As a result of good financial management and a 'dash of good luck' Sri Lanka has not been affected by the global crisis to the same extent as many Western countries, according to Dr. Palitha Kohona, Secretary to the Ministry of Foreign Affairs, who was the chief guest at this week’s Chartered Accountants' Annual Report Awards 2008.
Speaking about exports, he said “while the markets are drying-out, and austerity is becoming a virtue again, we still need to ensure that our exports continue to enjoy the type of success that they have become used to in recent years. The government will make every effort to ensure that our exports are assisted, consistent with our international obligations and international interests.”
Commercial Bank of Ceylon PLC and Hayleys PLC jointly shared the gold award for ‘Excellence in Annual Financial Reporting’ at the Chartered Accountants Annual Report Awards presented by the Institute of Chartered Accountants of Sri Lanka (ICASL).
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| The winners |
Diesel and Motor Engineering PLC clinched gold awards in both the ‘Corporate Governance Disclosures’ and ‘Corporate Social Responsibility’, categories while Union Assurance PLC won the gold award in the ‘Management Commentary’ category. Mr Kohona said while the government has categorically stated that it will not submit itself to an investigation by the European Commission in the context of the extension of the GSP + concessions, it will continue to engage with the Commission with a view to establishing that Sri Lanka has more than adequately complied with its obligations under the Rights of Children Convention, the Torture Convention and the International Covenant on Civil and Political Rights. "It has been clearly stated in every UN report that Sri Lanka is blessed with a caring government structure, which that this world, one of the highest school enrolment rates, one of the highest literacy rates and one of the highest access-to-healthcare rates in the developing world," he said, adding that in some areas Sri Lanka stands shoulder-to-shoulder with the developed world.
"I am at times bemused by those who point fingers at us. Their recent history does not justify this holier-than-thou attitude. No country is perfect. But what we have achieved since independence is impressive and we will seek to reach a much higher goal."
At the event, nearly 60 awards were presented in special categories, with a winner and runner-up in each category. The awards are open to every organisation that produces an annual report, and this year, attracted a large number of entries ranging from large multinational companies to small community groups.
Among the silver and bronze award winners were Union Assurance PLC (silver) and John Keells Holdings PLC (bronze) in the ‘Excellence in Annual Financial Reporting’, Hatton National Bank PLC (silver) and Union Assurance PLC (bronze) in the ‘Corporate Governance Disclosures’ category, Union Assurance PLC (silver) and Hatton National Bank PLC (bronze) in the ‘Corporate Social Responsibility’ category, Commercial Bank of Ceylon PLC and Hayleys PLC (joint Silver) and Bank of Ceylon and Diesel and Motor Engineering PLC (joint Bronze) in the ‘Management Commentary’ category.
Chairman of the Annual Report Awards Committee Lasantha Wickremasinghe said this annual competition had helped firms to significantly improve compliance. “Over the years it has had a significant influence on corporates to disclose more information on a voluntary basis. The corporates also responded well by adding more and more disclosures in their reports on a voluntary basis. As a result, when the compliance requirements started growing, and by the time it became a statutory obligation, corporates found themselves complying with the regulatory framework without an additional effort”, he added.
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