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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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Women’s T20 World Cup 2026 warm-up: Chamari Athapaththu’s 94 helps Sri Lanka beat Pakistan

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File photo: Chamari Athapaththu top-scored for Sri Lanka (Cricinfo)

Captain Chamari Athapaththu’s 94 helped Sri Lanka chase down 169 with ease against Pakistan. Athapaththu and Vishmi Gunaratne together started strongly, putting up a 159-run stand as Sri Lanka won with eight balls to spare.

With the ball, right-arm seamer Chethana Vimukthi, who was called up as the injured Shashini Gimhani’s replacement. for the T20 World Cup, made an impact for Sri Lanka, finishing with figures of 4 for 31. Vimukthi broke the 60-run stand between openers Muneeba Ali and Gull Feroza, following which Pakistan lost wickets regularly. Captain Fatima Sana top-scored for Pakistan from No. 7 with 37 to push the total past 150. In reply, Sri Lanka made easy work of the chase, with Athapaththu itting five sixes and nine fours in her 56-ball stay.

Scores:

Sri Lanka Women 169 for 1 in 18.4 overs (Chamari Athapaththu 94, Vishmi Gunaratne 63*; Fatima Sana 1-20 ) beat Pakistan Women  168 for 8 in 20 overs (Muneesha Ali 36, Gull Feroza 26. Ayesha Zafar 10, Saira Jabeen 12,  Fatima Sana 37, Aliya Riyaaz 22;  Sugandika Kumari  1-33,  Chethana Vimukthi 4-31, Malki Madara 1-19, Nimasha Meepage 1-16) by nine wickets

(Cricinfo)

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Open hearing on coal procurement inquiry set for July first week

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Open hearing of evidence into alleged irregularities in coal procurement is scheduled to begin in the first week of July, while the Presidential Commission of Inquiry continues recording statements from relevant officials, investigators said.

So far, the Commission has recorded statements from around 40 government officials, including members of procurement committees and other personnel attached to institutions involved in coal-related transactions.

Officials said that, depending on evidence gathered during the ongoing inquiry, statements may also be obtained from former ministers if required.

The Commission has also received 28 complaints in connection with alleged irregularities in coal imports and related procurement processes.

President Anura Kumara Dissanayake on April 17 appointed a three-member Presidential Commission of Inquiry under the Special Presidential Commissions of Inquiry Act No. 07 of 1978 to probe alleged malpractice in coal imports and electricity generation since the inception of coal-based power generation up to April 16, 2026.

The Commission is chaired by Supreme Court Justice Gihan Kulatunga, with Court of Appeal Judge Aditya Patabendige and High Court Judge Sanjeewa Somaratne serving as members. Former State Ministry Secretary P.V. Bandulasena acts as Secretary to the Commission.

The inquiry covers alleged procurement irregularities, possible financial losses to the State, import of substandard coal, quality inspection failures, contractual breaches and operational issues in power generation, including whether corrective measures were taken where necessary.

It will also identify responsible political authorities, officials of Sri Lanka Coal Company (Private) Limited and suppliers, while recommending legal or administrative action and measures to prevent future lapses.

Meanwhile, the Committee on Public Enterprises (COPE) is also preparing to table its report on coal procurement in Parliament, with officials from relevant institutions having been summoned during its proceedings. COPE Chairman MP Dr. Nishantha Samaraweera said audit findings had also been considered, and any matters requiring further investigation would be referred to law enforcement and anti-corruption authorities.

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TNA MP calls for complete repeal of PTA

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Trincomalee District TNA MP Shanakiyan Rasamanickam has submitted a motion to Parliament calling for the immediate repeal of the Prevention of Terrorism Act (PTA), arguing that the controversial law has enabled arbitrary detention, torture and the targeting of minority communities for more than four decades.

In his motion, now published in the Addendum to the Order Book of Parliament, the MP urged the Government to repeal the Prevention of Terrorism Act, No. 48 of 1979, in its entirety and refrain from introducing any replacement legislation containing similar provisions.

Rasamanickam contended that the PTA had been used for over 40 years to facilitate prolonged arbitrary detention and to obtain false confessions through torture. He further alleged that the law had disproportionately affected minority communities and civil society groups.

The motion states that there is no justification for maintaining a permanent counter-terrorism law that grants sweeping powers to the authorities.

The TNA legislator argued that existing legal provisions were sufficient to address security threats, noting that terrorism-related offences could already be prosecuted under the Penal Code.

He also pointed out that the Government retained the power to declare a state of emergency when circumstances warranted extraordinary measures, rendering a permanent anti-terrorism framework unnecessary.

Accordingly, the motion calls on Parliament to resolve that the Government take immediate steps to abolish the PTA without replacing it with legislation containing comparable powers.

The Prevention of Terrorism Act, enacted in 1979, has long been the subject of criticism from human rights organisations, civil society groups and international bodies, which have raised concerns over provisions relating to detention without trial and safeguards against abuse.

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