SLID and EY sign MOU to collaborate on Independent Directors Forum

Wednesday, 3 October 2018 00:00 - - {{hitsCtrl.values.hits}}

The Sri Lanka Institute of Directors (SLID) launched an Independent Directors (INED) Forum last year with a view to building and strengthening the voice of independence in the boardrooms of companies.The forum has since gained interest and momentum among company directors and the participation of senior and experienced directors from the corporate business sector is adding tremendous value to its deliberations. The outcomes of such deliberations are shared by the forum in the public domain.

The INED Forum has hadfive sessions to date. The discussion areas tabled thus far were ‘Manifestations of Independence in Boardroom Practice’which was deliberated from the perspective of regulators such as the SEC, CBSL and IRCSL,‘Dealing with the Absence of Independence in the Boardroom’, and the ‘The Right to Dissent’.

The forum has drawn the active participation of various subject matter experts such as President’s Counsel Dr. Harsha Cabral, SECCorporate AffairsDirectorDr. Harshana Suriyapperuma, EYPartnerManil Jayesinghe, KPMG Partner Suren Rajakarier and Precedent Partner, Nithya Partners Arittha Wikramanayake, who have shared and commented upon real-world boardroom issuesand enriched the deliberations at the forum sessions.

In a move to further strengthen the forum in its overall purpose and efforts, SLID signed a Memorandum of Understanding (MOU) with Ernst & Young Sri Lanka (EY) last week,creating a mechanism through which both parties will share knowledge, global best practices and experiences that will help develop the calibre and capacity of independent directors in Sri Lanka. The MOU was signed by SLID Vice Chairman Faizal Salieh and EY Partner Jayesinghe in the presence of EYPartnerHiranthi Fonseka and INED Forum Working Committee members Richard Ebell, D. Soosaipillai and SLID CEO Chaminda de Silva. Following this, Jayesinghe and Fonseka were co-opted to the INED Forum’s Working Committee.

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