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SLT statement on media coverage of Board changes

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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SLT was incorporated under the then Companies Act No. 17 of 1982 (now superseded by the Companies Act No.7 of 2007).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.



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U.S.-Russia diplomatic thaw ignites Sri Lanka’s hopes for trade windfall

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Thilaka Jayasundara

Sri Lanka’s Ministry of Industries and Entrepreneurship Development Secretary Thilaka Jayasundara voiced confidence yesterday that warming U.S.-Russia relations could catalyse economic opportunities for Sri Lanka, during a forum hosted by the National Chamber of Commerce.

Speaking at the ‘Russia-Sri Lanka Development of Trade, Economic, and Banking Cooperation’ event, Jayasundara, a seasoned official with experience across multiple political administrations highlighted that eased secondary sanctions resulting from improved Moscow-Washington dialogue could unlock favorable trade conditions for Sri Lanka. Her remarks drew visible approval from Russian Ambassador Levan Dzhagryan, seated nearby.

“Sri Lanka’s balanced, neutral foreign policy positions us to benefit from any collaborative outcomes of U.S.-Russia talks,” she asserted, underscoring the nation’s potential to leverage evolving geopolitics for trade and investment gains.

Jayasundara didn’t miss the opportunity to urge Sri Lankan trade chambers to collaborate with the Export Development Board (EDB) to diversify exports and maximise foreign exchange earnings.

“Businesses and banks present here should explore to forge stronger B2B linkages for mutual benefit at the breakout sessions,” she added, referencing discussions at the forum that connected SMEs and large firms in agriculture, fintech, pharmaceuticals, industrial manufacturing among other sectors.

The secretary’s optimism aligns with Sri Lanka’s broader strategy to navigate global economic headwinds by capitalising on diplomatic shifts and expanding its export portfolio.

According to the EDB, the total export value from Sri Lanka to Russia was USD 144.25 Mn in 2023 and total imports from Russia to Sri Lanka for the same period were USD 393.55 Mn. Official data for 2024 remains pending.

The Russian delegation that took part in the B2B meetings was headed by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation.

By Sanath Nanayakkare

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Hemas Hospitals named Official Healthcare Partner for JOE-PETE Big Match 2025

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Hemas Hospitals has proudly partnered with the JOE-PETE Big Match 2025 as the official healthcare provider, continuing its strong tradition of supporting community events and ensuring the safety and well-being of all participants and spectators.

As one of Sri Lanka’s most anticipated annual school cricket encounters, the JOE-PETE Big Match brings together passionate fans, students, and alumni from St. Joseph’s College and St. Peter’s College. With thousands expected to attend, Hemas Hospitals steps in once again, marking its fifth consecutive year of involvement, to provide expert medical support on-site.

“As a leading private hospital network, we’re proud to be a part of this iconic event. Our partnership reflects our commitment to community health and to being there where it matters most,” said Dr. Pradeep Edward, Director General Manager, Hemas Hospital Thalawathugoda. “We want all attendees to enjoy the event with peace of mind, knowing that their health and safety are in good hands.”

During the match days, Hemas Hospitals will deploy on-site medical teams, ambulances, and a qualified sports medicine medical officer to respond to any health emergencies or injuries. From first aid to injury management, the team is equipped to handle a wide range of situations with the efficiency and professionalism that Hemas is known for.

“Our practice of having highly trained medical staff and emergency support continues,” said Anjana Cramer, Business Development Manager. “Our aim is to be proactive, responsive, and accessible throughout the event.”

In addition to healthcare support, Hemas Hospitals will have a strong brand presence at the event, with Hemas flags, A-boards, a branded ambulance, and the medical team visibly positioned throughout the grounds.

“We want this partnership to not only represent medical readiness but also our larger message of promoting health and unity through sport,” said Duwayne Rozario, Executive – Business Development. “It’s about more than just treatment, it’s about being an active part of the community.”

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Sun Siyam Pasikudah; unique cluster of luxury chalets looking out to Eastern sea

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Sun Siyam Pasikudah; irresistible appeal.

Weddings on the beach, an aqua platform to be served dinner in the sea; four ocean pavilions, informal camaraderie, more so, come as you are atmosphere for informality and bonhomie un matched in any resort.

What are we talking about? Just a cautious; yet unavoidable blend for a holiday; and an atmosphere of ‘let yourself go’, experience unmatched in a resort hotels.

Where are these ‘happenings’? At the Sun Siyam Pasikudah.

Just so, assuming you’ve been to the Maldives, and factually, it’s a demand driven destination, to the US, so too, we assume, Sun Siyam Pasikudah is a growing destination for holidays in the warm waters of the Indian Ocean surrounding the East coast of this island.

Why surrounding? Simple; just that Sun Siyam Pasikudah perched by the sea, apart from the warm waters bordering the resort; we are also of the positive atmosphere of the shallow sea abutting the picturesque appeal viewed from the sea. Appealing to tourists already enjoying the numerous attractions of this resort facility.

Our observations were French, Germans and other Europeans were already enjoying the facilities of Sun Siyam Pasikudah.

General Manager Arshed Refai was on hand to give us detailed explanation on facilities guests could expect and enjoy and numerous offerings that appeal for long stays. Quite regularly, he said, guests are quite reluctant to depart. Particularly Europeans who we observed enjoying the sun and more so walks along the beach.

Additionally, Ministry of Tourism provided train services as well to encourage tourist traffic to the East to enjoy the growing popularity of this resort and other resorts we observed in the area.

GM Refai further said the dining experience, and varied choice of cuisine catered to each national from West to East; which, he said, was quite in order to cater to choices in food and individual taste desires.

Originally launched in 2014 as Sun Aqua Pasikudah, the property underwent a rebranding in 2020, becoming part of Sun Siyam Resorts Collection and adopting the name of Sun Siyam Pasikudah. ‘Was it popular among local tourists’? He responded positively that its appeal was growing, related to the chain of other destinations in the East. Additionally, its popularity and appeal, particularly to its chalets and Five Star luxury was in reality not an available concept elsewhere.

Chef Dilan Jayasundera, explained varied cuisine and food flavours he was adept in producing to ensure guests were not in need, food vice.

He further said a broad cross section of tastes was catered to.

Asst General Manager Keerthi expanding on additional facilities said 34 rooms were villa style accommodation spread over the land. Four ocean pavilions complemented a formal atmosphere.

GM Refai further said 90 guests at peak accommodation enjoyed international cuisine.Excursions, to the fish market, sea observations in glass bottom boats to observe fauna and flora under water, including the varied amphibian fish population were of great appeal.
Questioned on any Maldivian influence, he said, Sunsiyam was not influenced by the Maldives, but its style was of broad appeal.

The resort’s transformation showcases bold monochromatic interiors balanced with rich golden tones, creating a unique, sophisticated, and chic environment. The resort offers distinct culinary adventures, immersing guests in Sri Lanka’s vibrant flavors and colonial traditions. Noteworthy options include The Cellar, Sri Lanka’s largest wine cellar on the eastern coast, the Tea House with an extensive tea collection for a delightful tasting journey, Slice & Grill, a fast-casual poolside concept with a retro design, and the Beach Shack, a tropical paradise with Caribbean vibes.

 

By Steve A. Morrell

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