"Readers would like to see annual reports saying something useful; and saying it in a brief and interesting manner."
Kannangara says firm should also focus more on the future in their annual reports.
Sri Lankan firms competed in the category for firms under a billion dollars in revenue worldwide as well as regionally, with Smart Media client at times sweeping almost the full category.
CIC won the platinum for smaller agribusiness firms around the world, while the gold was snapped up by Kelani Valley Plantations and Bronze by Talawakelle Tea Estates.
Among smaller Asia Pacific banks where NSB won platinum and Commercial Bank won gold, Nations Trust, Peoples' Bank and Seylan won three silvers and Bank of Ceylon won bronze.
Smart Media itself was placed won gold as the best agency worldwide, a position it shared with South Korea's Lucre Beyond with its best six annual reports scoring an average of 98 points.
Germany's Kirchhoff Consult, which won platinum, was only a whisker