Corporate governance essential for economic growth, SEC Chief Godahewa says
Good corporate governance plays a critical role in ensuring not only corporate success but also promoting Sri Lanka’s economic growth, according to Nalaka Godahewa, Chairman of the Securities and Exchange Commission (SEC).
He said that at a time when Sri Lanka is striving to achieve medium and long term economic growth above 8 per cent, companies that are governed according to these standards can support finance economic growth by attracting capital efficiently and effectively.
“Upholding the virtues of corporate governance indicates not only accountability to shareholders, greater transparency and fairness but it promotes the role of companies in the creation of wealth of the nation,” Dr. Godahewa added, speaking at the joint launch by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the SEC on the revised Code of Best Practice on Corporate
Picture shows the new Code of Best Practice on Corporate Governance being presented to Dr Nalaka Godahewa, Chairmasn SEC and Sujeewa Rajapakse, President CA Sri Lanka by Asite Talwatte, co-chairman Corporate Governance Committee.
Governance in Colombo this week. A CA Sri Lanka statement which released comments made at the event quoted CA Sri Lanka President, Sujeewa Rajapakse as saying that while most of the listed companies in Sri Lanka are following this code, there were still a sizable amount of companies who are yet to join in this important initiative which promotes corporate fairness, transparency and accountability.
He said that, the institute understood the importance of corporate governance, and therefore pioneered in introducing the good corporate governance principles in Sri Lanka was back in 1997, which was subsequently updated in 2003 and then in 2008.
Mr. Rajapakse noted that as Sri Lanka strives to achieve ambitious economic goals, applying such codes are important for companies, as it will help the nation become truly prosperous.
The event concluded with a panel discussion featuring Mr. Asite Talwatte, Co Chairman of the Corporate Governance Committee, Dr. Godahewa, Dr. Harsha Cabral, Ronnie Peiris, and Ms. Priyanthi Peiris. The discussion was moderated by Sujeewa Mudalige, Co Chairman of the Corporate Governance Committee.
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