Business
SLID hosts webinar on ‘The Integrity Agenda’
The Sri Lanka Institute of Directors (SLID), in collaboration with its knowledge sharing partner Ernst & Young (EY), held a timely webinar discussion recently on “The Integrity Agenda – the Heightened Role of Boards”.
The session focused on how directors could steer their companies with integrity in the current environment. The panel comprised of Sunil Wijesinha, chairman of United Motors PLC, Watawala Plantations PLC and RIL Property PLC, Murtaza Esufally, chairman of Hemas Hospitals, Hemas Pharmaceuticals, Managing Director of Morison PLC and Non-Executive chairman of the Center for Poverty Analysis with Hiranthi Fonseka, Partner of Ernst & Young as the moderator. The keynote presentation was made by EY’s ASEAN Forensic & Integrity Services Leader Ramesh Moosa. The webinar was an initiative taken by the Institute’s INED Forum and was extended to all SLID members as well as the clients of EY in Sri Lanka.
“In this social media driven world, we know that adverse news travels rapidly. Any event of fraud could severely impact an organization’s reputation and will involve a great deal of cost and effort to recover from such damaging, adverse revelation. An investigative process will negatively impact the morale of the management and employees, and in regulated industries it will attract very close scrutiny by the regulators” said Ramesh Moosa while identifying asset misappropriations, bribery and corruption, and financial statement fraud as common fraud schemes.
He added that the opportunity to commit fraud in current times is heightened by work force reductions and displacements which adversely affected the operation of internal controls and segregation of duties; remote working may expose access controls to cyber compromises and management overrides and workarounds posed higher risks.
“In the current times, the pressure and opportunity to commit fraud are heightened as is its rationalization” he further stated.
Sharing insights from EY’s Global Integrity Report 2020, a global survey which involved about 3600 respondents, Moosa said that 90% of the survey respondents believed that Covid-19 posed a risk to ethical business conduct in their organizations. Commenting on the role of a Board director, he said that Board directors have a role to ensure performance and conformance and that the relationship between these two should be viewed as a symbiotic relationship where conformance supports performance which will enable integrity led organizations to flourish.
“Defining what integrity means to the business and investing in it, leveraging technology and data to automate, detect and monitor risk indicators, transforming the compliance function and programs to be forward-looking and developing a robust crisis response capability that would secure stakeholders’ trust are four action points for Boards” said Moosa.
Responding to the moderator’s request to provide his views on the Integrity Agenda for Sri Lankan companies, panelist Murtaza Esufally said that integrity, credibility and reputation have always been extremely important.
“In Sri Lanka’s quest for development, we need FDIs and technology transfers to Sri Lankan companies through JVs. Companies in Singapore, Hong Kong, Holland, UK and Ireland get the highest FDIs since they have built a culture of integrity and trust in institutions in those countries” he added.
Panelist Sunil Wijesinha said that the majority of Boards in Sri Lanka do give a high priority to the Integrity Agenda and that it varies according to whether or not the company is a public listed company or is in a regulated industry.
“Over the last 10 years we have seen the regulators tightening the regulations. Hence, there is a lot of pressure on Boards to make sure that the integrity of financial reports and business operations are accurate without any fraud. There is a huge responsibility on the Boards and senior management. During the current Covid times, we have to be careful of the pressure to perform which is much more complex due to the incentives that are being given. I always promote the concept of whistle blowing which can bring about great benefits” he added.
He also said that while the private sector has gone to great lengths to introduce regulations and best practices, it is strongly recommended that the public sector follows suit.
Moosa’s presentation was followed by a fruitful Question and Answer session with the participation of the audience. Questions were raised with regard to the practical issues and the panelists responded drawing from their own experiences.
Finally in her closing remarks, the moderator Hiranthi Fonseka observed that whilst integrity and trust are not new to Sri Lankans, the discussion on the Integrity Agenda is actually a wakeup call for Boards to become more vigilant.
Port City Colombo, Sri Lanka’s first multi-service Special Economic Zone, recently hosted Lord Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) to an exclusive session on the project’s attractive investment opportunities and economic potential within the South Asian regional sphere. He was accompanied by CWEIC officials including Niro Cooke, Country Chair – Sri Lanka and Group Director, The Capital Maharaja Organisation, Pamela O’Leary, Board Member, and Deshan Gonawela, Country Director. The delegation was welcomed by Revan Wickramasuriya, Director General, the Colombo Port City Economic Commission, and Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd.
