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Five-way tie for first place in Transparency in Corporate Reporting (TRAC) Assessment 2023 by TISL

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Nadishani Perera, Executive Director, TISL speaks at the launch of the TRAC Assessment 2023. Nicole Elias, Programme Manager (Private Sector), TISL, and Fredrick Winslaw, Programme Officer (Private Sector), TISL also participated.

John Keells Holdings PLC and Teejay Lanka PLC who ranked first in previous Transparency in Corporate Reporting assessments are joined this year by Ceylon Tobacco Company PLC, Dialog Axiata PLC, and Dilmah Ceylon Tea Company PLC who have all achieved the full score for transparency in corporate reporting, while 27 companies are considered ‘Significantly Transparent’ in corporate reporting as per the latest TRAC assessment by Transparency International Sri Lanka (TISL).

TISL has been conducting the Transparency in Corporate Reporting (TRAC) Assessment since 2020 and has continued to do so annually. For the first time this year, there is a five-way tie for first place in corporate reporting among the top 125 public limited companies in Sri Lanka (based on market capitalisation on the Colombo Stock Exchange as of July 5th, 2023).

The TRAC 2023 Report, unveiled on Thursday (15), reveals that companies evaluated this year have achieved an average score of 5.85 out of 10. This marks a slight overall improvement compared to the previous year’s assessment, reflecting advancements in corporate transparency and reporting practices.

The TRAC Report 2023 assessed companies on their corporate disclosure practices in several important areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, organisational transparency, domestic financial reporting, reporting on gender and non-discrimination policies, country-by-country reporting, and reporting on procurement related to government contracts/tenders. Companies were then scored on a scale of 0-10, (10 being the highest and 0 being the lowest) based on publicly available information and were categorized into six groups as “Fully Transparent, Significantly Transparent, Moderately Transparent, Partially Transparent, Slightly Transparent, and Least Transparent” according to the level of transparency in their corporate disclosures. Companies were also given with the opportunity to provide feedback on their initial scores.

While congratulating the high scorers of the assessment, it is important to note that the TRAC report assesses transparency in corporate disclosures, and does not assess the actual implementation of companies’ anti-corruption policies or programmes. Therefore, a low score does not necessarily mean that a company does not have strong anti-corruption programmes, nor does it indicate any wrongdoing on the part of the company. Conversely, a high score may not always reflect operational and implementational success of anti-corruption programmes, but merely reflects strong disclosure mechanisms pertaining to anti-corruption, organisational transparency, domestic financial reporting, and policies on gender and non-discrimination.

TISL’s expectation is that periodic TRAC assessments will encourage companies to improve standards of integrity and transparency in business. The most important objective of this assessment is to encourage companies to incorporate and strengthen anti-corruption practices and to make this information publicly available.

As much as public sector corruption is a serious problem, so too is private sector corruption, wherein private sector actors can often be silent colluders or enablers of much larger public sector corruption. The newly enacted Anti-Corruption Act of 2023, for the first time in Sri Lanka recognizes bribery in the private sector as a punishable offence. This is further strengthened by the revised Listing Rules of the Colombo Stock Exchange, under which listed companies are required to adopt and maintain whistle-blower policies and anti-bribery and corruption policies and to make disclosures on said policies.

“Assessing corporate transparency through TRAC assessments will not address all grand corruption cases in Sri Lanka, as TISL also conducts research, engages in litigation and conducts other programmes and initiatives such as trainings on Anti-Bribery and Corruption for the private sector, to raise further awareness to address the issue of corruption. Nevertheless, corporate transparency is one step that companies can take to reduce the risk of corruption within their organisations” said Nadishani Perera, Executive Director, TISL. She continued to state that “Companies must commit to abide by the new regulatory standards, whilst also self-regulating to maintain higher standards than the minimum requirements. As such, periodic reviewing of corporate disclosures serves as a strong motivator for companies to regularly review their policies and improve their disclosures.”



