|
|
 |
| Sunday, 7 April 2002 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Hayleys bags annual report award Hayleys Limited received the Cyril Gardiner Memorial Trophy for the overall winner at the Annual Report Awards competition conducted by the Institute of Chartered Accountants of Sri Lanka (ICASL). The joint runners-up were Hatton National Bank Ltd. and Aitken Spence and Company Ltd. The chief guest, Minister of Commerce and Consumer Affairs Ravi Karunanayake told the gathering that although there are 38,000 private companies, 3,100 public companies and thousands of partnerships, only about 70 annual reports are submitted to the institute for an independent evaluation. It is indeed a sad reflection on the part of the business community, said Minister Karunanayake. He said that regulatory authorities should persuade quoted companies to forward their annual reports for evaluation. Observing that participation of the public sector is limited, he said that they too should submit annual reports for the competition. To ensure that the role of accountants is brought to greater heights, Minister Karunanayake has appointed two or three accountants to the boards of companies or professional bodies in all major government institutions under his purview. He said the country often attempts to solve national problems in compartments, but what the country needs is a combined and diligent effort by everybody to usher in prosperity. The private sector can provide invaluable directions to the government in formulating new trading policies, the Minister added. He requested the private sector to make use of the available opportunities to expand businesses. Chairman of Hayleys Sunil Mendis, speaking after receiving the trophy, said that accounting standards are becoming more and more complex. "Therefore, I would like the ICASL to address this issue more meaningfully to simplify the standards as it would save both money and time," he added. Incidentally, Hayleys has been winning this prestigious award from 1984 except in 1994 and 2000 when Hatton National Bank bagged the award. President ICASL Asite Talwatte said the institute brought in several new areas of measurement in addition to focusing on financial information such as business strategy, business risk, corporate governance and environmental implications. The move emphasises strongly non-financial information which portrays the corporates' ability to respond to challenges and opportunities, manage risk and display transparency and governance in addition to traditional responsibility. The book titled Guideline to Presentation of Annual Reports, written by a team headed by Mr Yohan Perera, was presented to Minister Karunanayake by the President of the Institute Asite Talwatte. Sector Winners Edmund J. Cooray Challenge Trophy won by Hatton National Bank Lal Jayasundera Memorial Trophy awarded to Group companies with over 5 subsidiaries - Hayleys Ltd. Group companies with upto 5 subsidiaries - United Motors Finance companies - Mercantile Investments Ltd. Financial institutions joint winners - DFCC Bank National Development Bank Non-group quoted companies - Tea Smallholder Factories Ltd. Plantation companies - Namunukula Plantations Ltd. Insurance companies - Eagle Insurance Company Ltd. Food and beverage companies - Keells Food Products Ltd. Manufacturing companies - Dankotuwa Porcelain Ltd. Hotel companies - Aitken Spence Hotel Holdings Ltd. Unquoted companies - Sri Lanka Telecom Ltd. New companies incorporated after April 1, 1996 - Sri Lanka Telecom Ltd. In addition to these awards, there were sector runners-up and winners of merit certificates. A total of 24 organisations received certificates of recognition. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
