Sri Lanka Institute of Directors’ International Director Conference 2024: Call for bold leadership

By Michelle Therese Alles

Themed ‘The Courage to be Bold’, the International Director Conference 2024 hosted by the Sri Lanka Institute of Directors (SLID) focused on the critical need for bold, decisive leadership in navigating today’s complex and volatile global business environment.

Bringing together the nation’s leading corporate figures, policymakers, and industry experts, the event featured insightful discussions on growth, sustainability, and leadership, thus reaffirming SLID’s role as a vital platform for shaping the future of corporate governance and sustainable business practices in Sri Lanka.

Western Province Governor and Expolanka Holdings Co-founder Hanif Yusoof delivered a powerful keynote that combined candid reflections with a visionary outlook on the importance of courageous leadership in uncertain times. He urged industry leaders to adopt bold strategies and pursue long-term resilience to overcome the complexities of the modern business landscape.

Describing himself as a disruptor, Yusoof emphasised the importance of challenging the status quo and embracing innovative thinking, a philosophy that has shaped his leadership approach throughout his career. As Governor of the Western Province, Yusoof envisions a region that is not only clean and safe but also governed with transparency and integrity. His vision includes creating an environment where, as he puts it, “women can travel by bus or train without fear, and where the streets are clean—not just of rubbish, but of corruption and inefficiency.”

Session 1: Business Growth – Thriving in the Global Market

Moderated by Lynear Wealth Management Co-founder and CEO Dr. Naveen Gunawardane, the opening session discussed strategies to scale businesses globally while addressing the complexities of diverse markets and economic landscapes. 

Asian Development Bank Country Director Sri Lanka Takafumi Kadono emphasised the importance of adaptability. “In today’s global economy, change is the only constant. Businesses that can pivot and adapt to new circumstances are the ones that will succeed,” he noted. Kadono highlighted how ADB’s initiatives in Sri Lanka aim to build resilience, thereby creating an environment where local businesses can flourish on an international scale.

Hirdaramani Group of Companies Director Ranil Pathirana spoke about leveraging Sri Lanka’s strategic geographic location to boost export opportunities. “We are positioned at the heart of major trade routes. Capitalising on this will give Sri Lankan businesses a unique advantage in reaching global markets quickly and efficiently,” He shared insights on the company’s growth trajectory, explaining how a focus on sustainable practices has become a selling point in Western markets increasingly concerned about environmental impact.

John Keells Holdings PLC Deputy Chairperson and Group Finance Director Gihan Cooray discussed the role of innovation and technology in driving business growth. “For any organisation to remain competitive, innovation has to be at the core of its strategy. Embracing digital tools not only streamlines operations but also opens up new revenue streams.” Cooray detailed some of John Keells’ recent digital transformations, underscoring the role of data analytics in making informed business decisions and meeting customer expectations.

Adding to these perspectives, Jetwing Travels Ltd. Chairman and Managing Director Shiromal Cooray brought attention to the resilience of the local tourism sector, especially during economic downturns. She remarked, “The local market really kept us going. Even to this day, about 30% of our business comes from Sri Lankan customers, and, surprisingly, they sometimes pay higher rates than foreign tourists.” Cooray explained that creating a welcoming environment for both locals and foreigners has helped sustain the business through tough times, noting, “A visitor is a visitor, regardless of nationality or background.” This approach has strengthened Jetwing’s reputation, building a loyal base of local customers who value the hospitality and experiences provided.

Hatton National Bank (HNB) Acting Chief Executive Officer Damith Pallewatte shared insights on navigating growth in today’s increasingly interconnected economy. Highlighting the need for a customer-centric approach, Damith discussed how banks like HNB are investing in digital transformation to enhance efficiency and meet evolving consumer expectations. His perspective offered a comprehensive view of how institutions can fuel growth by balancing technological advancements with a deep understanding of diverse market needs. 

The panel observed that while there are substantial opportunities for Sri Lankan companies on the global stage, success depends on understanding each market’s unique needs and regulatory landscapes. As Kadono remarked, “Thriving in the global market is not just about expanding borders but also about being deeply attuned to the needs and values of different cultures.” Key takeaways were the need for agility, investment in sustainable practices, leveraging digital tools, and a focus on customer-centric strategies. As Sri Lanka continues to build its reputation in the global market, these insights serve as a guide for local businesses aspiring to scale internationally. 

Session 2: Digital Horizons – Venturing into New Frontiers

Moderated by Infomate Ltd. CEO and John Keells Holdings PLC Senior Vice President Jehan Perinpanayagam, the session provided perspectives on how businesses could effectively navigate and leverage the ongoing wave of digital transformation worldwide.

McKinsey & Company Managing Partner Ganaka Herath opened the discussion by emphasising the importance of embracing digital transformation, asserting that “Digital is no longer a differentiator but a necessity”. He pointed out that companies with a digital-first mindset are better positioned to respond to disruptions and exploit opportunities in the global market. 

Typefi Systems Vice President – People and Country Head Chathini Uduwana elaborated on this by discussing the human-centric aspect of digital transformation. “Technology is just one piece of the puzzle,” she remarked. “Employees are at the heart of this transformation, and their adaptability is crucial for long-term success.” Uduwana further remarked that organisations need to focus on building a culture that embraces change and promotes continuous learning. 

“Open-source platforms democratise access to cutting-edge technology, enabling smaller companies to compete on a level playing field with industry giants,” said WSO2 LLC Founder, CEO and Director Dr. Sanjiva Weerawarana. 

