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CA Sri Lanka, SEC to jointly launch Corporate Directors Programme

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) together with the Securities and Exchange Commission (SEC) will jointly launch the much awaited Corporate Directors Programme on 20th May 2014 which will help corporate directors enhance their existing competencies and gear themselves to grapple with new regulations and challenges.

The inauguration ceremony of this Corporate Directors Programme will be held under the patronage of Dr. Nalaka Godahewa, Chairman of SEC and Mr. Krishan Balendra, Chairman of the Colombo Stock Exchange and will feature a keynote speech by Professor Mervyn King, Chairman of the International Integrated Reporting Council who will share his experience on emerging trends in Corporate Governance.

Dr. Nalaka Godahewa Mr. Krishan Balendra Prof. Mervyn King

Prof. King is a senior counsel and former judge of the Supreme Court of South Africa. He is a Professor Extraordinaire at the University of South Africa on Corporate Citizenship, Honorary Professor at the University of Pretoria and visiting Professor at Rhodes University. Prof. King is also Chairman Emeritus of the Global Reporting Initiative in Amsterdam, a member of the private sector advisory group to the World Bank in Washington and chairman of the Asian Centre for Corporate Governance in Mumbai.

The Corporate Directors Programme will help strengthen the understanding of; the responsibilities that are implicit in a board mandate, the laws and regulations, performance and compliance and corporate social responsibilities of the board and the directors. The programme which will be conducted over ten sessions will feature a combination of lectures, panel discussions and work group sessions. The panel will consist of representatives from the corporate community, regulatory agencies, corporate lawyers, financial analysts and auditors and assurance providers.

CA Sri Lanka President Mr. Arjuna Herath emphasized that a director’s role is both critical and wide in their capacity as trustees of shareholders.

“In today’s complex and constantly changing world, challenges are part and parcel of a director’s daily life. Therefore, as an institute which is championing good corporate governance and is continuously endeavoring to offer the country’s professional community with the thought leadership and most pertinent of programmes for their further advancement, CA Sri Lanka takes great pride in introducing the Corporate Directors Programme together with SEC,” he said.

Mr. Herath noted that the Corporate Directors Programme has been developed with a view to ensure directors of all listed companies are familiar with what is expected of them as directors, while ensuring that they have the capacity to effectively fulfill their corporate role.

“I believe this will be an important programme vastly beneficial to both the directors and the companies they serve because it will not only enhance their knowledge and skills, but will also give them the opportunity to apply the new found knowledge and skills gained from the programme for the long term progress and success of their organization,” he added.

The programme which will kick off on 26th June 2014 targets executive and non-executive directors of public listed companies, directors of state owned enterprises, shareholder directors of family connected companies and senior professionals aspiring to be directors.

Chairman of the Corporate Directors Programme Mr. Asite Talwatte said that the “Corporate Directors Programme” is unique in its structure and content, bringing in all dimensions of directorship at a sufficient level of depth and breadth making it practical, futuristic and interactive.

“We have recognized the importance of conformance and performance, while providing a platform to discuss sustainability and corporate social responsibility.

A well acclaimed panel with diverse skills will enrich the experience, providing a blend of theory and practical insights. The programme is timely as Sri Lanka is ready to take off into a high growth middle income country,” he said.

Chief Executive officer of CA Sri Lanka Mr. Aruna Alwis noted that CA Sri Lanka and SEC jointly issued the Code of Best Practice on Corporate Governance 2013, which came into effect from 1 January 2014. “The Corporate Directors Programme is in furtherance of that joint initiative to provide a platform for directors to strengthen their understanding of; their responsibilities, the laws and regulations, performance, and compliance, governance and corporate social responsibilities,” he added.

Following the successful completion of the programme, participants will receive a recognized credential in the field of governance from CA Sri Lanka and SEC, enabling them to be informed, progressive and compliant corporate directors.