Regulatory Alerts2025-03-19 | Banking Act Direction No. 01 of 2025Addendum to Banking Act Directions No. 05 of 2024 on Corporate Governance for Licensed Banks
The Central Bank of Sri Lanka issued this addendum to insert a new corporate governance direction for licensed banks. It requires directors representing shareholders who acquired voting share capital in contravention of the Banking Act or related approvals to abstain from participating and voting during independent director appointments. This mandate takes immediate effect upon issuance.
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