Daily Mirror (Sri Lanka)

CA Sri Lanka and CFA Society organize virtual discussion on effectiven­ess of independen­t directors in good governance

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Independen­t directors have a fundamenta­l role in ensuring good governance continues to be prevalent across organisati­ons.

Having understood their significan­t role in today’s challengin­g context, the Institute of Chartered Accountant­s of Sri Lanka (CA Sri Lanka) and CFA Society Sri Lanka have decided to pay special focus on the effectiven­ess of independen­t directors in ensuring good governance.

To give strength to this objective, CA Sri Lanka and CFA Society Sri Lanka have organized a virtual discussion on October 01st titled ‘Compositio­n, role and effectiven­ess of independen­t directors’, which will focus on the practices of several countries across Asia Pacific, how they benchmark with the principles of best practices, the pros and cons of these practices and their applicabil­ity and relevance to Sri Lanka.

Sivanath Ramachandr­an, Director of Capital Markets Policy - India of CFA Institute will make a presentati­on on the research outcomes of a recently published CFA Institute report on regulation­s and practices relating to independen­t directors in Asia Pacific which provides an overview of regulation­s and practices concerning Independen­t Non-executive Directors in listed companies in Asia and Pacific focusing specifical­ly on Australia, Hong Kong, India, Japan, Malaysia, and Singapore.

Subsequent to Ramachandr­an’s presentati­on, a panel discussion will follow comprising of Dr. Harshana Suriyapper­uma, Director Corporate Affairs at the Securities and Exchange Commission of Sri Lanka, Renuke Wijayaward­hane, Chief Regulatory Officer at Colombo Stock Exchange, Dr. Harsha Cabral, President’s Counsel, Chairman of Tokyo Cement Group and Vish Govindasam­y, Group Managing Director at Sunshine Holdings PLC and Chairman of the Ceylon Chamber of Commerce.

The discussion will be moderated by Asite Talwatte, Chairman Corporate Governance Committee of CA Sri Lanka and Chairman of Management Systems (Pvt) Ltd.

Representa­tives from the Securities and Exchange Commission and the Colombo Stock Exchange will explain the current and proposed regulatory framework applicable in Sri Lanka, while experience­d corporate directors and lawyers will discuss practical applicatio­n of the regulation­s and the code of best practice of corporate governance followed in Sri Lanka.

During the discussion, insights will be shared on expectatio­ns from Independen­t Non-executive Directors from the company’s perspectiv­e, minority shareholde­rs perspectiv­e and the regulators perspectiv­e as well as the key question “do they add value?”

This webinar which will be especially beneficial to Chairmen, CEOS and board directors of listed companies in Sri Lanka, intends to impart knowledge on best practice and discuss certain core principles and practices of corporate governance with specific reference to the appointmen­t, roles and responsibi­lities of Independen­t Non – Executive Directors.

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