Current BOI Chief leaves Board of his predecessor

Board of Investment (BOI) Chairman and top professional Jayampathy Bandaranayake has resigned from the Board of Directors of Hayleys Plc.

The decision was announced by Hayleys yesterday after Board accepted it on Wednesday. His move was on account of national duties at the BOI and that Bandaranayake may not be able to serve in the best interest of the Company due to time constraint.

“In announcing this, we place on record our appreciation of the extremely valuable contribution  Bandaranayake has made to Hayleys Plc in his association with it as a non executive director of the company for six and half years,” Hayleys Chairman Mohan Pandithage said yesterday.

The resignation from Hayleys Board comes nine months after Bandaranayake was appointed as BOI Chairman in May last year. Apart from being BOI Chairman and Director General, Bandaranayake continues to be the Non Executive Chairman of Ceylon Tobacco where he had a long standing career. He also serves on the Board of Finlays.

Hayleys is majority owned by Dhammika Perera, who was the immediate predecessor of Bandaranayake. Hayleys Board since mid last year had the distinction of having two heads of BOI. In July last year he resigned from Sampath Bank Board as part of compliance with Central Bank’s Corporate Governance Code for commercial banks.                                      

Bandaranayake was previously the Chairman of the Ceylon Chamber of Commerce and Employers Federation of Ceylon. He is a Law Graduate, Fellow and Founder Member of the Institute of Chartered Corporate Secretaries of Sri Lanka and a fellow of the Institute of Personnel Management Sri Lanka.