Yahapaalanaya in the board room

Tuesday, 21 April 2015 00:51 - - {{hitsCtrl.values.hits}}

“I came looking for answers to many issues relating to structuring my board and governance and at the end of the day I had sound solutions to all of them,” said Analytical Instruments Ltd Managing Director Renuka Jayasundara, in full appreciation at the end of part 1 session of the board leadership program run by the Sri Lanka Institute of Directors. Key principles of good corporate governance, policies and procedures of corporate governance systems,the benefits of accurate disclosures and transparency, shareowners rights, the impact of pyramids, family ownership and the protection of minority rights were some of the areas that were thoroughly covered by a well experienced faculty at the Board Leadership –Director Certification Program, the flagship program of The Sri Lanka Institute of Directors, which kicked off on 25 and 26 March at the Kingsbury. Judging by the interaction of the participants, the eminent faculty comprising Dr. Dayanath Jayasuriya PC, former DG of the SEC, visiting Scholar

at Harvard and Boston Universities, guest lecturer at Oxford, Cambridge and several other universities, Dilani Alagaratnama lawyer by profession and President, Group HR, Legal and Secretarial at John Keells Holdings, Suren Rajakarier Senior Partner KPMG, Head of Financial Services Middle East and South Asia, a Fellow of the Institute of Chartered Accountants, ACCA and CIMA, Naomal Gunewardene Attorney-at-Law and an Associate of the Institute of Chartered Accountants, CIMA and a Chartered Financial Analyst, did ample justice to the topics. The five elements of corporate governance – good and bad practices, control of environment and the processes, strong regime of disclosure and transparency, protection of minority shareowner rights strong commitment to corporate governance were dealt with adequately by Dr. Jayasuriya citing a range of examples. He also dealt with the ‘Pillars of corporate governance’. The ethical values leading to good governance (Yahapaalanaya) was masterly handled by Dilani Alagaratnam who also rolled out a code of ethics for good governance. This was of particular interest due to its practical nature. She also dived into an interesting case study, an integral part of the course that runs through all modules of study. What are the benefits of disclosure and also the perils of disclosure? Why do we need to disclose? Who needs information and why? Using his deep insight in financial procedure, Rajakarier spoke convincingly on disclosure, its merits, and the obligations. He also dealt with transparency and what it entails. The critically important elements – the shareowners issues and their rights, insider trading, dilution, tunnelling and minority rights were areas that aroused extensive audience participation as the questions were numerous particularly due to the current interests and Gunewardene with his extensive knowledge and experience held the audience interest high. Stakeholder mapping was an interesting concept he explained that involves

directors working within a multiple stakeholder environment where conflicts may occur frequently. The audience comprising many directors, in large and medium scale organisations and family owned businesses, together with very senior managers, paved the way for the high level of audience participation observed throughout the course. The two day session was capped with a panel discussion which brought in some industry leaders such as Moksevi Prelis, Chrisantha Perera, Riyaz Mihular, Naomal Gunewardena and was moderated by Shamindra Kulamannege. A majority of participants have already registered for all four parts of the program. Part 2 on ‘The Board’ will be held on 28 and 29 April, Part 3 ‘Strategic Leadership’ on 26 and 27 May and Part 4 ‘Financial Stewardship and Accountability’ will be on 25 and 26 June. This comprehensive development program is the only professional program available in Sri Lanka that leads to the certification of directors – both SLID member directors and non member directors. SLID Ordinary Members who complete the program are eligible to become Graduate Members and are entitled to use the post nominal GSLID after their name. This flagship Board Leadership Director Certification program is compiled using material developed by the International Finance Corporation (IFC) Global Corporate Governance forum and is recognise by the Securities and Exchange Commission of Sri Lankan as an accredited program of the SEC for directors of companies listed on the Colombo Stock Exchange in Sri Lanka. Directors and potential directors who wish to participate in part 2 (28 and 29 April) are requested to register early as the intake will be limited. Enquiries: 2301646/8.