Governance Issue

Dec 13, 2008 (LBO) – The Sri Lanka divisional council of the Chartered Institute of Management Accountants (CIMA) has been suspended over a governance failure, its parent body in the United Kingdom said. CIMA said its operations and services to members in Sri Lanka would continue as usual and it would take action to build and maintain its reputation. ‘CIMA’s commitment to its Division in Sri Lanka remains as strong as ever,” Glynn Lowth, President of CIMA, said in a statement.

“However the well established success of CIMA in Sri Lanka has been put at risk due to some failures of governance within the Sri Lanka Divisional Council and by a lack of adherence to CIMA’s global strategic goals and rules.”

The statement said the Sri Lanka Divisional Council has been suspended with effect from December 12.

“This was decided collectively by the CIMA Council, the Institute’s governing body, after considering the recommendation of an independent review,” the statement said.

“A consultative body of at least three members in Sri Lanka is to be appointed by the President and other Honorary Officers of CIMA to advise on the affairs of the Sri Lanka Division during the suspension period.”