The Chartered Institute of Management Accountants (CIMA) and the Sri Lanka International Chamber of Commerce and Industry (ICCSL) last week launched Sri Lanka’s Most Admired Companies Award 2018, which is a first-of-its-kind in Sri Lanka.
With the main objective of recognising companies that are first-rate in not just their financial performance but also with the value they create in a sustainable and ethical way for their employees, customers, investors and the general community, the award ceremony will be held on 10 September.
The organisers said that these awards were different from other award competitions because of the strict evaluation based on globally accepted criteria by a distinguished panel of judges. The evaluation will be based on quantitative and qualitative criteria. The judging will consist of several rounds of assessment and scoring of defined attributes of value creation by the companies based on independent surveys, submissions and presentations by the companies.
“This award is unique because it facilitates and encourages unlisted companies which are unrecognised but bring a lot of wealth and value to this country,” said Awards Evaluation Committee Chairman Ravi Abeysuriya.
Listed and unlisted companies that have been in business for over five years as at 30 June and have 40% or more Sri Lankan ownership are eligible to enter the awards heat.
The panel of judges are Awards Evaluation Committee Chairman Ravi Abeysuriya, Sri Lanka Tourism Promotion Bureau Managing Director Sutheash Balasubramaniam, Sri Lankan President’s Counsel Harsha Cabral, Export Development Board Chairman Indira Malwatte, KPMG Middle East and South Asia Regional Chairman Reyaz Mihular, Prof. Kapila Perera and AIA Insurance Lanka Plc Director Deepal Sooriyaarachchi.
Abeysuriya, speaking about the application process, said: “First we need a survey from the public and then we move on to have a very liberal financial evaluation and then a qualitative evaluation which involves the company submission, which is a report of each company which is not listed for the financial evaluation which is submitted to the evaluation committee.”
The public survey is done through Dialog which will go to all Dialog customers and they will be able to submit a web link to the name of the company that they think supports the seven criteria of evaluation.
“What we love about this awards is that it focuses on not just the value created through a tangible end, and almost all businesses are created from an intangible end. Even if you look in terms of an intangible end of value creation, it focuses on the employees, and it focuses on putting the customers in the middle of everything that you do. And that is important in terms of social responsibility,” stated CIMA Asia Pacific Regional Vice President Venkkat Ramanan.
ICCSL Chairman Dinesh Weerakkody said that it was the first time that ICCSL would be organising awards to recognise Sri Lankan businesses that have excelled in their respected industries and contributed to the overall economic growth of Sri Lanka. ICC needs companies that translate their successes to all stakeholders including the community at large as it promotes inclusive and sustainable growth through globalisation and the promotion of international trade and investments.