Annual reports presented by the corporate sector are the cornerstone of stakeholder communication, fostering trust, inspiring confidence and setting benchmarks for responsible corporate conduct, said Chairperson of the TAGS Awards Committee, Chamila Cooray.
She was speaking at the 59th TAGS Awards organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Thursday.
She said, at best, annual reports excel in disclosure, clarity and consistency as they serve as powerful narratives, reflecting an organisation’s value, societal contribution and the roadmap for future growth.
“The TAGS Awards stands testament to the importance of these core principles. Since its inception in 1964, under its original banner as the Annual Report Awards, this initiative has inspired organisations for nearly 60 years to achieve the highest standards in reporting,” Cooray said.
President of CA Sri Lanka, Heshana Kuruppu said numerous technological advancements have been implemented by organisations this year to enhance user-friendly access to information, leveraging artificial intelligence and natural language processing for analysis and interpretation.
“While technology drives efficiency, sustainability shapes purpose. The global emphasis on environmental, social, and governance (ESG) considerations has elevated the importance of sustainability in corporate reporting.
Although many large-scale corporations and export-oriented businesses have prioritised these efforts, there is still potential for further improvement,” he said, adding that embracing sustainability is not merely a response to global trends but is a commitment to creating long-term value for all stakeholders.
For the first time in the 59-year history of the competition, CA Sri Lanka also integrated Artificial Intelligence (AI) into its evaluation process, underscoring its commitment to innovation and staying at the forefront of global trends.
At the pinnacle was Hayleys PLC, which clinched the Gold Award for Overall Excellence in Corporate Reporting, while Diesel & Motor Engineering PLC secured the Silver and the Commercial Bank of Ceylon PLC and Softlogic Life Insurance PLC shared the spotlight by jointly taking the Bronze.
Organisations were honoured across 34 sectors, showcasing the diversity of corporate reporting excellence across industries.
