Sunshine Holdings Business Analyst Hiran Samarasinghe (extreme right) receiving the award from Russell Investments UK Managing Director and Pension Solutions Group Head Shamindra Perera (second from right) in the presence of (from left) IBM World Trade Corporation CEO Rachini Rajapaksa and CFA Sri Lanka President Sanjay Kulatunga
Diversified conglomerate Sunshine Holdings PLC emerged the third best in investor relations from among the country’s 296 listed corporates, at the 2015 edition of the prestigious ‘Capital Market Awards’ hosted by the CFA Sri Lanka Institute.
Following a rigorous selection process which involved the shortlisting of the best 16 corporates in the sphere of investor relations, which were thereafter scrutinized by an expert panel of reputed judges, Sunshine Holdings was awarded Bronze at a high-profile awards ceremony recently, attended by top investors, analysts, regulators and other industry stakeholders.
Companies are shortlisted for the Best Investor Relations category based on the strengths of their investor relations practices and responsiveness. The shortlisted companies are ranked by a user group of analysts from stockbroking firms, rating agencies, fund managers and institutional investors.
Communicating interactively with the investor community forms the foundation for these awards where increasing awareness on the crucial role played by investor relations for markets to function efficiently and encouraging best practices were the overarching fundamentals. Evaluation criteria stemmed on accessibility of management, quality of disclosure and transparency, fairness in disclosure and consistency of the investor relations function in all conditions.
“As a strong investor relations function is closely linked with financial transparency and accountability, we are most pleased to receive this award, which recognizes Sunshine Holdings as an honest and transparent entity,” Sunshine Holdings PLC Group Managing Director Vish Govindasamy said.
“Particularly with the country entering a phase of economic growth in which there is increasing emphasis on foreign direct investment (FDI) and foreign tie-ups, it is critical for corporates to strengthen investor relations to meet the standards stipulated by global investors. Adopting a long-term growth strategy, Sunshine Holdings has long understood this need and remains committed to further improvements in this sphere.”
Sunshine Holdings PLC and its group companies have also been recognized for financial disclosure at both national and regional-level annual report awards. Sunshine Holdings PLC won a Silver award at the Annual Report Awards hosted by the Chartered Institute of Accountants of Sri Lanka while its subsidiary Watawala Plantations PLC was recognized with a Gold award for the Best Presented Annual Report in the Agriculture Sector by the South Asian Federation of Accountants in 2014.
The Capital Market Awards are hosted by CFA Sri Lanka, the local chapter of the CFA Institute based in USA, a global association of more than 116,000 members in 137 countries. Awards are given in three categories: Best Equity Research Report, Best Investor Relations and the Best Stockbroker Research Team, recognizing the efforts of those who have established industry benchmarks in these disciplines and made contributions to the advancement of the domestic financial markets.
Sunshine Holdings PLC is a diversified holding company contributing to ‘nation building’ by creating value in vital sectors of the Sri Lankan economy – including healthcare, agribusiness, fast-moving consumer goods and renewable energy. The group, which provides employment to approximately 12,000, generates over US $ 120 million in revenue. Sunshine Holdings is consistently ranked among the LMD Top 50 companies in Sri Lanka and is also one of the country’s largest tax payers – contributing over Rs.500 million to the state’s coffers annually.