The Credit Approval Committee of the Board of
Directors presently consists of Four Non-Executive Directors. J Durairatnam is the Chairman with
P M B Fernando, K P Cooray and N K G K Nemmawatta serving as members.
C R Jansz functioned as the Chairman of the Committee until 27 July 2019.
The Company Secretary functions as the Secretary of the Committee.
The Committee carried out the tasks set out in the Terms of Reference approved by the Board. The primary purpose of the committee is to review and where appropriate recommend or approve credit facilities which require approval above the delegated limit of the Management Credit Committee of the Bank.
The Committee meets at least once a month and as and when required. The committee invites the relevant officers to these meetings to clarify issues and for discussion relating to proposals that are submitted for review and also guides the Management in improving the credit policies, procedures and on process improvements for monitoring and recovery action.
The Committee held 12 meetings during the financial year to carry out its task. The attendance by members is given in the section on Corporate Governance of the Annual Report. The proceedings of the Committee meetings have been regularly reported to the Board of Directors. Credit facilities recommended by the committee were submitted to the monthly meeting of the Board for approval.