CA Sri Lanka illuminates reporting brilliance at TAGS Awards 2023

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) celebrated an amazing showcase of excellence in corporate reporting at the TAGS Awards 2023 recently. Leading corporates, multinationals, SMEs, and non-profit organizations were honoured for their commitment to producing outstanding annual corporate reports.
With transparency, accountability, governance, and sustainability being paramount in corporate reporting, CA Sri Lanka showcased its collective commitment to elevating industry standards by paying homage to organizations for their commitment that goes beyond meeting regulatory requirements and also contributes to the broader goals of fostering trust, ethical conduct, and environmental stewardship.
Hayleys PLC triumphed with the coveted gold award for “Overall Excellence in Corporate Reporting” at the TAGS Awards 2023, while Softlogic Life Insurance PLC won the silver award, and both Commercial Bank of Ceylon PLC and John Keells Holdings PLC shared the bronze award. 
The gala evening at Shangri-La Hotel, Colombo was graced by esteemed guests, including Alejandro Alvarez de la Campa, Country Manager for Sri Lanka and Maldives of the International Finance Corporation, Andrew Traveller, Acting High Commissioner of New Zealand to Sri Lanka and the Maldives, along with distinguished figures such as Mr. Sanjaya Bandara, President of CA Sri Lanka, Heshana Kuruppu, Vice President of CA Sri Lanka, Dilshan Wirasekara, Chairman of the Colombo Stock Exchange, Thivanka Jayasinghe, Chairman of TAGS Committee, Chamila Cooray, Alternate Chair, Nelumani Daulagala, Chairperson of the Final Panel of Judges of the TAGS Awards 2023 and Deputy Governor of the Central Bank of Sri Lanka, Lakmali Priyangika, Acting CEO of CA Sri Lanka, and Rajeeva Bandaranaike, CEO of CSE.

During the grand finale, CA Sri Lanka also bestowed accolades upon companies under four special categories. The gold for the “Corporate Governance Disclosure Award” category was won by Commercial Bank, while Hatton National Bank PLC walked away with the silver, and Softlogic Life Insurance PLC and National Development Bank PLC shared the bronze. 
For the “Sustainability Reporting” award category, John Keells Holdings won gold, while Hayleys secured the silver and Diesel & Motor Engineering PLC clinched the bronze. The “Integrated Reporting Award” category witnessed a dual celebration, with Hayleys and Diesel & Motor Engineering sharing the gold, while Softlogic Life Insurance secured the silver, and both LB Finance PLC and John Keells Holdings earning the bronze.
Under the “Digitally Transformative Reporting Award”, Commercial Bank of Ceylon PLC emerged as champ, seizing the gold, while Hayleys and Diesel & Motor Engineering shared the silver, and LB Finance walked away with the bronze. 
Addressing the event, Sanjaya Bandara said that when companies operate with transparency, accountability, and good governance, they demonstrate a commitment to openness and honesty, which results in increased trust among stakeholders and also enhances overall credibility of the business community.
“Excellent corporate reporting is not just a regulatory requirement now but a strategic imperative that transcends borders and industries. It is the key to unlocking economic growth, fostering trust, and building a sustainable future. Together, let’s wholeheartedly embrace this responsibility with unwavering dedication and a clear sense of purpose to not only propel the success of our organizations but also foster the greater good of society,” Bandara said. 
Thivanka Jayasinghe explained that the healthy competition that the TAGS Awards has created has elevated the standards of reporting in Sri Lanka, while the three-tier robust evaluation process adopted has further strengthened the competitions credibility.
In addition to the main awards and special awards, organizations were recognized across 27 sectors, showcasing the breadth of corporate reporting excellence across multiple industries. In the Banking Sector, Commercial Bank of Ceylon secured the gold, while under the State Bank category, Bank of Ceylon earned the gold award, and First Capital Holdings PLC emerged triumphant in the Investment Banking category with the gold award.

Hayleys clinched the gold award in the Diversified Holdings (Group Turnover above Rs. 50 billion) sector, while Diesel & Motor Engineering PLC walked away with the gold in the Diversified Holdings (Group Turnover up to Rs. 50 billion) category. LB Finance achieved gold status for Non-Bank Financial Institutions (Total Group Assets above Rs. 20 billion), and Sarvodaya Development Finance PLC secured the gold for Non-Bank Financial Institutions (Total Group Assets up to Rs. 20 billion).
Ceylon Cold Stores PLC was honored with the gold award in the Food and Beverages sector, while Lanka Hospitals Corporation PLC walked away with gold in the Healthcare sector. Singer (Sri Lanka) PLC claimed the gold for the Trading sector, and Aitken Spence Hotel Holdings PLC secured the gold in the Hotel sector.
The Insurance sector (Gross Premium above LKR 10 billion) saw Softlogic Life Insurance clinch the gold award, while Sanasa Life Insurance Company PLC secured the gold for the Insurance sector (Gross Premium up to Rs. 10 billion). R I L Property PLC earned the gold in the Land and Property sector, while both Royal Ceramics and Haycarb PLC shared the gold for the Manufacturing sector (Group Turnover above Rs. 10 billion), and Regnis (Lanka) PLC clinched the gold for Manufacturing sector (Group Turnover up to Rs. 10 billion).
United Motors Lanka PLC won gold in the Automobile sector, while Sri Lanka Telecom PLC secured gold in the Telecommunication and Technology sector, and NSBM Green University walked away with the gold in the State Corporations and Statutory Boards sector.

Access Engineering PLC won the gold award in the Construction sector, while Panasian Power PLC secured the gold for the Power and Energy sector. The Association of Accounting Technicians of Sri Lanka earned gold for Not-for-Profit Organizations (NPO), including Non-Governmental Organizations (NGO), and Oxford College of Business (Pvt) Ltd. secured the gold under Small and Medium-sized Entities category.
The Chartered Institute of Personal Management secured the gold award in the Education sector, while JAT Holdings PLC emerged victorious with gold in the Emerging Listed Companies’ category. Hayleys Advantis Limited clinched the gold for the Service sector, and both Kelani Valley Plantations PLC and Talawakelle Tea Estates PLC walked away with gold under the Plantation sector.