Corporate Governance, the system by which companies are managed and controlled, is a topic of increasing importance, both to Directors of the Company and its shareholders. The Board manages the Company on behalf of the shareholders. It is the policy of the Company to manage its affairs in accordance with appropriate standards for good Corporate Governance.
Compliance with Corporate Governance Rules of the Colombo Stock Exchange
The following disclosures are made in conformity with Section 7 of the Rules of the Colombo Stock Exchange:
| Rule | Comments |
|---|---|
| 7.10.1 Non-Executive Directors | Eight Directors are Non-Executive except the Executive Director |
| 7.10.2 Independent Directors | There are three Independent Directors on the Board. Each Non-Executive Director submits a signed and dated declaration annually |
| 7.10.3 Disclosures relating to Directors | Three of the Eight Non-Executive Directors meet all the criteria set out in Rule 7.10.4 for determining the independence of Directors. These independent directors are Messrs S H Amarasekera, P K Sumanasekera and S S Shanmuganathan. |
| 7.10.5 Remuneration Committee | Comprises of three Non- Executive Directors including two Independent Directors. |
| 7.10.6 Audit Committee | Comprises of five Non-Executive Directors including three Independent Directors. |