Fit and proper rules for directors soon in CSE listing rules
The fit and proper criteria for publicly listed company director appointments will be included in the Colombo Stock Exchange (CSE) Listing Rules after the capital market regulator, the Securities and Exchange Commission (SEC) approves them, officials said.
These rules will broadly be based on the honesty and integrity of an individual and his/her competence to be appointed as a director of a listed company, Renuke Wijayawardhane, Chief Regulatory Officer CSE told the Business Times on the sidelines of a SEC-hosted symposium on the new SEC Act on Monday.
Institute of Directors Chairman Faizal Salieh stressed the fit and proper criteria should go beyond the basics. He pointed out that a few days ago India brought in some progressive measures to assess company directors’ knowledge and how current they are. “Their Ministry of Corporate Affairs required non-executive directors to go through an annual online test conducted by the Indian Institute of Corporate Affairs.” He stressed that directors who stay current and connected through testing and training will build overall trust in the investors. He urged the SEC and the CSE to make a comprehensive director competency framework.
Viraj Dayaratna, Chairman SEC told the Business Times that implementation will be a challenge, in the new Act but the regulator has strived to keep it simple and in easy comprehensible language so that anyone can be guided on the capital market regulations.
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