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Govt. urged to take action against deputy minister

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Ajith / Eranga

Allegation of doing business with state:

Civil society activist Oshala Herath has said that regardless of the political party one represents, all members of Parliament should abide by the law of the land. Herath said so when The Island sought his response to a report that he was planning to move court against Deputy Minister Eranga Weeraratne, Deputy Minister of Digital Economy, accused of holding the top positions at Omobio (Pvt.) and Eimsky Business Solutions (Pvt.) Ltd., at the time of the nominations, and took oaths as a National List MP of the NPP government.

President Anura Kumara Dissanayake is the Minister of Digital Economy, in addition to being Minister of Defence and Finance.

Herath is the Chairman of Abhinawa Niwahal Peramuna. Herath, whose legal challenge to SJB MP Diana Gamage over her citizenship issue, led to her removal from Parliament by the Supreme Court on 08 May, last year. He said the latest case underscored the responsibility on the part of political parties to ensure transparency in the nomination process as well as in the finalisation of National List.

Herath pointed out that the court rulings on petitions filed by him against two serving MPs were pending. He moved court against Jaffna District Independent MP Ramanathan Archchuna for handing over nominations to contest the 2024 November parliamentary elections without resigning from his post as a government medical officer. He also moved court against Minister of Rural Development, Social Security and Community Empowerment, Dr. Upali Pannilage, alleging that he had been an employee of the University of Ruhuna at the time he was declared an MP and subsequently appointed as a Cabinet Minister.

Our efforts to contact Deputy Minister Weeraratne were in vain. Our calls went unanswered.

Pointing out that there were many attorneys-at-law in the current Parliament, Herath emphasised the responsibility on their part to take up the issue. The Speaker should, on his own, inquire into such allegations in addition to the Parliamentary Privileges Committee stepping in, Herath said. Responding to another query, Herath said that such violations as well as cases of conflict of interests were far more serious than the recent controversy over NPP National List MP Asoka Ranwala’s educational qualifications.

SJB MP Ajith P. Perera told The Island that the Deputy Minister concerned admitted in Parliament that he had held top posts in the companies mentioned at the time he took oaths as an MP. Therefore, there couldn’t be any ambiguity with regard to his fault. Perera said that the conflict of interest issue involving NPPer was far more serious.

Referring to the issue at hand that had been first raised by SJB lawmaker Amila Prasad Siriwardena in Parliament during committee stage of the debate on the 2026 Budget, Attorney-at-Law Perera said that Weeraratne’s companies were engaged in mega business deals with the government. Declaring that they had secured contracts for government projects since 2019, Perera said that one of the companies Weeraratne was involved in had recently won a major contract from the incumbent government regarding the electronic ticketing system.

Kalutara District MP called for a comprehensive inquiry into the issue as the NPP had come to power, accusing all other political parties of waste, corruption, irregularities and mismanagement of state funds. MP Perera queried whether the current dispensation followed proper procedures in selecting Weeraratne’s company for the ticketing project

Both Herath and Perera urged the JVP and NPP to look into what they called the Weeraratne affair.

Over the years, several MPs had been disqualified to hold parliamentary seats. Dr. Rajitha Senaratne is one of them. When the Court of Appeal dismissed Dr. Senaratne from Parliament for being a supplier to the government, Ranil Wickremesinghe brought him back to Parliament, through the National List.

MP Perera said that since the last parliamentary election, the NPP had been embroiled in many controversies, including the release of 323 containers from the Colombo Port, in January this year, followed by signing of seven Memorandums of Understanding (MoUs)/agreements with India in April.

By Shamindra Ferdinando

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India sends stock of life-saving medicines

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Misri with Colonne

The government has appealed to India for immediate help to overcome the serious shortage of life-saving drugs and injections.

