Focus of corporate bodies would be on planet, people and profits
All corporates should prepare and present financial reporting in compliance with Sri Lanka accounting standards with financial and non -financial information to develop the capital market in the country. The idea is to ensure that all stakeholders and the public are benefited by this exercise. The annual awards competition has now been rebranded as the TAGS AWARDS competition in 2022, said the President of Chartered Accountants of Sri Lanka (CA Sri Lanka), Sanjaya in delivering the welcome address at the launch of the TAGS Awards of 2022 Press Conference held at the CA Auditorium this week.
He said traditionally stakeholders of the corporate sector focused their attention on profits alone but during the last 4-5 years their focus has shifted to decisions based on planet, people and profits. Stakeholders were keen to identify activities of the corporate sector whether they have contributed to the well-being of the people and then to profits. Decisions are now being taken by shareholders and potential investors, customers and suppliers based on planet, people and profits. Corporates now have to focus attention on the environment and well-being of its people and profits for its sustainability. This move is expected to pave the way for potential foreign investors to invest in this country.
Chairman of the TAGS AWARD Committee 2022, Thivanka Jayasinghe in his presentation said that this is a momentous occasion for CA Sri Lanka for reconceptualising the TAGS AWARDS 2022 after 56 years of the Annual Reports Awards Competition.
There was an increasing emphasis to know on non-financial information contained in annual reports locally. Elements such as the environment social issues and governance have become front line topics at the World Economic Forum. Stakeholders now expect organisations to cover these aspects as well. Reconceptualisation of annual reports was done in line with transparency, accountability, governance and sustainability. The objectives of the TAGS AWARD is for organisations to enhance finance reporting to increase transparency. In these turbulent times people are looking for indictors and expected to trust organisations. “We encourage companies to embark on a digitisation process. Conglomerates and small businesses can now participate in this competition which is scheduled to be held on December 22 at the Shangri-La hotel in Colombo.
Chairman of the Colombo Stock Exchange Dilshan Wirasekera said that he was happy to note that awards have been rebranded in terms of TAGS to promote transparency, accountability, sustainability and governance.
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