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Diesel and Motor Engineering PLC clinched the Gold Award in both Corporate Governance Disclosures and Corporate Social Responsibility category.
Nearly 60 awards were presented in the special categories. The crowning event in the corporate calendar since 1964, the event is regarded as the platform of recognition of excellence in corporate reporting. The production of an annual corporate report by a corporate body is the eligibility criteria for this competition.
President of the ICASL Nishan Fernando said that Charted Accountants have taken proactive steps to preserve relevant and useful reporting to the stakeholders well before IFAC scientifically identified those issues. He emphasized the importance of assisting the corporate sector to be abreast of global developments, and stressed on the necessity to develop skills of members to face challenges.
Lasantha Wickremasinghe Chairman, Annual Reports Committee in his address said that over the years, the event progressed from strength to strength. He also stressed the importance of keeping pace with global development skills of accountancy and the need to face challenges, and called for enhanced transparency in business reporting. It is management who prepares intelligent and high quality reports for the approval of the board of directors. Apart form this; credit rating agencies also evaluate the reports.
Dr. Palitha Kohona Chief Guest and Secretary to the Ministry of Foreign Affairs said that the government would not comply with the EU demands for GSP + concessions. He said the ascent was on the employment of rural women for export oriented industries as Sri Lanka needs to produce for the export market. The government has earmarked Rs. 8 billion for the development for the former LTTE held area in both North and East. Towards this end, private sector participation is vital. Tax concessions would be granted for start up projects in these areas. Tourism would be developed. Already 80 percent of Killinochi Area is under cultivation.
Sri Lanka has graduated to a middle income level nation and sights are set to become realize millennium development goals.
Caption for Photo - 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.
