Corporate administration, governance discussed extensively

The Sri Lanka Institute of Directors (SLID) organised a successful Interactive Evening on ‘Board Room Challenges’ recently.

Discussions were conducted in four groups, each of which concentrated on the topics - Balance of Influence Between Executive and Independent Directors, Role of the Chairman vis-a-vis the Chief Executive Officer, Composition of the Board and Executive Committee’s Accountability to the Board.

Each group was led by one of Sri Lanka’s most eminent business personalities and provided the opportunity for participants to interact and share knowledge with their experienced counterparts.

The Boards of Companies are the policy-making bodies and the key driver for their success. However, individual Directors/ CEOs/Executive Committee members/Shareholders have there own perceptions of benchmark Board composition, dynamics and accountabilities.

Board structure, accountabilities and behaviour could affect the performance and share price of the company in addition to improving corporate governance, states a press release.

Despite the development of capital markets, the increase in the number of independent directors and demands of greater accountability, there are very few forums for Board members to exchange views about these soft topics.

Therefore, this event was organized by SLID to enhance the professionalism of business leaders and to educate, inform and assist Directors in effectively governing the companies on whose boards they serve.

In addition, SLID serves as a valuable support network and a source of advice in resolving problems that arise in the course of a Director’s responsibilities, while creating a forum for key business leaders to meet, fraternize and develop strong peer networks.