Two more members appointed to CBSL Governing Board

The Central Bank yesterday announced  appointing two more members – Rajeev Amarasuriya and Manil Jayesinghe, to the Governing Board. 

In terms of the provisions of the Central Bank of Sri Lanka (CBSL) Act, No. 16 of 2023, the Governing Board (GB) of the CBSL has been established as the body responsible for overseeing the administration and management of the affairs of the CBSL and determination of the general policies of the CBSL.

The GB comprises the CBSL Governor Dr. P Nandalal Weerasinghe, who serves as the Chairman of the GB, A.N. Fonseka (Appointed Member of the Monetary Board of the CBSL since 27.07.2022 who continued to serve as a Member of the GB), Ravi Ratnayake (appointed on 21.09.2023), Anushka S. Wijesinha (appointed on 21.09.2023) and Vish Govindasamy (appointed on 26.10.2023).

The profiles of the newly appointed members are as follows:

Rajeev Amarasuriya – with effect from 30 January 2024

Amarasuriya is the Immediate Past Secretary of the Bar Association of Sri Lanka and has an extensive Appellate Court practice in the areas of Public Law and most branches of Civil Litigation including contractual, commercial, property, taxation, banking and other disciplines of the law.

Amarasuriya is a Board/Committee Member of several State and Private Sector Institutions including the Sri Lanka Accounting and Auditing Standards Monitoring Board, the Standing Committee of Legal Studies of the UGC and is a Council Member of the University of Colombo. He is also the Sri Lanka Country Representative of the Commonwealth Legal Education Association and an Executive Committee Member of LAWASIA.

He is a former Member of the governing body of the Sri Lanka Law College, the Council of Legal Education of Sri Lanka chaired by the Honourable Chief Justice and has served as former Commissioner of the Securities and Exchange Commission of Sri Lanka, former Member of the Board of Governors of the Sri Lanka National Arbitration Centre and the Immediate Past President of the Alumni Association of the University of Colombo.

He holds a Degree in Law from the University of Colombo, is an Attorney-at-Law of the Supreme Court of Sri Lanka having topped the Final Bar Examination, is a fellow member of the Chartered Institute of Management Accountants (UK), a fellow member of the Institute of Certified Management Accountants of Sri Lanka and is an alumnus of the Harvard Kennedy School (Executive Education). In April 2022, he was conferred as an AFGG – Raisina Fellow.

In 2013 he was the recipient of the CIMA Star Gold Award for the Most Outstanding CIMA Member below the age of 40 years and was named as a CIMA – LMD Trailblazer in 2021.

Manil Jayesinghe – with effect from 1 February 2024

Jayesinghe is a fellow member of the Institute of Chartered Accountants of Sri Lanka, fellow member of the Chartered Institute of Management Accountants (UK), fellow member of the Certified Management Accountants of Sri Lanka and a member of the Chartered Institute of Public Finance and Accountancy.

Jayesinghe, who started his career at the Ernst and Young, gained extensive experience in a range of sectors including manufacturing, retail, hospitality, wholesale business and telecommunication, in his capacity as Partner of Ernst and Young for 30 years; and was the Country Managing Partner of Ernst and Young Sri Lanka and Maldives from 2021-2023, Head of Assurance Practice in Sri Lanka and the Profession Practice Director of Sri Lanka, from 2003 -2023. His forte in valuation of businesses and development of strategic plans for Financial Institutions, made Jayesinghe is a key resource in financial services. He also served as Head of the IFRS/SLAS Desk in Sri Lanka.

In his career spanning over 41 years of advisory and industry experience, he served as President of the Institute of Chartered Accountants of Sri Lanka, member of the CIMA Sri Lanka Board, Council member of the University of Moratuwa, and member of the International Accounting

Education Board of the IFAC, member of the Sri Lanka Accounting and Auditing Standards Monitoring Board, Council member of CMA Sri Lanka, member of the Audit Advisory Committee of the Central Bank, Advisor to Audit Committees of PLC’s and Banks, and member of the National Chamber of Commerce of Sri Lanka. Currently, he is Chairman of the Statutory Accounting Standards Committee, member of the Statutory Auditing Standards Committee and serves on many other committees of the Institute of Chartered Accountants of Sri Lanka. He is also member of the Financial Reporting Standards Implementation and Interpretation Committee (FRSIICS), Chairman of the Accounting Standards Committee of the South Asian Federation of Accountants (SAFA), member of the Audit Committee of SLIM, member of Securities and Exchange Commission of Sri Lanka, member of the Board of Investments of Sri Lanka, and Independent Director of DIMO, Ceylon Hospitals, C.W. Mackie PLC and Sahasiya Investments Ltd.