Dr. Cabral, a veteran legal professional with a wealth of experience and exposure both in the local and international arenas assumed duties as the new chairperson of NSB on 17th May 2023 at the NSB Head Office premises amidst the well wishes of Ajith Peiris GM/CEO, Senior Management of NSB and the members of the staff.
Dr. Cabral is a President’s Counsel in Sri Lanka with thirty-five (35) years’ experience in the field of Intellectual Property Law, Company Law, Commercial Law, Commercial Arbitration, Securities Laws, International Trade Law covering both civil and criminal aspect of the said areas of the law. He has been a President’s Counsel for Seventeen (17) years and commands an extensive practice in the Commercial High Courts and the Supreme Courts of Sri Lanka and has sixteen (16) Attorneys-at-Law working in his Chambers.
He holds a doctorate in Corporate Law from the University of Canberra, Australia. He was a sitting member of the International Chamber of Commerce (ICC) International Court of Arbitration in Paris for a period of six years till 2021. He is a Representative Member of the Federation of Integrated Conflict Management (FICM) as well as a Representative Member of the International Commercial Disputes Tribunal (ICDT). Dr. Cabral is a Fellow of the Institute of Chartered Governance Institute (UK & Ireland). He is a former member of the Board of Investment (BOI) of Sri Lanka. He was the Founder Board Member of the Sri Lanka International Arbitration Centre and was involved in the drafting of the Arbitration Act, No. 11 of 1995, the current Act. Dr. Cabral is also a member of the Law Commission of Sri Lanka, a member of the Intellectual Property Advisory Commission in Sri Lanka and the Chairman of the Intellectual Property Law Reform Project of the Ministry of Justice, a member of the Corporate Governance Faculty and the Corporate Governance Committee of the Institute of Chartered Accountants of Sri Lanka, and University Grants Commission (UGC) nominee on the Post Graduate Institute of Medicine (PGIM).
As a member of the Advisory Commission on Company Law in Sri Lanka, Dr. Cabral was one of the architects of the Companies Act No. 7 of 2007, the current Act.
Dr. Cabral serves as the Chairman of the Tokyo Cement Group, which commands the largest market share for cement in Sri Lanka. He was the past Chairman of LOLC Finance PLC, one of the largest Finance Companies in Sri Lanka.
He was also a director of LOLC Insurance Company Limited, Commercial Leasing & Finance Limited and Richard Pieris Distributors Limited (Arpico Supermarkets). He was also the past Acting Chairman of Hatton National Bank PLC (HNB). In addition, Dr. Cabral was a senior Director of the Union Bank of Sri Lanka. He was also a member of the Cabinet appointed Committee on the National Trade Policy and also a member of the Presidential Commission appointed on reformulating laws of Sri Lanka.
Dr. Cabral currently serves as Independent Non-Executive Director of DIMO PLC, Hayleys PLC, Alumex PLC, Tokyo Cement Company (Lanka) PLC, Tokyo Super Cement Company Lanka (Private) Limited, Tokyo Cement Power Lanka (Private) Limited, Tokyo Eastern Cement Company (Private) Limited, Tokyo Super Aggregate (Private) Limited, Tokyo Supermix (Private) Limited, World Export Centre Limited, Chevron Lubricants Lanka PLC, Ceylinco Life Insurance Co Ltd, Darley Property Holdings (Private) Limited, CCC-ICLP International ADR Centre (Guarantee) Limited, National Olympic Committee (NOC) Ethics Committee (Chairman) and Sri Lanka Institute of Information Technology (Guarantee) Limited (SLIIT), SLIIT International (Private) Limited, Nanadiriya (Guarantee) Limited (Chairman) and he serves on several Audit Committees, Nomination Committees, Remuneration Committees, Recoveries Committees and the Related Party Transaction Committees, chairing most of them.
Dr. Cabral is a senior visiting lecturer at several Universities here and abroad, a regular speaker at public seminars and an author of several books. He has also presented several papers on Corporate Law, Intellectual Property Law, Commercial Arbitration, International Trade Law here and abroad. In addition to his active practice in courts and lecturing, he has been a counsel in many Arbitrations and has served as Sole-Arbitrator, Co-Arbitrator and Chairman in a large number of Arbitrations, domestic and international.
