Regulatory Alerts2015-12-02 | 02/17/550/0002/003Key Management Personnel in Banking Act Direction on Corporate Governance
The Director of Bank Supervision at the Central Bank of Sri Lanka has clarified that key management personnel for licensed specialised banks comprise officers performing executive functions. This definition aligns with Banking Act Determination No. 4 of 2010, ensuring consistent fitness and propriety assessments across the sector. Licensed specialised banks must therefore apply this executive function criteria when identifying key management personnel for compliance with Banking Act Direction No. 12 of 2007 on corporate governance.
$ goorQlo0soe0 Bsiltims rofri$rr eisdld cEI{I[At 3A1{l( 0F sRl L[*l(A GUIDELINE BANK SUPERYISION DEPARTMENT Ref: 02/171550/0002/003 02 December 2015 To: The chief Executive oflicers of Licensed Specialised Banks Key Management Personnel in Banking Act Direction on corporate Governance We write to inform you that key management personnel in Banking Act Direction No' 12 of 2007 oncorporate Governance for Licensed Specialised Banks (LSBs) in Sri Lanka shall mean officers performing Executive Functions of LSBs as referred to in the Banking Act Determination No. 4 0f 2010 0n Assessment of Fitness and propriety of officers Performing Executive Functions in LSBs. Ms. S H Gunawardena Director of Bank SuPervision o O{D OtD€b ttoo so' dooaed &Oo' s.scr.Soo, eloogo or, € eplooo ( sa rt zlzzroomss 6 ggrb onq, So. ao umn$u$ onoporp o6n(9d'q I pi. Ou. Qo.590, O"og1Ol 01' 6a:doe lrvd 6, ilo.30, hnadhlgdil t.uiul., Colombo 1 P . 0. Bor 590, Golombo 01' $l t nlo' @ www.cbsl'gov.lk H gqu247771i 4 banksup@cbsl.lk