Wednesday 13 December 2017

Red letter day for accounting world winners

Peter Flanagan

Peter Flanagan

THE Published Accounts Awards are a red letter day for the accounting world, with the prizes for excellence in accounting always highly valued.

Yesterday, the great and the good of Irish business gathered at the Shelbourne Hotel to find out who would win what.

One gong, however, was conspicuous by its absence. The judging panel decided not to award a prize for excellence in corporate governance this year.

"The judging panel felt no company excelled at corporate governance this year and asked companies to strive for meaningful and direct communication with shareholders regarding the workings of the board within those companies," said Paul Kennedy, the chairman of the Chartered Accountants' Leinster Society, who sponsor the event.

The fact that nobody reached the required standard in corporate governance took the attendees by surprise, especially given the emphasis on improving business practices that has come with the downturn.

The head of the Irish Stock Exchange, Deirdre Somers, who was a guest speaker at the event but not part of the judging panel, said corporate governance was something that had become more and more important in Irish business.

"We've been very vocal that the disclosures in relation to corporate governance are not as comprehensive as they should be and that's a reflection on that," she said.

Thankfully, other prizes were offered on the day. Construction giant CRH was the overall winner of the Published Accounts Awards as well as taking home the gong for Large Quoted Companies.

Among the category winners were Greencore, which took the award for Small and Medium Quoted Companies; and Total Produce, which won the Enterprise Securities Market category for the second year running.

Also continuing its run from winning last year was RTE, which was again presented with the winner's award for Statutory Unquoted Entities. Concern won the award for Charities and Not for Profit Organisations and was selected as the overall winner of the Design category for the presentation of its financial accounts reports.

At the awards (above) were Maeve Carton, CRH finance director; Deirdre Somers, chief executive, the Irish Stock Exchange; and Paul Kennedy, chairman of the Chartered Accountants' Leinster Society.

Irish Independent

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