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

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.