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Governance and Risk Management

Board of Directors and Profiles

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Justice K Sripavan

Chairman

Appointed as the Chairman of the Board of Directors w.e.f. December 21, 2020.

Appointed as an Independent/Non-Executive Director in April 2017. Appointed as the Chairman of the Board Related Party Transactions Review Committee (BRPTRC) w.e.f. March 28, 2018. Appointed as the Chairman of Board Nomination Committee (BNC), Board Human Resources & Remuneration Committee (BHRRC), Board Credit Committee (BCC) and Board Strategy Development Committee (BSDC) w.e.f. December 31, 2020.

Skills and experience:
Appointed as the Chief Justice of the Democratic Socialist Republic of Sri Lanka
on January 30, 2015 and held office until March 01, 2017.

Functioned as the Chairman of the Judicial Services Commission of Sri Lanka, Chairman of the Incorporated Council of Legal Education, Chairman of the Sri Lanka Judges’ Institute, Chairman of the Superior Court Complex, Board of Management and Chairman of the Mahapola Trust Fund. Enrolled as an Attorney-at-Law of the Supreme Court of Sri Lanka in 1977. He obtained a Diploma in Industrial Law from the University of Colombo in 1992 and Master of Laws from the University of London in 1994. Member of Sri Lanka Institute of Directors since August 2017.

Previous appointments:
Having joined the Attorney General’s Department in February 1978, he held the posts of State Counsel, Senior State Counsel and Deputy Solicitor General. While being the Deputy Solicitor General he functioned as the Head of the Court of Appeal Unit in the Attorney General’s Department and handled a large volume of work both in the Court of Appeal and in the Supreme Court including Bills and Fundamental Rights Applications. Prior to the elevation to the Court of Appeal Bench he functioned as a Legal Consultant for the National Savings Bank for two years.

Appointed as a Judge of the Court of Appeal in May 2002 and was elevated to the post of President of the Court of Appeal in March 2007 by his Excellency the President. Elevated to the Supreme Court Bench in March 2008.

Shareholding of Bank:
Holds 14,319 voting shares.

 

Prof A K W Jayawardane

Deputy Chairman

Appointed as the Deputy Chairman of the Board of Directors w.e.f. December 29, 2020.

Appointed as an Independent/Non-Executive Director in April 2015. Appointed as the Chairman of the Board Technology Committee (BTC) w.e.f. April 29, 2015. Appointed as the Chairman of the Board Integrated Risk Management Committee (BIRMC) w.e.f. December 31, 2020.

Skills and experience:
Vice Chancellor of the University of Moratuwa until November 27, 2017 and a Senior Professor in Civil Engineering. An academic of high repute, he brings considerable knowledge and experience of IT to the Board.

Holds a PhD in Construction Management and a Master of Science Degree in Construction from the Loughborough University of Technology, UK and a BSc. Eng. Degree in Civil Engineering with first class honours from the University of Moratuwa. Also a Corporate Member, a Fellow and an International Professional Engineer of the Institution of Engineers, Sri Lanka (IESL), CEng, FIE(SL), IntPE(SL), Fellow of the National Academy of Sciences of Sri Lanka, FNAS(SL), Founder Member of the Society of Structural Engineers Sri Lanka MSSE(SL), Fellow of the Institute of Project Managers, Sri Lanka, FIPM (SL) and a life member of Sri Lanka Association for Advancement of Science. Member of Sri Lanka Institute of Directors since December 2015. Graduate Member of the Sri Lanka Institute of Directors since January 2018, GSLID.

Other current appointments:
Director of Sierra Cables PLC, Chairman of CBC Tech Solutions Limited, Director of Mother Lanka Foundation, a Commission Member of the University Grants Commission, Board Member of National Science Foundation, Arthur C Clarke Institute for Modern Technologies and has served as a member of the Board of Management of several other institutions.

Previous appointments:
Dean, Faculty of Engineering for six years, First NDB Bank Endowed Professor in Entrepreneurship at the University of Moratuwa, President of the Institution of Engineers, Sri Lanka (IESL) and Director General of National Science Foundation.

