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Applications for TAGS awards now open

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CA Sri Lanka Vice President Tishan Subasinghe and other officials announcing TAGS awards 2024 at a press conference

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) last week announced the commencement of the acceptance of applications for the prestigious TAGS Awards 2024, celebrating excellence in corporate reporting for the 59th year. A beacon of innovation and best practices in financial and non-financial reporting, the TAGS Awards will culminate in a grand ceremony on 12th December 2024 at the Shangri-La Hotel, Colombo.

The TAGS Awards, (which stand for Transparency, Accountability, Governance, and Sustainability), formerly known as the Annual Report Awards, held since 1964, continue their legacy in celebrating and recognizing organisations that excel in both financial and non-financial reporting. The competition is open to a wide range of entities, including multinationals, blue-chip companies, conglomerates, SMEs, NPOs, NGOs and other entities that produce annual reports.

“The Digital Edge – Enriching Corporate Reporting Excellence,” the theme for the 2024 TAGS Awards, underscores the transformative potential of AI and digital innovation in corporate reporting.

The official announcement was made at a press conference which was attended by CA Sri Lanka Vice President Tishan Subasinghe, Chairperson of the TAGS Awards Committee Chamila Cooray, and Alternate Chairperson of the TAGS Awards Committee Nishani Perera.

During the press conference, the Colombo Stock Exchange (CSE) officially joined as the Strategic Partner of the TAGS Awards 2024, in the presence of its Chief Executive Officer, Rajeeva Bandaranaike and Chairman, Dilshan Wirasekara.

The application period runs from 30th July 2024 to 31st August 2024. Eligible organisations include those producing annual reports for the financial year ending on 31st December 2023, or 31st March 2024. The competition will recognize companies across 29 industry sectors, plus a newly introduced category for non-listed companies with export revenue exceeding USD 50 million.

The top-performing annual reports will receive the prestigious OVERALL EXCELLENCE IN CORPORATE REPORTING awards – gold, silver, and bronze. Additionally, companies will be acknowledged in four special award categories: Corporate Governance Disclosure, Sustainability Reporting, Integrated Reporting, and Digital Transformation.

This year, an AI model supports the judging panel to increase the efficiency and the precision of the evaluation process. Please refer details by accessing www.ara.casrilanka.org.

The TAGS Compliance Badge, launched last year, will also be awarded to winners. It signifies an organization’s commitment to improving corporate reporting excellence. It can be viewed under company profiles www.cse.lk, promoting brand recognition and stakeholder engagement.

CA Sri Lanka Vice-President Tishan Subasinghe read out a statement by Heshana Kuruppu, President of CA Sri Lanka, that emphasized the strategic importance of corporate reporting, “In today’s data-driven world, corporate reporting transcends compliance, serving as a tool for communicating an organisation’s performance, impact, and vision. CA Sri Lanka remains committed to guiding businesses towards responsible practices that address broader societal and environmental impacts all while continuing to focus on digital innovation and transformation. From streamlining processes, to enhanced accuracy, and improved compliance, the financial world is embracing the AI revolution. It must be noted that corporates must be more mindful in establishing data ethics policies and IT governance frameworks to ensure responsible data management in finance reporting.



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Development activities in schools within plantation areas should be carried out in coordination with District Coordinating Committees – PM

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Prime Minister Dr. Harini Amarasuriya stated that development activities in schools within plantation areas should be carried out in coordination with District Coordinating Committees, and that further recruitments to the teaching service will be undertaken in the future according to existing vacancies.

The Prime Minister made these remarks at a meeting held on Thursday [19 February] at the Parliament of Sri Lanka, attended by officials of the Ministry of Education, Higher Education and Vocational Education and the Ministry of Plantation and Community Infrastructure, convened to identify solutions to issues affecting schools within plantation areas.

During the meeting, special attention was drawn to identifying schools in plantation areas; improving infrastructure, sanitary facilities and security within those schools; confirming lands of school premises; filling existing vacancies of teachers, principals and sports instructors; and providing transportation facilities of schools within the plantation areas.

Officials also drew the Prime Minister’s attention to challenges faced by students in Grade 13 in studying science and mathematics streams in estate schools, as well as issues related to language.  The need for Tamil-medium support in teacher-training programmes was also emphasized during the meeting.

