23rd April 2025: As Sri Lanka continues its journey towards a transparent, accountable, and sustainable corporate environment, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will proudly commemorate a remarkable milestone – the 60th anniversary of the TAGS Awards, the country’s most prestigious platform recognising excellence in corporate reporting.
What began in 1964 as the Annual Report Awards Competition has transformed into an important benchmark in Sri Lanka’s corporate landscape. Reconceptualised in 2022 as the TAGS Awards, which stands for Transparency, Accountability, Governance, and Sustainability, the competition reflects not only a new era of expectations in corporate disclosures but also CA Sri Lanka’s unwavering commitment towards strengthening the reporting framework in the country, in line with global best practices.
As the nation continues to navigate complex economic, social, and environmental challenges, the TAGS Awards, with a history spanning six decades, remain a vital force driving organisations in the country – ranging from multinationals to conglomerates and SMEs – towards better transparency, enhanced accountability, stronger governance, and a culture of sustainable business practices.
A Six-Decade Long Legacy
The journey of the TAGS Awards is deeply intertwined with Sri Lanka’s economic development. Over the last 60 years, the awards have become synonymous with high standards in financial and non-financial reporting. The competition has also adapted to the changing tides of the business world from traditional financial statements to comprehensive, integrated, and sustainability reporting, while always staying one step ahead.
For decades, the awards served as a benchmark for financial transparency. But as global reporting trends evolved and stakeholder expectations grew more complex, CA Sri Lanka recognised the need for a new direction. In 2022, the awards were reconceptualised and renamed the TAGS Awards to reflect a broader and more progressive vision. The rebranding was more than a name change; it was a shift towards embracing digitalisation, non-financial disclosures, environmental consciousness, and sound corporate ethics and governance
“As we celebrate the diamond jubilee of the TAGS Awards, it stands as a testament to our nation’s progress, reflecting the strides we have made in fostering accountability, innovation, and impactful corporate reporting. These awards embody our collective journey toward raising standards and creating a transparent, sustainable business environment that drives Sri Lanka’s growth and development,” said Mr. Heshana Kuruppu, President of CA Sri Lanka.
Shaping the Future of Corporate Reporting
At a time when stakeholders demand greater transparency from companies, the TAGS Awards serve as a trusted platform that encourages clarity, ethical conduct, and meaningful communication. The awards recognise how well organisations report on their financial performance as well as their environmental impact, governance frameworks, technological adoption, and social responsibility.
“The TAGS Awards is more than an accolade, it is a movement toward responsible businesses,” said Mr. Tishan Subasinghe, Vice President of CA Sri Lanka. “By setting benchmarks and recognising excellence, we empower organisations to go beyond compliance and embrace reporting as a strategic tool for long-term value creation.”
TAGS Compliance Badge
In recognition of the evolving role of corporate reporting in today’s economy, CA Sri Lanka also introduced the TAGS Compliance Badge in 2024. Officially launched at a bell-ringing ceremony at the Colombo Stock Exchange (CSE), the badge is awarded to participating organisations that meet CA Sri Lanka’s rigorous evaluation criteria. It symbolises adherence to global best practices and a company’s commitment to the core values of TAGS: Transparency, Accountability, Governance, and Sustainability.
The badge is also featured on the CSE website, offering further visibility to recognised companies and reinforcing their public image as responsible corporate citizens.
Embracing Innovation
As the world enters an era defined by data and technology, leveraging advanced tools to assess organisational performance has become essential. In 2024, the TAGS Awards introduced a pioneering initiative by incorporating Artificial Intelligence (AI) into its evaluation process — a first in the history of the competition. This groundbreaking step marks a significant milestone, reinforcing CA Sri Lanka’s commitment to innovation and ensuring the awards remain at the forefront of global trends in corporate reporting. Notably, this is the first time AI has been utilised in the evaluation process of an award ceremony of this magnitude.
Why Join TAGS Awards 2025?
The 60th anniversary of the TAGS Awards is not just a celebration of past achievements; it’s a call to action for the future. CA Sri Lanka invites all eligible organisations, from established conglomerates to dynamic SMEs, to take part in the TAGS Awards 2025. Participation offers a platform to benchmark reporting practices, gain national recognition, and contribute to elevating corporate reporting standards in the country.
Organisations that enter the awards not only demonstrate compliance but also reflect a strategic commitment to stakeholder engagement, sustainable operations, and ethical governance. Winners receive public recognition and the prestigious compliance badge, which can be used across branding and communication channels as a powerful testament to reporting excellence.
“As Chair of the TAGS Awards Committee, I am immensely proud of the legacy of progress we’ve made over the past six decades,” said Ms. Chamila Cooray, Chairperson of the TAGS Awards Committee. “Our mission is to foster a culture of transparency, accountability, governance, and sustainability. TAGS is the gold standard in this space and continues to serve as a catalyst for continuous improvement across Sri Lanka’s corporate sector encouraging commitment and innovation across the organisation.”
A Celebration of Progress
As the Diamond Jubilee of the TAGS Awards approaches, CA Sri Lanka reflects not only on a remarkable 60-year journey but also on the collective efforts of the corporate sector to build a more transparent and accountable Sri Lanka.
The awards stand today as a true celebration of progress—an enduring legacy that has helped shape and guide how Sri Lankan organisations communicate with stakeholders, regulators, investors, and the public. “In this fast-changing world, corporate reporting is more important than ever,” emphasised Ms Lakmali Priyangika, Chief Executive Officer of CA Sri Lanka. She highlighted that it is not only about performance but also about trust. “Through the TAGS Awards, we continue to build that trust, one annual report at a time,” she added.
