Regulatory Alerts2023-01-01
Public Consultation on Revising Corporate Governance Rules for Colombo Stock Exchange Listed Entities
The Securities and Exchange Commission of Sri Lanka proposes amendments to the Colombo Stock Exchange Listing Rules to strengthen corporate governance standards for listed entities. Key changes include extending the look-back period for director independence to three years, mandating a minimum of three independent non-executive directors on key committees, and imposing a maximum age of 70 for independent directors. The consultation also introduces a minimum board size of seven members and requires separate disclosure of executive and non-executive director remuneration in annual reports.
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