Changes to Mercantile Investments Board

Mercantile Investments PLC announced the appointment of Saroja Hemakumar Jayawickrema Weerasuriya as the new Non-Executive Chairman for the company from 20 January. Weerasuriya counts for over 32 years’ experience as a consultant in Civil/structural engineering design and project management and has been with MI board since January 2011.

The former Chairman and Managing Director Gerard Ondaatjie continues as the company’s Managing Director upon this change. Ondaatjie was first appointed to the Board in 1993 and possesses almost 18 years’ experience in the financial services sector. He holds a Bachelor’s degree in Accounting from the Arizona State University, US.

As additional changes to the Board composition, in accordance with the Finance Companies Corporate Governance Direction No. 3 of 2008 and related amendments issued by the Central Bank of Sri Lanka, the Board of MI was strengthened with three new Non-Executive Directors joining in 2012. Punyakanthi Tikiri Kumari Navaratne accordingly, was appointed as an Independent Non-Executive Director with effect from 17 January.

She holds a Bachelor of Laws (LLB) degree from the University of Colombo and is an Attorney at law and is presently the Director- Legal at WSO2 Lanka (Pvt) Ltd.

Further, Nawagamuge Hasantha Viraj Perera was appointed a Non-Executive Director with effect from 9 February. He has been attached to Lucian V Perera Associates a legal firm for over ten years and is a Director of five other organisations including Tangerine Beach Hotels PLC.  

The other Director appointed was Singappuli Mudiyanselage Susantha Sanjaya Bandarain the capacity of an Independent Non-Executive Director.

He has been a partner of B R De silva and Co. Chartered Accountants since 2004 to-date. He holds a B.sc degree in Accountancy from the University of Jayawardenapura and a MBA from the university of Colombo. He is also a Fellow member of the Institute of Chartered Accountants of Sri Lanka and a Fellow of the Association of Accounting Technicians of Sri Lanka.  

The company’s Finance Director Shermal Hemaka Jayasuriya is an Associate member of the Institute of Chartered accountants of Sri Lanka and a fellow member of the Chartered Institute of Management Accountants of UK. He holds a Master’s degree in Business Administration from PIM of the University of Sri Jayawardenapura.

The other members of the Board include the Director – Recoveries Pathiranage Mahesh Amarasekara, and Executive Directors Angeline Myrese Ondaatjie and Travice John Onda-atjie while Henaka Arach-chillage Sajitha Tilakasiri Senanayake sits on the Board as an Independent Non-Executive Director. He is an Associate Member of the Institute of Chartered Accountants of Sri Lanka and an Associate member of the Chartered Institute of Management Accountants of UK.