Connect with us

Business

SLT statement on media coverage of Board changes

Published

on

The Board of Directors (“Board”) of Sri Lanka Telecom PLC (“SLT”) refer to the recent media coverage of Boardroom changes at SLT.

This note is to provide factual information and clarity on the corporate identity of SLT, the role, responsibilities, authority and accountability of management and the Board (including the Chairman of the Board), and in particular the separation of powers between the Board and Management. All of the information in this note is already available in public sources.

SLT was incorporated under the then Companies Act No. 17 of 1982 (now superseded by the Companies Act No.7 of 2007). SLT is listed and quoted on the Colombo Stock Exchange (“CSE”) and is governed via the tenets of SLT’s Articles of Association (“Articles of Association”). The Government of Sri Lanka and Global Telecommunications Holdings (“GTH”) have a 49.5% and 44.98% equity interest in SLT. SLT has about 13700 other shareholders. As disclosed in the Annual Report, GTH is wholly owned by Usaha Tegas Sdn Bhd, which is incorporated in Malaysia. SLT is therefore not a state-owned corporation nor a government organization as opposed to government corporations established under separate enactments.

As a listed company, SLT complies with the CSE Continuing Obligations and the Code of Best Practice on Corporate Governance (“CG Code”). A copy of the Articles of Association is available for review at its registered office and the websites of SLT and CSE.

The Board plays a stewardship role in accordance with the CG Code which provides details on the role, responsibilities and authority of the Board and Management.

The Board, including the Chairman, is non-executive. This means that no director, including the Chairman of the Board, has the authority to make individual decisions or give individual instructions to members of management or staff. Board decisions and instructions are made and conveyed by formal, minutes and collective Board decisions.

The position of the Chairman at SLT is not to be confused with that of Executive Chairman in other public companies or State-Owned Corporations. The Chairman of the SLT Board has the primary role to chair board meetings and facilitate and ensure the workings of the Board. The Chairman is appointed by the Board in accordance with the Articles of Association.

All Directors, including the Chairman are non-Executive and are not employees of SLT. Their role is not full time. They are therefore not entitled to a salary nor benefits that accrue to employees. All Directors in SLT, including the Chairman, do receive fees for the discharge of their fiduciary duties.

SLT is led by a Chief Executive Officer (“CEO”) who is appointed by the Board. It is the CEO and the management team that operate the business and make the executive decisions within the powers provided to them by the Articles of Association. The CEO is an employee and is paid a salary.

The separation of powers, that the Board undertakes the oversight role and the management the executive role, ensures clear delineation of roles, responsibilities, authority and most importantly, accountability.

Compliance with related party transactions and its related disclosures in accordance with Sri Lanka Financial Reporting Standards 24 are monitored by the Related Party Transactions (“RPT”) Committee of the Board. The Board wishes to confirm that the present Chairman has not only disclosed his related party interests but that he has in fact made disclosures over and above regulatory requirements. The Board has robust controls in place to ensure that if a director does not disclose related party interests or interferes in areas where there is conflict, the Board will take the necessary action in accordance with the law and regulations.

The Board does hope that this statement provides clarity for the informed stakeholder. We humbly request that aggrieved and interested parties that have concerns regarding the governance of SLT address the appropriate forum of the regulatory authorities or the courts of law. The Board will not want to enter into the bowels of public debate and correct each and every uninformed, misguided, erroneous or unwarranted statement.



Business

EU’s new anti-greenwashing rules pose major challenge for Sri Lankan exporters

Published

on

This new directive applies to businesses across multiple sectors, of any size, that export products or services to the EU market.

Countdown to September 2026 begins

Sri Lankan exporters selling into Europe may soon face one of the most significant regulatory shifts in recent years as the European Union prepares to enforce sweeping new rules aimed at eliminating ‘misleading’ environmental and sustainability claims.

The regulation, known as the Empowering Consumers for the Green Transition Directive (EmpCo) – Directive (EU) 2024/825, will become fully enforceable across all EU member states from September 27, 2026. While the directive is primarily designed to protect European consumers from so-called ‘greenwashing,’ and it carries important implications for exporters worldwide, including those in Sri Lanka.

Compliance experts warn that many local businesses remain largely unaware of the new requirements despite their potential impact on market access, brand reputation, and regulatory compliance.

The directive introduces a simple but demanding principle: companies must be able to substantiate environmental and sustainability claims with credible evidence. Generic descriptions such as ‘eco-friendly,’ ‘green,’ ‘sustainable,’ ‘responsible,’ ‘carbon neutral,’ or ‘climate friendly’ may no longer be used freely unless they can be verified through reliable data and supporting documentation.

