Commercial Bank Annual Report wins 6 awards including Best in Banking Sector for 13th time
The Commercial Bank of Ceylon won six awards including the Edmund J. Cooray Memorial Trophy for the Best Annual Report among banking institutions, at the 52nd Annual Report Awards of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), reaffirming the Bank’s commitment to excellence in financial reporting.
This is the 13th occasion that Commercial Bank’s Annual Report has been adjudged the Gold Award winner in the Banking Sector by the country’s apex professional body in the sphere of accounting.
Commercial Bank’s 2015 Annual Report was also placed third overall and won three Silver Awards for Corporate Governance Disclosure; Corporate Social Responsibility Reporting; and Integrated Reporting: Best disclosure on capital management; as well as the Bronze Award for Integrated Reporting.
With these six awards, Commercial Bank became the most-awarded Corporate of the night. Since 2001; the Bank’s Annual Report has been adjudged the overall best in Sri Lanka nine times.
“We are constantly looking for ways to improve the quality and scope of our disclosures, because we believe that transparency is the cornerstone of good governance,” Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said. “Each year, a great effort is put in by our Annual Report team to present an extremely complex collection of information in a way that shareholders receive a comprehensive insight into the business and how it has been managed. Our 13th Gold Award in the Banking Sector is an appropriate endorsement of the Bank’s continuing commitment to best practice in financial reporting.”
The HTML web and mobile versions of the award-winning 2015 Annual Report of Commercial Bank Themed ‘in step’ can be accessed at www.combank.lk
The CA Sri Lanka awards reflect effectiveness in communication of financial and non-financial information to stakeholders and strict compliance with legislative requirements and accepted accounting best practices. In evaluating reports for the awards, CA Sri Lanka looks at the organization’s ability to effectively communicate organizational objectives, highlights, performance, personnel and management to an intended audience.
Held since 1964, the CA Sri Lanka Annual Reports competition is considered a platform which encourages excellence in the presentations of information covering transparency, social accountability and good governance among diverse Sri Lankan business entities in the field of financial reporting.
The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 253 branches and 653 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank opened a fully-fledged Tier I Bank in September 2016 and Italy, where the Bank launched its own money transfer service in November 2016.
