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.
02 December 2015 $ goaor Oco 0roAO Boildffire rofrdfu nrdld CE]{TRAI BAIT OF $H I.tr*I(A GUIDELINE BANK SUPERVISION DEPARTMENT Refz 02 I 17 I 550/0002/003 To: The Chief Executive Officers of Licensed Commercial Banks Key Management Personnel in Banking Act Direction on Corporate Governance We write to inform you that key management personnel in Banking Act Direction No. 1l of 2007 on Corporate Govemance for Licensed Commercial Banks (LCBs) in Sri Lanka shall mean Officers Performing Executive Functions of LCBs as referred to in the Banking Act Determination No. 3 of 2010 on Assessment of Fitness and Propriety of Offrcers Performing Executive Functions in LCBs. Ms. S H Gunawardena Director of Bank Supervision 6 OeD g(D€b qclo 80, dr'oaeo EOo, a, scr.5OO, slsreo Of, € CpoO ( sa rr zczzrooless 6q5rir ong, OdD. 30 entrrfuCl onogmg 66rT(Uriq I p. Ou. Qo.590, Oon@dq 01, E.)doE l-eyol 6, ilo.30, Janadhlpahl ilaur0r!, ColomDo I P. 0. Bu.59O, ColomDo 01, Srl lr.rlo. H gnn24tTrtl 4 banksup@cbsl.lk @ www.cbsl.gov.lk