In a resounding display of financial prowess and commitment to excellence, the Commercial Bank of Ceylon has emerged victorious at the prestigious CA Sri Lanka TAGS Awards 2023, securing three Gold awards and an additional Bronze accolade. The Bank's outstanding performance in the realm of transparency, accountability, governance, and sustainability, as epitomized in its 2022 Annual Report, garnered recognition across multiple categories.
Standing tall as the epitome of corporate governance, the Commercial Bank clinched two Golds in the main category awards for 'Corporate Governance Disclosure' and 'Digitally Transformative Reporting.' Further underscoring its dominance in the banking sector, the institution secured the Gold for the 'Best Annual Report in the Banking Sector.' The Bank's exceptional efforts were acknowledged with a Bronze award for 'Overall Excellence in Corporate Reporting.'
Expressing elation at the remarkable achievement, Sanath Manatunge, Managing Director/CEO of Commercial Bank, remarked, “We are absolutely delighted to win these prestigious awards, which are a fitting reward for the tremendous effort made by our Annual Report team to meet the highest local and global standards in financial reporting.”
Emphasizing the Bank's commitment to transparency, accountability, governance, and sustainability, Manatunge added, “The TAGS awards are particularly important because of their focus on four of the most important pillars of disclosure. Transparency, Accountability, Governance, and Sustainability are embedded in the core values of the Bank, and Commercial Bank places extra emphasis on these areas when producing its Annual Report.”
The CA Sri Lanka TAGS Awards, with a legacy spanning over 57 years, underwent a conceptual transformation in 2022, aligning itself with the principles of Transparency, Accountability, Governance, and Sustainability. In the 2023 edition, leading corporations, conglomerates, SMEs, and non-profit organizations were recognized for their outstanding annual reports, acknowledged not only for meeting regulatory requirements but also for contributing to broader goals of trust-building, ethical conduct, and environmental stewardship.
Titled ‘In Context, Weathering a perfect storm,’ Commercial Bank’s 2022 annual report stands as the institution's 54th annual report. It provides comprehensive insights into the Bank's performance and governance against the backdrop of significant adversities, shaping what the Bank refers to as a "perfect storm" in Sri Lanka. The report details how the Bank navigated this challenging terrain, showcasing resilience through prudent strategies, technological advancements, customer-centric decision-making, and operational efficiencies.
This triumph at the TAGS Awards adds to Commercial Bank’s legacy of excellence, with its annual reports consistently garnering recognition through local and regional awards over the years. The Bank's commitment to transparency and financial stewardship continues to set benchmarks in the banking industry, reflecting a steadfast dedication to excellence and innovation.
Commercial Bank of Ceylon continues to etch its name in the annals of financial reporting excellence, clinching prestigious awards that underscore its unwavering commitment to transparency and innovation. The institution has been honored with the Cyril Gardiner Memorial Trophy for Overall Excellence in Financial Reporting an impressive 10 times, a testament to its consistent pursuit of financial reporting standards that surpass expectations.
Adding another feather to its cap, Commercial Bank has claimed the Edmund J. Cooray Memorial Trophy for the Best Annual Report among Banking Institutions a remarkable 17 times. This distinction, presented by CA Sri Lanka, acknowledges the Bank's perennial excellence in crafting comprehensive and insightful annual reports that set industry benchmarks.
The latest jewel in Commercial Bank's crown comes from the 2022 Annual Report, which has not only garnered acclaim locally but has also been recognized on the global stage. At the 2023 MerComm ARC Awards, the world's largest annual report competition, Commercial Bank's report stood tall, securing five prestigious awards. This international recognition reinforces the Bank's ability to weave narratives of financial performance, strategy, and governance into a compelling and globally acknowledged story.
As the Cyril Gardiner Memorial Trophy and the Edmund J. Cooray Memorial Trophy find a familiar home at Commercial Bank, and the 2023 MerComm ARC Awards celebrate its prowess on the global stage, the institution's legacy of financial reporting excellence shines brighter than ever. This impressive track record not only reflects the Bank's dedication to upholding the highest standards in financial reporting but also signifies its role as a trailblazer in the dynamic landscape of global banking. As Commercial Bank continues to redefine the contours of financial transparency, its accolades stand as beacons, guiding the industry towards a future marked by excellence and innovation.
In the tapestry of financial reporting excellence, Commercial Bank of Ceylon has woven a decade-long narrative of triumph and distinction. The repeated accolades, including the prestigious Cyril Gardiner Memorial Trophy for Overall Excellence in Financial Reporting and the Edmund J. Cooray Memorial Trophy for the Best Annual Report among Banking Institutions, underscore the bank's unwavering commitment to setting and surpassing industry standards.
With an astounding ten victories for the Cyril Gardiner Memorial Trophy and an unparalleled seventeen triumphs for the Edmund J. Cooray Memorial Trophy, Commercial Bank stands as a beacon of consistency and innovation in the realm of financial reporting. These trophies, presented by CA Sri Lanka, symbolize not just recognition but a testament to the institution's dedication to crafting insightful, comprehensive, and industry-defining annual reports.
The brilliance of Commercial Bank's financial reporting extends far beyond national borders. The global stage bows to its prowess, as evidenced by the five awards clinched at the 2023 MerComm ARC Awards, the world's largest annual report competition. This international recognition not only elevates the Bank's standing on a global scale but also reinforces its ability to communicate financial narratives that resonate across diverse audiences.
As we conclude this chapter of accolades, Commercial Bank's legacy of financial reporting excellence stands illuminated, casting a radiant glow over its past achievements and pointing the way forward. This consistent pursuit of excellence not only solidifies the bank's position as a trailblazer in the dynamic landscape of global banking but also sets a high standard for industry peers to aspire to.
As Commercial Bank continues to redefine financial transparency and storytelling, these accolades serve as more than mere trophies—they are markers of a journey marked by unwavering commitment, innovation, and a relentless pursuit of excellence. In the years to come, the legacy of Commercial Bank of Ceylon in financial reporting will undoubtedly continue to shine brightly, inspiring the industry to reach new heights of transparency, integrity, and strategic communication.