News

Listed companies name Senior Independent Directors to their boards

Published

3 years ago

2023/11/5

Where chairmen are also CEOs

Many of the country’s top business conglomerates where the chairman was also the chief executive officer (CEO) have announced the appointment of Senior Independent Directors to conform to a new rule of the Colombo Stock Exchange that is now effective.

This includes Distilleries Company of Sri Lanka PLC and Aitken Spence PLC where business tycoon Harry Jayawardena has given up executive responsibilities but remains chairman in a non-executive capacity.

At John Keells Holdings PLC, Mr. Krishan Balendra will remain Chairman/CEO while Mr. Nihal Fonseka as been named as Senior Independent Director.

“It is the view of the Board, and our experience has proven that the JKH Board composition of a majority of Non-Executive Independent Directors, coupled with the role of the Senior Independent Director, and other supporting Board dynamics have enabled the Chairperson-CEO to effectively balance the dual role as the Chairperson of the Board and the CEO of the Company, particularly given the diversified conglomerate structure of the John Keells Group. We wish to affirm that the Company will continuously strive to develop its governance frame,” JKH said in a Stock Exchange filing.

The Hayleys Group has made similar arrangements with regard to several of its companies with Mr. Mohan Pandithage remaining chairman and CEO of group companies where Senior Independent Directors have been named. Dr. Harsha Cabraal will remain Senior Independent Director of Hayleys PLC, the holding company. Other Hayleys companies too have filled these positions.

At LOLC where Mr. Ishara Nanayakkara has been the deputy chairman in an executive capacity and the position of chairman has not been filled since the passing of his father, Mr. Rajah Nanayakkara, he will continue in this role. Mr. Dharmasiri Peiris has been named Senior Independent Director.

Severl other listed companies have made similar arrangements communicated to the CSE through stock exchange filings.

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Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12

Published

3 hours ago

2026/09/29

Priyan

Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.

In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.

Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.

Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure

News

Draft Bill for amending the Trust Ordinance

Published

3 hours ago

2026/09/29

Priyan

Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.

Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.

Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.

News

Implementing further relief programme to Public sffected by the Middle East conflict situation

Published

4 hours ago

2026/09/29

Priyan

Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.

Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.

Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief