ACCA recognition awards for the third time

Sustainability reporting increases shareholder wealth

A leading accounting body this week urged corporates to treat sustainability reporting as a mechanism to enhance shareholder wealth.
“Sustainability Reporting as all other major initiatives must be treated as a project that will enhance shareholder value,” said ACCA President Dilshan Rodrigo, addressing the gathering at ACCA (Association of Chartered Certified Accountants) annual Sustainability Awards ceremony held on the World Water Day on March 22.

He said that there is adequate evidence that there is a clear connection between the quality of sustainability reporting and long term profitability. “Sri Lanka being an export oriented economy, this distinction becomes even more crucial; sadly only a few companies have really distinguished themselves on a platform of socially responsible manufacturing or services.

The Sri Lanka Apparel Association's recent initiative of marketing apparels on the slogan ‘Garments without Guilt’ drawing attention to our superior human rights and enhancing the role of the woman in society is a great initiative,” he explained. ACCA, the pioneers of the annual Sustainability Awards in Sri Lanka recognised companies for excellence in environmental, social and sustainability reporting with the aim of identifying and rewarding innovative attempts to communicate corporate performance.

Ceylon Tobacco Company and Diesel and Motor Engineering Company bagged the Sustainability Reporting Awards where they were selected from a detailed account of their sustainability impacts. With some 700 million around the world currently suffering from water scarcity, a figure that could increase to more than 3 billion by 2025 and a threat of at least 10 of the world’s largest rivers drying up in 20 years, such an awards ceremony was a welcome move according to many corporates.