The Sri Lankan High Commission in New Delhi confirmed the appeal made by the government. The following is the text of statement issued by the Sri Lankan mission in New Delhi: “The Foreign Secretary of India, Vikram Misri, over the weekend handed over a consignment of urgently required essential medicines to Sri Lanka’s High Commissioner to India, Mahishini Colonne, in New Delhi. The assistance, extended in response to a request from the Government of Sri Lanka, forms part of Operation Sagar Bandhu, India’s humanitarian mission supporting Sri Lanka’s relief, recovery, and reconstruction efforts following the devastating Cyclone Ditwah.

The consignment consists of over 400 boxes of life-saving medicines and injections, which will be airlifted to Colombo by an Indian Air Force C-17 aircraft, alongside further additional relief assistance from India.

Deputy Indian High Commissioner Pandey shaking hands with Health Minister Dr. Nalinda Jayathissa

Foreign Secretary Misri reiterated the condolences of the Government and people of India for the tragic loss of lives and the extensive damage to infrastructure caused by the Cyclone. He reaffirmed India’s steadfast commitment to supporting Sri Lanka’s immediate humanitarian needs as well as rebuilding and reconstruction efforts. He also highlighted India’s readiness to work with Sri Lanka on a mix of initiatives tailored to the needs of affected communities.

High Commissioner Colonne conveyed the sincere appreciation of the President, Government, and people of Sri Lanka for India’s timely, continuous, and sustained support, and handed over to the Foreign Secretary, a letter of gratitude from the President of Sri Lanka to the Prime Minister of India.

 Describing the extensive nature of the damage, the High Commissioner appreciated the ongoing and consistent engagement of the Indian High Commission in Colombo, in collaboration with government officials and local authorities in coordinating relief, rescue, and recovery efforts.

SLAF personnel unloading medicine from IAF transport plane

The High Commissioner also requested India’s support in sharing its expertise and leadership in enhancing disaster-response capabilities and disaster-resilience frameworks, especially lessons from Odisha and Andhra Pradesh, both globally recognized for their advanced disaster resilience frameworks. Apart from this support that is under discussion, the New Delhi-based Coalition for Disaster Resilient Infrastructure (CDRI) has also been requested to undertake a visit to Sri Lanka to explore avenues for strengthening Sri Lanka’s disaster resilient infrastructure capacities. Noting the importance of having an effective and real-time warning system, efforts are being made to deploy a team to explore the establishment of an early warning system that would provide real-time geo-targeted alerts to citizens.

The High Commissioner reiterated Sri Lanka’s gratitude to the Government and people of India for their continued solidarity under Operational Sagar Bandhu, reaffirming the strength of the longstanding partnership between the two nations.”

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George Keyt Foundation contributes to national disaster relief efforts

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(L-R): The donation was handed to Prime Minister Harini Amarasuriya by Professor Jagath Weerasinghe (Trustee), Suresh Dominic (Treasurer), Malaka Talwatte (Chairman) and Abbas Esufally (Trustee) of the George Keyt Foundation.

The George Keyt Foundation (GKF) has extended meaningful support to the Government of Sri Lanka’s disaster relief efforts following the severe devastation caused by Cyclone Ditwah.

The text of the press release issued by the GKF: “In 2023, the Foundation undertook its first major fundraiser in recent years by issuing 30 numbered limited edition prints of Kangodi Rangi, a painting by George Keyt entrusted to the Foundation. Twenty-eight prints were acquired by donors to support charitable causes, while another was gifted to the President’s collection. Print Number 1 of 30 was retained to support the Foundation’s long-term priorities.

In light of the unprecedented impact of Cyclone Ditwah and the urgent national need for disaster assistance, the trustees unanimously resolved to seek a donor for Print Number 1 of 30, with clear disclosure that the proceeds would be channeled directly to the Government’s disaster relief programme. This appeal received an immediate response, resulting in a private donation of Rs. 3 million.

The contribution was formally handed over to Prime Minister Harini Amarasuriya for utilisation in the Government’s ongoing relief and recovery efforts.

The George Keyt Foundation is honoured to support the people of Sri Lanka at this critical moment and reaffirms its commitment to serving national needs while preserving and promoting the artistic legacy of George Keyt.

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