Business
Corporate Governance Rules revised to drive capital market forward
The Colombo Stock Exchange (CSE), along with the Securities and Exchange Commission of Sri Lanka (SEC), revised the Corporate Governance Rules for the Listed Entities after 16 years. These revised rules are applicable to companies listed on the Main Market Segment, i.e. the Main Board, Diri Savi Board and Catalyst Board, from 1st October 2023, subject to certain transitional provisions.
Corporate Governance Rules are quite significant for listed companies as they play a crucial role in ensuring transparency and accountability and enhancing trust and credibility of the company. The revised Corporate Governance Rules of the CSE were formulated in line with global best practices and will go a long way in enhancing investor confidence in the capital market. The new rules would attract more investors to the stock market and also create a more welcoming eco system for the companies to list on the stock exchange. These rules are aimed at promoting responsible, ethical, and transparent business practices, which would reduce the cost of capital for listed companies and contribute to their long-term sustainability.
When formulating the revised Rules, the SEC and CSE conducted several public consultations from 2021 to 2023 and considered the views received therefrom in formulating the rules.
Furthermore, CSE, in collaboration with SEC, also conducted a series of awareness sessions on the revised Corporate Governance Rules for the listed companies in the Banking Sector, Insurance Sector (with the Insurance Regulatory Commission of Sri Lanka), and other industry sectors.
SEC Chairman Faizal Salieh delivered the keynote address and Chief Regulatory Officer of CSE Renuke Wijayawardhane made the detailed presentation of the rules of these sessions which also included a ‘Q & A’. Notable speakers during the Question and Answer sessions included the SEC Chairman, Razik Zarook, Chairman, Insurance Regulatory Commission of Sri Lanka (IRCSL), Mrs. Yvette Fernando, Commission Member SEC and IRCSL, Sujeewa Mudalige, Commission Member SEC, Manil Jayasinghe, Commission Member SEC, Sanjaya Bandara, Commission Member SEC, A.K. Seneviratne, Commission Member, IRCSL, Ray Abeywardane, Director CSE, Chinthaka Mendis Director General SEC, Rajeeva Bandaranaike, Chief Executive Officer, CSE, Mrs. Damayanthi Fernando, Director General IRCSL, Renuke Wijayawardhane, Chief Regulatory Officer, CSE and Ms. Manuri Weerasinghe, Director Corporate Affairs, SEC who shared their expertise and engaged in a lively exchange of ideas. Senior management and staff from the SEC, CSE and IRCSL were also present at the sessions Senior officials of the CSE also presented the new Corporate Governance Rules at several seminars/awareness sessions held by other organizations, enabling the listed entities and the relevant stakeholders to gain much-needed knowledge on these Rules.
Some of the key changes introduced via the new Corporate Governance Rules include specifying a minimum number of directors and Independent Directors for listed entities, appointment of a ‘Senior Independent Director’ in certain specific instances, establishment and operationalization of a Nomination and Governance Committee, change in the composition and functions applicable to the Audit, Remuneration and Related Party Transaction Committees, introduction of Fit and Proper criteria for Board members and CEO, changes to determine the criteria for ‘independence’, additional disclosure requirements on governance-related matters etc.
Several listed companies have commenced compliance with the new Corporate Governance Rules, well ahead of the timelines specified in relation to some of the new requirements and have been actively engaged with the CSE and SEC on connected matters.
The revised Corporate Governance Rules are not applicable to the companies listed on the Empower Board.
Visit www.cse.lk to view the FAQs related to the Revised Corporate Governance Rules.
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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