Shareholding of Bank:
Holds 13,083 voting shares.

 

Mr S Renganathan

Managing Director/ Group Chief Executive Officer

Redesignated as Group Chief Executive Officer w.e.f. November 15, 2021

Appointed as the Managing Director and Chief Executive Officer in July 2018. Appointed as a Non-Independent/ Executive Director in July 2014.

Skills and experience:
A senior banker counting over 41 years, led the Bank’s acquisition of the Bangladesh operations of Credit Agricole Indosuez (CAI), Commercial Bank’s first ever acquisition of a banking operation, subsequently building up the same as the first Country Manager. He has also held several other key positions at the Bank including Chief Operating Officer, Deputy General Manager – Personal Banking and the first Chief Risk Officer of the Bank.

Fellow of the Chartered Institute of Management Accountants, UK (FCMA), Chartered Global Management Accountant (CGMA), Fellow of the London Institute of Banking & Finance, UK (FLIBF) and a Fellow of the Institute of Bankers Sri Lanka (FIB). Member of Sri Lanka Institute of Directors.

Other current appointments:
Managing Director of Commercial Development Company PLC, Deputy Chairman of Commercial Bank of Maldives Private Limited, Director of Lanka Financial Services Bureau Limited, Director of Sri Lanka Banks’ Association (Guarantee) Limited. Vice Chairman of International Chamber of Commerce Sri Lanka, Executive Member of The Ceylon Chamber of Commerce, Executive Member of The Council for Business with Britain, Vice President of Sri Lanka India Society, Council Member of the Employers’ Federation of Ceylon and an All-Island Justice of the Peace since 2000.

Previous appointments:
Member of the General Council of the Institute of Bankers of Bangladesh, Founder President of the Sri Lanka Bangladesh Chamber of Commerce and Industry, Executive Member of the Foreign Investors Chamber of Commerce and Industry in Bangladesh.

Shareholding of Bank:
Holds 432,336 voting and 12,781 non-voting shares.

 

Mr K Dharmasiri

Appointed as an Independent/Non-Executive Director in July 2015.

Skills and experience:
A senior banker counting over 37 years at Bank of Ceylon and retiring as its General Manager/Chief Executive Officer, he has diversified experience both within and outside Sri Lanka.

Holds a B.Phil. (Econ) and B.Com with first class honours from the University of Colombo. Also an Associate Member of the Institute of Bankers of Sri Lanka. Member of Sri Lanka Institute of Directors since December 2015.

Other current appointments:
None

Previous appointments:
Non-Executive Nominee Director on the Boards of Janashakthi Insurance PLC, Sabaragamuwa Development Bank, Merchant Bank of Sri Lanka PLC, BOC Travels (Pvt) Ltd., BOC Property Development & Management (Pvt) Ltd., Ceybank Holiday Homes (Pvt) Ltd., Hotels Colombo (1963) Ltd., Ceybank Asset Management Ltd., Lanka Securities (Pvt) Ltd., Institute of Bankers of Sri Lanka, Lanka Financial Services Bureau Ltd., Lanka Clear (Pvt) Ltd., Bank of Ceylon (UK) Ltd., Credit Information Bureau of Sri Lanka and Managing Director of Nepal Bank of Ceylon Limited in 2002.

Shareholding of Bank:
Nil.

 

Mr L D Niyangoda

Appointed as an Independent Non-Executive Director in August 2016.

Skills and experience:
He has a proven track record of over 34 years in the corporate environment and is qualified in various management fields both locally as well as internationally.

Consultant, Business and Administration experience for a period of 39 years. Holds a Bachelor’s Degree in Agricultural Science from the University of Peradeniya. Former member of numerous professional bodies, including the Council for Agricultural Research Policy of Sri Lanka, Standing Committee of Agriculture and Veterinary Studies, University Grants Commission, Member of Board of Faculty of Agriculture, University of Peradeniya. Member of Sri Lanka Institute of Directors since March 2000.

Other current appointments:
Chairman of A Baur & Co. (Pvt) Ltd.

