Business tycoon Harry J gives up executive role at Aitken Spence, Distilleries

Harry Jayawardena

In a move to foster good governance, business tycoon Harry Jayawardena has given up the executive role at Aitken Spence and Distilleries Company of Sri Lanka.

In a filing to the CSE, the diversified blue chip Aitken Spence said its Board resolved that D.H.S. Jayawardena will continue to remain as the Chairman of the Company in Non-Executive capacity with effect from 30 October 2023.

This is pursuant to a Circular Resolution passed by the Board of Directors and the revised Corporate Governance rules of the CSE. Deputy Chairman and Managing Director at Spence is Dr. Parakrama Dissanayake and Stasshani Jayawardena is the Joint Deputy Chairperson and Joint Managing Director.

A similar move was announced by Distilleries Company of Sri Lanka in which Jayawardena was the Executive Chairman and Managing Director. He will remain as Chairman in a Non-Executive capacity.

Several other listed companies announced their respective measures to comply with the new governance rule.

Top blue chip JKH said, Chairperson of the Company Krishan Balendra is an Executive Director, and the Chairperson and Chief Executive Officer (CEO) positions of the company are held by the same individual.

The company has elected to comply with the alternative option provided under Listing Rules, with the appointment of a Senior Independent Director, Nihal Fonseka.

JKH has had a Senior Independent Director for over 10 years.

“It is the view of the Board, and our experience has proven that the JKH Board composition of a majority of Non-Executive Independent Directors, coupled with the role of the Senior Independent Director, and other supporting Board dynamics have enabled the Chairperson-CEO to effectively balance the dual role as the Chairperson of the Board and the CEO of the Company, particularly given the diversified conglomerate structure of the John Keells Group,” JKH said.

“We wish to affirm that the company will continuously strive to develop its governance framework in line with international best practices and in keeping with our internal governance standards,” it added.

Jetwing Symphony said Executive Chairman Hiran Cooray too will not function in any executive capacity and has been re-designated as a Non-Executive Director.