DIMO clinches pole position at CMA Excellence in Integrated Reporting Awards

Diesel and Motor Engineering Plc, the only company from Sri Lanka that participated in the pilot IIRC reporting framework, walked away with the winning Gold Award of the first CMA Excellence in Integrated Reporting Awards 2015.

The first runner-up Silver Award went to L B Finance Plc and the second runner-up Bronze Award was awarded to Mercantile Investments and Finance Plc.

Awards were also presented to the Ten Best Integrated Reporting Awards and included the following companies.

Asian Alliance Insurance Plc, Citizens Development Business Finance Plc, DFCC Bank Plc, Diesel & Motor Engineering Plc, Hatton National Bank Plc, Janashakthi Insurance Plc, John Keells Holdings Plc, Mercantile Investments and Finance Plc, National Development Bank Plc and LB Finance Plc.

Merit certificates were awarded to Hayleys MGT Knitting Mills Plc, HNB Assurance Plc, Kelani Valley Plantations Plc, Nawaloka Hospitals Plc and Talawakelle Tea Estates Plc.

The awards were presented by the event’s Chief Guest, President Maithripala Sirisena, International Federation of Accountants President Olivia Kirtley, High Commissioner for Canada in Sri Lanka Shelley Whiting and CMA Sri Lanka President Prof. Lakshman R Watawala.

The Institute of Certified Management Accountants of Sri Lanka (CMA) organised the CMA Excellence in Integrated Reporting Awards 2015 with the purpose of promoting Sri Lankan companies - especially listed, unlisted and state institutions - to undertake integrated reporting which would be of immense benefit to investors and stakeholders.

The International Integrated Reporting Council (IIRC), the world body, issued the framework in December 2013 and the judging was done as per this framework. The IIRC is a global coalition of regulators, investors, companies, standard setters, accountants and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting.

The Framework Development Technical Director Michael Nugent was present from the IIRC at the Global Summit and gave an address on Integrated Reporting.

The Annual Report Awards evaluation was conducted by a Technical Evaluation Panel and the final selection was made by a foreign and local panel of judges.

One of the judges, Graham Terry, was also the former Technical Director of CA South Africa and is currently an ambassador for IIRC. He spoke on Integrated Thinking at the summit. He was co-ordinator of the South African Institute of Chartered Accountants (SAICA) Committee that published a booklet on Integrated Thinking which was made available to participants with the compliments of SAICA. Another publication, ‘Getting Started’, was provided to participants with the compliments of IRC South Africa.

The other foreign judges included Prof. Ho Yew Kee Professor of Accounting National University of Singapore, A.N. Raman Cost and Management Accounting Consultant, Dinesh Weerakkody Adviser to the Prime Minister and Prof. Samanthi Senaratna, Prof. of Accounting, University of Sri Jayewardenepura.

The evaluation panel consisted of D.S.W. Andradi, Partner of SJMS Associates, A.D.N. Gunarathne and Roshan Herath from the University of Sri Jayewardenepura and Sanath Fernando, Partner of Ernst & Young.