Business

John Keells announces new board and designation structure

Skills Development, Vocational and Technical Education Minister Piyasena Gamage, hands over a copy of the MoU signed between Tharuna Aruna Institute and the Central Province Women’s Chamber of Small Industries and Commerce, appointing the Chamber as the Regional Office of the Central Province to Chief Executive Officer of the Chamber S. Samarajeewa. Ministry Additional Secretary (Development) W. Ellawala and Additional Secretary (Administration) W. M. S. Wijekoon are also in the picture.

John Keells Group has announced a new board and designation structure in keeping with the fast changing nature of the Group's business portfolio and business environment.

The Group expects to double its current size in the next three years with the need to harness international opportunities increasing in urgency. Earlier this year John Keells announced a new operating structure in response to the need for flexibility to manoeuvre through the decentralisation of decision making. The new structure encompassed an expanded Group Executive Committee and Group Operating Committee, with their decision rights and roles being redefined.

In a further enhancement of its operating model, John Keells has now announced the reconstitution of the Boards of Group companies as well as a standardisation of designations across the Group in keeping with best practices.

The decision was spurred by the need to invite non executive directors to Boards in order to maintain impartiality and transparency in decision-making. The new Designation Structure was also necessitated as the current practice of recognition and advancement through Board appointments was not sustainable because of the limited number of Board vacancies available.

Under the new Board structure, all Boards across the Group will be reconstituted to a single standard. Arising therefrom, a significant majority of the current Directors will step down as "Directors" in the Group to make way to adopt this new structure.

Arising from the new Board structure, it has also been agreed that other than for the Directors of John Keells Holdings, no employee of the Group can use the word "Director" in their designation with effect from July 1.

The current employees of the Group who are at director level will, from that date, have a 2 tier designation structure which will indicate the individual's level in the Group and also describe the individual's functional role. According to the company, the new designations envisage migration of the current status on an "as is" basis without attempting a role differentiation. A Group wide rationalisation of designations will take place in conjunction with the role based designation change, so as to ensure that there is no overlap in the designations at director and Manager/Assistant Manager levels, a company sources said.