Business
WIM urges for more board-chair positions for women in Sri Lanka corporate sector
Says that no industry should be labeled on gender bias
by Sanath Nanayakkare
Having more women leaders in corporate management correlates with increased financial and non-financial performance, therefore, the current numbers of women leaders across the country’s corporate landscape should be increased by allowing more of their kind to hold board-chair positions, Women in Management (WIM) Founder & Chairperson Dr. Sulochana Segera told the Island Financial Review.
“It has been proved that when there are women involved in decision-making on corporate boards, those companies reflect favourable outcomes in their performance. Women leaders are able to make this difference because they are very accountable and ethical,” WIM chairperson said.
“Women account for 52.3% of Sri Lanka’s population. They have shown their ability to handle crisis situations with great resilience. So, their influence can have a positive impact at all levels of business, not just in decision-making and leadership roles. If the country doesn’t attract and utilize their talent, it would be wasting a human resource that makes up more than half of its population,” she said.
When asked if the Sri Lankan corporate sector has not yet made an environment conducive to tapping the fullest potential of women leadership and the contribution from women workers at all levels, she replied,” I think that a supporting environment is already in place. You can’t expect to create a perfect environment for absolute gender diversity and parity. It is just that the number of women employed in decision-making roles has to go up. Improving the work environment for women to thrive and deliver their best would be an ongoing process. It is also up to women to step forward and take up these opportunities.”She noted that just by adding a family member to a board may not help ensure the formation of a well-performing board.
Asked whether Sri Lankan women prefer to enter only women-friendly businesses such as apparel, FMCG, she said,” In fact, those sectors used to be our cottage industries and businesses. Now they are operating at a large scale, and we tend to call them ‘women-friendly’. No industry should be labeled on gender bias. It is the passion and the commitment that women bring to any industry that matters. Today there are women in the construction sector, road development sector which are thought to be male-dominant. Their numbers may not still be significant, but the numbers are growing and these women will be role-models for other women who share similar passion. It is not about intruding male-dominated sectors, but entering those sectors with passion and working with male counterparts in collaboration so that these women can advance their career prospects in high-growth sectors while playing a vital role in boosting the national economy.”
She also said that Sri Lanka needs mentors who can provide help in guiding women through the new and unprecedented challenges they confront.WIM Sri Lanka launched the Second Edition of the Women Top50 Calendar for the year 2023 featuring 12 women Icons on 4th January at the Galadari Hotel. Sara Twigg Programme Manager – Women in Work Sri Lanka International Finance Corporation- was the guest of honour at the event.
This year, WIM has featured women from diverse backgrounds like business, entrepreneurship, corporate boards, state sector, banking, Insurance, corporate careers, legal and etc.
January – Gillian Edwards, Independent Non-Executive Director, Commercial Credit and Finance PLC, February – DevikaEllepola, Head of Passenger Sales, Emirates Airline in Sri Lanka, March – Prof. Dr. Thushari Koralage, Principal/Managing Director, Asian Grammar School (Colombo/Matara), April – Julian Devika Anthony (LLB.), Barrister & Solicitor, President, WIM Canada Chapter, May – NilushiKumaradas, Head of Procurement, Coca Cola Beverages Sri Lanka Ltd, June – Nirosha Jagodaarachchi, Chief Executive Officer, British Cosmetics (Pvt) Ltd, July – Dawn Austin, Managing Director, NIDRO Supply (Pvt) Ltd, August – Shehara de Silva, Non Exec Director, Keells Food Plc, September – Shashi Kandambi Jassim, Professional Banker, October– Keasila Jayawardana, Chairperson, National Savings Bank Plc, November -WIM Sri Lanka Team, Waruni Algama, Vijitha Samarakkodige, Summaiya Macan Markar, Dr. Himalee De Silva, Niroshini Rathnasinghe, Fazeela Dharmarathne & Dr. Nadini Wickarmasinghe, December- Manindri Dias Bandaranayake, Group Chief Brand Marketing Officer, Janashakthi Group.
WIM chairperson said that younger women will have the chance to be inspired by those featured in the calendar and find new ways to make history of their own.
In a decisive move to stabilize Sri Lanka’s economy and rebuild investor confidence, the Commission to Investigate Allegations of Bribery and Corruption (CIABOC) yesterday launched the National Anti-Corruption Action Plan (NACAP) 2025–2029, with a clear focus on promoting transparency, accountability and economic governance.
Developed with the support of the United Nations Development Programme (UNDP) and funded by the government of Japan—contributing nearly USD 900,000—the initiative aims to address corruption as a critical economic barrier.
