A different kind of mechanism will be used to reward deserving local companies under the title ‘Most Admired Companies in Sri Lanka’. The awards ceremony will be held on September 10 in Colombo.
“This award ceremony which is a first of its kind, will select top ten listed and non-listed local companies under seven categories to reward their performance. There will be evaluations based on both financial and non-financial performance with 60 and 40 percent weight is given respectively,” Chairman Panel of Judges Ravi Abeysuriya said.
The specialty of this award ceremony is that it gives an opportunity to the non-listed companies to compete for the top ranking and all the applicants will be interviewed to ascertain how they conduct their commercial activities in practice, he said.
“Most awards that are given at present are based on financial performance. A little consideration is given to qualitative information and value creation. The most admired companies 2018 will focus on awarding the local companies that are truly concern of value creation. The Chartered Institute of Management Accountants (CIMA) has endorsed this program and come on board to support it. We engage CIMA to the program to bring credibility,” Abeysuriya said.
The awards will emphasize the intangible aspects of a local company including transparency, credibility, trust and value creation. The criteria of bringing in non-financial aspects will be given prominence where CSR initiatives, innovation and technology will be visible valuators. “The awards will create a platform to showcase emerging companies and this is the first time International Chamber of Commerce Sri Lanka (ICCSL) will be recognizing Sri Lankan companies that have excelled in their respective industries and contribute to the overall economic growth of the country.
We need companies that translate their success to all stakeholders including the community at large. ICCSL promotes inclusive and sustainable growth through globalization and promotion of international trade and investments,” Chairman ICCSL Dinesh Weerakkody said.
“We would award companies that have delivered not only financial targets but sustained growth while practicing good governance and responsible business conduct. ICCSL is happy to launch this awards with CIMA Sri Lanka with whom we have strong professional relationship,” he said.
The evaluation will be based on qualitative as well as quantitative criteria.
The top ten companies will showcase how these companies have succeeded despite the challenging business environment in creating sustainable value and good financial performance for their stakeholders. The judging will be consist of several rounds of assessment and scoring of defined attributes of value creation by companies based on independent surveys, submissions and presentations by the companies. The initial submissions are due by July 10.