance practices, and transformation are crucial in understanding an entity’s capacity to create value over time.

The International Integrated Reporting Council (IIRC) provides a globally recognised framework for such reporting. This framework emphasises an entity’s strategy, governance, performance, and prospects in a way that reflects its ability to create sustainable value. For companies operating in Sri Lanka, adherence to these global guidelines ensures they not only meet international standards but also build the trust and confidence of investors, customers, and other key stakeholders.

First Capital’s Outstanding Achievement

First Capital’s triumph at the CMA Excellence in Integrated Reporting Awards 2024 is a significant milestone in the company’s ongoing journey toward financial transparency and ethical business practices. By winning the Sector Winner Award in the Investment Banking Sector and securing the Merit Award for Overall Excellence, the company has proven its commitment to producing reports that provide a deep and insightful understanding of its operations.

What sets First Capital apart in the crowded financial services sector is its steadfast commitment to upholding the highest standards of integrated reporting. The company’s reports have consistently demonstrated a strong alignment with the guidelines set forth by the International Integrated Reporting Framework. This ensures that the reports provide stakeholders with valuable insights into not only the company’s financial performance but also its strategic objectives, risks, opportunities, and the long-term value it creates for both its shareholders and society at large.

The rigorous evaluation process involved in the CMA Excellence in Integrated Reporting Awards considers various factors such as the clarity of the organisation’s strategic focus, the future orientation of its business model, and the connectivity of financial and non-financial data. These elements are crucial in enabling stakeholders to make well-informed decisions about the company’s prospects. First Capital’s success in meeting these stringent criteria speaks to its holistic approach to business management, which prioritises long-term value creation and sustainable growth over short-term gains.

A Comprehensive and Transparent Approach

At the heart of First Capital’s integrated reporting strategy lies a deep commitment to transparency and accountability. The company’s reports offer a clear, comprehensive, and forward-looking view of its performance, strategy, and governance practices. By integrating financial and non-financial information, First Capital ensures that stakeholders from investors to customers, regulators, and employees have a full understanding of how the company is performing and where it is headed.

This integrated approach not only highlights First Capital’s financial success but also underscores its commitment to ethical business practices, environmental stewardship, social responsibility, and governance. The company’s focus on sustainable growth is evident in its decision-making processes, strategic initiatives, and the way it communicates its goals to the public. These elements resonate strongly with stakeholders, who are increasingly looking for companies that not only deliver financial returns but also contribute positively to society and the environment.

First Capital’s approach to integrated reporting ensures that all aspects of the business are considered, from financial performance and governance practices to risk management and future-oriented goals. By providing a comprehensive picture of the company’s activities, First Capital enables its stakeholders to make informed decisions based on a well-rounded understanding of its operations.

Long-term Value Creation: A Strategic Focus

First Capital’s commitment to long-term value creation is central to its business philosophy. The company understands that in today’s complex business environment, creating value is not simply about delivering short-term financial returns. Instead, it is about developing a sustainable business model that balances the interests of all stakeholders and contributes positively to the broader economy and society.

This forward-looking approach is reflected in the company’s integrated reports, which outline clear strategic objectives and highlight the key drivers of long-term value creation. These include investing in new methods, improving operational efficiencies, fostering a culture of governance and ethics, and prioritising sustainable practices. By focusing on these critical areas, First Capital ensures that it remains at the forefront of the financial services sector while building lasting relationships with its customers, investors, and other stakeholders.

Dilshan Wirasekara, Managing Director/CEO of First Capital Holdings PLC, shared his thoughts on the recognition, saying, “CMA-related programmes encourage institutions to adopt a holistic approach, fostering value creation for all stakeholders. They set a clear benchmark for corporate sustainability while enhancing the quality of both financial and non-financial reporting. Additionally, these programmes promote transparent and accessible risk assessment and management. Together, these elements form the foundation of a robust and sustainable market and economy. The honour we received at CMA Excellence in Integrated Reporting Awards is a true testament to the sustained commitment of our team to uphold the highest standards of transparency and excellence. We are proud to have integrated global best practices into our reporting framework, which reflect our strategic vision, sustainable growth goals, and dedication to creating long-term value for our stakeholders. This recognition not only celebrates our past efforts but also motivates us to continue raising the bar for the future.”

Mangala Jayashantha, Chief Financial Officer of First Capital Holdings PLC, added, “We are honoured to receive the Sector Winner award in the Investment Banking Sector at the CMA Excellence in Integrated Reporting Awards 2024. This recognition is evidence to our commitment to transparent, sustainable, and value-driven reporting. At First Capital, we believe in the power of integrated reporting to provide stakeholders with a comprehensive view of our strategy, performance, and future growth. Our integrated reports aim to give stakeholders a deeper understanding of our financial performance and the non-financial factors that drive our success. This award encourages us to continue remodelling our reporting and maintaining the highest levels of reporting clarity, corporate accountability, and oversight.”

Conclusion: A Benchmark for Excellence

First Capital’s recognition at the CMA Excellence in Integrated Reporting Awards 2024 serves as testimony to the company’s unwavering commitment to excellence in financial reporting and business practices. By adhering to international reporting frameworks and integrating both financial and non-financial information, First Capital has set a new standard for transparency, accountability, and long-term value creation in the investment banking sector.

The company’s success is not only a reflection of its exceptional reporting practices but also of its broader business outlook, which emphasises integrity, sustainability, and innovation. As First Capital continues to lead the way in integrated reporting in investing banking sector, it will undoubtedly inspire peer organisations in Sri Lanka and beyond to follow suit, setting new standards for financial transparency and ethical business practices.

In a world where stakeholders demand more than just financial performance, First Capital stands out as a true pioneer in delivering value through reporting clarity, corporate accountability, and oversight. This recognition is just the beginning of what promises to be an exciting journey toward even greater achievements in the future.