Wondrous Governance!
• Government funds and Central Bank criticised for excessive interferences of independent management of Commercial Bank • Under pressure from a Government-backed move including multiple telephone calls from Central Bank to COMBank Board and collection of proxies, top ex-banker Ranjith Fernando resigns avoiding a vote on re-election; Tells shareholders bank’s interest comes above self interest • Uproar at AGM with K. Vignarajah insisting independent directors must be appointed by minority shareholders and not by majority • Top Defence Ministry official Lakshman Hulugalle appointed to Board
Running into danger of being ridiculed for the sour and dangerous side of emerging Wonder of Asia, corporate and banking community was aghast yesterday over the manner in which a top-ex banker was forced to quit Commercial Bank Board of Directors and the State’s influence in appointing a top Defence Ministry official.
What shareholders at Commercial Bank’s Annual General Meeting yesterday morning experienced was against the best practices of good governance as allegations of excessive interference by the Government funds and Central Bank in the management of the country’s biggest private sector bank was loud and clear.
Today’s Front Page 31-03-2011
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Mahinda enjoys World Cup semi-final with Mallaya
President Mahinda Rajapaksa on Tuesday night watched the ICC 2011 World Cup semi-final match between Sri Lanka and New Zealand at R. Premadasa stadium with Indian business tycoon, owner of United Breweries Group as well as Kingfisher Airlines Vijay Mallaya seated next to him.
People’s Bank records exceptional performance in 2010
People’s Bank’s performance in 2010 has been exceptional, surpassing expectations with the highest profitability posted in the entirety of the bank’s 49-year history.
Stitching a comfortable garment
By Uditha Jayasinghe
Sri Lankan apparel unions have taken their campaign for higher wages to the buyers by joining an international initiative to establish a common salary scheme for Asian workers so that all basic wage structures in the region will be the same thereby reducing competition between countries.
Estate wage revision: Storm in tea cup brewing?
By Shezna Shums
Discussions are currently on between the plantation trade unions and the plantation companies regarding the renewal of the MoU that will expire today (31 March).
UNP MP Dr. Harsha de Silva cries foul
UNP MP and Consultant Economist Dr. Harsha de Silva yesterday issued the following statement following the bizarre developments concerning the Commercial Bank AGM.
The high handed way in which the Government is supposed to have acted to have Ranjit Fernando removed from Board of Commercial Bank has now spread around town.
President meets top American and Chinese business delegations
President Mahinda Rajapaksa yesterday separately met two top level business delegations from the US and China. Here the President poses for a group picture with the respective delegations after their meeting at Temple Trees. Minister Priyankara Jayaratna, Deputy Minister Neomal Perera, Secretary to the President Lalith Weeratunga, Secretary Ministry of External affairs K. Amunugama, and Jaliya Wickramasooriya Sri Lankan Ambassador to the U.S. were also present - Pix by Sudath Silva
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Special flight to Mumbai for World Cup finals
SriLankan Airlines will operate an additional flight to Mumbai (Bombay) on Saturday, 2 April to cater to cricket fans who wish to support our team in the finals at Wankhede stadium, Mumbai.
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