A Port City Colombo press release said: ‘The visit encompassed a detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the project progress and future projections as a competitive investment hotspot in the South Asia region. Port City Colombo’s key appeal to top investor markets including the Middle East and the Asia-Pacific, progressive regulatory environment that promotes the ease of doing business, and diverse options for investors, were the focal point of the presentation. The CWEIC delegation was also provided an experiential tour of the Mall at Port City Colombo, South Asia’s pioneering downtown duty-free retail offering, which is already contributing towards Colombo’s evolution as a hub for tourism and business.
‘Sri Lanka needs to show that it is open for Foreign Direct Investment,’ said Lord Swire, Deputy Chairman, CWEIC. ‘There are diverse opportunities, not just in the tea and tourism industry, but also within the scope of Port City Colombo’s Special Economic Zone, which is a truly exciting and ambitious initiative. The Commonwealth showcases some of the most diverse and fastest growing economies in the world, with prospective investors who will be interested in exploring the intriguing opportunities that Port City Colombo and Sri Lanka as a whole are bound to offer.’
‘Niro Cooke, Country Chair – Sri Lanka, CWEIC, and Group Director, The Capital Maharaja Organisation, further elaborated: ‘Sri Lanka has long been a sought-after tourism destination. However, we believe that Sri Lanka has the opportunity to evolve into a competitive diversified service-based economy, which could reinvent our nation into a truly formidable regional business hub. With FDI contributors such as Port City Colombo, a strengthened economic outlook, and strategic locality, Sri Lanka now has the right ingredients to become a progressive investment destination.’
‘As a CWEIC Strategic Partner, Port City Colombo has been actively involved in fostering investor relations across the Commonwealth. Port City Colombo recently participated in the Commonwealth Business Forum 2024 held in Apia, Samoa, where the project’s contribution towards sustainable economic growth and regional skilled mobility within South Asia was accentuated.
‘To learn more about the attractive investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.’
The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.
In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act.
The public is strongly advised to adhere to the aforesaid legal requirement.
For further inquiries:
Department of Supervision on Non-Bank Financial Institutions
Telephone number: 0112 477 504
Email address: snbfi_query@cbsl.lk
As the much-anticipated 2025 Classic Car Rally made its way through Sri Lanka’s scenic highlands, participants from across the globe found themselves in the heart of tea country at Heritance Tea Factory. A former 19th-century tea factory turned exclusive hotel, this iconic property served as a memorable stop for the rally’s distinguished guests, offering a perfect blend of history, elegance and immersive experiences.
The rally, featuring an impressive lineup of vintage automobiles, included rare and classic models from the 1930s to the 1960s, with iconic names such as Bentley, Jaguar, Mercedes, Porsche, MG, Austin Healey, Delahaye, BMW and Volvo gracing the winding roads of Sri Lanka. These meticulously preserved automobiles, shipped from across the world, added a touch of nostalgia to the misty hills of Kandapola, perfectly complementing the colonial charm and heritage of Heritance Tea Factory.
During their stay, the 24 vintage car owners and enthusiasts, representing countries such as Australia, the United States, Belgium, Switzerland, Italy, Brazil, Germany, and the United Kingdom, experienced the hotel’s colonial charm and the breathtaking views of rolling tea fields. Many took the opportunity to partake in the estate’s signature tea plucking experience, donning traditional attire to hand-pick fresh Ceylon tea leaves, a unique and fitting tribute to Sri Lanka’s rich tea heritage.
Dining at Heritance Tea Factory proved to be another highlight, with the rally participants indulging in delicious menus featuring the finest local and international cuisine, all in all an extraordinary gastronomic experience in the misty mountain ambiance.
Beyond the culinary experiences, the comfort of elegantly restored rooms overlooking the lush tea plantations allowed the travellers to unwind and rejuvenate after a long journey through Sri Lanka’s winding roads. The warmth of the hotel’s hospitality, combined with its eco-conscious approach made a lasting impression on all who stayed.
As the rally continued toward its next destination, Heritance Tea Factory left a special mark on the participants, celebrating a shared love for timeless elegance, heritage, and adventure.
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