Page 68 - 2596-CA SR Lanka- Annual Report 2022

VALUE CREATION REPORT

Strengthening Visibility

Stakeholder Value Creation Scorecard
Members
Corporates
Regulators

TAGS Awards
In what is perhaps the most significant
visibility initiative in the Institute’s long
history, the highly prestigious Annual
Report Awards competition was rebranded
and relaunched in 2022 as the TAGS
awards. TAGS stands for Transparency, TAGS Awards 2022 gold award for overall excellence in Corporate Reporting - Hayleys PLC
Accountability, Governance and
Sustainability. Another important change brought in The full-day event held on 14 December
through the TAGS Awards 2022 was the 2022 kicked off with two insightful
The TAGS Awards represent much more composition of the panel of judges where speeches delivered during the inauguration
than a new identity. It aims to introduce the final review panel was augmented session with Dr. P Nandalal Weerasinghe,
a more holistic approach to corporate by the inclusion of independent global Governor of the Central Bank of Sri Lanka
reporting, thus moving away from the expertise. setting the tone of the symposium by
traditional focus on financial reporting speaking on “Deep Roots of Sri Lanka’s
which has been the norm for the past 56 The TAGS Awards 2022 attracted 130 Current Economic Condition and the
years of the competition. Accordingly, the entries and the event was held on 6 Short-Term Recovery Strategy,” Dr. Sirimal
basis of the TAGS Awards was changed December 2022 at Shangri-La Hotel Abeyratne, Senior Professor in Economics
to Corporate Reporting instead of Financial in Colombo, concluded with over 70 of the University of Colombo who spoke on
Reporting, with special recognition for the companies, ranging from conglomerates, “A Comprehensive Policy Response to the
integration of ESG (Environmental, Social multinationals to non-profit organisations, Current Economic Condition of Sri Lanka.”
and Governance) reporting frameworks. and SMEs, carrying away awards at
The main purpose of the TAGS Awards this competition for their excellence in Prof. Prema-chandra Athukorala, Emeritus
is to inspire companies ranging from corporate reporting. Professor of Economics of the Australian
multinationals to conglomerates, as well National University delivered the keynote
as small and medium enterprises to CA Sri Lanka Annual Research speech on “Policy Priorities for a Long-
adopt the core principles of transparency, Symposium Term Recovery and Effectiveness of the
accountability, governance and In a bid to keep abreast with fast evolving Current Economic Restructuring Process of
sustainability in both financial and non- trends in the global accounting profession, Sri Lanka”, which was followed by a panel
financial reporting aspects. CA Sri Lanka organised its Annual discussion featuring Mr Sanjaya Bandara,
Research Symposium to create a platform President of CA Sri Lanka; Ms Yvette
Ultimately, the newly rebranded TAGS for CA members and other industry leaders Fernando, Deputy Governor of the Central
Awards will serve as a platform where to discuss, deliberate, and improve their Bank of Sri Lanka; Ms Bhavani Fonseka,
organisations are evaluated for both readiness for emerging challenges that Senior Researcher and Attorney-at-Law
financial and non-financial performance could potentially influence the future of the of the Centre for Policy Alternatives; and
as well as their commitment to invest in profession. Mr Murtaza Jafferjee, Chair of Advocata
digitalisation and transformation amidst Institute.
increasing demands and expectations During the symposium on 14 December
from investors and shareholders as well as 2022, key research findings on The symposium also comprised two
society. contemporary issues facing the Accounting technical sessions, the first session
and Finance Profession took centre stage, focused on “Forensic Education, Corporate
Strategic Imperative with a group of well-versed researchers Governance and Socio-Economic &
sharing their insights on Challenges in Environmental Development” with Dr.
Thought Leadership S.I.H. Liyanage delivering a paper on “In
IFRS Implementation and Non-Financial
Supporting Financial Reporting, Forensic Education and Search of a Right Model for Corporate
Management of Entities Corporate Governance and Socio-Economic Governance in Sri Lanka: Lessons from the
& Environmental Development. United Kingdom, South Africa, and India”

66 CA SRI LANKA | Integrated Annual Report 2022