Harry Jayawardena, arguably one of Sri Lanka's leading businessmen, has vacated his Hatton National Bank (HNB) Director Board seat after occupying it for 23 years.
This was in compliance conformity with the Central Bank Monetary Board direction on good corporate governance, the Colombo Stock Exchange was informed. However Mr. Jayawardena told the Business Times that his HNB board position ceased to be operative automatically with effect from 31 December 2011 in accordance with Central Bank's operative circular on good corporate governance.
He noted that there was no need for him to resign as he automatically ceased to be a director at HNB after December, and thus has (technically) not vacated his post nor resigned. Bank Directors who had served for over nine years or were over 70 years are not eligible to continue their services in accordance with Central Bank operative circular on good corporate governance. This was not a directive, or regulation or law which was passed in parliament, he added.
In a filing to the Colombo Stock Exchange, the HNB said at a Board meeting on 12TH January that it was decided that by operation of Monetary Board Direction No. 11 of 2007 as amended by Direction No. 5 of 2008 issued under the Banking Act, D.H.S. Jayawardena is deemed to have vacated his office as a Director of HNB after having completed his term of office. Harry Jayawardena was first appointed to the HNB board in 1988. |
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