The Board-Related Party Transactions Review Committee (the BRPTRC) consists of the following Independent Non-Executive Directors (in conformity with the requirements of the Code of Best Practice on Corporate Governance issued by CA Sri Lanka), whose profiles are given in the section on Board of Directors and Profiles.
Board membersJustice K Sripavan*
Mr S Swarnajothi*
Mr L D Niyangoda*
Mr T L B Hurulle*
(Appointed w.e.f. March 28, 2019)
Regular attendees by invitationMr S Renganathan
(Managing Director/Chief Executive Officer)
Mr S C U Manatunge
(Director/Chief Operating Officer)
Secretary to the CommitteeMr L W P Indrajith
(Assistant General Manager – Finance)
*Independent Non-Executive Director
Attendance at Meetings
|Name||Eligible to attend/ Attended|
|Justice K Sripavan||04/04|
|Mr S Swarnajothi||04/04|
|Mr L D Niyangoda||04/04|
|Mr T L B Hurulle||03/02|
|Mr S Renganathan||04/04|
|Mr S C U Manatunge||04/04|
The Committee was further strengthened by appointing one more Independent Non-Executive Director.
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 subsidiaries in the Group by early adoption of the Code of Best Practice on Related Party Transactions (RPT) as issued by the SEC of Sri Lanka which became mandatory from January 01, 2016.
The mandate of the Committee includes inter alia the following:
During 2019, the Committee was further strengthened by appointing one more Independent Non-Executive Director. In addition, as a part of Bank’s annual review of policies, the RPT Policy was further reviewed and updated. The amended RPT Policy was approved by the Board of Directors in November 2019 and implemented. Arrangements were also made to disseminate the amended RPT Policy among all relevant stakeholders and obtained their acknowledgements that they have read and understood the applicable regulatory requirements relating to identifying, capturing and reporting of RPT.
The Committee held four (4) meetings during the year under review as required by Section 9.2.4 of the Listing Rules of the CSE. The Committee reviewed all RPT carried out during the year at its quarterly meetings and the proceedings of the Committee meetings which also included activities under its Terms of Reference were regularly reported to the Board of Directors with its comments and observations.
Justice K Sripavan
Board Related Party Transactions
February 20, 2020