Regulatory Alerts2021-03-29
Public Consultation on Revising Corporate Governance Rules for Colombo Stock Exchange Listed Entities
The Securities and Exchange Commission of Sri Lanka issued a public consultation paper proposing revisions to the corporate governance rules applicable to entities listed on the Colombo Stock Exchange. The draft framework mandates that listed entities establish specific policies regarding board balance, sub-committees, remuneration, risk management, and business conduct, while enforcing strict independence criteria for non-executive directors. The consultation invites stakeholder feedback on these proposed changes, including requirements for separating the Chairman and CEO roles and enhancing disclosure obligations in annual reports, with proposals due by May 15, 2021.
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