The STING Corporate Accountability Index, now in its second year of publication, which was based on a 6 month extensive research study amongst 66 of the largest businesses operating in the country, has been released.
The businesses topping the list are two familiar consumer brands Dialog Telekom and Cargills. This is followed by MAGA and Aitken Spence which are classified as having achieved Platinum status. In addition to this, there are 14 other companies in the Gold category, STING said in a statement.
The STING Corporate Accountability Index measures the extent to which the company adopts accountable, transparent, ethical and good governance practices and makes that the usual way in which it does business.
The listing reviews the accountability status of 66 leading companies in Sri Lanka, consisting of public listed companies, private companies and state owned enterprises.
The study concludes that Sri Lanka’s largest businesses scored an average of 44.1 on the index, placing Sri Lanka Inc. as a whole, at a bronze level. The study states that this is “a woefully poor performance, specially as it reviews the leaders in industry. The level of compliance amongst the rest of the companies can therefore be expected to be well below an acceptable standard”.
The analysis highlights the misconception of what CSR is, and establishes that the real meaning of it is to ensure that business has a positive impact on the community, whist mitigating all the negatives. Unless this holistic approach is taken businesses would face significant risks which could have an impact on the community in which it operates.
In order to share its findings, STING Consultants along with the IAA have organized a half day seminar on February 10, where they are expected to also showcase several companies that are industry benchmarks. |
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