Jinita Prasad. File Photo.
The South Pacific Stock Exchange’s prestigious annual report competition is back in a bigger way this year as entries are now open for all four categories with deadline for submission of annual reports on 15th July 2014. The date for the actual awards ceremony will be determined once the panel of judges have ascertained the winners. Entry to the competition is free.
The awards are a truly excellent platform for organisations to ascertain the level and accuracy of information embedded in the annual reports with last year’s winners including the likes of; Reserve Bank of Fiji, The University of the South Pacific, Fijian Holdings Unit Trust and Amalgamated Telecom Holdings Ltd. Special awards had also been given to VB Holdings Ltd, Future Forests (Fiji) Ltd and Fiji Electricity Authority.
SPSE Chief Executive, Ms Jinita Prasad said “that participating organisations can see the benefits of being part of such a competition which puts an edge within companies to endeavour on improving the quality of reporting and adhering to the extant accounting disclosure requirements as well as corporate governance principles”. She also added that the judging criteria focused on the objectives of the organisation including its mission statements, aims, objectives, the Chairperson and Chief Executive Reports, presentation of financials, timeliness and compliance with accounting standards. Ms Prasad went on to say that winning a prestigious award provides further evidence that your creativity, hard work and talent adds extra value to how an annual report is perceived by the various users.
Similar to previous years, this year’s panel of judges consists of seven independent members which includes top level financial experts who have substantial experience in a broad range of areas including accounting, auditing, tax, legal and consulting activities and more importantly in compiling, inspecting and assessing annual reports.
Similar to previous years, there are four categories in the competition and entries are welcome from all types of organisations:
Category A: Statutory Authorities, Government Bodies & Unlisted Trusts
Category B: Co-operatives, Non- Profit and Charitable Organizations
Category C: Other Public Companies and Unit Trusts
Category D: Listed Companies
Special awards may also be given out where Annual Reports have been outstanding in certain aspects.
All companies are encouraged to enter the Annual Report Competition for 2014 and are invited to submit 8 copies of their Annual Reports to the SPSE by 15th July 2014. Annual reports must be for the financial year ending anytime within the period 1st January 2013 to 31st December 2013.
Should you require any further information on the issue, please do not hesitate to contact us.