The Colombo Stock Exchange (CSE) was recognised as an honouree in the national category at the recently held International Standards of Accounting and Reporting awards (ISAR) 2020.
The award was presented in recognition of CSE’s engagement with the Global Reporting Initiative (GRI) to enhance corporate transparency in Sri Lanka by promoting sustainability reporting among listed companies through workshops, events, roundtables and the publication of an ESG Guidance document for Listed Companies.
The ISAR awards organised by the United Nations Conference on Trade and Development (UNCTAD) is a platform created to raise awareness and facilitate dissemination of national and international best practices on sustainability and Sustainable Development Goal (SDG) reporting. ISAR was introduced to further strengthen and support public and private sector efforts on enhancing the quality and comparability of companies’ reporting on their contribution to the 2030 Agenda for Sustainable Development, and its usefulness for monitoring the implementation of the SDGs which are designed to achieve a better and more sustainable future for all.
The CSE signed an agreement with GRI in 2018 to foster effective sustainability performance and communication among Listed Companies. CSE and GRI, through multiple engagement initiatives have facilitated Sri Lankan Listed Companies to discover the business case and importance of embracing sustainability reporting. The collaboration offered the CSE an opportunity to deliver internationally renowned ESG reporting expertise and know-how to those involved in preparing financial reports.
Commenting on the award CSE CEO Rajeeva Bandaranaike said, “The CSE is proud to have been recognised for the initiatives carried out over the past two years in collaboration with GRI, which is a part of our efforts to promote improved ESG disclosure and performance among our Listed Companies.”
“We are encouraged by the growing enthusiasm by our Listed Companies to adopt sustainability reporting and our continued advocacy is pivotal to the overall sustenance of our capital market and the Sri Lankan economy at large,” he added.
CSE Head of Research and Strategy Nishantha Hewavithana commenting on the recognition noted that the CSE is pleased to have been felicitated at ISAR 2020. “The objective of CSE’s initiative of promoting sustainability is to mainstream sustainability reporting practices amongst the listed companies in Sri Lanka that would in turn enhance corporate transparency in the market. We are appreciative of the valuable contribution and commitment by GRI which was very instrumental towards the success of all our initiatives since the signing of the agreement.”