Previous appointments:
Managing Director/Chief Executive Officer of A Baur & Co. (Pvt) Ltd., Chief Operating Officer of A Baur & Co. (Pvt) Ltd., Director of Baur Asia (Pte) Ltd., Singapore.

Shareholding of Bank:
Nil.

 

Ms N T M S Cooray

Appointed as an Independent/Non-Executive Director in September 2016.

Skills and experience:
A senior finance professional with wide experience in the private sector.

Holds a Master of Business Administration from the University of Colombo, Fellow Member of the Chartered Institute of Management Accountants UK (FCMA). Member of Sri Lanka Institute of Directors since July 2006.

Other current appointments:
Chairman and Managing Director of Jetwing Travels (Pvt) Ltd. and Chairman of Jetwing Hotels Ltd.

Previous appointments:
Former Chairperson of the Sri Lanka Institute of Directors. Director – Finance and Administration on the Board of J Walter Thompson, Non-Executive Director on the Boards of Capital Alliance Finance PLC, Trade Finance and Investments PLC and served on the Boards of many other private and public companies. A member of the Board of the Management of several other institutions.

Shareholding of Bank:
Holds 350,274 voting and 54,251 non-voting shares.

 

Mr T L B Hurulle

Appointed as an Independent/Non-Executive Director in April 2017.

Skills and experience:
Holds a Diploma in Refrigeration and Air Conditioning from the Southbank University, London, Engineering Apprentices I & II Programme of the University of Moratuwa, Certificate in Science and Technology of Refrigeration, City & Guilds Institute, London and obtained Membership of the Institute of Refrigeration, U.K. in 1977.

Member of the Sri Lanka Institute of Directors since 2017

Other current appointments:
Independent/Non-Executive Director, Kanrich Finance Limited since 2017

Hony. Secretary of The Anuradhapura Jaya Sri Maha Bodhi Development Fund.
(Act No. 41 of 2006) Appointed as an All-Island Justice of the Peace in 2002.

Previous appointments:
Director-General, Telecommunications Regulatory Commission (TRC), Designs and Applications Engineer, Metropolitan Refrigeration & Air Conditioning, London, Divisional Manager, Walker Sons & Co. Ltd. and Senior Manager/Engineer at Tudawe Trading Co. (Pvt) Ltd.

Awarded the INFOTEL ’92 Pioneers’ award at INFOTEL 2017, was a Member of the Public Representations Committee on Constitutional Reform 2016-17 and a Resource Person in the Budget Committee of Parliament (2017).

Shareholdings of Bank:
Nil.

 

Mr S C U Manatunge

Chief Operating Officer

Appointed as a Non-Independent/ Executive Director and Chief Operating Officer in July 2018.

Skills and experience:
He was the former Deputy General Manager – Corporate Banking prior to being appointed as the Executive Director/ Chief Operating Officer in 2018. He counts for 32 years of experience at the Bank, having held corporate management/senior positions such as Chief Risk Officer, Head of Credit Risk and Chief Manager – Corporate Banking.

He is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA-UK) and has obtained a Master of Business Administration (MBA) Degree from the University of Sri Jayewardenepura with a Merit Pass. He is also a Fellow Member of the Institute of Bankers – Sri Lanka (FIB), Fellow of the Institute of Certified Management Accountants of Sri Lanka (FCMA) and a Fellow of the Chartered Management Institute, UK (FCMI). He was instrumental in forming the Association of Banking Sector Risk Professionals, Sri Lanka and was the President in the year 2014. He has also served as a Council Member of the Association of Professional Bankers (APB) and a member of the CIMA – “Thought Leadership Committee”. He was a visiting lecturer for the MBA Degree programme at the University of Colombo. Also a resource person at the Training Centre of Central Bank of Sri Lanka and Institute of Bankers of Sri Lanka. He was adjudged the “Chief Information Security Officer of the Year” at the EC – Council Global CISO Forum held in Atlanta – USA in September 2013 in recognition of his outstanding contribution in strengthening and promoting information security practices and IT Risk Management. He is also a Member of Sri Lanka Institute of Directors since August 2017.

