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October 18th , 2023: Proving its commitment to best practices in reporting and accountability yet again, Sri Lanka’s 2nd largest life insurer, Softlogic Life, emerged victorious at the CMA Excellence in Integrated Reporting Awards 2023, winning five prestigious accolades for its 2022 annual report themed ‘Reimagining’. The five awards, including the coveted Overall Gold for Integrated Reporting Excellence that showcases Softlogic Life’s strong commitment to Transparency, Accountability, Governance and Sustainability.
Softlogic Life now ranked amongst the best of the best in corporate Sri Lanka staved off stiff competition from heavyweights to win the Overall Gold award for Integrated Reporting Excellence, making them the youngest Company in Sri Lanka to win this recognition. Furthermore, this achievement makes Softlogic Life the only Sri Lankan insurer honored by this award in the history of the CMA Awards. Similarly, Softlogic bagged four other awards - Best Integrated Report - Insurance Sector, Award for Best Disclosure on Materiality, Award for Best Ten Integrated Reports in Sri Lanka and the Award for Best Chief Financial Officer in Sri Lanka which was awarded to Nuwan Withanage.
The Integrated Annual Report reflects Softlogic Life’s drive to transcend industry norms and push the boundaries of financial reporting in Sri Lanka. This is the 10th consecutive time Softlogic Life has presented its Integrated Annual Report in its journey of integrating reporting, which started in 2013. The Integrated Annual Report provides a comprehensive account of how Softlogic Life created value for its stakeholders. It also provides a balanced and concise analysis of the Company, its external environment, strategy, resource allocation, business model, performance, corporate governance and other valuable prospects.
Being a natural at embracing technology and innovation, Softlogic Life continues to leverage novel digital solutions that extend to financial reporting as the Company firmly believes in a digitally-enabled report for an ever-changing digital world. Sri Lanka’s first-ever ‘Generate Your Own Report’ was such an initiative, where users can now create customized sub-reports of the Company’s annual report.
Softlogic Life was the first Company in Asia and Sri Lanka to obtain external Assurance on integrated reporting in 2020, and it continues to obtain external Assurance on integrated reporting for the third consecutive year in 2022. The Annual Report has also received external Assurance on sustainability indicators in compliance with ‘Global Reporting Initiative (GRI)’ guidelines.
Furthermore, the Annual Report also provides the Chairman’s review, the Managing Director’s review and primary financial statements in all three languages – English, Sinhala and Tamil- proving Softlogic Life’s commitment to inclusivity.The Company has adopted the Insurance Sustainability Accounting Standard by SASB (Sustainability Accounting Standard Board) and has obtained the Carbon Conscious Certificate by showing its responsibility towards natural capital.
In such a context, the latest recognition at the CMA Awards demonstrates Softlogic Life’s commitment to transparency and high-quality reporting, reassuring stakeholders, including investors, that the Company is weathering the economic turbulence with integrity. Furthermore, the award-winning Annual Report reassures investors and other stakeholders of the Company’s stability and ability to navigate challenging times.
Commenting on Softlogic Life’s significant achievement, Managing Director Iftikar Ahamed said, “Celebrating this prestigious award for our Annual Report could not have come at a more crucial time. The year 2022 was unprecedented in terms of economic and political turmoil and to emerge at the top of the heap is a huge testament to the he strength of our Company. The Annual Report is not just a nice document; it is a reflection of our unwavering commitment to transparency, integrity, and the highest reporting standards. As the economic landscape continues to shift, the trust and confidence of our stakeholders is our most valuable attribute. A comprehensive annual report becomes a beacon of stability and assurance in these extraordinary times. It exemplifies our commitment to excellence and reinforces our ability to navigate these uncharted waters. We will continue to uphold these high standards as we move forward, forging a path of strength and trust for Softlogic Life and all our stakeholders.”
Softlogic Life Chief Financial Officer Nuwan Withanage said, “We are delighted and honoured to win the Overall Excellence Gold Award for Integrated reporting for Integrated Annual Integrated Report 2022, demonstrating our commitment to Transparency, Accountability, Governance and Sustainability. In 2022, we took many initiatives to improve our transparency further in financial reporting, such as disclosure on strategic Key Performance Indicators, while continuing to obtain External Assurance and compliance with global standards such as Integrated Reporting, GRI and SASB. These measures prove our dedication to driving long-term value for our clients and communities. To be adjudged the Best CFO at the CMA Awards is a milestone achievement in my professional career and I deeply appreciate the Company’s support throughout that journey.”
