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Awards
for best corporate governance disclosures The Institute of Chartered Accountants of Sri Lanka (ICASL) will present the awards next March for companies listed on the Colombo Stock Exchange along with the Annual Report Award ceremony which has continuously been held for the 39th year. Applications will be called from the companies, who have registered for the Best Annual Report Awards and will be adjudged on a checklist already drawn by a special committee appointed for this purpose. Among the basic disclosures expected, are the disclosures on Chairman/Chief Executive, Directors/Non Executive Directors, Business Strategies, Business Risk, Audit Committee disclosures, Remuneration Committee disclosures, disclosures related to Internal Controls, Social and Environmental Obligations etc. ICASL President Asite Talwatte said this new feature on a Corporate Governance disclosures Award was launched as a part of the institute's initiative to help to build investor confidence through enhanced standards of disclosures particularly at a time when post-Enron concerns still continue to linger and with the recent revival of the Colombo Stock Market. The Institute
has always taken the lead in corporate governance issues, having
published a disclosure checklist titled "Financial aspects
of corporate governance" in 1997, and the "Code of Best
Practice on Audit Committee" in 2002. Seylan
Bank group shows record profits "The group also made a post-tax profit (after adjusting for minority interest) of Rs. 580.4 million, up by Rs. 491.7 million in comparison to the previous year which reflects a staggering 555 percent increase. This is quite a remarkable achievement, since the bank has been able to almost double the total bank profits of last year with one more quarter remaining," he told The Sunday Times FT in a letter. He was responding to A.B. Sosa's letter published in last week's Sunday Times FT under the heading "Minority shareholders devoured by sharks", which said …"The Central bank has taken action against Pramuka. I dread to think whether Seylan Bank will be in the 'same soup' (because the public is having concerns about this bank too)." Seyone said the "excellent growth in the group profits was a result of the increase in Seylan Bank's pre tax profits which was Rs. 516.7 million. This remarkable increase in Seylan Bank's profit was mainly due to the management's focus on recovery of over-dues and maintaining a reasonable margin through the utilisation of low cost funds. This resulted in a steady growth in net interest income which amounted to Rs. 2.28 billion, up 34 percent over last year's nine months results." When analysing the core business, the financial statement reflect a turnover of Rs. 6.5 billion, a growth of Rs. 512 million compared to year 2001 despite the slow progress in the country's economy at the beginning of the current year. Delmege
Insurance sets up risk management unit Delmege Insurance has been focusing on the corporate sector acting as an intermediary between insurance companies and clients. "The objective of Risk Management is to preserve the resources which an organisation needs to conduct its business effectively, namely its balance sheet and good name as well as its physical assets," said Sunil Siyasena, executive director of Delmege Insurance, according to a company statement. The Delmege Insurance Risk Management unit is made up of highly experienced personnel - Chula de Silva, a Chartered Engineer, Chithral Amaratunga, Attorney-at- Law and Notary Public and Roshan Gunawardena, a chartered management accountant. |
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