UAL in Top 10 in Corporate Reporting Transparency
View(s):Union Assurance PLC (UAL) has become the first insurer to reach the Top 10 in Transparency in Corporate Reporting, according to Transparency International Sri Lanka’s (TISL) 2022 report.
The TISL report published in 2022 ranked the company at 8th place, a significant improvement from the 16th position in last year’s report. This achievement is a testament to the rigorous transparent reporting practices followed by the company, UAL said in a media release.
The report evaluated the top 75 listed companies on the Colombo Stock Exchange (CSE) based on market capitalisation. It is an independent assessment of corporate disclosure practices, which ranks companies based on three areas crucial to prevent and combat corruption – reporting on anti-corruption programmes, transparency in organisational holdings, and key financial information on domestic operations.
UAL Chief Financial Officer, Asha Perera, noted that the company has a strong culture of corporate accountability. “This has not only built trust among all stakeholders, but also protected our employees and business while enhancing our brand,” she said.
According to her, they are guided by policies that promote transparency across the company. She said that a robust corporate governance structure mitigates the risk of corruption and other transgressions. “We have a compliance culture, sound internal controls, and risk management mechanisms, which create sustainable value,” she added.
UAL is a subsidiary of conglomerate John Keells Holdings PLC. Known for its strong ethical values, JKH was ranked number one in Transparency in Corporate Reporting in TISL’s 2022 report.
Union Assurance is among the most awarded insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs. 17.9 billion, a Life Fund of Rs. 49.7 billion and an investment portfolio of Rs. 58.5 billion as of March 2022.
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