SEC, CSE and CA Sri Lanka sign MoU to encourage non-financial reporting

From left: CASL CEO Dulani Fernando, SEC Commission Member Manil Jayesinghe, CASL President Sanjaya Bandara, SEC Chairman Viraj Dayaratne PC, CSE Chairman Dilshan Wirasekara, SEC DG Chinthaka Mendis and CSE CEO Rajeeva Bandaranaike 

The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MoU) to encourage and advance non-financial reporting in Sri Lanka. 

Through the MoU, the three institutions aim to capitalise on mutual interests and synergies to jointly deliver awareness on Integrated Reporting, Corporate Governance, Sustainability and other ESG focus areas. 

Furthermore, the MoU also paves the way for broader cooperation on ESG, including dialogue and consultations on driving progressive ESG policies & frameworks and the introduction of ESG focused new products in the capital market and joint stakeholder engagement on advancing ESG. 

SEC Chairman Viraj Dayaratne PC commenting on the development said, “The MoU with CA Sri Lanka brings together three like-minded institutions, with the common goal of establishing more elaborate and transparent reporting of non-financial information in Sri Lanka.”

CSE Chairman Dilshan Wirasekara said, “Through this MoU, the CSE aims to work with the SEC and CA Sri Lanka to encourage more Sri Lankan corporates to use non-financial reporting as a means to deliver trust and confidence to the market on long term value creation.”

CA Sri Lanka President Sanjaya Bandara said, “Along with financial information, non-financial information is essential for presenting a more comprehensive picture of corporate performance, and CA Sri Lanka is dedicated to promoting both financial and non-financial reporting in its position as the national body of accountants and as the sole standard-setter.”

Chairman Viraj Dayaratne and Director General Chinthaka Mendis were signatories to the MoU from the SEC while Chairman Dilshan Wirasekara and CEO Rajeeva Bandaranaike signed on-behalf of the CSE. President Sanjaya Bandara was the signatory from CA Sri Lanka.