Renganathan, Manil join Lanka IOC Board

Lanka IOC PLC has announced the appointment of S. Renganathan and Manil Jayesinghe as Independent Non-Executive Directors with effect from 1 January 2025.

Renganathan was the former Managing Director/ Chief Executive Officer of Commercial Bank of Ceylon PLC and had held several key positions in the Bank. In addition, he served as the Managing Director and a Board Member of the Commercial Development Company PLC, and as the Deputy Chairman of Commercial Bank of Maldives Ltd.

He is a senior banker counting over 41 years and has led Commercial Bank’s acquisition of the banking operations of Credit Agricole Indosuez in Bangladesh. He was the first Chief Risk Officer of the Bank and has held positions as the Deputy General Manager in charge of Bank’s Island wide branch network and Chief Operating Officer.

He served as an Executive Director in the Board of Directors of the Commercial Bank of Ceylon PLC for nearly eight years.

Renganathan has served among others, as a Member of the General Council of the Institute of Bankers of Bangladesh, Founder President of the Sri Lanka Bangladesh Chamber of Commerce and Industry, Executive Member of the Foreign Investors Chamber of Commerce and Industry in Bangladesh.

He was also a Director of the Lanka Financial Services Bureau Limited and the Sri Lanka Banks’ Association (Guarantee) Ltd. Further, he also served as a Council Member of the Employers Federation of Ceylon, Executive member of the Council for Business with Britain, Vice Chairman of the International Chamber of Commerce Sri Lanka, and Executive Member of the Ceylon Chamber of Commerce.

He is presently serving as a Member of the International Chamber of Commerce Sri Lanka Policy Advocacy Committee, Sri Lanka Institute of Directors and the Vice President of the Sri Lanka India Society.

Renganathan currently serves as an Independent Non-Executive Director at Sunshine Holdings PLC, Sunshine Healthcare Ltd., Hatton National Bank PLC., Janashakthi Insurance PLC, Ceylon Hospitals PLC, Agility Innovations Ltd., Lina Spiro Ltd., Lina Manufacturing Ltd., Healthguard Ltd., Deputy Chairman of Damro Holdings Ltd.,

He is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA), Chartered Global Management Accountant (CGMA), Fellow of the London Institute of Banking & Finance, UK (FLIBF) and a Fellow of the Institute of Bankers Sri Lanka (FIB), and had received extensive Leadership, Management and Banking training locally and in overseas.

Manil Jayesinghe is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, the Chartered Institute of Management Accountants (UK) and the Certified Management Accountants of Sri Lanka. He is also a member of the Chartered Institute of Public Finance and Accountancy. He possesses over 41 years of experience in Advisory and Industry across key sectors in Sri Lanka, Maldives and Bhutan. He served as the Country Managing Partner of Ernst and Young, Sri Lanka and Maldives from 2021 - 2023, Head of Assurance Practice for Sri Lanka and Maldives, and the Professional Practice Director of Sri Lanka from 2003 -2023.

As the partner in charge of the Banking, Financial and Insurance Services practice of the Ernst and Young Sri Lankan and the Maldivian firms, Jayesinghe has served as a key resource person in audits and consulting engagements in a multitude of industries, including banking, financial and insurance services, manufacturing, retail, hospitality, wholesale business and telecommunication and gained extensive commercial experience. He has also been engaged in the valuation of business and strategic plans for financial institutions.

Jayesinghe is the current Chairman of the Statutory Accounting Standards Committee and a member of the Statutory Auditing Standards Committee. He serves in many other committees of the Institute of Chartered Accountants of Sri Lanka, and Chairs the Accounting Standards Committee of the South Asian Federation of Accountants (SAFA). He is a past President of the Institute of Chartered Accountants of Sri Lanka. He has served as a council member of the National Chamber of Commerce of Sri Lanka, a Board member of the CIMA Sri Lanka Board, a member of the International Accounting Education Standards Board of the IFAC, a council member of the Moratuwa University, a member of the Board of Sri Lanka Accounting and Auditing Standards Monitoring Board, a council member of CMA Sri Lanka, a member of Commission of Securities and Exchange Commission of Sri Lanka, a Board member of the Board of Investment of Sri Lanka and have served as a consultant to the Audit Committees of the Listed Companies. Furthermore, Jayesinghe was the Head of the IFRS/SLAS Desk in EY Sri Lanka, reporting to the Area IFRS Desk based in Hong Kong. As a resource person for the Central Bank Training Centre, he has conducted many training sessions on Accounting, IFRS and Basel. He was the lead engagement partner on Audits subcontracted to EY by the Auditor General of Sri Lanka.

Jayesinghe is an Independent Director on the Boards of Diesel and Motor Engineering PLC, Ceylon Hospitals PLC, C. W. Mackie PLC, Lanka Milk Foods (CWE) PLC, John Keells Holdings PLC, Vallibel One PLC, Lank Dairies Ltd., Sahasiya Investments Ltd., and NMJ Leisure Ltd. He also serves on the Governing Board and the Monetary Policy Board of the Central Bank of Sri Lanka.