Directors’ Symposium 2012 for Non-Bank Financial Institutions

The Directors’ Symposium 2012 for Non-Bank Financial Institutions was hosted by the Central Bank of Sri Lanka at the Galadari Hotel on 4 December 2012 under the theme ‘Positioning the Non-Banking Sector for the post $ 4K era’. Aimed at the chairpersons, directors and chief executive officers of Licensed Finance Companies and Specialised Leasing Companies, the event was attended by over 350 participants.

The event inaugurated with the traditional welcome of the Chief Guest and keynote speaker for the day, Ajith Nivard Cabraal, Governor of the Central Bank. Alongside the Governor of Central Bank, dignitaries at the head table included Deputy Governors B.D.W.A Silva, Dr. P.N. Weerasinghe, C. Premarathna, Assistant Governor C.J.P. Siriwardena and Director of the Department of Supervision of Non-Bank Financial Institutions, H.N. Ekanayeka.

Conceptualised in 2008, the symposium was conducted for the fifth consecutive year and has greatly improved with valuable inputs and feedback from its participants over the period. The affair is a platform for members of the non-bank financial institutions to discuss issues and share amongst ideas while inculcating corporate discipline.

In its current status, Sri Lanka is noted to be undergoing many structural reforms with the national income being spread across the economy, and rising income levels of the middle income segments has resulted in the shift towards the preceding level of standard of living. In the transformational process, it is only natural for customers’ choices and preferences to change significant manner.

As regulators, the Central Bank expects all non bank financial institutions to position their respected companies to match the prevailing transformation. “It was observed in 2011 that most boards of directors of NBFIs lack awareness and showed less interest in corporate planning and internal controls,” stated Ekanayeka while delivering the welcome address.

The Directors’ Symposium, the brainchild of the Governor of Central Bank, aimed at enlightening the audience on the importance of corporate planning, risk management and internal controls for non-bank financial institutions.