The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding with the Malaysian Directors Academy (MINDA) in an effort to develop a framework which will facilitate exchange of information, as well as enhance the effectiveness of the Board and it’s Directors.
The agreement which was signed by President of CA Sri Lanka, Mr. Lasantha Wickremasinghe and Executive Director of MINDA,Dato’ Abdul Aziz Abu Bakar, in Kuala Lumpur, Malaysia, aims to establish a framework for mutual assistance and to facilitate the exchange of information between the two organizations.
The MoU will also pave way for the exchange of information in the corporate governance landscape in pursuit of enhancing the Board and the directors’ effectiveness.
Among the initiatives to be explored under the MoU is the joint promotions of Professional Learning and Development programmes, Joint research and Advocacy work on Board Effectiveness best practices, Directors Sourcing and Board Placement, Board and Director Effectiveness Assessments, among others.
Mr. Wickremasinghe said that CA Sri Lanka was paying increased efforts in enhancing the corporate governance in the country, and the agreement with MINDA will complement this effort further.
“This agreement will help us share important resources between the two parties, which will help further strengthen the corporates, including the Boards and it’s directors, thereby enhancing their standing as well as knowledge, and helping them remain progressive,” he said.
Mr. Wickremasinghe highlighted that the institute also launched the Corporate Directors Programme, which was a joint initiative between CA Sri Lanka and the Securities and Exchange Commission as well as issuing the Code of Best Practice in Corporate Governance for the benefit of corporates in the country, in the institute’s continuing efforts to strengthen corporate governance.
“The agreement with MINDA will therefore pave the way to further strengthen our profession as well as the Boards and directors who are operating in Sri Lanka as well as in Malaysia,” Mr. Wickremasinghe added.
Chairman of the CA Sri Lanka Corporate Governance and Directors Training Committee, Mr. AsiteTalwatte said that the agreement will further boost the work the institute has been carrying out. “The agreement between CA Sri Lanka and MINDA, will definitely add to the work we have been doing to enhance corporate governance in Sri Lanka, and will undoubtedly benefit the corporates, including the Boards and Directors who function in both countries,” he said.
Chief Executive Officer of CA Sri Lanka, Mr. Aruna Alwis reiterated that the institute has tied up with leading accounting and non-accounting organisations in it’s efforts to offer professionals the best of qualifications and recognition.
“We enjoy agreements with globally recognized accounting bodies including ICAEW, CPA Australia, among others. We also have a large number of members who work overseas across 42 countries, so this agreement is yet another feather in our cap in our continuing efforts to ensure our members remain progressive and internationally mobile,” Mr. Alwis said.