HNB wins prestigious SAFA award
At the recently held South Asian Federation of Accountants (SAFA) best presented accounts and corporate disclosure awards, Hatton National Bank was adjudged the joint winner of the best presented accounts for the "Banking sector subjected to prudential supervision" and the 1st runner up in the category of "Corporate Governance Disclosure"
SAFA was formed in the year 1984 and is the apex professional body of the accountants in the SAARC region which has representation of the accounting bodies from India, Pakistan, Bangladesh, Nepal and Sri Lanka.
SAFA awards dates back to 1996 and is intended to enhance good governance, transparent reporting and adequate disclosures through application of accounting and financial reporting / auditing standards to meet stakeholder expectations and high level of professional ethics.
Winners are selected trough stringent selection criteria by an eminent panel of judges based on the presentation and disclosure of high quality, relevant, reliable and objectively comparable financial statements meeting International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
From 2005 the award for the Corporate Governance Disclosure was included with the intention of promoting good governance in corporate bodies. The criteria for the corporate governance disclosures include clear and comprehensive disclosures in annual reports on the duties of and responsibilities of Directors, the structure and responsibilities of Audit Committees, compliance with relevant laws and regulations, commitment to employees and responsibility to the society.
Nihal Kekulawala, Chief Financial Officer commenting on the awards stated that the Bank is honoured by the recognition given by SAFA which is a good testament towards the Bank’s commitment on transparent reporting and good governance.