Regulatory Alerts2020-06-26 | Finance Leasing Act Directions No. 4 of 2020Amendment to Corporate Governance Direction
The Central Bank of Sri Lanka amends its Corporate Governance Direction to permit Specialised Leasing Company directors who reach age 70 to continue serving on the board until age 75. This extension requires prior approval from the Department of Supervision of Non-bank Financial Institutions and Monetary Board, contingent upon demonstrated fitness, historical performance, regulatory compliance, and formal board resolutions. The directive limits the exemption to a maximum of one director per board, mandates annual re-evaluation, and allows immediate withdrawal if fitness criteria are no longer met.
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