Death to SEC Governance
For a start I would like to congratulate you on your very powerful editorial last Sunday. The recent resignation of Thilak Karunaratne and the appointment of Nalaka Godahewa as the new SEC Chairman is a blow for good governance. Nalaka Godahewa is a qualified professional and therefore he has technical knowledge to be in the hot seat. But does he have the independence and credibility to bring confidence into the market once again? He is closely connected to a controversial high net-worth individual and was Chairman of that individual’s company.
He is Chairman of Colombo Land and Development Co where, according to some newspapers the SEC has initiated investigations.What would Godahewa do now, with that investigation? As professionals one must know and have ethics. Doesn’t CIMA and CIM institute, of which he is a member, teach their members about the code of ethics? The appointment of Sujeewa Mudalige and Priyantha Fernando is not the right thing. Both these individuals are bank directors. One gentleman was in charge of the EPF investment and other is running an accounting practice. That is ethically not correct.
The SEC should be run and governed by people of integrity with no clear conflicts. PLC directors should not be appointed to the SEC. Surely Treasury Secretary Dr P.B. Jayasundara, a veteran public servant, should know this and so should people like Mudalige and Fernando? Sad state of affairs, Sir! If we continue this way the once respected Ceylon will end up like an African state open to manipulation and plunder by global and local crooks. Please continue to keep the public informed and continue the crusade for a better Sri Lanka.
Ran Fernando
(via email)
Follow @timesonlinelk
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