SEC says listed companies show high standards of financial reporting
View(s):Listed companies on the Colombo Stock Exchange have shown high standards of financial reporting, Sri Lanka’s Securities and Exchange Commission (SEC) said last week.
The capital markets regulator commended Commercial Bank of Ceylon for winning the prestigious Overall Excellence in Annual Financial Reporting at the 49th Annual Report Awards Competition organized by CA Sri Lanka.
A large number of listed companies won Gold awards at the event. They were – Laugfs Gas PLC, Access Engineering PLC, Seylan Developments PLC, Ceylon Cold Stores PLC, HNB Assurance PLC, CIC Holding PLC. Watawala Plantations PLC, Aitken Spence Hotel Holdings PLC, Singer ( Sri Lanka) PLC, Mercantile Investments and Finance PLC, People’s Leasing & Finance PLC, United Motors Lanka PLC, Sri Lanka Telecom PLC, Colombo Dockyard PLC, Nawaloka Hospitals PLC, Diesel & Motor Engineering PLC, John Keells Holdings PLC. The SEC also commended all the companies that won Silver and Bronze Awards.“The SEC reviews Annual Reports of Listed Companies to enhance the quality of financial reporting and ensure that material information is promptly disseminated by listed companies. Furthermore, global financial scandals which took place in the recent past has galvanized considerable interest in high quality financial reporting and the role of corporate governance and this led to the launch of a joint Code of Best Practice on Corporate Governance in 2013 in Sri Lanka by the SEC and CA Sri Lanka,” the release said.
The SEC said competitions like the one organized by CA Sri Lanka would lead to setting high standards in financial reporting and promote corporate governance and transparency among all corporate in Sri Lanka.
| SEC conducts listings forum in Jaffna
A forum to discuss capital markets and entry in the Colombo Stock Exchange (CSE) for businesses in the north was organized last week by the Yarlpanam (Jaffna) Chamber of Commerce. It was facilitated by the Securities and Exchange Commission of Sri Lanka (SEC) and the CSE in order to encourage companies to raise funds through the country’s capital markets. A SEC media release said the event was attended by business leaders and community leaders of Jaffna including university professors and provincial council members and was followed by a discussion where several questions pertaining to funding issues faced by businesses in the North were raised and addressed. Chairman of the Yarlpanam Chamber of Commerce and Industries K. Pooranachandran expressed his gratitude to the initiative as part of an islandwide drive to avail local businesses the opportunity to gain the benefits of the capital markets. Similar forums are currently being coordinated throughout the island, the SEC said. |