July 5, 2016: The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Tuesday, 05th July 2016 ceremoniously launched the Integrated Reporting Council, under the distinguished presence of Ms. Sarah Grey, Director at International Integrated Reporting Council, and corporate leaders including Chairmen and CEOs of listed companies.
The Integrated Reporting Council has being established under the guidance of the International Integrated Reporting Council, and aims to be an important platform to network people who are interested in the concept of integrated reporting in Sri Lanka. In recent years, Integrated Reporting has taken increased importance in the context of creating corporate value and sustainability to organisations across the globe.
The Council comprises of committee members representing CA Sri Lanka, ACCA, CIMA, CMA, Sri Jayawardenapura, Colombo Kelaniya universities, the Ceylon Chamber and National Chamber, the Securities and Exchange Commission, Colombo Stock Exchange, Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB), Central Bank, Auditor General, multinational institutions such as United Nations Compact, Asian Development Banks, as well as representatives of companies that applied for the Integrated Reporting award at the 51st Annual Report Awards ceremony organized by CA Sri Lanka.
The committee has also being tasked to develop various training programs such as seminars, workshops on Integrated Reporting for the benefit of interested parties, while also providing guidance on linking environmental, social and governance with financial information to create sustainable economic value to the organizations.
The main objective of the Council is to;
- Promote inclusive and concise corporate reporting of how entities create value through their business model, stakeholder engagement, risk and governance processes deployed to achieve sustainable development.
- Identify the related needs of all stakeholders, interested in Integrated Reporting issues and the best manner in which those needs could be fulfilled.
- Raise the awareness of Integrated Reporting by initiating seminars, conferences, round table discussions and technical publications.
- Disseminate knowledge on Integrated Reporting among corporates and Accounting Professionals and provide guidance on Integrated Reporting.
- Collaborate with statutory bodies for promoting Integrated Reporting.
- Perform research and studies relating to the Integrated Reporting.
- To do all such acts and things as are incidental or conducive, to the attainment of the above objects.
The Council will also comprise of a Board of Management, consisting of a Chairman, and members nominated by CA Sri Lanka, CMA, CIMA and ACCA. The Chairman of the Board will be nominated by CA Sri Lanka. The main task of the Board is to perform all legal binding activities of the entity.
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