Exodus of Independent Directors from Richard Pieris Board

Thursday, 25 August 2016 00:10 - - {{hitsCtrl.values.hits}}

Richard Pieris and Company Plc has seen an exodus of Independent Non-Executive Directors.

The Daily FT understands that longstanding Independent Non-Executive Director Prof. Lakshman R. Watawala resigned yesterday. This came in the wake of another Independent Non-Executive Director, Prof. Kapila Goonasekera, resigning last week. In July, Dr. Anura Ekanayake, who also functioned as an Independent Non-Executive Director, resigned.

All three served on the Audit Committee, Related Party Transactions Review Committee and Nominations Committee while two of them served on the Remuneration Committee.

Prior to the two recent resignations, the RPC announced the appointment of career banker Prasanna Fernando as a Non-Executive Director.

Following the exits, the remaining Directors on the RPC Board are Dr. Sena Yaddehige (Chairman), his son Shaminda Yaddehige (Executive Director and Chief Operating Officer), Paul Ratnayeke, Sunil Liyanage and V. Perera while H.J. De Costa is the only remaining Independent Non-Executive Director.