The ‘Corporate Governance Awareness Session’ organized by the Finance Houses Association of Sri Lanka (FHA), the apex body of all registered Finance Ccompanies, was held at the Siyapatha Tower on the 11th August 2023. Held in collaboration with the Central Bank of Sri Lanka (CBSL), the main objective of this event was to enhance the understanding of the Finance Business Act Direction No. 05 of 2021, specifically focusing on Corporate Governance.
The Chairman of FHA’s Compliance Forum, Mr. Ramesh Fonseka played a pivotal role in orchestrating this significant event. The collaboration involved participation from officials representing the Department of Supervision of Non-Bank Financial Institutions (DSNBFI) of CBSL and Compliance Officers and Company Secretaries from Licensed Finance Companies (LFCs).
The hybrid event saw the enthusiastic participation of over 100 attendees, including esteemed Compliance Officers, Company Secretaries, and other compliance staff representing the LFC sector. The Director of the Department of Supervision of NBFIs, Mrs. R.M.C.H.K. Jayasinghe was also present along with other officials from CBSL. Chairman of FHA, Mr. Ananda Seneviratne warmly welcomed all participants expressing his gratitude to the attendees, while also providing a concise overview of the event.
Mrs. R.M.C.H.K. Jayasinghe initiated the proceedings by underscoring the importance of Corporate Governance in LFCs following which the Senior Assistant Director, Ms. Shamini Abeysirigunawardana delivered a presentation focusing on the details of FBAD No. 05 of 2021. Subsequently, a panel discussion featuring Ms. Anurudha Premamali and Mr. Shan Kurincheedaran took place, further exploring the subject matter.
Initially introduced by CBSL, raising awareness of Corporate Governance was a significant endeavour aimed at fostering an ethical and transparent culture across all Finance Companies. The collaborative efforts of CBSL and the active participation of Director and Officers of the DSNBFI played a pivotal role in ensuring the resounding success of this event. The impact of this event has generated a powerful momentum that is anticipated to propel the continuation of similar initiatives in the future. These endeavours will further contribute to raising awareness and understanding of essential regulatory frameworks and guidelines within the financial sector.