Other current appointments:
Director of Commercial Bank of Maldives Private Limited.

Previous appointments:
Director of CBC Tech Solutions Limited.

Shareholding of Bank:
Holds 73,038 voting shares.

 

Ms J Lee

Appointed as an Independent/Non-Executive Director in August 2020.

Appointed as the Chairman of the Board Investment Committee w.e.f. December 31, 2020.

Skills and experience:
A pioneer and leading expert in quantitative risk management and its applications to strategy, with over 30 years of experience as a banker, capital markets expert and partner in management consulting firms serving CEOs and Boards in the USA and Asia.

Holds an MBA from the Wharton School, a BSc from NYU Stern School of Business in Finance and International Business and has attended the Advanced Management Program and Women on Boards Program at Harvard Business School.

Other current appointments:
Managing Director of Dragonfly LLC which is a New York based consulting firm providing strategy, risk management and investment advice to Boards, CEOs, and Business heads in the USA, Europe and Asia, covering all sectors - corporates, financial institutions and governments.

CEO of Dragonfly Capital Ventures which develops and invests in renewable energy in South East Asia. Serves on the Board of Directors of Temasek Life Sciences Accelerator and is an Entrepreneur-in-Residence. Ms Lee is also on the Board of Directors of DBS Group Holdings Ltd., DBS Bank Ltd. and SMRT Corporation Ltd. She is a member of the Executive Board of the NYU Stern School of Business, which is a private research university based in New York City. Ms Lee is the Vice President of Break Some Glass Inc, WomenExecs on Boards (which is a non-profit Harvard Business School Alumni Network). She is a co‐author of the books “What Every CEO Must Know About Risk” and “RAROC and Risk Management”.

Previous appointments:
Principal of Bankers Trust, a key member of the pioneering team that developed the first comprehensive daily risk quantification and risk capital methodology in the banking industry.   

Partner of Capco, a global business and technology consultancy. Partner of Capital Markets Risk Advisors, a strategy and risk management consulting firm Board Director and Executive Vice President of Solar Frontier KK, a renewable energy subsidiary of Japan-listed Showa Shell Sekiyu KK (now Idemitsu). Senior Fellow of The Wharton School of Business, University of Pennsylvania. Adjunct Professor of Singapore Management University, developed and taught Enterprise Risk Management for 10 years and has also taught Risk Management at Columbia University, New York.

Shareholding of Bank:
Nil.

 

Mr R Senanayake

Appointed as an Independent/Non-Executive Director in September 2020.

Appointed as the Chairman of the Board Audit Committee w.e.f. September 25, 2020.

Skills and experience:
A Fellow Member of CA Sri Lanka with over 30 years of post-qualifying experience and holds a B.Com (Special) degree from the University of Sri Jayewardenepura and a Postgraduate Diploma in Business Management from the PIM of the University of Sri Jayewardenepura.

Possesses extensive domain knowledge on the financial services industry, financial management and corporate reporting in particular, including such aspects as risk management, capital management, corporate governance, compliance, sustainability and integrated reporting. He has undergone training on banking and finance with Euromoney and on general management with the National University of Singapore, besides many other local and overseas training programmes.

Other current appointments:
An Independent Non-Executive Director (from October 2014 to March 2021) and a Non-Independent Non-Executive Director (since April 2021) of CBC Finance Limited, an Independent Non-Executive Director of Senkadagala Finance PLC since April 2017 and a Director of Virtual Capital Technologies (Pvt) Ltd., a software development company that specialises in enterprise solutions in the real estate, retail and telecom spaces catering to the New Zealand and the Australian markets since August 2017. Heads the Smart Academy of the Smart Media The Annual Report Company.

Previous appointments:
Financial Accountant, Singer Industries (Ceylon) PLC, held several positions from Senior Manager Finance up to Assistant General Manager (Finance & Planning) from 1994 to 2007 at Commercial Bank of Ceylon PLC and Chief Financial Officer at Nations Trust Bank PLC.

Shareholding of Bank:
Nil.

