Appointment of highly qualified professionals in banking and finance sector on merit: Official

Monday, 16 December 2024 04:37 - - {{hitsCtrl.values.hits}}

Private Secretary to Finance, Planning and Economic Development Minister Dilshan Chamikara

The appointment of highly qualified finance professionals as chairpersons and board members of major banking and financial institutions is driven solely by merit to ensure competent leadership to address challenges and opportunities effectively, a top official said.

Some of the recent appointments feature current and former professional bankers, including Kavinda De Zoysa as Bank of Ceylon Chairman, Prof. P.N.D. Fernando as People’s Bank Chairman, P.J. Jayasinghe as HDFC Bank Chairman, and Lasantha Fernando as RDB Chairman.

Private Secretary to Finance, Planning and Economic Development Minister Dilshan Chamikara said under the visionary leadership of President Anura Kumara Dissanayake (AKD), the Government has embarked on transformative reforms to reshape Sri Lanka’s banking and financial sectors.

“These reforms emphasise meritocracy and professionalism as the foundations for sustainable development,” he said in response to a comment from the Daily FT.

He said that meritocracy, central to this vision, advocates for a society where individuals progress based on their skills, achievements, and contributions rather than privilege or birthright. Establishing a fair and equitable society requires recognising and rewarding talent, hard work, and innovation, while ensuring equal opportunities for all to succeed on merit.

Chamikara opined that for decades, inefficiency and political interference have hindered the performance of key institutions, undermining their capacity to drive national growth. In response, the Government is committed to empowering these institutions with leaders who possess the expertise, integrity, and vision necessary to facilitate meaningful progress.

Integrity remains a core value – essential for building credibility, fostering trust, and earning respect at all levels of governance.

He also said the Government’s zero-tolerance policy toward corruption and the misuse of public funds is a fundamental aspect of these reforms. Transparency and accountability are critical in ensuring that every rupee allocated to financial institutions is utilised to maximise value for the people of Sri Lanka.

To promote effective governance and enhance institutional performance, the Government is introducing clear Key Performance Indicators (KPIs) for these institutions. A detailed action plan with measurable goals and milestones will guide operations, supported by robust monitoring and reporting frameworks. This approach aims to improve institutional efficiency and restore public trust in the financial sector.

“While the Government recognises the exceptional talent and dedication of most employees within these institutions, it acknowledges that a lack of visionary leadership in the past has limited their potential to contribute fully to institutional progress. Addressing this, the reforms aim to empower employees and enable them to thrive,” Chamikara said.

He also said the Government is extending an open invitation to banking and finance professionals to contribute to this mission, fostering a financial ecosystem that drives sustainable growth and uplifts the nation.