SEC Seminar concludes

Directors of listed companies play a significant role in ensuring the company's prosperity by directing the company's affairs whilst meeting the interests of its shareholders and stakeholders.

In addition, the law imposes a number of duties and responsibilities upon directors, which would enable them to manage their companies efficiently and effectively, in achieving corporate objectives.

Considering the importance of addressing the role of director in relation to the provisions in the Companies Act, the Securities and Exchange Commission (SEC) of Sri Lanka, conducted a seminar titled 'Company Law Obligations of Directors in a Listed Company' last week at Cinnamon Lakeside, Colombo.

Naomal Goonewardena, Partner, Nithaya Partners, made the key note address which was followed by a panel discussion, consisting of eminent corporate sector professionals, including Dr. Nalaka Godahewa, Chairman, Securities and Exchange Commission of Sri Lanka, Rajendra Theagarajah, MD/CEO, Hatton National Bank PLC, Ronnie Peiris, Chairman, Sri Lanka Institute of Directors and Prof. Hareendra Dissabandara, Director General, Securities and Exchange Commission of Sri Lanka.

Goonewardena in his presentation, highlighted few areas where directors of listed companies should be aware of including Pre-emption rights, Prospectus Requirements, Solvency tests, Repurchase of shares and Reduction of Stated capital, etc. Ronnie Peiris and Theagarajah also shared their experiences pertaining to the said areas, while Professor Dissa Bandara expressed his opinion on the Corporate Governance aspects of listed companies in Sri Lanka.

Over two hundred (200) directors and senior officials in the Corporate sector, attended the programme.