About Us 
Corporate Governance
Corporate Governance
LankaClear is committed to maintaining the code of best practices issued by the Institute of Chartered Accountants of Sri Lanka on the financial aspects of corporate governance. The Chairman is appointed by the Governor of the Central Bank of Sri Lanka as per the Articles.The directors are responsible for protecting the rights and interests of stakeholders and are accountable to them for the overall management of the company.
Composition of the Board
The Board of Directors consists of eight non-executive Directors. The Chairman is appointed by the Governor of the Central Bank of Sri Lanka by the Articles of Association and there are two other Directors representing the Central Bank of Sri Lanka. In addition, two Directors represent the two State Owned Commercial Banks, while the other three Directors are nominated by the Sri Lanka Banks' Association (SLBA), consisting of two representing Private Local Commercial Banks and the other representing Foreign Commercial Banks. The Secretary General - Sri Lanka Banks' Association (SLBA) is an invitee to the Board of Directors.
Responsibilities of the Board
Set strategies, direction and establish goals for management
Monitor performance against the goals and objectives
Ensure adequate internal controls with the highest ethical standards
Appoint the Chief Executive Officer and determine the remuneration of Senior Executives
Approve large value procurements
Report to shareholders on their stewardship
Policy
The board's policy is to disclose all relevant information to shareholders within the bounds of prudent commercial judgment in addition to preparing the financial statements in accordance with Sri Lanka Accounting Standards and the Companies Act No. 7 of 2007.
Board Committees
The Board's Audit Committee functions to strengthen the process of corporate governance.
Professional specialists have been recruited in the relevant technical disciplines, to enhance the competence and potential of the Company's administration and technical staff. In the area of
IT, the governance and compliance controls have been identified and strengthened.
A Board HR Committee functions and the terms of reference of the Board HR Committee include, among others, the regulation of the organisation structure, salaries and salary scales, promotions and distribution of Bonus.
A Board HR Committee functions and the terms of reference of the Board HR Committee include, among others, the regulation of the organisation structure, salaries and salary scales, promotions and distribution of Bonus.