He also touched on the role of cloud technology in expanding business capabilities without the burden of heavy infrastructure investments. “Cloud-based solutions provide flexibility and scalability, essential for businesses looking to grow rapidly,” Weerawarana said. However, he cautioned that the move to the cloud must be underpinned by robust cybersecurity frameworks, adding, “Security and data privacy should never be an afterthought.”

As businesses embrace digital tools, the threat of cyberattacks becomes more prevalent, making cybersecurity a critical focus in any digital transformation strategy. Emphasising the same point, Scybers President Madu Ratnayake said, “Cybersecurity is not a luxury; it’s an essential component of building trust in today’s digital economy.”

He elaborated on the evolving nature of cyber threats, noting that with the rise of technologies like Artificial Intelligence (AI) and the Internet of Things (IoT), the attack surface is expanding. 

“Organisations need to adopt a proactive approach to cybersecurity, embedding it into their digital strategies from the outset,” he said. Ratnayake’s message was clear: as businesses move forward in their digital journeys, they must continuously innovate their security practices to safeguard their digital assets.

zMessenger Founder and CEO Jayomi Lokuliyana emphasised the evolving role of leaders in ensuring corporate sustainability and governance in today’s dynamic business environment. She stressed the importance of ethical decision-making and transparent communication in building trust both within organisations and with external stakeholders.

The session delivered a clear message: adaptability, foresight, and a commitment to security will be the hallmarks of businesses that succeed in the digital age.

Session 3: Sustaining Success – Green Strategies for the Future

SheConsults Ltd. Founder/Director Aruni Rajakarier moderated this session which explored the pressing need for sustainability in corporate strategies and practical approaches for businesses to thrive while addressing global challenges. 

KPMG ESG Partner Cherin Fok highlighted how innovation and sustainability are interconnected, stating, “Sustainability is not just about doing good; it’s about embedding it into business models to drive innovation and create measurable impact.”

CSE CEO Rajeeva Bandaranaike emphasised the importance of ESG compliance for Sri Lankan companies to access global funding pools, sharing “We are working to develop an ESG index that evaluates the top 50 companies in Sri Lanka. By closing disclosure gaps and improving measurement, we aim to create a pool of companies that can attract global investors.”

CBL Group Group Managing Director Shea Wickramasingha shared insights from the food manufacturing sector, highlighting the impact of purpose-driven sustainability initiatives. “From ensuring fair trade practices to reducing food waste across supply chains, we have seen firsthand how sustainability fosters long-term business growth,” she said. She added that creating shared value is key to addressing pressing social and environmental issues, particularly in developing countries like Sri Lanka. 

Aitken Spence Executive Director Dr. Rohan Fernando highlighted the company’s transition from thermal to renewable energy, citing their groundbreaking waste-to-energy project. “This project recycles waste from the Western Province, generating 10 megawatts of renewable energy. It shows that sustainability initiatives, while risky, can deliver substantial returns,” he stated.

Hayleys Fabric PLC and South Asia Textiles Ltd. Executive Director – Finance Rohitha Bandara outlined how the company embraced renewable energy sources, achieving significant milestones. “We’ve transitioned 70% of our energy consumption to biomass and solar, demonstrating that economic growth and environmental stewardship can go hand in hand,” he said. Bandara also discussed how investing in circular production practices helps reduce waste while meeting global sustainability standards. 

The panel ended with a clear message: sustainability is the future of resilient businesses, and those who invest in it today will lead tomorrow. 

Session 4: Ethics & Leadership – A Fireside Chat on Strategic Governance 

The final session of the day centred on ethics and leadership, moderated by Daily FT Founding Editor and CEO Nisthar Cassim.

MAS Holdings Director Corporate Affairs Rajitha Jayasuriya focused on creating a culture of integrity within organisations. Highlighting MAS Holdings’ approach he said, “It is not enough to have compliance mechanisms in place. Leadership must walk the talk and set an example for the rest of the organisation.” Jayasuriya further stressed that accountability must extend to all levels of management to ensure ethical practices are embedded deeply.

President’s Counsel Harsha Amarasekera emphasised that ethical governance is foundational for long-term business success. “Ethics is not just a guideline; it is the core of any organisation that aspires to lead sustainably,” he stated. Amarasekera also warned of the dangers of neglecting ethics, noting that such lapses can lead to reputational and operational risks.

Drawing from his experiences in the banking sector, Standard Chartered Bank CEO Bingumal Thewarathanthri shared how strategic governance is intertwined with ethical leadership. “In a competitive global environment, leadership is tested by how well it can balance profitability with doing what’s right. Transparency and stakeholder trust are non-negotiable,” he remarked.

Ernst & Young Partner Anoji De Silva contributed her insights on the evolving expectations of ethical governance in modern organisations, emphasising that ethics is no longer a peripheral discussion but a key driver of corporate sustainability. “Ethics in leadership goes beyond policies; it’s about creating a mindset shift across the organisation,” De Silva explained.

“Leaders must first govern themselves before they can effectively govern others,” stated AIA Insurance Lanka PLC Director, Accredited Master Coach and Mentor Deepal Sooriyaarachchi, stressing the importance of emotional intelligence in navigating ethical dilemmas. He pointed out that a leader’s ability to make morally sound decisions stems from their inner values and commitment to personal growth. 

Anchored by insights from experienced professionals, the conference highlighted the need for bold, forward-thinking leadership to navigate the complexities of today’s business environment. As businesses face global uncertainties, the insights shared by industry experts provided a roadmap for directors and leaders to drive their organisations towards a sustainable and prosperous future.

Pix by Shehan Gunasekara