Chartered institute of Marketing Sri Lanka Region adopts new articles and business model

Tuesday, 4 March 2014 00:01 -     - {{hitsCtrl.values.hits}}

The Chartered Institute of Marketing Sri Lanka Region (CIMSLR) announced that on an initiative to stimulate growth a new operating model structured under CIM UK’s International Strategy has been adopted. The new business model entails adopting of revised articles of association, aligned to Companies Act No. 07 of 20017.  The constitution was positively adopted at the recently concluded Special General Meeting of CIMSLR on 25 February 2014. The CIMSLR is the Chartered Institute of Marketing, UK’s first international branch in 1995. Subsequently, the Chartered Institute of Marketing UK (CIMUK) granted ‘Region’ status to The Chartered Institute of Marketing Sri Lanka Region in 2004; the first international branch to be upgraded to ‘Region’ status with the largest membership numbers outside UK and growing faster than all other international branches. CIMSLR is now the first international region to be aligned under the new International Strategy of CIMUK. The new business model is designed to suit the Sri Lankan membership needs whilst striking a balance between the current business model and its’ benefits to local membership. The new operating model will result in active engagement of The CIMUK with the local region, it would also align all the local offerings to the global standards and practices set out by the Royal Charter. Implementation of the operating model structured under the International Strategy will offer CIMSLR the flexibility to offer more localised tailor-made professional development programs supported by efficient financial model and increased autonomy. The new business model will empower CIMSLR’s by allowing entry into commercial relationship with third parties to generate increased revenues. The ultimate aim of the new model is to grow the market in Sri Lanka and use it as a base for expansion into the region as a whole. The new financial model will increase efficiency by facilitating increased revenue for CIMSLR should the membership grow whilst ensuring that neither CIMSLR nor CIM are adversely affected if the market remains the same. It also allows for the generation of additional commercial revenues through sponsorships, commercial partnerships and training. As per the new constitution, the Regional Board will comprise of eleven members including the CIM UK Representative and the Immediate Past Chair. Each year four senior members will be subject to retirement by rotation; these members will be determined based on the number of years of service on the Board. Accordingly the four longest standing members will be subject to retirement. The Chairperson’s term is revised to one year and as per the revised articles a Board Member can serve on the Board for a maximum period of six years and if a member wishes to re-join it would be after a break of one year. Some of the other salient features in the revised articles addresses conflict of interest with members of board and aspects related to new business model under UK’s international strategy. CIMSLR Chairperson Nadi Dharmasiri commenting on this initiative said: “We identified the need to revise the current constitution; in fact the initiatives to revise the constitution began over four and a half years ago; I was determined to complete it this year along with the adoption of new business model. CIM has grown from where it was to where it is now and the revisions towards better corporate governance were necessary to propel CIM to the next level. In order to bring the articles to its closure, many deliberations took place among key stakeholders including the Board, CIM UK, Past Chairs, etc. The proposed articles were adopted at the Special General Meeting that concluded on 25 February and are aligned to the Companies Act No. 7 of 2007; the upcoming Annual General Meeting will be based on the new articles.” Nadi Dharmasiri was appointed the Chairperson of The Chartered Institute of Marketing Sri Lanka Region (CIMSLR In December 2012). Nadi completes her tenure as Chairperson of CIMSLR on 19 March 2014. She will continue to preside on the Board as the Immediate Past Chairperson; an ex-officio position until the end of 2014. She will also serve on the Membership and Professional Advisory Group (MPAG); an advisory committee to the Board of Trustees, CIM UK. Through her new appointment as a member of MPAG and Dharmasiri will continue to add value and input to the Institute and its global membership. Dharmasiri added: “Previously the six International Regions were represented by the respective Chairs of each region. Last year the format of the Group was revised by UK and accordingly an election was called; only two persons were elected to represent the six International Regions and I am one of them, the other is the representative from Malaysia. Therefore, although I am stepping down as Chairperson of CIMSLR I would continue to work closely with CIM through my appointment as a Member of MPAG by continuing to add value and input to the Institute and its global membership. I consider my appointment to the MPAG a privilege and an honour not just to CIMSLR but also to Sri Lanka. I thank my predecessors for all their work on which I could build on and wish my successor the very best in carrying the work forward.” The Chartered Institute of Marketing is the largest community of professional marketers in the world with 100 years of heritage delivering education, membership and insight offerings to the marketing and sales profession. As the world’s largest Institute for professional marketers with over 35,000 members globally, CIM places great emphasis in maintaining high standards of quality and integrity and as such, develops and sets standards within marketing landscapes of UK and other regional countries in which it operates. The CIM qualification is the only international qualification recognised by the Royal Charter in United Kingdom. The CIM Sri Lanka Region is the first international branch of CIM UK and comprises of the largest number of members, both professional and students, of CIM outside the UK; 3,000 student members and over 1,500 professional members, respectively. The regional institute has always campaigned for greater recognition and excellence in the marketing profession in Sri Lanka, through education, training and development.