About Softlogic Life
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is a part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified conglomerates with interests in Healthcare, Retail and Financial Services. Significant stakeholders in the Company include global investor Leapfrog Investments, that manages an investor base that includes many of the world’s most prestigious investment organizations.
Message - Chairmanof the Panel of Judges
Prof. Ho Yew Kee Chairman - Professor of Accounting, Cluster Director Business, Communication & Design Singapore Institute of Technology. Singapore
I congratulate CMA Sri Lanka for hosting the 9th Edition of the CMA Excellence in Integrated Reporting (IR) Awards. The objective of the CMA IR Awards is to “promote Sri Lankan companies both listed and unlisted and state-owned institutions/ companies to undertake integrated reporting which will be beneficial to investors and stakeholders”.
CMA has the foresight to adopt the IR framework in 2015 to spur companies and stateowned institutions towards a global standard of reporting. It was a bold move as the IR Framework was only introduced in December 2013. Sri Lanka was one of the first few countries alongside South Africa to use IR to advance good corporate governance and holistic reporting. The wise leadership of Professor Lakshman Watawala in the CMA IR Award should be duly acknowledged for posterity sake.
I want to specially call out the leaders of the technical panels : Professor Roshan Ajward and Kusal Nissanka who also served as senior evaluators along with Isuru Manawadu, Deshapriya Senanayake, Darshini Watawala, D.S.W. Andradi and Nishantha Hewavithana, and the judging panel : Professor Samanthi Senaratne, A. N. Raman, Desiree Jones and Raef Lawson. They rendered invaluable services as judges. Credit must also go to The Colombo Stock Exchange and members of the press for their support. Finally, I congratulate the various award winners as they have proven to be excellent corporate citizens who excel in their respective missions and vision, and have adopted IR in an excellent manner to communicate their value creation.
Message - Dilshan Wirasekera - Chairman - Colombo Stock Exchange
“The effort made by CMA Sri Lanka to promote Integrated Reporting principles is commendable being the national professional management accounting institute in Sri Lanka and I would like to acknowledge the dedication and passion of Prof. Lakshman R. Watawala and the Council of CMA in this connection. IR has evolved to respond to the needs of a new reporting paradigm that reflects the changing business environment, where for many businesses intangible and non-financial assets have become the most important determinants of long-term value creation. It has therefore led to calls to change the way businesses report and communicate their value creation to their stakeholders Integrated Reporting is on the agenda of many international bodies. For example, the B20 and IOSCO are both taking an interest in integrated reporting as part of the answer to market challenges worldwide. Presently there are about 130 + companies that are adopting either full or partial integrated reporting formats in Sri Lanka with a high level of compliance from top conglomerates, banks, finance companies and insurance companies. Even though integrated reporting is a voluntary requirement, the CSE has already recognized the importance of its adoption by all listed entities towards their journey for sustainable value creation for shareholders. We would support and endorse voluntary adoption of integrated reporting to all listed entities and encourage companies to enter the CMA Excellence in Integrated reporting Awards competition 2022. Our best wishes to CMA Sri Lanka. “
Message - Faizal Salieh -Chairman - Securities and Exchange Commission of Sri Lanka
I am pleased to send this message on the occasion of the CMA Excellence in Integrated Reporting Awards 2023 ceremony organised by CMA Sri Lanka for the ninth consecutive year. Corporate reporting is rapidly moving from the traditional Financial Reporting to Integrated Reporting as more and more companies realise that they can no longer exist in a narrow universe limited to their own shareholders, and that they do have a real obligation to the society at large. A company in business is part of society in its own right. The reality is that the resources used by companies are interconnected and therefore their reporting should reflect this interconnectedness. Companies in Sri Lanka have included the principles of Integrated Reporting in their annual reports on a voluntary basis. The journey from traditional reporting to Integrated Reporting is consistent with the SEC’s objective of creating an inclusive and sustainable capital market system. I wish to commend CMA Sri Lanka for hosting this event, and providing the opportunity for public listed companies from both the private and public sectors to compete and win awards in recognition of their reporting standards. My congratulations to all the winners and best wishes to all other companies who have commenced the journey.
