Business
Promoting diversity in boardroom Women Corporate Directors Foundation launches Sri Lanka chapter
WCD, KPMG LLP and IFC join forces to increase the number of women on corporate boards in Sri Lanka
In a bid to promote boardroom diversity and establish a network of existing and prospective women directors, the Women Corporate Directors Foundation (WCD)—the largest organization of women corporate board members globally—launched its first local chapter in Sri Lanka last week (1).
Supported by IFC (International Finance Corporation – a sister organization of the World Bank and member of the World Bank Group, under the IFC-DFAT Women in Work program, this initiative aims to offer a platform for Sri Lankan women board members to share industry expertise while helping the country increase its pipeline of aspiring and qualified female board members.
In Sri Lanka, despite higher education, women are significantly underrepresented in the labor force. Only around one in three women of working age are employed. This gap further widens among senior managers, board members, and business owners. The percentage of women among board members of listed entities in Sri Lanka is also low, compared to South Asian peers such as India (12 percent) and Bangladesh (17 percent). According to IFC’s latest findings, around 9.5 percent of board directors on the Colombo Stock Exchange (CSE) listed companies are women.
“Despite the low numbers on women on boards, Sri Lanka has a well-accomplished pool of women directors representing a wide spectrum of industries. In this context, as part of WCD’s growing presence in Asia-Pacific, we are delighted to launch our first-ever local chapter in the country,” said Susan Stautberg, WCD CEO and Chairperson. “As a WCD member, Sri Lankan women directors will have better access to trends and expertise from global economies, helping strengthen their knowledge when advocating for improved corporate governance practices for businesses.”
A significant and growing body of research points to the business benefits associated with gender diversity on boards and in senior management, including increased financial performance and productivity as well as improved environment, social and governance (ESG) practices. In Sri Lanka, IFC’s research highlighted that the top 30 CSE-listed companies with higher gender diversity perform better in terms of financial measures, including return on equity, return on total assets, and price to earnings ratio.
“Diversity is not just a moral imperative, it also makes perfect business sense,” said Alfonso Garcia Mora, IFC’s Vice President for Asia and Pacific. “The COVID-19 pandemic has demonstrated that companies with better environment, social and governance (ESG) practices and board diversity have been more resilient in recovery.”
The launch of the Sri Lanka Women Corporate Directors chapter will be a significant step in raising the profile of women board directors who help create value for businesses in the country. The demonstration effect of this competitive advantage of having aspiring women board members or senior managers who are ‘board ready’ is critical to build leadership pipelines for boards.
“Australia has a steadfast commitment to be at the forefront in promoting gender equality and women’s empowerment. Through this latest initiative under the IFC-DFAT Women in Work program, we hope to continue our push towards enhancing greater equality and diversity in Sri Lanka’s private sector,” said David Holly, Australian High Commissioner to Sri Lanka. “I believe that the 16 founding members of the Sri Lanka Chapter of Women’s Corporate Directors (WCD) would play a significant role in taking this agenda forward. My congratulations to them.”
The Women Directors Forum of Sri Lanka Institute of Directors (SLID) will play a catalytic role in this initiative as the co-chair of the local WCD chapter. In addition, the Sri Lanka chapter will also be supported by KPMG LLP, one of the largest professional services firms and also the oldest Chartered Accountancy firm in the country.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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