Ranel opts to stay out of MBSL Board filled with shareholder directors

Top professional Ranel T. Wijesinha has decided to opt out of the Board of Merchant Bank of Sri Lanka.

A 75%-owned subsidiary of Bank of Ceylon, MBSL held its Annual General Meeting earlier in the weekand the bank said Wijesinha did not seek an election as a Director. 

Wijesinha is a Director on the Bank of Ceylon Board and he along with Chairman Ronald Perera, AselaPadmaperuma, Charitha Wijewardane and Ajith Gunawardena who are all nominees of BOC were re-elected. 

MBSL in its disclosure to the Colombo Stock Exchange didn’t reveal reasons for Wijesinha’s decision. 

All MBSL Directors including Wijesinha were Non-Independent Non-Executive Directors and MBSL Board lacks Independent Non-Executive Directors in the best interest of corporate governance.