 

Mr S Muhseen

Appointed as an Independent/Non-Executive Director in February 2021.

Skills and experience:
Senior Investment Banker with extensive experience in areas of Mergers and Acquisitions, Corporate Finance and Capital Markets, who has served in a senior capacity working with company boards and senior leadership teams of financial institutions across Asia to help drive their strategic corporate agenda and roadmap.

In his career spanning over 20 years in Investment Banking, he has completed landmark mergers and capital raising transactions in excess of USD 100 billion. The Asia FIG sectors team at Merrill Lynch and Credit Suisse has won the “FIG Asia House of the Year” award from the Asset magazine for several years under his leadership. Multiple transactions he led have been awarded as best country deals and best financial sector capital raise transactions. Holds a Masters in Economics from the University of Colombo, a Bachelor of Business Administration (Hons) from Western Michigan University and has completed the Corporate Finance training program with JPMorgan in New York.

Other current appointments:
Chairman/ Director, Platinum Advisors Pte Ltd., Non-Independent Director, H2O One Pte Ltd., Director, Canary Wharf Holdings Pte Ltd., Independent/Non-Executive Director, Amana Takaful Life PLC, Director, Lankan Angel Network, Sri Lanka.

Previous appointments:
Previously worked in best-in-class global investment banks, Credit Suisse, Bank of America Merrill Lynch and JPMorgan in leading regional coverage roles. His most immediate previous role was as Managing Director, Head of South East Asia Financial Institutions Group (FIG) and Head of Asia Insurance at Credit Suisse based in Singapore. He was an Associate Director of Deloitte. He was the Team Leader at the National Council for Economic Development (NCED) under the Ministry of Finance as well as a Director at the TAFREN Presidential Task Force for rebuilding the economy after the 2004 Tsunami.

Shareholdings of Bank:
Holds 2,503 voting shares.

 

Mrs D L T S Wijewardena

Appointed as an Independent/Non-Executive Director in March 2021.

Skills and experience:
She is a corporate executive with a proven track record in the IT industry both locally and internationally. She has been serving in various senior positions in the industry for many years and gaining diverse experience in providing technology solutions for high tech startups to large multinational businesses in the world.

A Graduate Member of British Computer Society, United Kingdom she gained her Board Executive Education at Harvard Business School, and also earned Strategy Certification for Game Changing Organizations and Artificial Intelligence in impact for business strategies from Massachusetts Institute of Technology, Sloan School of Management. Women In Management (WIM) together with IFC and Government of Australia presented her the Best Woman Board Director 2021 (Sri Lanka/Maldives) Award at the WIM Awards 2021 in Colombo.

Other current appointments:
Chief Executive Officer of Aventude (Pvt) Ltd. (‘Aventude’) which she co-founded in 2018. She is also a director of Aventude Pte Ltd., Singapore.

Previous appointments:
She served as the Vice Chairperson of the Cabinet approved national initiative, Women’s Chamber for Digital Sri Lanka (WCDSL), an initiative to uplift women participation in digital economy of Sri Lanka through ICT education, career empowerment and supportive policies.

Shareholding of Bank:
Nil.

 

Mr R A P Rajapaksha

Company Secretary

Appointed as Company Secretary in April 2019.

Skills and experience:
An Associate of Chartered Governance Institute – UK & Ireland, formerly known as Institute of Chartered Secretaries and Administrators (ICSA – UK) and a Graduate of the Institute of Chartered Corporate Secretaries (ICCS) of Sri Lanka counting over 18 years of experience in the field of Company Secretarial Practice including 11 years of experience at the Bank. He is a member of Sri Lanka Institute of Directors since September 2017.

Other current appointments:
Vice President of the Chartered Governance Institute – UK & Ireland, Sri Lanka & Asia Pacific Branch. Appointed as an All-Island Justice of the Peace in 2019.

Previous appointments:
Company Secretary of CBC Finance Limited from November 2014 to March 2019. Assistant Company Secretary of the Bank from February 2011 to March 2019.

Shareholding of Bank:
Nil.