SLID and KPMG Meeting on 19

The Colombo Stock Exchange Listing Rules now requires a minimum number of independent non-executive directors to be members of the audit committees of listed companies. The new Companies Act No.7 of 2007 also increases accountability and responsibility of directors, a press release states.

The Sri Lanka Institute of Directors (SLID) and KPMG having identified that there is an evolving role and commitment of audit committee members and board members to implement effective audit committee processes have organized a breakfast meeting on "Exploring Expectations Of Audit Committee Effectiveness" on November 19.

The responsibility assigned to or assumed by the board and audit committees for the oversight of significant business risks facing the company and the coordination of risk oversight activities will be one area that will be reviewed and discussed at the meeting.

The keynote speaker will be Sammy Medora, a founding partner of KPMG, India and Chairman of KPMG's Audit Committee Institute - a forum whose objective is to provide independent directors with an avenue for exchanging ideas and debate; enhancing awareness and commitment; and the ability to implement effective audit committee processes.

The panellists will be Chairman, Colombo Stock Exchange Nihal Fonseka, Group Finance Director, John Keells Holdings PLC Ronnie Peiris, Director General, Securities & Exchange Commission Channa de Silva and Reyaz Mihular, Partner, KPMG.