SEC urges Board Secretaries to step up in governance
In a recent move, the Securities and Exchange Commission (SEC), in collaboration with the Colombo Stock Exchange (CSE), organised two sessions focusing on the updated Corporate Governance Rules aimed at Company Secretaries and Board Secretaries of listed companies recently.
SEC Chairman Faizal Salieh emphasised the evolving role of Company/Board Secretaries in today’s fast-paced world, highlighting global trends and calling for a more proactive stance from these individuals to bolster good governance within listed company boards. Mr. Salieh pointed out that the responsibilities of Board Secretaries have markedly transformed from mere record-keeping tasks to actively contributing towards enhancing Board processes and offering support and guidance to the Board Chair and other directors in promoting good governance practices at both board and company levels.
He stressed that modern-day Board Secretaries should not be limited to taking notes at board meetings or serving as administrative support, but should instead serve as advisors, directors’ guides, catalysts for board activities, planners, and influencers dedicated to upholding sound governance practices within the board setting. He underscored the pivotal position of Board Secretaries as information hubs within the board dynamics, responsible for ensuring the accurate and timely flow of information from the Executive Management to Board Directors, aiding in agenda setting, and facilitating communication among directors.
Mr. Salieh emphasised the significant role Board Secretaries could play in navigating challenging boardroom discussions, addressing conflicts of interest, and handling governance breaches within the board environment. He reiterated the SEC’s expectation of an elevated standard in the role of Board Secretaries, aligning with evolving global benchmarks.
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