Union Assurance becomes first insurer to reach Top 10 in Corporate Reporting Transparency

Bolstered by a strong focus on transparent reporting, Union Assurance PLC has become the first insurer to reach the Top 10 in Transparency in Corporate Reporting, according to Transparency International Sri Lanka’s (TISL) 2022 report. The TISL report published in 2022 ranked the company at 8th place, a significant improvement from the 16th position in last year’s report. 

This achievement is a testament to the rigorous transparent reporting practices followed by the company.    

The report evaluated the top 75 listed companies on the Colombo Stock Exchange (CSE) based on market capitalisation. 

It is an independent assessment of corporate disclosure practices, which ranks companies based on three areas crucial to prevent and combat corruption – reporting on anti-corruption programs, transparency in organisational holdings, and key financial information on domestic operations.

Union Assurance Chief Financial Officer Asha Perera noted that the company has a strong culture of corporate accountability. “This has not only built trust among all stakeholders, but also protected our employees and business while enhancing our brand,” she said.

According to her, they are guided by policies that promote transparency across the company. She said that a robust corporate governance structure mitigates the risk of corruption and other transgressions. 

“We have a compliance culture, sound internal controls, and risk management mechanisms, which create sustainable value,” she added.

Union Assurance Assistant Vice President, Audit and Compliance Rehan Ismail said they were extremely proud to achieve the accolade from TISL. “We consider it a significant milestone, which bears testimony to our continuous improvements in transparent reporting,” he added.

According to him, the assessment by a reputed organisation such as TISL reflects the strong disclosure policies, systems, and processes in place at Union Assurance. He said the company pursues a zero-tolerance approach to bribery and corruption. “A code of best conduct inculcates ethics among all our employees, regardless of seniority,” he emphasised.