Commercial Bank of Ceylon PLC

Annual Report 2018

Board Strategy Development Committee Report

Composition of the Committee

The Board Strategy Development Committee (the BSDC) consists of following members whose profiles are given on pages 14 to 19.

Board members

Mr K G D D Dheerasinghe* (Chairman)
Mr M P Jayawardena* (Deputy Chairman)
Mr S Renganathan**
(Managing Director/Chief Executive Officer)
Prof A K W Jayawardane* (Director)
Mr K Dharmasiri* (Director)
Mr L D Niyangoda* (Director)
Mr G S Jadeja*** (Director)
Resigned w.e.f. March 28, 2018

Secretary to the Committee

Mr R A P Rajapaksha
(Assistant Company Secretary)

*Independent Non-Executive Director and appointed w.e.f. August 2, 2018
** Appointed w.e.f. August 2, 2018
*** Appointed w.e.f. December 19, 2018

Attendance at Meetings

Name Eligible to attend/ Attended
Mr K G D D Dheerasinghe 05/05
Mr M P Jayawardena 05/05
Mr S Renganathan 05/05
Prof A K W Jayawardane 05/05
Mr K Dharmasiri 05/05
Mr L D Niyangoda 05/03
Mr G S Jadeja 00/00

The Committee had five (5) meetings since its establishment in August 2018. The proceedings of the committee meetings were regularly reported to the Board of Directors.

The Committee deliberated various strategies to enhance the Bank’s performance to the highest level.

Charter of the Committee

The Committee was formed by the Board in August 2018 to have an overall bank-wide strategic management oversight.

The Committee is empowered:

  • To assist the Board in performing its oversight responsibilities relating to the Bank’s strategy.
  • To advise and monitor the Management on;– Defining of business strategies geared for the sustainable development of the Bank; and– Establishment of processes for planning, implementing, assessing, and adjusting of the business strategy.
  • To oversee the Management’s engagement on the strategic perspective, direction, and development of the strategy for the Bank and its business units.
  • To oversee the Management’s implementation of the approved strategic plan and the progress against strategic milestones
    and goals.
  • To oversee the Management’s implementation of major business transformation projects and their execution.
  • To engage in detail discussion and provide guidance to the Management on:– Whether the governance, risk appetite, financial and capital planning, liquidity and funding management, control environment and resources can support the Bank’s strategic objectives.– Divestitures, Mergers and Acquisition strategies including post transaction performance tracking.– The impact of changes in the competitive environment.

Activities in 2018

The Committee deliberated on various strategy related matters at these meetings and major decisions taken at the Committee meetings were tabled at the subsequent Board meetings for ratification.

K G D D Dheerasinghe
Chairman – Board Strategy Development Committee

February 22, 2019