Corporate Governance
The Company’s Corporate Governance framework is structured clearly, specifying key elements of external and internal structures, while adopting the said Corporate Governance framework into the management systems to ensure investor protection and deliver the maximum productive outcome to the shareholders’ value while ensuring the sustainable development of the Company and its stakeholders.
The Board The Board usually meets once a month. Its principal focus is the overall strategic direction, development and control of the company. The Board as at the date of this statement consists of seven members of which four members are Non-Executive Directors and three are Executive Directors. All Non-Executive Directors are independent as defined under the Listing Rules of the Colombo Stock Exchange. There is a Board balance and complies with the independent Directors criteria set out under Listing Rules of the Colombo Stock Exchange. Together,
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Raigam Wayamba Salterns PLC | ANNUAL REPORT 2017 - 2018
NAME OF THE DIRECTOR
NO OF MEETING
During the year Thirteen Board Meetings have been held and the Directors' attendance is shown below.
INDEPENDENT
The Board of Directors ensures and is responsible to its shareholders, regulatory and statutory bodies and all other stakeholders of the Company to ensure that the Company is growing sustainability while establishing a strong Corporate Governance framework in order to ensure investor protection, transparency and confidence.
Board Attendance
NON-EXECUTIVE
Raigam Wayamba Salterns PLC has adopted and practiced highest standards of Corporate Governance requirements recommended by the Code of Best Practices on Corporate Governance, Listing Rules of the Colombo Stock Exchange, and Code of Best Practices on Related Party Transactions compiled by the Securities and Exchange Commission of Sri Lanka in collaboration with the Institute of Chartered Accountants of Sri Lanka.
the Directors with their wide experience in both the public and private sectors and diverse academic backgrounds provide a collective range of skills, expertise and experience which is vital for the successful direction of the Group. A brief profile of each Director is presented on pages 26 to 29.
EXECUTIVE
Overview
Dr. Ravi Liyanage
13
Mr. G. V. P. Ganaka Amarasinghe
13
Mr. K. R. Theodore
12
Snr. Prof. S. P. P. Amaratunge
10
Mr. T. Dharmarajah
13
Eng. W. A. Upali Gunawardena
12
Mr. S. A. Wickramapala
13
Disclosure of Information and Compliance Each Non-executive director annually submits a declaration of independence / non-independence. The board makes the determination annually as to the independence or non-independence of each nonexecutive directors based on the declaration and other information available to the board. The board states that following non-executive directors are determined to be independent. Snr. Prof. S. P. P. Amaratunge Mr. T. Dharmarajah Eng. W. A. U. Gunawardena Mr. S. A. Wickramapala