For Sri Lankan exporters, this represents a significant shift. Sustainability claims increasingly appear on product packaging, websites, social media campaigns, annual reports, tourism marketing materials, and corporate communications. Under the new framework, such claims could face scrutiny from regulators, consumers, retailers, and civil society groups.

The directive also places particular emphasis on future environmental commitments. Claims such as ‘Net Zero by 2040’ or ‘Carbon Neutral by 2030’ may require businesses to demonstrate clear implementation plans, measurable milestones, and systems for monitoring progress rather than relying on aspirational statements alone.

An environmental compliance expert told The Island Financial Review that this transforms sustainability from a communications exercise into a governance issue. “Responsibility will no longer rest solely with sustainability departments. Company directors, senior executives, marketing teams, procurement professionals, and compliance officers will all have roles to play in ensuring that public claims can withstand regulatory scrutiny. The potential costs of non-compliance are considerable. Under the directive, penalties may include fines of up to four percent of annual turnover generated within the relevant EU member state, restrictions on marketing activities, increased regulatory investigations, and challenges from consumer organisations and commercial partners.”

“The reputational consequences may prove even more damaging. In highly competitive export markets, trust has become a critical business asset. Companies found to be making unsubstantiated environmental claims could face long-term damage to relationships with buyers, retailers, and consumers.”

“The timing is particularly important for Sri Lankan businesses because compliance preparations, reporting frameworks and adjustments are needed before the enforcement date arrives.”

“Businesses supplying European markets are therefore being encouraged to begin assessing their exposure now rather than waiting until the last minute. Early preparation could help exporters safeguard market access, maintain buyer confidence, and strengthen their competitive position in an increasingly sustainability-conscious global economy.”

“For Sri Lanka’s export sector, the message from Europe is becoming increasingly clear: sustainability claims will no longer be judged by how compelling they sound, but by how convincingly they can be proven,” he said.

As the countdown to September 2026 begins, exporters may need to ask themselves a critical question: Are their sustainability claims ready for a new era of accountability?

By Sanath Nanayakkare

Continue Reading

Business

University of West London opens Sri Lanka’s first full UK university branch campus

Published

on

The official signing ceremony between the University of West London, UK and ANC Education.

The University of West London (UWL) has formally opened the University of West London Sri Lanka Branch Campus, the country’s first full UK university branch campus, marking a landmark development in Sri Lanka’s higher education sector.

The University of West London Sri Lanka Branch Campus is designed to bring a UK university learning experience closer to students in Sri Lanka. The campus is operated by ANC Campus, a pioneer in the higher education sector in Sri Lanka with over two decades of experience in delivering internationally recognised education.

The University of West London Sri Lanka Branch Campus gives students the opportunity to study towards world-class UK degrees while remaining close to home. Academic delivery, assessment and quality assurance will be aligned with University of West London standards, with the University maintaining academic oversight of its courses and awards. Students will have access to UWL-approved programmes, academic support, learning resources and a campus environment designed to promote academic success, confidence and employability.

Continue Reading

Business

Xiaomi Store powered by Abans opens at One Galle Face Mall

Published

on

Xiaomi Sri Lanka, marked a significant day in the brand’s local journey with the launch of the all-new Xiaomi 17T and the grand opening of the new Xiaomi Store powered by Abans at One Galle Face Mall, Lower Ground.

This occasion reflects the brand’s growing presence in the country and its commitment to bringing smarter technology, connected devices and immersive customer experiences closer to Sri Lankan consumers.

Held under the theme “Step into a smarter world with Xiaomi,” the launch event welcomed media, partners, technology enthusiasts and customers to experience Xiaomi’s latest innovation and wider smart ecosystem. The new store at One Galle Face Mall powered by Abans has been designed to give customers a hands-on experience across Xiaomi smartphones, smart home products, lifestyle technology and connected devices, supported by Abans’ strong retail presence and customer service network.

Commenting on the milestone, Kain Wang, Country Head, Xiaomi Sri Lanka, said, “17th June is a significant day for Xiaomi in Sri Lanka as we celebrate two important milestones together: the launch of the Xiaomi 17T and the opening of our new Xiaomi Store powered by Abans at One Galle Face Mall. This reflects the strength of Xiaomi’s journey in Sri Lanka and our continued commitment to offering innovation, performance and smarter lifestyle experiences to local consumers. With Xiaomi 17T, we are bringing advanced Leica imaging, powerful performance and long-lasting battery life to users who want to do more with their smartphones. At the same time, our new store creates a dedicated space for customers to experience the Xiaomi ecosystem in a more personal and engaging way.”

Continue Reading

Trending