CA SRI LANKA’S TAGS AWARDS 2024
Conglomerates to SMEs shine in a night of enriching corporate reporting excellence at CA Sri Lanka’s TAGS Awards 2024
The much-anticipated grand finale of the 59th TAGS Awards 2024, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), celebrated excellence in corporate reporting, with a diverse range of organisations—from multinationals and conglomerates to SMEs and NGOs—showcasing their commitment to high standards in financial and non-financial reporting by embracing the principles of transparency, accountability, governance, and sustainability while also leading the way in raising the standards of corporate reporting.
Held amidst much celebration at the Shangri-La, Colombo, on 12th December 2024 in the presence of the country’s corporate elite, the event highlighted the transformative role of enriching corporate reporting practices, complemented by a digital edge.
Shining at the pinnacle was conglomerate Hayleys PLC, which clinched the coveted Gold Award for Overall Excellence in Corporate Reporting, while Diesel & Motor Engineering PLC secured the Silver, and both Commercial Bank of Ceylon PLC and Softlogic Life Insurance PLC shared the spotlight by jointly taking home the Bronze.
The grand finale was graced by Mr. Tetsuya Yamada, Chief Representative of the Sri Lanka Japan International Cooperation Agency (JICA) as Chief Guest and Senior Prof. D B P H Dissabandara, Chairman of the Securities and Exchange Commission of Sri Lanka as Guest of Honour. Also in attendance were Mr. Heshana Kuruppu, President of CA Sri Lanka, Mr. Tishan Subasinghe, Vice President of CA Sri Lanka, Mr. Dilshan Wirasekara, Chairman of the Colombo Stock Exchange, Ms. Chamila Cooray, Chairperson of the TAGS Awards, Ms. Lakmali Priyangika, CEO of CA Sri Lanka and Mr. Rajeeva Bandaranaike, CEO of CSE.
During the grand finale, a total of ten organisations were recognised as the “Top 10” for their outstanding corporate reporting. The companies were Commercial Bank of Ceylon PLC, Ceylinco Life Insurance Limited, Diesel & Motor Engineering PLC, Hayleys PLC, Hatton National Bank PLC, John Keells Holdings PLC, LB Finance PLC, Peoples’ Leasing & Finance PLC, Sampath Bank PLC, and Softlogic Life Insurance PLC.
In the special awards segment, outstanding achievements in corporate reporting were also celebrated across multiple categories. Under the Corporate Governance Disclosure – Financial Services category, Commercial Bank of Ceylon PLC secured the Gold, Hatton National Bank PLC won the Silver, while Softlogic Life Insurance PLC and Ceylinco Life Insurance Limited shared the Bronze. In the Corporate Governance Disclosure – Non-Financial Services category, Hayleys PLC won Gold, Diesel & Motor Engineering PLC bagged the Silver, and John Keells Holdings PLC earned the Bronze.
Hayleys PLC also excelled in the Integrated Reporting category, winning Gold, with Diesel & Motor Engineering PLC and Softlogic Life Insurance PLC taking Silver and Bronze, respectively. Similarly, Hayleys PLC also clinched Gold in the Sustainability Reporting category, followed by Diesel & Motor Engineering PLC winning the Silver and John Keells Holdings PLC taking the Bronze. The Digitally Transformative Reporting category saw Softlogic Life Insurance PLC win the Gold, while Commercial Bank of Ceylon PLC and Diesel & Motor Engineering PLC were joint silver winners, and Hayleys PLC walked away with the Bronze.
Meanwhile, for the first time in the 59-year history of the competition, CA Sri Lanka also integrated Artificial Intelligence (AI) into its evaluation process, underscoring its commitment to innovation and staying at the forefront of global trends.
Addressing the gathering, Mr. Heshana Kuruppu emphasized that numerous technological advancements have been implemented by organisations this year to enhance user-friendly access to information, leveraging artificial intelligence and natural language processing for analysis and interpretation.
