Business
SEC announces revisions to corporate governance rules after 15 years
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Amendments are aimed at reinforcing investor confidence in the capital market
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Listed Companies required to establish policies for whistleblowing, anti-bribery and corruption
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Audit Committees, Related Party Transactions Review Committees also need to be established
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Fit and proper assessment criteria for directors and CEOs
The Securities and Exchange Commission (SEC) of Sri Lanka has announced revisions to Corporate Governance Rules applicable to entities listed on the Colombo Stock Exchange with effect from 1st October 2023.High standards of Corporate Governance with accountability and transparency are critical to building investor confidence in the capital market and is therefore a priority on the SEC’s regulatory agenda. The SEC recognising the need to improve the level of Corporate Governance among Listed Companies in the market initiated a process of amending the Rules on Corporate Governance through a process of stakeholder and public consultations. Based on the stakeholder and public responses the Rules were revised to enhance the governance structures and responsibilities of the Board of Directors and Board Committees of the companies.
These amendments which are in line with global best practices are intended to give clear direction on good Board and management practices that will help build investor and stakeholder confidence.
According to the amended Rules, Listed Companies are required to, among others, establish and maintain Board Policies for Risk Management and Internal Controls, Relations with Shareholders and Investors, Whistleblowing, Corporate Disclosures, Environmental, Social and Governance Sustainability and Anti-Bribery and Corruption. The Rules will require Listed Companies to disclose these policies as well as the implementation details of such policies on their respective company websites and make reference to the website content in their annual reports.
As an important mechanism for the check and balance process in the governance of companies, the revisions require the establishment and operationalisation of Nomination and Governance Committees, Remuneration Committees, Audit Committees, Related Party Transactions Review Committees and where appropriate Risk Committees. Other key Rules include, minimum number of Board members, segregation of the position of Chairman and Chief Executive Officer, appointment of a Senior Independent Director in specific instances, ‘Fit and Proper’ Assessment Criteria for directors and CEOs, criteria for determining independence of directors and requirements on Alternate Directors. Whilst the effective date is 01st October 2023 for most Rules, there will be provision for extended time limits on certain Rules in order to enable companies to reorganize their Board structures.
These revisions are the result of the continued collaborative efforts between the SEC, CSE and the industry to strengthen Sri Lanka’s corporate governance framework. The last update of the Rules on Corporate Governance was in 2008.
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.
The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.
The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.
Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.
SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.
A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.
Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.
The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.
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