Thursday May 14, 2026
Thursday May 14, 2026
Monday, 11 May 2026 00:02 - - {{hitsCtrl.values.hits}}
The increasing number of frauds, scams, governance failures, and institutional losses has raised a critical question within the corporate and financial sectors: Who ultimately bears responsibility when a bank, or financial Institution, suffers a loss due to failures beyond accepted standards of risk management, governance, and oversight?; Are directors and senior management accountable for such losses; and what are the legal, regulatory, and governance implications arising from these situations?
These are some of the important questions that will be addressed at the upcoming seminar organised by Corporate Management Consultants to be held on 21 May at the Cinnamon Lakeside under the guidance of Malik Cader.
Keynote speaker Justice A.H.M.D. Nawaz will provide insight into the legal framework governing corporate accountability, director responsibility, fiduciary duties, and international best practices relating to governance failures, fraud, and institutional losses. His address will also apprise the audience of the present legal and regulatory position both locally and internationally.
Another important issue that will arise for discussion is whether directors of listed companies, banks, and financial institutions should be permitted to hold a large number of directorships simultaneously. At present, the threshold stands at approximately 20 directorships. Is this excessive?; Does it dilute the effectiveness, independence, and oversight responsibilities of directors?; Or does the present framework require revision considering the time, attention, and commitment expected from a director in ensuring proper governance and stewardship?
Former Securities and Exchange Commission and Sri Lanka Institute of Directors Chairman Faizal Salieh will share his thoughts, experiences, and practical perspectives on these governance concerns.
TechCERT Chief Executive Officer Kushan Sharma will elaborate on information technology vulnerabilities, cybersecurity lapses, and digital risks that increasingly expose institutions to financial and operational losses, together with measures that can be adopted to mitigate such threats.
Trinesh Fernando, an expert in digital governance, risk, and compliance, will impress upon the audience the growing importance of integrated governance frameworks, risk management systems, and compliance culture within modern institutions.
Former regulator and Central Bank of Sri Lanka Assistant Governor Dharmasiri Kumaratunga will speak on the role of regulators in payment and settlement systems, together with the importance of regulation, governance, and oversight in maintaining financial system stability.
The seminar is expected to attract directors, CEOs, compliance/risk officers, regulators, lawyers, auditors, bankers, finance professionals, company secretaries and senior corporate executives seeking clarity on evolving governance responsibilities and institutional accountability in today’s increasingly complex corporate environment.
