Women Corporate Directors Foundation launches Sri Lanka chapter

• WCD, KPMG LLP and IFC join forces to increase the number of women on corporate boards in Sri Lanka

The Women Corporate Directors Foundation (WCD), the trusted network of some of the most powerful and influential women in corporate boardrooms globally, yesterday announced the launch of a new chapter in Sri Lanka to provide best practices in corporate governance to members and to serve as a bold catalyst for increasing the number of women who serve on corporate boards in Sri Lanka and Asia-Pacific (APAC). 

The chapter is sponsored by KPMG LLP and the International Finance Corporation (IFC), with support from the Sri Lanka Institute of Directors (SLID) and the Australian Government. 

According to the Colombo Stock Exchange, women currently fill less than 10% of board seats in Sri Lanka, and to reach gender parity, Sri Lanka would need 500 more women in the boardrooms of listed companies.

“The number of women directors in the overall APAC region is on the rise, and our goal is to continue to drive that growth toward parity,” said Sampath Bank Independent Director and WCD Chapter Co-Chair Aroshi Nanayakkara. “Especially in Sri Lanka, this is a critical time to have diverse voices tackling the country’s most pressing issues.”

“KPMG recognises our responsibility to help build a better future for all. This includes empowering our people to become agents of positive change and to support the communities we serve,” said KPMG in Sri Lanka Partner and WCD Chapter Co-Chair Thamali Rodrigo. “As the Global Lead Sponsor, we take pride in our continued support of WCD’s mission and the impact we are making on board diversity globally.”

“We are thrilled to welcome 16 new members to WCD, all of whom have strong market reputations and substantial boardroom credibility,” said WCD CEO Susan C. Keating. “We have an extensive process for establishing a new chapter and are confident that Sri Lanka will strengthen WCD’s presence across the APAC region, which currently includes active chapters in Australia, Hong Kong, Japan, Mongolia, New Zealand, Singapore and South Korea.”

The Sri Lanka chapter launch is the result of a multi-year collaboration between WCD, KPMG and the IFC. Leaders from each organisation met with women board members from some of Sri Lanka’s largest public companies and key industry associations, including the Sri Lanka Institute of Directors (SLID), to explore establishing a new WCD chapter. 

“Having a local WCD chapter in Sri Lanka is a significant milestone. This organisation provides a gateway to share experiences and learn how to navigate the latest imperatives for corporate boards today,” said IFC Regional Vice President for Asia and Pacific Alfonso Garcia Mora. WCD also provides opportunities for Sri Lankan women board members to share their industry expertise – both locally and globally – putting Sri Lanka on the world map for women on boards.”

The Women Corporate Directors Education and Development Foundation, Inc. (WCD) is a premier global membership organisation and community of women corporate directors. A 501(c)(3) not-for-profit organisation, the WCD Foundation has multiple chapters around the world and its members serve on numerous boards of publicly traded companies, large private companies, and family-run businesses globally. 

KPMG LLP is the US firm of the KPMG global organisation of independent professional services firms providing Audit, Tax and Advisory services. The KPMG global organisation operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Ltd. is a private English company limited by guarantee. KPMG International Ltd. and its related entities do not provide services to clients. 

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, it invested $ 22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.