Regulatory Alerts2020-06-18 | Finance Business Act Directions No. 5 of 2020Amendments to Corporate Governance Direction
The Monetary Board of the Central Bank of Sri Lanka issued Direction No. 05 of 2020 to amend the Finance Companies (Corporate Governance) Direction No. 03 of 2008. This amendment permits Licensed Finance Companies to retain directors beyond the standard retirement age of 70, up to a maximum of 75 years, subject to prior approval from the Monetary Board. The directive mandates strict fitness and propriety assessments, requiring detailed documentation on regulatory compliance and historical contributions to ensure such extensions serve the best interests of the institutions.
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