DIMO, one of Sri Lanka’s leading conglomerates, was adjudged the “Overall Winner” for the sixth consecutive year at the CMA Excellence in Integrated Reporting Awards 2020, organised by The Institute of Certified Management Accountants of Sri Lanka (CMA) recently. DIMO also bagged the “Special Award for Best Concise Integrated Report”, “Award for the Ten Best Integrated Reports” and “Special Award for Integrated Thinking” for its recent Annual Report at the event, making it a memorable night for the company.
DIMO has been a pioneer of integrated reporting in Sri Lanka, and is the only Sri Lankan entity to have been a part of the International Integrated Reporting Committee’s pilot programme leading to the establishment of the Integrated Reporting Framework. Over the years, DIMO has always received positive feedback from numerous international experts for consistently conveying the company’s value creation story in a compellingly readable, clear and concise manner through all their Annual Reports.
DIMO’s continuous efforts to maintain the highest level of adherence to the Integrated Reporting Framework issued by the International Integrated Reporting Council and how the company has thereby articulated integrated thinking in its recent Annual Reports has enabled it to win these prestigious accolades for several consecutive years.
DIMO Chairman & Managing Director Mr. Ranjith Pandithage stated, “Winning the most prestigious award of the night once is tough enough given the high standards we have to achieve and the intense competition out there. Therefore, winning it 6 consecutive times is an incredible achievement that speaks volumes of DIMO’s commitment to Integrated Reporting and our team’s outstanding efforts in adhering to the high standards. We are always searching for new ways to review and adopt best practices in both local and international reporting and disclosure guidelines in both financial and non-financial aspects so that information of the highest quality is given to all stakeholders”. He added that each element of the Annual Report demonstrates how DIMO is geared to deliver the strategy.
DIMO Director/ CFO Mr. Suresh Gooneratne added, “DIMO sees integrated reporting as a key tool that communicates our own integrated thinking; an excellent methodology that constructs and communicates a holistic picture of our own entity; a platform to clearly articulate value creation for our stakeholders and our ability to do so, and a move towards more relevant corporate reporting. To be recognized for the sixth consecutive year as the Overall Winner by CMA is a clear manifestation of mastery of our own corporate anatomy and our commitment to excellence.”
Integrated thinking refers to the manner in which organisations consider different elements that affect value creation and their inter-dependencies and interconnections, when managing the organisation. In an Integrated Report, this thinking needs to be articulated by the management in their management discussions and by demonstration of alignment of strategy throughout the report. In the DIMO Integrated Report, commencing from the Chairman’s Review itself, the methodical approach to integrated thinking is clearly evident. This reflects when the Chairman elaborates on how he promotes a culture where employees consider all aspects that affect value creation in the recent annual report of DIMO.
The Group CEO’s Review in the annual report portrays how DIMO’s brand repositioning would increase the company’s future resilience. In addition, the company, with its new brand repositioning, now demonstrates relatively higher strategic focus and integrated thinking. Such changes in corporate climate have also led to improved reports.
Concise ness of the Annual Report is an important aspect highlighted by the CMA and DIMO’s Annual Report certainly stands out in this regard. Conciseness is normally measured by total number of pages and number of pages utilised by the non-financial section of the report. Non- financial section (which is considered an integrated reporting section) of the 2019/20 Annual Report consisted of 55 pages while reporting all material aspects related to the Company’s value creation story. For any company, striking a balance by achieving conciseness while maintaining the completeness of information is the biggest hurdle and by winning this award for several consecutive years, DIMO has demonstrated exceptional consistency in this key aspect.
DIMO has built a reputation as one of a handful of local companies that redefined integrated reporting in Sri Lanka by adopting the International Integrated Reporting Framework (International
At this year’s annual conference of the International Integrated Reporting Council, Mr. Suresh Gooneratne was invited to conduct a session and share his valuable insights about the DIMO Annual Report and business model resilience. Gooneratne was also among the 13 Asia Pacific leaders who have been invited to share their views in integrated reporting and integrated thinking at the 10th anniversary celebration of IIRC. Such recognition demonstrates the international standards DIMO has achieved in terms of IR and how it has contributed to the IR practices of Sri Lankan organisations by becoming the gold standard for local companies in IR.