“While technology drives efficiency, sustainability shapes purpose. The global emphasis on environmental, social, and governance (ESG) considerations has elevated the importance of sustainability in corporate reporting. Although many large-scale corporations and export-oriented businesses have prioritised these efforts, there is still potential for further improvements,” he said, adding that embracing sustainability is not merely a response to global trends but it is a commitment to creating long-term value for all stakeholders.
In her speech, Ms. Cooray highlighted that, at their best, annual reports excel in disclosure, clarity, and consistency, as they serve as powerful narratives, reflecting an organisation’s values, societal contributions, and roadmap for future growth. She said that these reports are the cornerstone of stakeholder communication, fostering trust, inspiring confidence, and setting benchmarks for responsible corporate conduct.
“The TAGS Awards stand as a testament to the importance of these core principles. Since its inception in 1964 under its original banner as the Annual Report Awards, this initiative has inspired organisations for nearly 60 years to achieve the highest standards in reporting,” Ms. Cooray said.
In addition to the main and special awards, organisations were also honoured across 34 different sectors, showcasing the diversity of corporate reporting excellence across industries.
The following organisations received gold awards in the respective sectors:
- Private Banking Sector – Commercial Bank of Ceylon PLC
- State Banks Sector – Bank of Ceylon
- Investment Banking Sector – First Capital Holdings PLC
- Diversified Holdings (Group Turnover Above LKR 100 Bn) – Hayleys PLC
- Diversified Holdings (Group Turnover Upto LKR 100 Bn) – Diesel & Motor Engineering PLC
- Finance Companies, Leasing Companies & Other Financial Institutions (Total Group Assets Above LKR 75 Bn) – LB Finance PLC
- Finance Companies, Leasing Companies & Other Financial Institutions (Total Group Assets Between LKR 25-75 Bn) – Singer Finance (Lanka) PLC
- Finance Companies, Leasing Companies & Other Financial Institutions (Total Group Assets Upto LKR 25 Bn) – Sarvodaya Development Finance PLC
- Food & Beverages (Group Turnover Above LKR 15 Bn) – Ceylon Cold Stores PLC
- Food & Beverages (Group Turnover Upto LKR 15 Bn) – Keells Food Products PLC
- Healthcare Sector – Lanka Hospitals Corporation PLC
- Trading Sector – Singer (Sri Lanka) PLC
- Hotel Sector (Group Assets Above LKR 10 Bn) – Aitken Spence Hotel Holdings PLC
- Hotel Sector (Group Assets Upto LKR 10 Bn) – Trans Asia Hotels PLC
- Insurance Sector (Gross Premium Above LKR 10 Bn) – Softlogic Life Insurance PLC
- Insurance Sector (Gross Premium Upto LKR 10 Bn) – People’s Insurance PLC
- Land & Property Sector – R I L Property PLC and Prime Lands Residencies PLC
- Manufacturing Sector (Group Turnover Above LKR 20 Bn) – Haycarb PLC
- Manufacturing Sector (Group Turnover Upto LKR 20 Bn) – Alumex PLC
- Motor Sector – United Motors Lanka PLC
- Telecommunication & Technology Sector – Sri Lanka Telecom PLC
- State Corporations & Statutory Boards – National School of Business Management Ltd
- Plantation Sector (Group Turnover Above LKR 5 Bn) – Kelani Valley Plantations PLC
- Plantation Sector (Group Turnover Upto LKR 5 Bn) – Horana Plantations PLC
- Construction Sector – Hayleys Fentons Limited
- Power & Energy Sector – LAUGFS Gas PLC
- Education Sector – Chartered Institute of Personnel Management Sri Lanka (INC.)
- Newly Listed Companies – First Capital Treasuries PLC
- Service Sector (Excluding Other Service Categories) – Hayleys Advantis Limited
- Not-For-Profit Organisations (NPOs) Including NGOs – The Association of Accounting Technicians of Sri Lanka and The Ceylon Chamber of Commerce
- Small And Medium-Sized Entities – LankaPay (Private) Limited
