March 23, 2007 (LBO) – Though larger businesses in Sri Lanka are engaging in sustainability reporting, smaller firms are still lagging behind, organizers of a competition said.
The ACCA expect the number of competitors to increase in the coming years. The Association of Chartered Certified Accountants (ACCA) says the top 100 companies in Sri Lanka do some form of sustainability reporting with the number of companies increasing from last year.
The ACCA has conducted a research on sustainability reporting of the top 125 companies with 100 listed companies and 25 unlisted in 2005.
Yet, most of the Sri Lankan companies have not progressed in to implementing such strategies.
However what is disappointing is that only a few companies progress to the next step which is to build a social responsibility into their strategy, Dilshan Rodrigo president of ACCA’s Sri Lanka said.
ACCA says, sustainability reporting is expected to increase sensitivity of companies towards climate change, global warming, air quality and increased natural disasters that have become real issues.
There is a common misconception that sustainability covers only the physical as