The ACCA Sustainability Reporting Awards 2024 celebrated a significant milestone of two decades of recognizing and promoting excellence in sustainability reporting.
Held at the Cinnamon Grand Colombo, this event acknowledged organizations demonstrating outstanding contributions to sustainable business practices, underscoring ACCA’s ongoing commitment to supporting the United Nations Sustainable Development Goals (UNSDGs).
Chaaminda Kumarasiri, Chairman, MNP of ACCA Sri Lanka, opened the event by reaffirming ACCA Sri Lanka’s continued dedication to fostering sustainability in business practices across the country.
Chief Guest Andrew Patrick, the British High Commissioner, outlined the pivotal role of sustainability in the modern business landscape and highlighted the necessity for businesses to evolve in response to global challenges and play an active role in addressing sustainability issues.
In a virtual address, Emmeline Skelton, Senior Subject Manager for Sustainability at ACCA UK, shared her expert insights into the future of sustainability reporting, encouraging large corporations to go beyond conventional frameworks and urging them to lead the way with impactful initiatives that drive change.
A highlight of the evening was the introduction of the ACCA Professional Diploma in Sustainability by Aruni Rajakarier, an ACCA member. This programme, designed to equip individuals with the necessary expertise to champion sustainability, promises to be a key resource for professionals aiming to integrate sustainability into their corporate strategies.
The event also took a moment of reflection as attendees observed a heartfelt silence in honour of the late Franklyn Amerasinghe, a former consultant to the Panel of Judges, whose invaluable contributions to advancing sustainability the ACCA community continues to appreciate.
The most anticipated part of the evening was the Awards Presentation, where H.E. Andrew Patrick, Chaaminda Kumarasiri, and Nilusha Ranasinghe awarded the winners. The distinguished panel of judges, led by Santhosh Jayaram, Adjunct Professor at the Amrita School of Sustainability Futures, offered their reflections on the sustainability initiatives showcased by the organizations.
Hayleys PLC emerged as the overall winner for its exceptional sustainability efforts. At the same time, Commercial Bank of Ceylon PLC was named the overall runner-up, recognized for its commitment to sustainable finance and practices.
Talawakelle Tea Estates PLC took the lead in the sector-specific categories in the Agriculture sector, with Horana Plantations PLC as the runner-up.
In Banking, Commercial Bank of Ceylon PLC claimed the top spot, followed by Sampath Bank PLC as runner-up. Hayleys PLC triumphed in the Conglomerates & Diversified category, with Diesel & Motor Engineering PLC being the runner-up. Dialog Axiata PLC led in Non-Financial Services, with Hayleys Advantis Limited awarded as the runner-up. Citizens Development Business Finance PLC emerged victorious in Other Financial Services, with Ceylinco Life Insurance Limited securing the runner-up position.
In Retail & Trading, Singer (Sri Lanka) PLC was recognized as the winner, while JAT Holdings PLC was the runner-up. RESUS ENERGY PLC stood out in the SME category, with Oxford College of Business (Pvt) Ltd being the runner-up.
John Keells Hotels PLC received top honours in Sustainable Tourism, with Aitken Spence Hotel Holdings PLC as the runner-up. Ceylon Cold Stores PLC excelled in the Food & Beverages category for its sustainable manufacturing processes, with Convenience Foods (Lanka) PLC following as the runner-up. In Manufacturing, Brandix Lanka (Private) Limited claimed the top award, with Hayleys Fabric PLC and HAYCARB PLC sharing the runner-up honours.
In addition to the category awards, Hayleys PLC received the Special Award for Risk Reporting, acknowledging its transparent and practical approach to risk management amid evolving global challenges.
Looking ahead, ACCA Sri Lanka remains committed to setting new benchmarks in sustainability, inspiring the adoption of sustainable practices across industries, driving positive change and contributing to a more sustainable future for businesses.
The Judges Report
According to the judging panel’s report, this year’s awards saw a significant rise in participation, with reports showing improved quality. Encouragingly, some reports went beyond compliance, demonstrating exceptional depth in sustainability reporting. A notable shift toward digital reporting streamlined the evaluation process, enabling judges to gain better insights into corporate sustainability strategies. The use of digital formats also added value in conveying key messages effectively.
Despite these advancements, most reports adhered to an integrated format, making them easier to reference but potentially limiting innovation in presentation. The judging panel also noted a lack of board-level involvement in sustainability initiatives, with few organizations demonstrating sustainability as a core part of their governance agenda.
