The Colombo Stock Exchange (CSE) Board of Directors will elect a new Chairman today following the Annual General Meeting.
Veteran banker and DFCC Bank CEO Nihal Fonseka who is the current Chairman has indicated his decision to step down and will not be available for another term but will remain on the Board.
He assumed Chairmanship in 2006 and after finishing the first three year term served two more years on request. Fonseka was representing DFCC Stockbrokers originally and thereafter Acuity Stockbrokers following the merger of stock broking units of DFCC and HNB.
Sources said that most senior member on the CSE Board is John Keells Stock Brokers’ representative Krishan Balendra who is responsible for JKH Group’s Retail sector, Corporate Finance and Strategy function as well as stock broking operations.
Another likely consideration is veteran and now retired banker also of DFCC fame M.R. (Maxi) Prelis who now sits on the Board of Capital Trust Securities which claimed top position in the broking industry.
Prelis incidentally comes up for re-election at today’s AGM by virtue of his old age (70 plus) as well.
CSE Board has five broker elected nominees of which two directors Vajira Kulatilaka (nominee of NDB Stockbrokers and Dr. Saman Kelegama (nominee of SC Securities) are up for re-election with no other contenders. CSE Board also has four government nominees.
The newly elected Board will meet following the AGM to decide on a new Chairman.
With Colombo Bourse rated as the world’s most consistent best performer CSE has become a high profile organisation coming under much spotlight for both commendation for some of the achievements as well as criticism for lack of dynamism given the new challenges in post-war era of capital markets in Sri Lanka.
The CSE Board comprises at present Chairman, Nihal Fonseka, Elected Directors Krishan Balendra, Vajira Kulatilaka, Dr. Saman Kelegama, M. R. Prelis, and Appointed Directors Ashroff Omar, Dhakshitha T. W. Thalgodapitiya, Prof. Laksiri Fernando and Hiran M C de Alwis.