Future of corporate governance in Sri Lanka: Trends and predictions for 2025

Corporate governance has evolved into far more than a regulatory requirement—it is now a cornerstone for building sustainable and successful businesses. As Sri Lanka undergoes significant shifts in its economic and corporate landscape, businesses must embrace innovation and adapt to these changes to remain competitive. Whether you are looking to understand how to register a business in Sri Lanka or seeking insights into navigating governance challenges, this guide will provide valuable perspectives to foster resilience, trust, and growth. 

Key Trends in Corporate Governance for 2025

Corporate governance in Sri Lanka is rapidly transforming, driven by technological advancements and a growing need for transparency and efficiency. Here are the key trends that are reshaping the landscape:

  1. Digital transformation for enhanced productivity – Technology has empowered experienced company secretaries in Sri Lanka to streamline operations. Tools like Calendly allow seamless appointment scheduling, while platforms such as Canva enable the creation of professional, branded communications. These tools save time and improve the efficiency of governance processes.

2. E-signature solutions revolutionising documentation – Gone are the days of manual paperwork. Tools like Adobe E-Signature and DocuSign enable companies to handle legal documents securely and efficiently, transforming compliance into a faster, more effective process.

3. AI integration for smarter workflows –AI-powered Solutions such as ChatGPT and Microsoft Copilot are becoming invaluable for company secretaries. These tools assist in drafting and refining meeting minutes, resolutions, and other governance documents, saving time and enhancing accuracy. Professional oversight, however, remains essential to ensure compliance with local regulations.

4. Client relationship management tools –Building lasting relationships is essential for businesses. Platforms like HubSpot help track client needs, update communications, and foster trust. These systems are indispensable for maintaining strong, transparent relationships with clients.

5. Cloud-based bookkeeping for financial efficiency – Cloud solutions like QuickBooks enable businesses to monitor income and expenses in real time. Whether you are a local entrepreneur or exploring how a foreigner can register a company in Sri Lanka, adopting such tools ensures streamlined financial management.

6. Rising emphasis on ESG practices – With global trends focusing on Environmental, Social, and Governance (ESG) factors, Sri Lankan businesses are aligning their practices to meet international standards. Technology provides tools to monitor and report ESG metrics, enhancing corporate responsibility.

7. Cloud-based collaboration – Cloud platforms enable secure collaboration and accessibility across teams, fostering innovation while ensuring data security and efficiency.

A Glimpse into the Future

When I began my practice as a company secretary in Sri Lanka in 2008, the registration and governance process was labour-intensive and paper-based. Drafting documents involved careful manual effort using MS Word templates, and filing required physically visiting the Registrar General of Companies in Colombo. Payments were made in cash, and days of waiting were the norm before receiving certified copies.

Today, platforms like eROC have revolutionised company registration in Sri Lanka. Digitalization has transformed filing processes, saving significant time and resources. Meetings that once required travel now take place virtually via platforms such as MS Teams, Zoom, or Google Meet, reducing costs and improving productivity.

Looking ahead, technology will continue to redefine the corporate governance landscape. However, challenges lie in the integration of AI-generated documents with local governance practices and laws. Ensuring accuracy and legal compliance will require professional validation. Additionally, the ability to keep up with rapid technological advancements will be critical for staying competitive.

(The writer is a Chartered Corporate Secretary and Founder – The Boardroom.)