| The Demerara Distillers Limited has copped the first ever Annual Report Award, beating out 17 other companies.The accolade was for the company’s 2009 Annual Report.The initiative was launched as part of Ram and McRae’s Silver Anniversary with the announcement being made on Saturday last during a reception held at the Marian Academy.The aim of the award, according to the Chartered Accounting Firm “is to recognize quality and timely reporting, encourage public companies and public interest entities to enhance their reporting to various stakeholders and promote informed capital market.”“If a country does not have a reputation for strong corporate governance practices, capital will flow elsewhere. If investors are not confident with the level of disclosure, capital will flow elsewhere. If a country opts for lax accounting and reporting standards, capital will flow elsewhere.”This Arthur Levitt (Former Chairperson: US Securities Exchange Commission) quote was featured prominently on the brochure issued during the award ceremony.Some of the companies that vied for the award includes: Banks DIH Limited, Caribbean Container Inc., Citizens Bank Guyana Inc., Demerara Bank Limited, Demerara Tobacco Company Limited, Guyana Bank for Trade and Industry Limited, Guyana Manufacturing and Services Association Limited,Cheap Jerseys Paypal, Guyana Stockfeeds Inc.,NFL Jerseys China Cheap,Hand-in-Hand Mutual Life Insurance Company Ltd and J.P. Santos and Company Limited, among others.The panel of Judges, described as independent of Ram and McRae, included its Chairman Quincy Bourne, Paul Chan-a-Sue, FCCA, Patrick Dyal, AA; Nigel Niles, LLB,Wholesale Jerseys From China, LEC and Roubinder Rambarran,Cheap NFL Jerseys Authentic, MBA.A two-stage judging system was developed for the competition whereby an initial review would be used to shortlist the top four reports for a more intensive review.The criterion used included accessibility and timeliness of reporting, adequacy of discussion and analysis,Cheap Jerseys From China, compliance with accounting standards, compliance with regulatory requirements, corporate governance disclosures, physical appearance as well as social responsibility and sustainability comments.Rakesh Latchana, a junior partner in the accounting firm in explaining the initiative recently, had said that it was the first such in Guyana and possible the region and is aimed at having companies prepare better Annual Reports.Christopher Ram explained that the report that is presented each year is one of the most important documents in that it has to conform to the laws of Guyana.He said that shareholders depend on the Annual Report more than what is said byChairpersons in their presentations at Annual General Meetings.Established twenty-five years ago, Ram & McRae, formerly Christopher L. Ram & Company, has distinguished itself in the field of professional services, both in Guyana and abroad.The company’s three partners, Christopher Ram, Robert McRae and Rakesh Latchana, have developed what they call an unchallenged reputation for client focus,Cheap Jerseys, professionalism and excellence, which the company claims is the source for their rapid and continuing growth.Ram & McRae has secured a premier place in the provision of taxation services.They offer the business sector a unique set of the Consolidated Tax Laws of Guyana and several other publications including their Value-Added and Excise Tax Handbook.The company’s credo dictates that they concentrate their energies on developing creative ideas to formulating practical solutions and producing tangible results, exceeding the expectations of their clients.Ram & McRae through its affiliation with international partners has access to worldwide resources which ensures that its clients seize the business opportunities that help them to be on the cutting edge of their industry. |
