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Composition of the Nomination Committee
The Nomination Committee comprises
of four Members, which is headed by
the Chairman, who is a Non-Executive Director and the Managing Director,
Mr. A.L. Goonaratne, who attends meetings by invitation. The Committee Members are appointed by the Board of Directors of the Bank. The other members are Messrs B. R. L. Fernando and L.J.A. Fernando. Mrs. R.R. Dunuwille, the Company Secretary of the Bank, functions as the Secretary of the Committee.
Charter of the
Nomination Committee
The mandate of the Committee includes inter-alia the following:
- To supplement a procedure to select/appoint new Directors/Chief Executive Officer and Key Management Personnel
- To consider and recommend (or not recommend) the re-election of current Directors, taking into account the performance and contribution made by the Director concerned towards the overall discharge of the
Board’s responsibilities
- To set the criteria such as qualifications, experience and key attributes required for eligibility to be considered for appointment or promotion to the post of Chief Executive Officer and the key management positions
- To ensure that Directors, Chief Executive Officer and Key Management Personnel are fit and proper persons to hold office
- To consider and recommend from time to time, the requirements of additional/new expertise and the succession arrangements for
retiring Directors and Key Management Personnel
- To make recommendations on matters referred to it by the Board
Nomination Committee Meetings
The Committee held four meetings during the year under review. The attendance of Committee Members at meetings is stated in the table on page 59 of this Annual Report. The proceedings of the Committee meetings are regularly reported to the Board of Directors.
Methodology Adopted by the Nomination Committee
The Committee continues to work closely with the Board in reviewing regularly, the skills needed for the Bank and the Board. The Committee is satisfied that the representation of skills on the Board is appropriate for the Bank’s current board level needs.
M.J.C. Amarasuriya
Chairman - Nomination Committee
Colombo
February 18, 2009 |
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