The Institute of Certified Management Accountants (CMA) of Sri Lanka has recognised the 2021 Annual Report of Ceylinco Life as one of the ‘Five Excellent Integrated Reports’ honoured at the CMA Excellence in Integrated Reporting Awards 2022 which was held recently.
Titled ‘Derisking the Nation: Today & Beyond’ the life insurance leader’s latest report presented a concise and relevant account of the company’s operating environment, strategy, performance, value creation, governance, risk management and future outlook, and illustrated how the Company forged ahead with a strong sense of purpose to de-risk the nation in another challenging year.
Covering the operations of the Company from January 1 to December 31, 2021, Ceylinco Life’s annual report also expounded on the progress made on its triple bottom line priorities while outlining its organisational overview, integrated strategy for value creation, stewardship and corporate governance and financial statements, in addition to necessary supplementary information.
These elements in Ceylinco Life’s annual report aligned with the guidelines issued by the International Integrated Reporting Council (IIRC) that underpin the preparation of an integrated report. The Guiding Principles include strategic focus and future orientation, connectivity of information, stakeholder relationships, materiality, conciseness, reliability and completeness, and consistency and comparability.
“Integrated reporting has become indispensable to our commitment to transparency across all aspects of the business and assumes even greater importance at times like these, when companies have to respond to myriad challenges,” Ceylinco Life Executive Director/CFO Palitha Jayawardena said. “We are delighted therefore to have our annual report put under the microscope of CMA Sri Lanka, the national professional management accounting institute in Sri Lanka, and to pass the test with flying colours.”
The integrated reports considered at this year’s 8th edition of the Annual Integrated Reporting Awards competition were evaluated using guidelines applicable in the International <IR> Framework issued in December 2013. The evaluation process took into account not only the accounting and financial information but also non-financial information provided in <IR>.
The marking process comprised an initial shortlisting by a technical evaluation panel and a final assessment by a panel of eminent international and local judges chaired by Prof. Ho Yew Kee, Associate Provost - Singapore Institute of Technology (SIT) and former Professor in Accounting, National University of Singapore. These were followed by interviews with the shortlisted companies. The CMA Excellence in Integrated Reporting Awards competition is organised annually by the Institute of Certified Management Accountants of Sri Lanka.