Sustainable Reporting: An Analysis of Disclosure Practices of Selected Business Organizations in Sri Lanka

The paper analyses sustainable reporting practices and the drivers and challenges in the process of disclosure based on the experiences of selected business organizations in Sri Lanka. Data were obtained from annual reports, websites of the companies and through key informant interviews in the beverages, food and tobacco sector. The interviews were obtained from key personnel of the selected organisations as well as auditors. The study adopted a thematic analysis focusing on selected key performance indicators. The findings revealed that the level of sustainability reporting has increased substantially with more sophisticated methods used for presenting the reports. However, lack of substance and the lack of awareness on purpose of sustainability reporting in the chosen sector, weak regulatory environment and poor involvement of external auditors in the assurance process remain the major challenges. Investing in effective education and training both corporate and assurance sectors with the involvement of regulatory bodies and the professional associations are of vital importance in overcoming these challenges.