SLID Chairman calls for future-ready directors and stronger governance

Friday, 18 September 2026 00:22 - - {{hitsCtrl.values.hits}}

Dinesh Weerakkody

Sri Lanka Institute of Directors (SLID) Chairman Dinesh Weerakkody has called for stronger corporate governance and greater director competence as Sri Lankan businesses navigate a rapidly changing economic and operating environment.

Speaking at the SLID’s 25th anniversary celebrations, Weerakkody reflected on the transformation of Sri Lanka’s corporate sector over the past quarter century, noting that the country had around 240 listed companies and a market capitalisation of approximately Rs. 100 billion when the Institute was established. At the time, the Code of Corporate Governance was voluntary.

Today, Sri Lanka has approximately 290 listed companies, with market capitalisation exceeding Rs. 8 trillion, while corporate governance requirements have evolved substantially and are now supported by mandatory regulatory frameworks.

Weerakkody said the SLID was established by a group of business leaders with the objective of strengthening the quality of boards and directors in Sri Lanka. The Institute has since grown to more than 1,000 members and established itself as a leading voice on corporate governance, director education, and board effectiveness.

Looking ahead, he said directors would face increasingly complex challenges as technology, artificial intelligence (AI), geopolitical tensions, and climate-related disruptions reshape the business environment.

“Our mission is clear: to develop directors who are future-ready,” Weerakkody said, highlighting the SLID’s programs in director education, masterclasses, executive forums, research, and thought leadership.

He also highlighted the National Corporate Director Summit, which brought together more than 400 chairpersons, directors, and senior business leaders, as well as over 20 international speakers. The SLID–ACCA National Corporate Director Awards, he said, had also been introduced to recognise excellence, integrity, and outstanding stewardship.

Weerakkody emphasised that effective governance goes beyond compliance with rules and regulations.

“Governance is about people, judgement, and doing the right thing,” he said.

He urged Sri Lankan organisations to strengthen governance practices and called on directors to combine sound judgement with commercial awareness and the ability to lead through uncertainty.

He also stressed the importance of rebuilding confidence in the private sector through stronger governance, accountability, and a culture of integrity.

Quoting the late Ratan Tata, Weerakkody said: “Good governance is not about rulebooks. It’s about doing the right thing when no one is watching.”

He said the SLID’s 25th anniversary should be viewed not merely as a celebration of its achievements, but as a renewed commitment to raising the quality of Sri Lanka’s boards and institutions over the next 25 years.