The launch, attended by President Anura Kumara Dissanayake, Chief Justice Murudu Fernando PC, and high-level diplomatic and institutional representatives, signals a shift in Sri Lanka’s economic reform narrative. The NACAP is seen not just as a governance tool but as an economic recovery strategy designed to attract foreign investment, improve public finance management and rebuild public trust.
R.S.A. Dissanayake, Director General of CIABOC, noted that corruption, “is more than a legal issue—it is an economic cancer that stifles innovation, distorts markets and deters foreign direct investment.” The establishment of Internal Affairs Units (IAUs) within government institutions is expected to bring internal oversight to public spending and performance, improving the efficiency of state services.
Japanese ambassador Akio Isomata stressed that eliminating corruption is essential for Sri Lanka to regain global investor confidence. “Transparency and good governance are fundamental pillars for sustainable economic development, he said. “For Sri Lanka to attract foreign investment and achieve long-term growth, the effective implementation of this Action Plan is crucial.”
Echoing this, UNDP Resident Representative Azusa Kubota highlighted the importance of aligning governance with economic goals. “The NACAP is a roadmap for transforming Sri Lanka’s economic governance, she said. “It will make corruption visible, measurable, and actionable.”
The NACAP is built on four strategic pillars—Preventive Measures, Institutional Strengthening & Enforcement, Education, and Law & Policy Reform—targeting nine priority areas. These include streamlining state enterprise management, modernizing financial crimes investigation and integrating anti-corruption education into economic policymaking.
The implementation timeline is designed with a phased approach: short-term stabilization, medium-term reform and long-term transformation—ensuring consistent progress toward a more accountable and economically resilient state.
“Corruption ends here. The responsibility of eradicating bribery and corruption will not be passed on to the next generation — it will be resolved by our government today, President Anura Kumara Dissanayake said.
The President stressed it marks a turning point in Sri Lanka’s history. “With the launch of the National Anti-Corruption Action Plan 2025–2029, we are drawing a bold line in the sand. No longer will the fight against corruption be tangled in politics or postponed for the future. Public officials now have six months to bring transparency and integrity to their institutions. After May, the law will act decisively and without exception. This is not just policy — it’s a promise. A new era of accountability has begun and it begins with us.”
By Ifham Nizam
Verdant Capital invests $4.5M more in LOLC Africa, expanding MSME lending across 10 countries and deepening financial inclusion efforts continent-wide.
Verdant Capital has announced that its Verdant Capital Hybrid Fund (the “Fund”) has completed an additional investment of USD 4.5 million in LOLC Africa Singapore Limited (“LOLC Africa”). This investment brings the total investment in LOLC Africa to USD 13.5 million. This follows the initial investment of USD 9 million in LOLC Africa, completed in June 2023. Both investments are structured as holding company loans, and they are being directed towards LOLC Africa’s operating lending subsidiaries in Zambia, Rwanda, Egypt, Kenya, Tanzania, Nigeria, Malawi, Zimbabwe, Ghana, and the Democratic Republic of Congo.
Founded in 1980 in Sri Lanka, LOLC entered the African continent in 2018. Verdant Capital Hybrid Fund is the first external investor in LOLC Africa’s operations, reflecting the Fund’s catalytic investment approach. These investments are driving the expansion of LOLC Africa’s micro, small and medium enterprises (MSMEs) financing footprint across the continent. Additionally, the Fund’s Technical Assistance Facility (TAF), has offered financial support for LOLC Africa’s Social Ratings and Client Protection Pre-Certifications for its subsidiaries in Zambia and Egypt, with further Technical Assistance initiatives in the pipeline.
HNB Assurance PLC (HNBA) delivered another year of outstanding financial performance, securing a 7.5% market share and moving a step closer to achieving its ambitious target of 10% market share by 2026. This success was a result of the company’s well-structured strategies, focused on sustainable growth in an increasingly competitive landscape, which yielded impressive results, with its Gross Written Premium (GWP) growing by 26% compared to the previous year.
Over the past four years, HNBA has maintained an average growth rate of 26%, consistently outperforming the industry. A key element of HNBA’s approach has been prioritizing distinctive, value-driven products over high-volume, lower-margin offerings. This strategy has allowed the company to cater to a broader customer base, ensuring inclusivity while maintaining the competitiveness and relevance of its product portfolio
In terms of growth, HNBA’s proactive investment strategy resulted in an 8% growth in investment income, reaching Rs. 6.9 Bn, while Funds Under Management saw a 26% increase. HNBA paid net benefits and claims totaling Rs. 2.9 Bn. The total assets of the company expanded by 24% to Rs. 53.4 Bn, primarily driven by increased financial investments. Additionally, total Life Insurance contract liabilities grew by 25% to Rs. 38.6 Bn, following a surplus transfer of Rs. 1.3 Bn to shareholders.
Sun directly overhead Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon. today [10]
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