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Janashakthi launches Directors’ and Officers’ Liability Insurance

Janashakthi Ins -urance recently launched a new policy - Directors’ and Officers’ Liability Insurance - to financially safeguard Directors and Officers against the legal liabilities that may arise against them consequent to the enactment of the new Companies Act No. 7 of 2007.

Managing Director of Janashakthi Insurance Prakash Schaffter said, “Globally the trend of claims filed against corporate executives exposing them to potential personal liabilities for violations of laws and regulations has shown a marked increase. This will soon become a reality in Sri Lanka too.

Shareholders/investors, employees, depositors, regulatory bodies and consumer groups are more aggressively asserting their perceived rights to influence corporate decisions and business strategies.

Business leaders are confronted with various risks such as hazards associated with mergers, acquisitions, public offerings, day to day operations. The new Companies Act will place a greater accountability of Company Directors and Officers for their decisions and never before have they faced a greater likelihood of being sued because of their decisions”.

“Since Directors and Officers of public companies are a potential target for lawsuits alleging financial loss, Janashakthi has taken the initiative to come up with a unique solution to protect the liability of business leaders by covering the litigation costs and damages in the event they are sued by third parties, thereby saving the Directors, Officers and their companies from a possible financial disaster”, Schaffter added

In the past, Directors and Officers were somewhat protected from liability due to the ‘business judgment’ rule, particularly in the question of duty of care. That is, they acted in the best interests of the company and with due care, honest and reasonable belief, good faith and without a conflict of interest.

ACCA launches UK Oxford Brokers University degree

ACCA Sri Lanka launched a unique and innovative collaborative degree programme between one of the UK’s most prestigious business universities, the Oxford Brookes University to enable ACCA students to achieve a firmer foundation in furthering professional development.

Introduced in conjunction with the ACCA Graduation Ceremony 2007 felicitating the graduates, finalists, Associates and Fellows, this Bachelor of Honours degree in Applied Accounting opens up the double pronged advantage of ensuring academic and professional foundations into finance, a vital component for the rapidly evolving position of finance professionals worldwide.

ACCA Programme Director Oxford Brookes Business School UK John Woodley who was guest of honour at the launch explained that the degree was jointly designed by the University and ACCA to meet the requirements of both a degree and a professional qualification.

“Oxford Brookes University has the statutory authority to grant degrees in the UK. Students of ACCA are now automatically registered for the Oxford Brookes university degree when they enroll to follow ACCA.

Once they complete Parts 1 and 2 of ACCA’s professional examinations, they must submit a research and analysis project to the University, which is assessed by the University Business School staff. The successful student will be awarded a B.Sc (Hons) degree in Applied Accounting.”

President of ACCA Sri Lanka Dilshan Rodrigo, said that with the ACCA qualification recognised by both the UK Government, the United Nations and is practiced in 170 countries worldwide, ACCA professionals have wider and varied chances in the global employment arena, where young professionals can seek rewarding careers in accountancy, finance and management due to ACCA being recognised as a leading global professional accountancy body by reputation, influence and size.

New Country Director for UNIDO

Businessman, in -dustrialist and chamber leader Nawaz Rajabdeen has been appointed as National Director of United Nations Industrial Development Organisation (UNIDO) - national focal point in Sri Lanka. The appointment has been made by Minister of Industrial Development, Kumara Welgama.

UNIDO is one of the main partner organizations of Ministry of Industrial Development in developing policies, strategies and implementing programmes towards overall industrial development in the country.

Chevron with SLVH to mark White Cane Day

Chaminda Perera

Chevron Lubricant Lanka Limited jointly with the Sri Lanka Federation of Visually Handicapped (SLVH) will organise a series of programmes under the theme ‘Give me your eyes’ to mark the International White Cane Day which falls on October 15 for the second year in succession.

Chevron Lubricants Managing Director Kishu Gomes speaking at a press briefing at the Galle Face Hotel said the company sponsors number of projects to mark the International White Cane Day in consultation with the SLVH as a part of its corporate social responsibility endeavour.

“The Handicapped Walk starting from the Viharamahadevi Open Theatre on October 19 will take pride of the place. The visually impaired persons from different parts of the island will join this walk,” he said.

The company provides transport facilities to the members of visually impaired community who will participate in this walk from outstations such as Kurunegala, Anuradhapura and Matara.

We intend to provide every participant with a white umbrella and help 50 visually handicapped members to initiate self-employment ventures.

“We have funded the construction of Visually Handicapped Graduates’ Association headquarters on a request by the President.

The company has been sponsoring three sports events in Deaf and Blind Schools since 2001.”

The company is also engaged in several projects such as refurbishment of Accident Ward and the OPDs of the Matara Hospital, provision of technical training to unemployed youth and construction of new vocational training institute as part of their Corporate Social Responsibility efforts.

President of the Federation of the Visually Handicapped Navaratne Bandara said there should be a separate Ministry for all types of handicapped community.