Business

Sri Lanka Unveils New Benchmark for Corporate Transparency: The TAGS Compliance Badge

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has taken a significant step towards promoting transparency and excellence in corporate reporting with the launch of the TAGS Compliance Badge. This new initiative signifies a commitment to the highest standards in both financial and non-financial reporting practices.

The launch ceremony, held in collaboration with the Colombo Stock Exchange (CSE), marked a historic moment for CA Sri Lanka. It was their first-ever “Ring the Bell” event at the CSE, symbolizing the official introduction of the TAGS Compliance Badge. The event drew prominent figures including Mohan Pandithage, Chairman of Hayleys PLC, and representatives from CA Sri Lanka and the CSE.

The TAGS Compliance Badge represents the evolution of the long-standing Annual Report Awards Competition, a prestigious event spanning over 58 years. In 2022, CA Sri Lanka revamped the competition, emphasizing the importance of non-financial reporting alongside traditional financial metrics. The TAGS badge builds upon this focus, serving as a symbol of a company’s commitment to meeting rigorous criteria in both areas.

Heshana Kuruppu, President of CA Sri Lanka, highlighted the significance of the badge, stating it ushers in “a new era of corporate excellence and accountability.” He emphasized the badge goes beyond just financial performance, reflecting a company’s ethical practices and its commitment to social and environmental responsibility.

Dilshan Wirasekara, Chairman of the CSE, echoed this sentiment, expressing that the TAGS badge positions Sri Lankan listed companies at the forefront of transparent reporting. He believes this will enhance investor confidence, particularly foreign investors, as it assures them of companies’ adherence to strong ethical and sustainability principles.

Ultimately, the TAGS Compliance Badge serves as a powerful symbol. It represents a company’s dedication to transparency, accountability, good governance, and sustainable practices. This initiative by CA Sri Lanka has the potential to significantly elevate the standards of corporate reporting in Sri Lanka.