SLID targets change for Sri Lankan business culture

The Sri Lanka Institute of Directors (SLID) launched the first module in their training program on Corporate Stewardship and Board Room Governance on a very successful note on January 21 at the Cinnamon Grand. It was a full house that interacted enthusiastically with the panelists on the topic of ‘Structuring of a dynamic Board of Directors’.

Eagle Insurance former CEO and former Chairman, Ceylon Chamber of Commerce, Chandra Jayaratne quoted off a paper from the Harvard Business School on ‘What makes great boards great’. References were made to the negligence of the board room that led to the fall of former corporate giants such as Enron and WorldCom. He posed questions to the five senior corporate directors to give off their experiences on the essential elements on ethical and efficient board room management, and the elements that need be avoided to avert a disaster.

SLID Vice President Ronnie Peiris opened the discussion to the floor which included directors and senior managers of Colombo’s largest and most powerful firms who participated actively with the panelists. What emerged was the necessity for independence amongst the board members and the importance of encouraging criticism and voicing of independent ideas without fear in the board room.

The personalities that formed the panel were, Aitken Spence Director Dr. Rohan Fernando, Finlays Group of Companies Chairman Kumar Jayasuriya, Hemas Holdings Chairman Hussein Esufally, NDB Bank and John Keells City Hotels Non-Executive Director Ranjith Gunasekera and Richard Peiris and Company COO Pravir Samarasinghe.

SLID President Mahen Dayananda said “This series of training programs, spread over a period of six months, is part of a well planned strategy to carry Sri Lanka forward in to a new era of economic prosperity, building a business culture that is world class. We have opened it to guests from the private and public sector as well giving the participants an opportunity to interact with the top business professionals of Sri Lanka who would share their business experiences and expertise.”

The second module in this program of six modules is scheduled for February 12 and will discuss ‘Making your audit committee more effective’.

This will be facilitated by Ranel Wijesinha International Management Consultant formerly of PriceWaterHouse Coopers. Wijesinha will challenge his highly experienced senior panel of professionals: Aitken Spence Chief Financial Officer Nilanthi Sivapragasam, Ernest and Young Partner Tax Lakmali Nanayakkara, Ceylon Tobacco Company former Legal Director Vijaya Malalasekera, Nations Trust Bank Director R. Rasiah, Ernest and Young Managing Partner Asita Talwatte and Lion Brewery CEO Suresh Shah.