Directors Institute discuss independent directors practice

This would be an opportunity for the corporate sector to understand the definition and role of independent directors and discuss any concerns or issues.

The Sri Lanka Institute of Directors is organising an interactive session with the SEC, CSE and corporate leaders to understand and discuss the definition and profile of independent directors and the proposed compulsory additions to the Corporate Governance Code for listed companies.

The SEC has indicated that they will be introducing compulsory additions to the corporate governance code for listed companies.

The key new guideline is the compulsory regulatory requirement for independent directors in the board composition to protect investors, especially minority shareholders. Some question whether increased regulatory requirements could discourage listing of family companies and the growth of the capital market.

Nihal Fonseka, Chairman, Colombo Stock Exchange, Channa de Silva, Director General, Securities Exchange Commission of Sri Lanka and Husein Esufally, Group CEO, Hemas Holdings Ltd would be the speakers at this event.

This would be an opportunity for the corporate sector to understand the definition and role of independent directors and discuss any concerns or issues.

The session will be held on October 12 at the Taj Samudra Hotel.