Jan 02, 2018 (LBO) – Institute of Chartered Accountants of Sri Lanka recently launched the revised Code of Best Practice on Corporate Governance 2017 with an aim to give leadership to corporates in the country to adhere to the best practices of corporate governance.
The code of 2017 builds on the previous codes to strengthen best practice in governance in the context of global developments relevant to Sri Lanka, emerging contemporary matters of governance and challenges with greater importance to the Sri Lankan capital market.
“Taking into consideration the global changes, we decided to update the existing code by accommodating most of the good governance principals,” speaking at the launching event, outgoing President Lasantha Wickremasinghe said.
Wickremasinghe noted that with Sri Lanka being promoted as a hub in South Asia, and with more investments coming into the country, there is a greater need for organisations to follow the corporate governance code.
Chairman of the Securities and Exchange Commission, Thilak Karunaratne emphasized that the revised code also helped foster ethical business behaviour and greater accountability and transparency.
“Studies have shown that good corporate governance not only enhances the image and reputation of a company, but produces direct economic benefits by making it more profitable and competitive. This in turn creates more value for all stakeholders.” he said.