The Colombo Stock Exchange (CSE) has once again renewed its support for the prestigious Annual Report Awards competition organised by the Institute of Chartered Accountants (CA Sri Lanka), by coming onboard as a strategic partner.
This is the second year in a row that the CSE will power the high-profile corporate level competition, which promotes and recognizes organisations that promote transparency, accountability and good governance in financial reporting.
This year’s 51st Annual Report Awards competition will revolve around the theme ‘Clarity Redefined’ and is open to any organisation ranging from conglomerates, to on-governmental organisations (NGOs), to small and medium enterprises (SMEs) that produces an annual report to vie for honours in financial reporting.
Welcoming CSE onboard once again, CA Sri Lanka President Arjuna Herath reiterated that securing the support of an organisation such as the CSE was not only a boost to the competition’s standing but was also an endorsement.
He noted that the main objectives of the competition is to encourage effective communication to stakeholders through publication of informative annual reports, promote effective presentation of financial and non-financial information and to comply with legislative requirements and generally accepted accounting practices.
“Today, we can stake claim to a world-class accounting framework, which is in line with international standards, and there is no doubt that competitions such as the Annual Report Awards have helped enhance this standing further,” he said.
Herath also noted that in recent years, the competition has increased in stature and significance and the growing number of participants each year for this prestigious competition is testament to the competition’s significance.
CSE Chairman Vajira Kulatilaka said that CSE was proud to be the strategic partner for the 51st Annual Report Awards hosted by CA Sri Lanka.
“An annual report is the single most important way for a company to represent itself to existing and potential investors. Companies listed on the Stock Exchange attempt to portray themselves in the best possible light to investors and therefore their efforts at presenting a concise, accurate and attractive report needs to be recognized. Thus, the CSE is glad to partner with this dynamic competition which has garnered the respect of the financial services community over the half decade of its existence,” Kulatilaka said.
He noted that an annual report is a strategic communications document and its importance as such cannot be underestimated and therefore it should contain the three ‘Cs’ of effective communication: clarity, consistency and constancy.
“The Annual Report Awards celebrate reports that comply with these areas and thus encourage the production of better annual reports that have a strategic communications message,” Kulatilaka added.
Entries for the 51st Annual Report Awards competition is now open and organisations ranging from a large-scale conglomerate to a small time community group, which produces an annual report, can register.