The Panel of Judges, Chaired by Ajith Nivard Cabraal, entrusted in selecting the winners at the forthcoming Annual Report Awards competition, organized by the Institute of Chartered Accountants of Sri Lanka (ICASL), placed their final markings on the shortlisted Annual Reports, recently.
The meticulous selection process consisted of a technical marking process, industrial marking and the final marking by the panel of judges, after which the winners will be selected as per the score they have received and the final decision will be announced at the grand finale to be held on 7th December 2010 at the Cinnamon Grand Colombo.
Under the 22 special categories: a winner and runner-up will be selected under each category, respectively. The final winner, first runner-up and second runner-up, will be judged as the overall winners of the competition. They will be selected purely on Merit, irrespective of their business sector.
The landmark event is an important occasion in the corporate calendar and apart from honouring the best Annual Reports; the event also is a platform for organisations to improve their financial reporting standards. Entrees to the competition range from multinational companies to even small time community groups such as Non-Governmental Organisations.
Last year’s winner of the ‘Corporate Governance Disclosure Award and Management Commentary Award’ was Union Assurance PLC. The company’s chairman Ajit Gunewardene had the following to say: “Union Assurance was delighted to be selected as the Winner of the Management Commentary and Corporate Governance Disclosure, at the ICASL Annual Report Awards competition in 2009. As a leading player in the Insurance Industry, and given the very nature of insurance, our Company places great emphasis on creating trust and confidence in the minds of our customers and other stakeholders. The ICASL Award for Management Commentary and Corporate Governance disclosure was a testimony to our efforts in such respect. We wish the institute continuing success with their annual report award competition 2010.”
The primary objective of the competition is for companies to promote better communication to stakeholders, particularly through the publication of informative annual reports.