Dr. Cabral is also an accomplished author who has published several books including “Corporate Law, Derivative Actions: A Comparative Approach” and “Intellectual Property Law in Sri Lanka”.
ILO together with EFC launches pilot project to address employee grievances at the workplace
Five companies volunteer to participate in the project
By Sanath Nanayakkare
Grievance handling in Human Resource Management (HRM) refers to the process by which employee complaints, concerns, or disputes are formally addressed and resolved. The goal is to provide a structured channel for employees to express their concerns or report issues they are facing in the workplace for the benefit of the company, the management and the employees.
True to those values, the International Labour Organization (ILO) recently invited the Employers’ Federation of Ceylon (EFC) to initiate a pilot project to launch Grievance Handling Guidelines that were formulated through several workshops conducted in 2019 in consultation with ILO constituents.
Giriulla Mills Ltd, HNB Assurance Ltd, HNB General Insurance Ltd, Cambio Software Engineering and Taj Bentota Resort and Spa, volunteered to participate in this project. They represented the manufacturing, finance, IT, and hospitality sectors respectively. The pilot project was formally launched on 20th September 2022.
EFC’s team of trainers visited these selected companies and engaged in discussions with their management to gain insights into their existing employee grievance handling systems.
They also gathered feedback from employees to assess their satisfaction with present grievance mechanisms. Based on the findings, EFC team developed customised grievance handling policies aligned with each organisation’s culture and specific requirements of each company to ensure practical implementation of the same.
All these grievance policies were designed in adherence to the Guidelines on Grievance Handling which were established for Sri Lanka in 2019 through workshops conducted by the ILO.
Following the development of these policies, four training sessions were conducted for the management teams of the participating companies. During these training sessions, the policies were presented in detail. The sessions also aimed to provide a comprehensive understanding of what constitutes employee grievances, the importance of addressing them promptly and the potential consequences if grievances are left unattended.
In addition to policy dissemination, the training sessions also focused on equipping managers with the necessary skills to effectively handle employee grievances. This included discussions on communication strategies, conflict resolution techniques, and the importance of empathy and active listening when addressing employee concerns.
ComBank wins ‘Best Treasury Team’ at CT Marquee awards for financial institutions
The Commercial Bank has won the Marquee award for ‘Best Treasury Team’ in the Financial Institutions category at the 2023 CT Awards presented by Corporate Treasurer – the print publication in Asia dedicated to treasury teams and Chief Financial Officers (CFOs).
The CT Awards ceremony was held at the Marriot Tang Plaza Hotel in Singapore on Tuesday 21 November 2023. The event celebrated treasury professionals who operate at the top of their class across three categories – House awards, Marquee awards and Best Treasury & Finance Strategies.
“The Treasury Department’s unwavering commitment to delivering outstanding results across various dimensions is at the heart of the Bank’s exceptional performance,” Commercial Bank’s Deputy General Manager Treasury Mr Asela Wijesiriwardane commented.
Fitch expects SL to report broadly improved banking sector results in 2024
Fitch Ratings expects greater divergence in the performance of banking sectors in Asia Pacific (APAC) in 2024, with five countries set to report broadly improving results and three to see deterioration. These outlooks stand in contrast to those leading into 2023, when we projected a broadly stable performance for the vast majority of APAC banking sectors, with only our outlook on Sri Lanka judged to be deteriorating at that time.
The difference in outlooks is particularly marked between banking sectors in APAC emerging markets (EM) and developed markets (DM). All five of the countries where we expect an improving performance are EMs: India, Indonesia, Sri Lanka, Thailand and Vietnam. By contrast, we expect a deteriorating performance in the DMs of Australia and New Zealand, with China the only EM where the outlook is deteriorating.
Banking sector outlooks among many APAC EMs are generally supported by our robust economic growth projections. Growth should buoy loan demand and limit
the potential adverse effects on asset quality from interest rates, which we believe have largely peaked across the region. The markets where our (relatively short-term) sector outlooks are improving align well with our view on (longer-term) bank operating environment scores, which are positive in Indonesia and Vietnam, while the score on India was raised in 2023.
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