Extended Deadline

Aug 15, 2008 (LBO) – Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said. The direction gives effect to a Supreme Court ruling made in July 2008 against a code of governance issued by the regulator in April.

Bank directors have also been asked not to hold board positions in more than 20 companies.

They have also been given three years from January 01, to meet the requirement.