CA SRI LANKA

Unleashes the power of digital innovation as it calls for entries for the prestigious TAGS Awards 2024

30^th July 2024: The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) proudly announces the commencement of applications for the prestigious TAGS Awards 2024, celebrating excellence in corporate reporting for the 59^th year. A beacon of innovation and best practices in financial and non-financial reporting, the TAGS Awards will culminate in a grand ceremony on 12th December 2024 at the Shangri-La Hotel, Colombo.

The TAGS Awards, (which stand for Transparency, Accountability, Governance, and Sustainability), formerly known as the Annual Report Awards, held since 1964, continue their legacy in celebrating & recognizing organisations that excel in both financial and non-financial reporting. The competition is open to a wide range of entities, including multinationals, blue-chip companies, conglomerates, SMEs, NPOs, NGOs and other entities that produce annual reports.

“The Digital Edge – Enriching Corporate Reporting Excellence,” the theme for the 2024 TAGS Awards, underscores the transformative potential of AI and digital innovation in corporate reporting.

The official announcement was made at a press conference on 30^th July 2024 which was attended by CA Sri Lanka Vice President Mr. Tishan Subasinghe, Chairperson of the TAGS Awards Committee Ms. Chamila Cooray, and Alternate Chairperson of the TAGS Awards Committee Ms. Nishani Perera.

During the press conference, the Colombo Stock Exchange (CSE) officially joined as the Strategic Partner of the TAGS Awards 2024, in the presence of its Chief Executive Officer, Mr. Rajeeva Bandaranaike and Chairman, Mr. Dilshan Wirasekara.

The application period runs from 30^th July 2024 to 31^st August 2024. Eligible organisations include those producing annual reports for the financial year ending on 31^st December 2023, or 31^st March 2024. The competition will recognize companies across 29 industry sectors, plus a newly introduced category for non-listed companies with export revenue exceeding USD 50 million.

The top-performing annual reports will receive the prestigious OVERALL EXCELLENCE IN CORPORATE REPORTING awards – gold, silver, and bronze. Additionally, companies will be acknowledged in four special award categories: Corporate Governance Disclosure, Sustainability Reporting, Integrated Reporting, and Digital Transformation.

This year, an AI model supports the judging panel to increase the efficiency and the precision of the evaluation process. Please refer details by accessing www.ara.casrilanka.org.

The TAGS Compliance Badge, launched last year, will also be awarded to winners. It signifies an organization’s commitment to improving corporate reporting excellence. It can be viewed under company profiles www.cse.lk, promoting brand recognition and stakeholder engagement.

CA Sri Lanka Vice-President Mr. Tishan Subasinghe read out a statement by Mr. Heshana Kuruppu, President of CA Sri Lanka, that emphasized the strategic importance of corporate reporting, “In today’s data-driven world, corporate reporting transcends compliance, serving as a tool for communicating an organisation’s performance, impact, and vision. CA Sri Lanka remains committed to guiding businesses towards responsible practices that address broader societal and environmental impacts all while continuing to focus on digital innovation and transformation. From streamlining processes, to enhanced accuracy, and improved compliance, the financial world is embracing the AI revolution. It must be noted that corporates must be more mindful in establishing data ethics policies and IT governance frameworks to ensure responsible data management in finance reporting.

Mr. Subasinghe, in his speech, spoke of the TAGS Awards illustrious journey. “TAGS Awards Competition organised by the CA Sri Lanka is not just another competition. The fact that we are having the awards ceremony for the 59th time during our 65 years of history as a professional body is a testament to the acceptability of our competition in the market. That is due to the continuous trailblazing, transformative and trendsetting effect that the competition has brought into the financial and annual reporting space in the country. In tandem with the international best practices we like to see that the corporate annual reporting is aligned to digital reporting. Which is why we have chosen The Digital Edge – Enriching Corporate Reporting Excellence as this year’s theme. This theme underscores the transformative potential of AI and digital innovation in corporate reporting.

Ms. Chamila Cooray, Chairperson of the TAGS Awards Committee, highlighted the competition’s evolution since its inception in 1964. “This year, we introduced AI to assist us in the evaluation process and as per the available sources, it will be the the first time that AI has been used in an evaluation process of an awards ceremony of this magnitude in Sri Lanka. In addition to that a new industry category for non-listed companies with export revenue exceeding USD 50 million is also introduced this year. The addition of a Certificate of Recognition for the special award categories and the split of the Corporate Governance Disclosure Award into Financial Services and Non-Financial Services are important highlights of this year’s competition.”

This competition offers an unparalleled opportunity to showcase the commitment to excellence in corporate reporting practices and contribute to the nation’s long term sustainable growth. The winners of the TAGS Awards 2024 will be honoured at a gala ceremony on 12^th December 2024 at the Shangri-La Hotel, Colombo.

For more information and to register for the competition, please visit www.ara.casrilanka.org.