Composition of the Committee
Board Related Party Transactions Review Committee (the BRPTRC) comprised following Executive and Independent Non-Executive Directors (as stipulated by the Code of Best Practices on related party transactions issued by the Securities and Exchange Commission of Sri Lanka), whose profiles are given in the section on Board of Directors and Profiles.
Mr K G D D Dheerasinghe* (Chairman)
Mr J Durairatnam (Managing Director/CEO)
Mr S Swarnajothi* (Director)
Mr S Renganathan
(Director/Chief Operating Officer)
Mr L D Niyangoda* (Director)
Justice K Sripavan* (Director)
Appointed with effect from April 28, 2017
*Independent Non-Executive Director
Secretary to the Committee
Mr L W P Indrajith
(Assistant General Manager – Finance)
Meetings
Name | Eligible to attend/Attended |
Mr K G D D Dheerasinghe | 4/4 |
Mr J Durairatnam | 4/4 |
Mr S Swarnajothi | 4/4 |
Mr S Renganathan | 4/4 |
Mr L D Niyangoda | 4/4 |
Justice K Sripavan | 2/2 |
The Committee held four (4) meetings during the year under review. The proceedings of the Committee meetings which mainly included activities under its Terms of Reference were regularly reported to the Board of Directors.
This year Related Party Transactions Policy was further reviewed and updated.
This Committee was formed by the Board at the end of 2014 to assist the Board in reviewing all related party transactions carried out by the Bank and its listed companies in the Group by early adopting the Code of Best Practice on Related Party Transactions (RPT) as issued by the Securities and Exchange Commission of Sri Lanka (SEC) which became mandatory from January 1, 2016.
The mandate of the Committee includes inter alia the following:
During 2017, the RPT Policy was further reviewed and updated. The amended Policy was submitted to the Board and the approval of the Board of Directors was obtained in December 2017. Arrangements are being made to disseminate the amended RPT Policy among relevant stakeholders, to keep them informed of the applicable regulatory requirements relating to the reporting of RPT.
Further, the composition of the BRPTRC was reconstituted to comprise only Non-Executive Directors effective from January 2018 in line with the requirements of the Code of Best Practice on Corporate Governance issued by the ICASL which was issued in December 2017.
K G D D Dheerasinghe
Chairman – Board Related Party Transactions Review Committee
Colombo
February 23, 2018