Boardrooms should be at least 1/3 women – MP Balasuriya to table legislation on Tuesday

March 8, 2019 (LBO) – In a move that is likely to have a wide impact across corporate boardrooms throughout Sri Lanka, Joint Opposition Member of Parliament Hon. Tharaka Balasuriya is scheduled on Tuesday to present legislation in Parliament that aims to bring significantly more women onto Sri Lankan corporate boards.

The move, if successful, will lead to a significant reshuffling of board seats in Sri Lanka. Balasuriya is one of the few legislators in Sri Lanka who has had significant experience in the Sri Lankan corporate sector. Balasuriya had a long carrier at Sri Lanka Insurance (SLIC) during the times when it was privately and also government owned.

The private members motion to be presented by Balasuriya aims for 1/3 of corporate board seats to be occupied by women.

The justification for the legislation is stated in the bill as:

“WHEREAS women’s participation in the labour force remains low and is on the decline, especially in the corporate sector, it has become necessary to make mandatory legislative provisions for the inclusion of women on the Board of Directors in the Corporate sector to ensure corporate gender equality, which would result in far reaching progress across the economy…”

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