The Prime Minister stressed that resolving issues related to lands belonging to the schools in plantation areas require collection of data  at district-level, and that the suitability of each school site should be considered when relocating or regularizing schools, taking into account the impacts caused by Cyclone Ditwah. She instructed officials to formulate an efficient mechanism to collect the necessary data.

She further noted that schools within plantation areas are government schools and that due consideration should be given to how these schools are identified and referred to in the future.

The Prime Minister instructed officials to keep District Coordinating Committees informed and to collaborate with them in carrying out development activities related to estate schools, emphasizing that this would enable closer monitoring of school development initiatives.

She also expressed confidence that the planned recruitment of 23,000 teachers would help address the existing teacher shortages to a considerable extent, and stated that further annual recruitment would be undertaken in the future to fill remaining vacancies.

The meeting was attended by the Minister of Fisheries, Aquatic and Ocean Resources, Ramalingam Chandrasekar; Deputy Minister of Education and Higher Education, Dr. Madhura Senevirathne; Deputy Minister of Plantation and Community Infrastructure, Sundaralingam Pradeep; Members of Parliament; and officials of the relevant ministries.

[Prime Minister’s Media Division]

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CEB trade unions hint at stringent industrial action after talks fail

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Trade unions of the Ceylon Electricity Board (CEB), backed by the powerful Ceylon Electricity Board Engineers’ Union, have warned of accelerated trade union action following the collapse of crucial discussions held on Monday (16) with the CEB Chairman, who also serves as Secretary to the Ministry of Power and Energy.

The issue is expected to take centre stage at today’s press conference, with unions signalling that a token strike, possibly a 12-hour countrywide action, could be staged next week unless authorities urgently intervene.

The meeting earlier this week ended without what union representatives described as any “positive or constructive outcome.”

Trade union leaders expressed disappointment that their key concerns had not been substantively addressed during discussions with the Chairman.

At the heart of the dispute is the unions’ demand for a collective agreement in accordance with Section 18(j) of the Sri Lanka Electricity Act No. 36 of 2024. Trade union representatives maintain that the law provides for structured engagement between management and employees and that a formal collective agreement is necessary to ensure transparency and industrial stability within the institution.

The unions also submitted what they termed a reasonable proposal to safeguard the CEB Employees’ Provident Fund (EPF), voicing concerns over the long-term security of workers’ retirement benefits.

However, according to trade union sources, those proposals were not adequately taken up during the discussions.

A senior electrical engineer told The Island that further internal consultations were being held to decide the next course of action. “There is growing frustration among employees. The issues raised are fundamental and relate directly to statutory compliance and the financial security of staff,” he said.

The Island learns that unless there is meaningful engagement from the authorities, the proposed token strike could mark the beginning of more stringent industrial action.

Energy sector observers warn that any escalation of trade union unrest at the CEB could have serious implications for the country’s power sector stability at a critical time.Further developments are expected following today’s media briefing.

By Ifham Nizam

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PM reveals allowances and perks available to MPs

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Prime Minister Dr. Harini Amarasuriya yesterday (19) revealed allowances and benefits provided to Members of Parliament at present.She did so while responding to a question raised by Samagi Jana Balawegaya MP Chaminda Wijesiri.

According to the disclosure:

An MP receives a monthly allowance of Rs. 54,285, with an entertainment allowance of Rs. 1,000 per month.

Driver allowance is Rs. 3,500 per month; however, if the MP is provided with a driver by the Ministry of Public Security and Parliamentary Affairs, no driver allowance is paid.

Telephone allowance is Rs. 50,000, while transport allowance is Rs. 15,000 per month.

Office allowance amounts to Rs. 100,000.

MPs attending parliamentary sessions receive Rs. 2,500 per day, while Rs. 2,500 per day are given for MPs attending committee meetings on non-sitting days.

Meanwhile, Members of Parliament also receive a fuel allowance based on the distance from their elected district to Parliament.

For national list MPs, this is calculated as 419.76 liters of diesel per month, paid at the approved market rate on the first day of each month.Dr. Amarasuriya also emphasised that these allowances are structured to cover official duties and transportation costs.

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