Receives top honours for ‘Corporate Governance Disclosure’ in Financial Services sector and as Best in Private Banking sector
Wins overall Silver and Bronze for ‘Digitally Transformative Reporting’ and ‘Excellence in Corporate Reporting’
The Commercial Bank of Ceylon won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, reaffirming the Bank’s prowess in financial reporting through its Annual Report for 2023.
Excelling in the four pillars recognised by the awards programme – Transparency, Accountability, Governance, and Sustainability, Commercial Bank was presented the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector and Gold for the Best Annual Report among the private sector banks. The Bank also won the Silver for ‘Digitally Transformative Reporting’ across all sectors, as well as the overall Bronze award for Excellence in Corporate Reporting.
“Our consistent recognition at the CA Sri Lanka TAGS awards is extremely relevant to all stakeholders because it ratifies the Bank’s commitment to Transparency, Accountability, Governance, and Sustainability in its financial reporting,” Commercial Bank Managing Director/CEO Mr Sanath Manatunge said. “Every year, our business grows exponentially in size and complexity as global standards change and customer expectations rise. This requires changes and additions to the content we provide in our Annual Reports. These prestigious awards are an appropriate tribute to the professionalism and passion of our Annual Report team to ensure we always meet the highest local and global standards in financial reporting.”
CA Sri Lanka’s Annual Report Awards Competition has been in existence for 58 years and was rebranded as TAGS Awards in 2022. The 2024 awards saw leading diversified conglomerates, sector-leading corporates, multinationals, SMEs and non-profit organisations being recognised for their commitment to producing outstanding annual corporate reports that go beyond meeting regulatory requirements and also contribute to the broader goals of fostering trust, ethical conduct and environmental stewardship.
Titled ‘In Context, Navigating storms together with conviction, courage and empathy’ the Commercial Bank’s 55th annual report presents comprehensive information on all aspects of performance and governance in respect of 2023. “This report effectively communicates the Bank’s efforts to create value for all its stakeholders across the short, medium and long-term through its business model, and identifies the emerging developments and trends that are likely to impact the business model and the value-creating process,” the Bank said in the report’s preamble.
Commercial Bank’s annual reports have consistently been recognised with local and regional awards for many years. The Bank has been awarded the Cyril Gardiner Memorial Trophy presented by CA Sri Lanka for Overall Excellence in Financial Reporting 10 times and has also won the Edmund J. Cooray Memorial Trophy for the Best Annual Report among Banking Institutions presented by CA Sri Lanka on 17 occasions.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives. The Bank’s fully-owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its branch network.
Photo caption:
Commercial Bank Chairman Mr Sharhan Muhseen and Managing Director/CEO Mr Sanath Manatunge accept one of the four TAGS awards won by the Bank.
