Business
Faizal Salieh elected Chairman of The Sri Lanka Institute of Directors
Faizal Salieh was unanimously elected as the Chairman of The Sri Lanka Institute of Directors (SLID) for the year 2021/22 at the fully virtual Annual Membership Meeting held on 11th August 2021. Faizal is a veteran banker with many years of leadership experience as a Board director across several industries in banking, insurance, fund management, stockbroking, trading, manufacturing, and education.
Aroshi Nanayakkara and Dinesh Weerakkody were elected as Senior Vice Chairperson and Vice Chairman respectively. Prakash Schaffter, Vish Govindasamy, Dilshan Rodrigo, Nadija Tambiah,. Aruni Rajakarier, Ravi Abeysuriya, Manohari Abeyesekera and Charaka Perera were elected to the Governing Council with Rasakanth Rasiah, the Immediate Past Chairman serving, in an ex-officio capacity. Hon. Ajith Nivard Cabraal – State Minister of Finance, Capital Markets and State Enterprise Reforms, was the Chief Guest and Viraj Dayaratne – Chairman of Securities & Exchange Commission participated as the Guest of Honour at the meeting.
The outgoing Chairman, Rasakanth Rasiah, acknowledged the contributions and initiatives made by the Council during his term of office amidst the Covid-19 pandemic.
Faizal Salieh paid a glowing tribute to all the past chairmen of SLID for their leadership of the Institute since its inception in 2000. He specifically mentioned that Rasiah and the Council had held the reigns remarkably well under tough operating conditions. He spoke about the key initiatives launched by the Institute to build leadership caliber at the Board level. On the Board Diversity Agenda, he said “our approach is through the larger business case for diversity in functional skills, experience, age, gender, and ethnicity”. He urged all company Boards to increase the admission of women and to take pride in making disclosures on this in their company annual reports. “We believe that is a much preferable option to legally mandating. We also need to create Male Champions in every company for promoting women on Boards” he said.
Salieh said “Corporate governance is a strategic imperative and not just a matter for compliance. Governance today is not just about technology. It’s about balance, judgement, ethics and selecting the right people. As business models move away from linear to disruptive models, directors have to sharpen and widen their knowledge and skills to cope with the new challenges. We at SLID will strive to uphold and promote the principles of good governance beyond the realm of corporate boardrooms. For good governance to prevail, be effective and sustainable at the corporate sector and company level, it must also be inspired, accepted and established as a value standard and best practice at the macro-country level. This is a challenge that we as a nation should not walk away from, but unitedly come together to accomplish and uphold at all times”.
On Sri Lanka’s public sector, Salieh said “We cannot underestimate the importance, value and relevance of our public institutions. We need to build and strengthen them and enable their journey with sustained good governance despite the challenges. We are prepared to offer our services and work with the Government in this regard. In recognition of this need, we amended our rulebooks in 2011 to allow directors of public sector institutions and enterprises to become members and benefit from our various training, advisory and networking services. SLID looks forward to working closely with the Hon. Minister in this area”. Delighted by Minister Cabraal’s participation at this event, Salieh said that the Minister is a key and active person in the current Government, had at one time gallantly and remarkably spearheaded the drive for good corporate governance in the private sector, and that he could add immense value towards building good governance standards and best practices across both the State and Business sectors of the country.
The new Chairman said that SLID will leverage on its solid base of skilled and experienced senior directors, expert advisory panels, international connections and strategic collaborations to support, develop and enable its growing membership base of young directors to be future-ready and reach their aspirations, whilst continuing to enable the older directors to sharpen their skills, and stay current and relevant. “We at SLID shall stay committed to pursuing our mission towards preparing and building better Directors, better Boards and better Companies through and beyond this pandemic. That is our timeless commitment” he concluded.
Speaking next, the Chief Guest Minister Ajith Nivard Cabraal said “It is an opportune time for us to have an engagement between the directors of public enterprises and SLID to see how best we can work together to enhance the skills of those who are managing public assets which are the assets of the country and which need to yield good results if we are all to benefit. It is important for us to ensure that those who have been entrusted with these assets are prepared for that function in a methodical, scientific manner. I am happy that the private sector is taking the time and effort to train those who are directors of the private sector assets under management. In the same way, I think we may need to do that for the directors who are stewards of those public enterprises that are huge in comparison, and need to provide the services to the country in a methodical, scientific manner that is viable as far as our functions are concerned”. The Minister said that there were approximately 417 public sector institutions and enterprises, several of them much larger than some of the private sector institutions and that he would like to take on the offer made by the SLID Chairman to support their further development.
Minister Cabraal said “We need to ensure that those who are at the helm of affairs of these public institutions are able to deliver results during the time that they are at the head of the institutions. It is a tough call with expectations being huge, the balancing that they have to do of the different interests such as business, shareholders, employees, and consumers who are the public of this country. Sometimes what we see on the surface being what is delivered or the outcome that is expected from an economic sense is not the only outcome that is expected when considering certain public institutions. As such, it is a bigger challenge. As the Minister entrusted with the responsibility for public enterprise reforms, I am conscious of that deep necessity to ensure a balance of all these different competing interests and we have been endeavouring to do that” and further added that- in the quest to do things better and smarter “the avenues of cooperation with SLID can be explored further to deliver dynamism in the public sector”.
Business
ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push
Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.
“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”
Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.
During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.
With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.
Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.
Business
New Board appointed to lead Unit Trust Association of Sri Lanka
The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.
The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).
President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”
The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.
Business
Indiya at Cinnamon Life enters a flavourful new chapter
Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.
Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.
The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.
At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.
Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.
At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.
The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.
From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.
Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.
No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.
By Ifham Nizam
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