“No better time to speak on professional ethics”

The Institute of Certified Management Accounts ( ICMA)-Australia Sri Lanka Region held its Graduation and Membership Awarding Ceremony for Certified Management Accountants for years 2019/2020/2021/2022 in Colombo on December 7. Over 300 graduates were awarded the title Certified Management Accountant (Australia & NZ) at the event.

‘There is no better time than now to speak on the topic of professional ethics,’ Chief Guest Viraj Dayaratne PC, Chairman, Securities and Exchange Commission said addressing the ceremony.

“The reason why I say that this is the most opportune time to speak on the topic of professional ethics is because you will be graduating as professionals at a time when your professionalism and ethical conduct is needed more than ever before. I am confident in your knowledge, competence, professional acumen and I am aware that all of you have high aspirations for yourselves in your chosen field. You no doubt would prosper as wealthy professionals. However let me tell you that it’s equally important to bear in mind the necessity to be ethical in the conduct of your professional duties.”

Kapila Dodamgoda, Regional Director, ICMA Sri Lanka region, Ashan Nissanka, President , Sri Lanka Branch, Prof Janek Ratnatunga, CEO, ICMA  Australia and Chief Guest Vraj Dayaratne, Chairman, Securities and Exchange Commission. Pictures by Sudath Malaweera

Dayaratne said Professional ethics may be defined in many ways. Particularly in the context of the Corporate world it can be identified as principles that govern the behavior of a person or group in a business environment. Like values, professional ethics provide rules on how a person should act towards other people and institutions in such an environment. Whether it may differ depending on one’s profession, for example, professional ethics that relate to medical practitioners will differ from those that relate to lawyers, Nevertheless, there are some universally acclaimed ethical principles that apply across all professions and they are honestly, trustworthiness, transparency, loyalty, accountability, respect for others, adherence to law as well as doing good and avoiding harm to others. It is only when ethics is being upheld and prioritised that professions and professionals would work towards the ultimate benefit of society.

“As professionals, we need to gain the trust of the people. We need our clients to know that we are committed towards doing what is right and making the right choices furtherance of their interest, even if it means having to take hard decisions.”

Similarly, it is of paramount importance for corporates to conduct their affairs in an ethical manner. Unethical behavior in workplaces can create public crises, operational distractions, financial liabilities, and in certain instances, lead to the total collapse of organizations. Given the severe financial and reputational consequences of unethical behavior, it is no surprise that organizational efforts to prevent, detect and respond to them are consistently scrutinised by stakeholders.

“The need for professional ethics has become a critical component even in the capital market which we oversee as it plays a vital role in ensuring that the stock market functions in a fair, orderly and transparent manner. At the Securities and Exchange Commission priority is given to ethical conduct and practices, and investor protection lies at the heart of our key functions. In this context those of you who are graduating today are thus entrusted with the important task of fulfilling the duties and responsibilities required to be carried out by you in the corporate arena. You should not be disheartened in any way.”

He said although the task of upholding good ethical practices is not easy, the codes of conduct of the institutions they represent will guide them in the right direction.

“As much as it is important to be ethical in the conduct of your professional duties let me conclude by stressing on the importance of being passionate about your purposes. Passion is considered the fuel that inspires and drives people towards specific goals. No matter how unlikely or difficult they may be. It generates the enthusiasm required to plumb through the biggest obstacles and overcome the most intractable challenges. It inspires loyalty, team work, hard work and eventually success, he told the audience.

Kapila Dodamgoda, Regional Director,ICMA Sri Lanka region made the welcome address and Prof. Janek Ratnatunga, CEO, ICMA (ANZ) made the address by the Chair. Asanka Nissanka was inducted as the President of ICMA (ANZ) Sri Lanka for the year 2020 onwards.