Challenges in Corporate Sustainability Reporting
A recurring concern identified in the judging panel’s report was that sustainability remained a separate pillar in many organizations, with initiatives often detached from core business operations. The agriculture sector stood out as an exception, integrating sustainability deeply into its business model. Other industries, while making commendable efforts in community engagement and environmental rejuvenation, need to emphasize value chain impacts more.
Risk reporting also emerged as an area requiring improvement. Many reports were overly focused on risks rather than opportunities, reflecting a cautious corporate culture that hinders innovation and the transition to low-carbon business models. With mandatory IFRS Sustainability Reporting Standards on the horizon, a shift from risk aversion to risk awareness is essential.
Gender Reporting and Labour Force Participation
A major shortfall identified by the judging panel was gender reporting. The judges chose not to select a winner in this category, citing a lack of meaningful data and measurable goals. Despite women forming the backbone of key export industries, such as agriculture and apparel manufacturing, their underrepresentation in higher employment categories highlights persistent gender inequalities. Female labour force participation has now dropped to a decade-low of 29%, raising concerns over workforce inclusivity and economic sustainability.
Future Directions
With global sustainability reporting becoming mandatory, Sri Lankan corporations must strengthen board-level sustainability governance. Boards are expected to institutionalize sustainability reporting processes, aligning them with corporate strategy and oversight mechanisms. This will require capacity building at all organizational levels to embed sustainability into day-to-day operations rather than relying on project-based approaches.
Internal controls over sustainability information must also be as robust as financial reporting, aligning with IFRS S1 guidelines. Holding companies, in particular, need to integrate sustainability reporting across group-wide operations to enhance accountability and compliance.
A more structured approach to risk management—considering short, medium, and long-term risks and opportunities—will enhance institutional resilience and strategic planning. This will facilitate smarter resource allocation, ensuring companies are prepared for regulatory shifts in sustainability disclosures.
Addressing Broader Sustainability Concerns
The judging panel’s report emphasized aligning sustainability reporting with national and global priorities, particularly Sri Lanka’s progress in the UN Sustainable Development Goals (SDGs). The country has regressed on Goal 8: Decent Work and Economic Growth, with concerns over child labour and compliance with labour rights. Corporations are urged to assess their value chains and strengthen procurement processes to support national initiatives addressing these issues.
Workforce retention remains challenging, with limited corporate focus on human capital development. Intellectual capital investments, particularly in employee education and long-term career development, are crucial for sustaining a skilled workforce in Sri Lanka.
As Sri Lanka moves toward a more regulated sustainability reporting environment, organizations must take proactive steps to integrate sustainability into governance, risk management, and core business strategies. The ACCA Sustainability Reporting Awards will continue to push for higher reporting standards, ensuring that corporate accountability remains at the forefront of business decision-making.
About ACCA
ACCA is a globally recognized professional accountancy body that provides qualifications and sets advanced standards in accountancy worldwide. Established in 1904 to expand access to the profession, it supports a diverse community of over 252,500 members and 526,000 future members across 180 countries.
Employers across sectors widely respect its qualifications, continuous learning programmes, and insights. These offerings equip individuals with business and finance expertise and the ethical judgment necessary to create, protect, and report sustainable value for organizations and economies.
Aligned with its purpose and values, ACCA aims to develop the accountancy profession to meet global needs. It collaborates with policymakers, standard setters, donors, educators, and other professional bodies to strengthen the profession and contribute to a sustainable future.
Box Story
Panel of Judges
The judges’ panel was selected to ensure knowledge of sustainability and corporate reporting from varied stakeholder perspectives.
- Santhosh Jayaram: Chairman of the panel of judges; Adjunct Professor of Practice, Amrita School of Sustainable Futures, Amrita Vishwa Vidyapeetam
- Prof. Kennedy D. Gunawardana: Senior Professor Head of Department of Accounting, University of Sri Jayewardenepura
- Rathnakala Kumaragurunathan: Director of Investment Research, Acuity Knowledge Partners
- Shamindra Kulamannage: Co-Founder and Publisher, Echelon Media Group
- Imran Furkan: CEO, Tresync, Australia
- Roshini Fernando: Director, St. Clair Tea (Private) Ltd.
- Dr Nuwan Gunarathne: Senior Lecturer, Department of Accounting, University of Sri Jayewardenepura
- Nishantha Hewavithana: Senior Vice President, Research and Strategy, Colombo Stock Exchange
- Anusha Mohotti: Director General, Sri Lanka Accounting & Auditing
- Standards Monitoring Board (SLAASMB)
- Wei Yuan: ESG Officer, Asia Coordinator Sustainable & Finance Network, IFC
- Chamindry Saparamadu: Director General, Sustainable Development Council
- Dr Naveen Gunawardane: Co-Founder and CIO of Lynear Wealth Management