Corporate Code

Sept 26, 2013 (LBO) - Sri Lanka's chartered accountants and the Securities and Exchange Commission has launched a revised 'Code of Best Practice on Corporate Governance.' "Good corporate governance is fundamental to an organization’s competitiveness, growth and most importantly its sustainability," The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) said in a statement.

"Strong business ethics, sound policies and procedures, along with effective monitoring systems are considered as vital ingredients of a well-established corporate governance system.

"With these objectives in mind, CA Sri Lanka and SEC formulated the latest code after reviewing and revising the previous corporate governance code which was issued in 2008."

Sujeewa Rajapakse head of CA Sri Lanka was quoted as saying at a formal launch of the new code that most of the island's listed companies were following the code but there was a 'sizeable' number that were yet to do so.

A committee co-chaired by Asite Talwatte and Sujeewa Mudalige, past presidents of the institute had revised the code, also looking at changes in other parts of the world.