The Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission (SEC) have recently launched the revised Code of Best Practice on Corporate Governance in Colombo. The Code builds on the previous codes. Some of the key changes include:
• Board composition (includes: annual review of composition; gender representation and an increase in non-executive directors)
• Board meeting agendas and minutes
• Board role
• Director training
• Environment, social and governance (ESG) reporting
• Related party transaction committee
• Reporting on cyber security
Dr. Nalaka Godahewa, Chairman of the Securities and Exchange Commission stated that Sri Lanka is currently striving to achieve medium and long term economic growth above 8% and that good corporate governance plays a critical role in ensuring not only corporate success but also promoting economic growth.
The Code can be downloaded – please click here.