Sri Lanka’s fastest-growing life insurer, Softlogic Life has been ranked as the 7th most transparent listed company on the Colombo Stock Exchange as well as the most transparent insurance company in Sri Lanka by Transparency International Sri Lanka (TISL) in its latest report titled ‘Transparency in Corporate Reporting (TRAC): Assessing the Top 50 Listed Companies in Sri Lanka’. Softlogic Life has scored a TRAC score of 7.9, making it the only insurance company in Sri Lanka to be included in the top 10 list.
TISL’s report ranks companies on three different thematic areas related to corporate reporting: anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.
The research found that the average Top 50 listed company in Sri Lanka is moderately transparent with a score of 6.73 out of a possible maximum of 10. Encouragingly, amongst the key findings of the assessment was the fact that the companies reviewed had an average score of 86% in reporting on company holdings, which is considered significantly transparent. Furthermore, 31 companies were found to be fully transparent in terms of their domestic financial reporting.
Softlogic Life’s Integrated Annual Report provides a comprehensive and concise account of how the company has created value for its stakeholders in each financial year. Guided by integrated thinking, Softlogic Life began its integrated reporting journey in 2013, issuing Integrated Annual Reports in line with International Integrated Reporting Council (IIRC) framework, combining non-financial information with the company’s regular financial reporting.
“We are indeed honoured to be ranked as the top insurance company in Sri Lanka in TISL’s first ‘Transparency in Corporate Reporting’ survey, for the continuous measures we have taken to uplift transparency in our corporate reporting,” commented Softlogic Life Managing Director Iftikar Ahamed. “Transparency in corporate reporting holds the key to earning the trust of investors and other stakeholders. Global data highlights that growth of investors’ demands for more transparency and actionable insights from company reports. At the same time, finance leaders opine that investors increasingly consider non-financial information in their decision making and for supporting long-term value creation.”
Softlogic Life believes that TISL’s report is a significant opportunity for the company to relook at existing disclosure practices to start a progressive dialogue on potential innovations for the future. The company envisions in driving a culture of openness, authenticity and accountability through transparent corporate reporting, leading the insurance industry of Sri Lanka to build trust through a healthy corporate culture.
Information for the ‘Transparency in Corporate Reporting (TRAC): Assessing the Top 50 Listed Companies in Sri Lanka’ report was gathered from each company’s Annual Report by a team of TISL researchers. The selected companies were informed of the research being carried out and were requested to provide feedback on the preliminary findings, with publicly accessible information sources. Further information on the TRAC report and can be accessed at www.tisrilanka.org/TRAC.