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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2737

Com-Bank and Hayleys top winners at ICASL Annual Reports Awards

By Quintus Perera – Asian Tribune

Colombo, 04 December, (Asiantribune.com): President of the ICASL Nishan Fernando said, "In addition financial reporting standards are in place to fall in line with the regulatory demands in the world, Chartered Accountants have taken proactive steps to preserve relevant and useful reporting to the stakeholders well before IFAC scientifically identified those issues said Nishan Fernando, President, Institute of Chartered Accountants of Sri Lanka (ICASL) speaking at the occasion of the ICASL Annual Reports Awards 2008.

He said that as a professional Institute it is a challenge for them to assist the Corporate entities in this country to keep pace with the developments that are taking place in rest of the world. They also have the challenge of developing the skills of their members to successfully take up these challenges. He said that he is confident that the Institute could stand up to these challenges and
already they have taken many initiatives in this direction and said and assured the corporate CEOs that their members will be in a position to take up these new challenges.- Winners of the "Overall  Excellence in Annual Financial Reporting" :  Bronze Award Winner - John Keells Holdings PLC,  Silver Award Winner - Union Assurance PLC, Joint  Gold Award Winners for the Cyril Gardiner  Memorial Trophy - Hayleys PLC and Commercial Bank  of Ceylon PLC with Chief Guest Dr. Palitha  Kohona, Secretary to the Ministry of Foreign  Affairs, President of the ICASL Nishan Fernando and Chairman of the Annual Report Awards Committee Lasantha Wickremasinghe .- Winners of the "Overall Excellence in Annual Financial Reporting" : Bronze Award Winner - John Keells Holdings PLC, Silver Award Winner - Union Assurance PLC, Joint Gold Award Winners for the Cyril Gardiner Memorial Trophy - Hayleys PLC and Commercial Bank of Ceylon PLC with Chief Guest Dr. Palitha Kohona, Secretary to the Ministry of Foreign Affairs, President of the ICASL Nishan Fernando and Chairman of the Annual Report Awards Committee Lasantha Wickremasinghe .

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) at the Cinnamon Grand Hotel in Colombo.

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.

Dr Palitha Kohona, Secretary, Ministry of Foreign Affairs, was the Chief Guest while Prof Gamini Samaranayke, Chairman, University Grants Commission was the Guest of Honour.

This Annual Report awards has been held since 1964 and this year there were more nearly 60 awards were presented in special categories, with a winner and runner-up in each category. 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.

Judges have taken into account the size, complexity and sophistication of each entrant as well as the resources available. Their Annual Reports were evaluated against established criteria. These however do not include actual financial position or actual financial or non-financial performance of an organization.

The objectives of the Chartered Accountants Annual Report Awards are to promote better communication to stake holders particularly through the publication by the organization, of informative annual reports, effective communication of financial and business information, and, the compliance with legislative requirements and generally accepted accounting practices.

- Asian Tribune -

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