Regulatory Alerts2015-12-02 | 02/17/550/0002/003Key Management Personnel in Banking Act Direction on Corporate Governance for LCBs
The Central Bank of Sri Lanka has clarified that key management personnel for corporate governance under Banking Act Direction No. 11 of 2007 are Officers Performing Executive Functions in licensed commercial banks. This alignment with Banking Act Determination No. 3 of 2010 standardizes fitness and propriety assessments across the sector. The directive requires all licensed commercial banks to apply this definition immediately for governance compliance purposes.
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