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ICC Sri Lanka celebrates the Most Admired Companies of 2022
The highly anticipated annual event celebrating Sri Lanka’s Most Admired Companies (MAC Awards) for 2022 took place recently, captivating an audience of distinguished corporate leaders and esteemed diplomats. The award ceremony, organized by ICC Sri Lanka, AICPA & CIMA and DailyFT unveiled and recognized the exceptional accomplishments of these top-ranking companies in the country.
The companies awarded were recognized, for their exceptional performance, innovation, and overall impact on the economy. The main criteria they were judged for were their financial performance, ability to practice environmentally sustainable governance and ethical business practices for their employees, customers, investors and the community.
The Top Ten Companies of 2022:
Aitken Spence PLC
Bank of Ceylon
CBL Investments Ltd.
Ceylinco Insurance Ltd.
Commercial Bank of Ceylon PLC
Dilmah Ceylon Tea Company PLC
Hatton National Bank PLC
LOLC Holdings PLC
National Savings Bank PLC
Sri Lanka Telecom PLC
The event also paid tribute to five honourable mentions for their commendable contributions to the business landscape:
DFCC Bank PLC
Global Rubber Industries Ltd.
NDB Bank PLC
People’s Bank
Sampath Bank PLC
Shanil Fernando, Chairman of ICC Sri Lanka, said that “MAC awards were started by Dinesh Weerakkody the past ICC Chairman. ICC Sri Lanka, AICPA & CIMA and DailyFT are truly honoured to recognize and celebrate the remarkable achievements of ‘The Most Admired Companies in Sri Lanka’. These organizations have not only demonstrated exceptional business acumen but have also shown their commitment to innovation, sustainability, and societal impact. Their contributions play a pivotal role in driving the nation’s economic growth and shaping a brighter future for us all. The Most Admired Company Awards serve as a testament to their dedication and inspire others to strive for excellence.”
The event was graced by Chief Guest Secretary to the President, Saman Ekanayake, and the keynote speech was delivered by Katsuki Kotaro, Deputy Head of Mission for Japan in Sri Lanka.
The evaluation process was meticulous, involving a Financial Evaluation undertaken by a team of highly qualified CIMA members (CGMAs). Subsequently, the KPMG team ratified the scores and selected the Top 20 organizations for the next round of assessments. The second phase included compelling presentations by the shortlisted companies to the panel of judges. This dynamic element of the competition witnessed the top management of these companies actively engaging with the judges, showcasing their vision and strategies.
The organizing bodies, ICC Sri Lanka and AICPA & CIMA seized the occasion to present their budget proposals for the 2024 National Budget to Mr. Ekanayake, further emphasising the alignment of these institutions with the nation’s economic aspirations.
The MAC Awards is not just a celebration of business excellence but a testament to the innovation, dedication, and resilience that defines Sri Lanka’s corporate landscape. As the spotlight shines on these remarkable companies, it also illuminates the path for future endeavours, inspiring others to reach similar heights of distinction.
News
Ex-lawmakers group calls for IPU’s intervention to check “irregularities” in Parliament
Association of Former Members of Parliament of Sri Lanka has requested the Inter-Parliamentary Union to inquire into, what the group calls, institutional irregularities in Parliament.
The Association cited the decision taken by the Attorney General not to appear for Speaker Dr. Jagath Wickremeratne, in a case filed in the Court of Appeal by sacked Deputy Secretary General of Parliament Chaminda Kularatne, to underscore the need for IPU’s intervention.
The following is the text of the letter signed by former JVP MP Premasiri Manage, on behalf of the Association: We write to Your Excellency on behalf of the Association of Former Members of Parliament of Sri Lanka, an independent body representing former legislators who have served the Parliament of Sri Lanka across successive administrations. The Association is committed to upholding democratic values, parliamentary traditions, institutional integrity, and the rule of law within Sri Lanka’s governance framework. It is with grave concern that we bring to your attention a series of developments that, in our respectful view, seriously undermine parliamentary democracy, administrative fairness, and institutional independence in Sri Lanka.
1. Unlawful Cancellation of Parliamentary Pensions
The present Government of Sri Lanka has, through actions that we consider both unlawful and unethical, cancelled the pension entitlements of former Members of Parliament. This decision appears to have been taken arbitrarily, without adherence to established legal principles, legitimate expectations, or due process, thereby undermining the dignity and security of those who have served in the national legislature.
2. Illegal and Malicious Interdiction of the Deputy Secretary General of Parliament
We wish to draw urgent attention to the interdiction of the Chief of Staff and Deputy Secretary General of Parliament, which raises serious concerns regarding abuse of authority and interference in administrative due process. According to material presently before the Court of Appeal of Sri Lanka (CA/Writ Application No. 109/2026), the interdiction:
• Was imposed through the Parliamentary Staff Advisory Committee (PSAC), which lacks lawful authority to exercise such disciplinary powers, rendering the action ultra vires;
• Was based on a preliminary inquiry conducted without proper legal mandate, thereby invalidating the process from its inception;
• Was not the result of an independent administrative determination, but was carried out following the direct personal intervention and influence of Speaker, Dr. Jagath Wickramaratne;
• Appears to have been driven by personal and retaliatory considerations, amounting to a malicious exercise of authority rather than a lawful disciplinary process.
