Union Bank gains recognition at 52nd Annual Report Awards

Friday, 9 December 2016 00:01 - - {{hitsCtrl.values.hits}}

Union Bank of Colombo received the award for ‘Compliance’ in the financial services sector at the grand finale of the 52nd Annual Report Awards concluded on 6 December under the theme ‘Precision Exemplified’.

Organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the annual report awards competition aims to promote transparency and accountability among organisations that produce annual reports in the country. This year’s competition created an all-time new record in the history of the awards, with a total of 140 organisations including blue chip companies, conglomerates, SMEs to small time community groups contending for the coveted honours.

The winners were selected on their ability to communicate the objectives, highlights, performance, personnel and management clearly to an intended audience, where the reports were held under the scrutiny of 200 Chartered Accountants with at least five Chartered Accountants studying one report. The size, resources, complexity and sophistication of operation of each entrant had been considered in the judging process. Hence, the awards tend to provide a holistic interpretation of an organisation’s performance along with a view of ethics, values, achievements, and most importantly the future orientation of the organisation.

Commenting on the award, Union Bank Chief Financial Officer Malinda Samaratunga said: “We are delighted to accept this coveted honour once again at an extremely competitive awards ceremony that assesses organisations’ ability to promote transparency, accountability and good governance by maintaining effective communications with its stakeholders. As a rapidly growing private commercial bank making its forays into fully-fledged commercial banking operations in an extremely competitive market space; this is a recognition that propels our aggressive growth plans through affirmation of the ethics, transparency and good governance which forms the basis of our business strategy.”