Business
IFC and Colombo Stock Exchange Ring the Bell for Gender Equality in Sri Lanka
For the seventh consecutive year, IFC partnered with the Colombo Stock Exchange (CSE) to ‘Ring the Bell for Gender Equality.’ Celebrated in line with the International Women’s Day, the annual global initiative highlights how greater participation of women in the economy can spur sustainable and inclusive growth, shaping a more equal future.
IFC’s commitment to the initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.
“The Colombo Stock Exchange (CSE) joined this initiative in 2016 as one of the initial stock exchanges, and we believe this is the platform to convene business leaders, investors, and other key parties at the national level to highlight the growing business and economic case for gender equality,” said Dumith Fernando, Chairman of the CSE. “We at the CSE are encouraged to note that more of our listed companies have welcomed the participation of strong, independent women on their boards. This is evident by a steady increase over the years in the number of listed companies with women holding corporate board seats. There are 96 new board positions that have been occupied by women since 2018. Even though we see a positive trend, we are still short of the regional markets. So, all of us, as policymakers in our respective corporates, are vested with the duty to encourage gender equality in our establishments.”
In Sri Lanka, the female labor force participation rate remains stagnate at around 35 percent, compared with a steady male participation rate of 74 percent. Similarly, the average female unemployment rate (7 percent) remained more than double that of men (3 percent) between 2011 and 2019. By improving female labor participation, McKinsey Global Institute estimates, Sri Lanka can potentially add $20 billion a year to its gross domestic product (GDP) by 2025 — increasing economic growth by about 14 percent.
Accelerating the pace of gender parity could generate financial returns in the private sector, leading to significant economic, environmental, social, and governance gains in emerging markets.
“Pushing for gender equality today is needed for a sustainable tomorrow. Research – including IFC’s – continues to demonstrate that gender diversity in the boardroom boosts financial performance, promotes better decision-making processes and improved environment, social and governance (ESG) practices,” said Lisa Kaestner, Country Manager for IFC Sri Lanka and Maldives. “We need more women business leaders for an inclusive and resilient recovery in the country. I hope that companies and policy makers continue to commit toward accelerating the progress made to date.”
According to IFC research — under the IFC-DFAT Women in Work program — the number of women on CSE-listed boards increased from 8.2 percent in 2018 to 10.1 percent in 2022 (from 144 to 240). However, this remains well below the global average of 20 percent. Among the top 30 CSE-listed companies – as highlighted by IFC report ‘Realizing Sustainability through Diversity: The Case for Gender Diversity Among Sri Lanka’s Business Leadership’ – the correlation between increased board diversity and financial performance is clear, with positive trends being reported in line with indicators such as return on total assets and price-to-earnings ratio.
IFC’s ‘Women on Boards’ program in Sri Lanka is part of the broader efforts to increase women’s private sector participation and leadership by promoting the adoption of corporate governance practices among Sri Lankan companies. IFC’s work in this area is supported by the government of Australia under the IFC-DFAT Women in Work program.
“The Women in Work partnership is integral to the Australian government’s commitment towards advancing opportunities for women and boost economic growth in Sri Lanka. It is based on global evidence that greater diversity is good for business and the economy,” said David Holly, the Australian High Commissioner for Sri Lanka.
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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