Importantly, it is also noted that the Attorney General of Sri Lanka has withdrawn from appearing on behalf of the Hon. Speaker in the related proceedings, reportedly in view of serious procedural irregularities associated with the interdiction process. The Speaker has consequently retained private legal counsel. This development strongly indicates that serious legal and procedural defects exist in the interdiction process, further reinforcing concerns regarding its legality and propriety. It is therefore evident that the lawful disciplinary framework vested in the Secretary General of Parliament was bypassed, resulting in a serious violation of the principles of natural justice, institutional independence, and the rule of law.
3. Discrimination and Harassment within Parliamentary Administration
We are also deeply concerned by credible allegations of discrimination and harassment within the parliamentary administrative structure, which, in our respectful view, have arisen as a result of the interference of the present Speaker in the administrative affairs of Parliament, thereby undermining the independence of the parliamentary administration. These concerns include:
• Discriminatory conduct affecting senior officials, including the Deputy Secretary General;
• Harassment and discriminatory treatment of female staff members within Parliament;
• The resignation of one female officer due to such circumstances;
• Confirmed findings of harassment in respect of another female officer attached to the Information Technology Division, as established by a report submitted by a former High Court Judge.
These incidents indicate a disturbing pattern of administrative misconduct and a failure to ensure a safe, independent, and professional working environment within Parliament.
3. Broader Institutional Concerns
The above matters collectively raise serious concerns regarding:
• The erosion of the independence of parliamentary administration;
• Abuse of authority and concentration of power;
• Undermining of due process and established legal frameworks;
• A broader decline in adherence to democratic governance standards.
Request for Engagement
In light of the foregoing, we respectfully request that the Inter-Parliamentary Union:
1. Intervene and monitor the situation;
2. Call for reports and clarifications from the Speaker and senior parliamentary administration;
3. Facilitate independent review and observation of relevant judicial proceedings;
4. Promote accountability and restoration of institutional integrity within Parliament.
Given the IPU’s distinguished role in safeguarding parliamentary democracy and promoting good governance worldwide, we firmly believe that your timely engagement will contribute significantly to restoring institutional integrity and public confidence in Sri Lanka’s Parliament.
News
Power and Energy Minister, Ministry Secy resign over coal probe
Power and Energy Minister Kumara Jayakody and Ministry Secretary Prof. Udayanga Hemapala have resigned from their posts.According to the President’s Media Division (PMD), the two officials submitted their letters of resignation to President Anura Kumara Dissanayake this afternoon.
The resignations come in the wake of a Special Presidential Commission of Inquiry appointed to probe possible unlawful activity and financial irregularities in coal procurement and power generation.
The PMD said the decision was taken to ensure that the Commission’s work proceeds without interference or perceived influence from individuals holding office.
Minister Jayakody, in his resignation letter, noted that following the appointment of the Commission, he had requested that investigations into coal imports, since 2009, be referred to the Criminal Investigation Department (CID), describing it as part of the government’s anti-corruption mandate.
He added that the inquiry should be conducted independently and without bias, and said his continued presence in office could be perceived as an obstacle to the process.
Prof. Hemapala, in his resignation letter, said his decision was intended to facilitate the commencement of investigations and ensure a transparent and independent process, the PMD said.
The Special Presidential Commission was recently appointed to examine allegations of irregularities in coal imports and electricity generation over a prolonged period and to recommend corrective measures.
News
President appoints Commission to probe irregularities in coal imports from inception of Norochcholai
President Anura Kumara Dissanayake yesterday appointed a Presidential Commission of Inquiry to investigate alleged irregularities in coal imports and electricity generation, amid concerns over possible financial losses to the State.
The President’s Office said the Commission would examine transactions from the inception of coal-based power generation in Sri Lanka up to April 16, 2026, focusing on operations linked to the CEB-affiliated Lanka Coal Company (Pvt) Ltd., its successors, and private suppliers.
The three-member body is chaired by Supreme Court Justice Gihan Kulatunga, with Court of Appeal Justice Adithya Patabendige and High Court Judge Sanjeewa Somaratne as members. Former Ministry Secretary P.V. Bandulasena has been appointed Secretary to the Commission.
Appointed under the Special Presidential Commissions of Inquiry Act No. 07 of 1978, as amended, the Commission has been mandated to scrutinise procurement procedures, supply chains, quality testing, and operational processes connected to coal imports and utilisation.
The Commission has been tasked with the following mandates:
• To determine whether irregularities or illegal acts occurred in the procurement process for coal imports and to assess any resulting financial loss to the government.
• To investigate whether substandard coal was imported during the relevant period and to examine the entire associated workflow, including procurement, supply, quality testing, operational, and utility processes.
• To ascertain whether electricity generation using imported coal reached the expected levels of efficiency and productivity.
• To investigate whether legal or financial irregularities or illegal acts occurred during the power generation process if substandard coal was indeed utilized.
• To examine whether there were any breaches of expressed terms or conditions in these processes and, if so, whether measures such as withholding payments or other compensatory actions were taken.
• To identify the political authorities, government officials, officers of Lanka Coal Company (Pvt) Ltd, suppliers, or their agents responsible for any such incidents and to recommend future action to be taken against them.
• To propose measures to prevent the recurrence of such alleged malpractices or illegal acts in the future and to ensure proper governance and integrity.
In addition to the above, the Commission will also report on any other alleged malpractices or illegal acts related to coal importation and electricity generation, and recommend preventive measures to address such issues.
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