Code of Conduct
LankaClear is committed to maintaining the code of best practices issued by the Institute of Chartered Accountants of Sri Lanka on the financial aspect of corporate governance. The directors are responsible for protecting the rights and interests of shareholders 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 two state owned 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 performances against the goals and objectives |
| • |
Ensure adequate internal controls with the highest ethical standards |
| • |
Appoint Chief Executive Officer and determine the remuneration of senior
executives |
| • |
Report to shareholders on their stewardship |
Policy
The board’s policy is to disclose all relevant information to stakeholders 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. 17 of 1982.
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 our administration and technical staff. In the area of IT, we have identified and strengthened governance and compliance controls. |
