Honours for Lankan companies at SAFA awards
Twenty-five Sri Lankan companies won awards for their financial
reports at the South Asian Federation of Accountants (SAFA) regional
awards ceremony in Colombo last week.
Sri Lanka Telecom was adjudged an overall winner along with
Bangladesh's IDLC Finance Limited and Prime Bank Limited at the SAFA
Best Presented Annual (BPA) Report Awards which was hosted by the
Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).
Sri Lankan companies together with companies from India, Pakistan,
Bangladesh and Nepal were rewarded for their annual reports which
promoted transparency, accountability and good governance.
Eighty-five awards were given away with Sri Lanka winning 26 awards,
while the remaining prizes were shared between companies from India,
Pakistan, Bangladesh and Nepal.
On behalf of Sri Lanka, Commercial Bank of Ceylon PLC, Hatton
National Bank PLC and Sampath Bank PLC won awards under the private
sector banks category, while in the public sector bank category,
National Savings Bank, Bank of Ceylon and People's Bank won the BPA
The chief guest at the event was Chairman of the Securities Exchange
Commission of Sri Lanka, Dr. Nalaka Godahewa. SAFA President Abdul
Mannan was present. Union Assurance PLC, HNB Assurance PLC and
Janashakthi Insurance PLC won awards under the insurance sector, while
in the financial services category awards were given to Peoples Leasing
Co. Ltd, DFCC Bank and Mercantile Investment PLC.
In the manufacturing sector, CIC Holdings PLC, Chemanex PLC and
Singer (Sri Lanka) PLC were honoured for their annual reports while Sri
Lanka Telecom PLC bagged the award on behalf of Sri Lanka for the
communication and information technology sector.
Hayleys PLC, Aitken Spence PLC and John Keells Holdings PLC won
awards on behalf of the services sector while the Ceylon Chamber of
Commerce, Association of Accounting Technicians of Sri Lanka and the
Plantation Human Development Trust were honoured under the
non-governmental organisation sector.
In the agriculture category, SAFA BPA awards were won by Watawala
Plantations PLC, Kelani Valley Plantations PLC and Namunukula
Plantations PLC. Three Sri Lankan companies, namely Union Assurance PLC,
Commercial Bank of Ceylon PLC and John Keells Holdings PLC along with
three companies each in Bangladesh and Pakistan also won the SAARC
Anniversary Award for Corporate Governance.
The SAFA BPA Award signifies SAFA's recognition and reward for
organisations in the region which have achieved excellence in
presentation and disclosure of quality, relevant, reliable and objective
financial statements in accordance to the framework stipulated by the
International Accounting Standards Board (IASB). The event has been held
annually since 1996 in one of the SAFA member countries.
CA Sri Lanka is a founding member of SAFA, which is the apex body of
the South Asian Association for Regional Co-operation (SAARC) and a
Regional Grouping of the International Federation of Accountants (IFAC).
CA Sri Lanka, president, Sujeewa Rajapakse said that transparency and
accountability are two key elements in any system of good governance and
that transparency is a powerful force that can help fight corruption,
improve governance and promote accountability in any country.
"Today our countries operate in a world where effective communication
is a vital constituent of good governance. The world is getting smarter,
and people are beginning to talk and understand the efficiency and
effectiveness of corporate reporting," he said.
"Amidst changing trends, organisations are now taking exceptional
efforts in ensuring all stakeholders are given a clear and balanced view
of their organisations performance and so events such as these further
promotes these important objectives," he said.
Rajapakse said that quality and reliability of financial reporting is
one of the key elements instrumental in the successful development of
the capital market in any country. Reliable and quality financial
reporting is largely driven by application of globally accepted
accounting principles, which is why even Sri Lanka adopted the
International Financial Reporting Standards in January last year.
Chief Executive Officer, CA Sri Lanka, Aruna Alwis said that the
Institute was pleased to host a regional event of such a standing in
"CA Sri Lanka is proud to be the host this year for the SAFA BPA
awards ceremony and this event will further boost the image of the
accounting profession in Sri Lanka and CA Sri Lanka's standing in the
global accountancy arena," he said.