Sri Lanka’s govt.  sets standard for appointing boards of SOE’s

Apr 08, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve a set criteria for consideration for appointing of chairmen and board of directors of State Owned Enterprises in the island. “Lack of a clear-cut policy directives with regard to management of Public Enterprises, failure to delegate decision-making to senior management, absence in commercial consideration in business decisions, political interference in appointment if staff have been identified as some of the key constraints to improve performance of Public Enterprises,”  a statement on approved cabinet decisions said. “Hence, it is a timely need to adopt a formal and transparent method in such appointments.” The proposal  was made by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs. The new criteria will adhere to an individual’s professional and management experience, maximum age limits, provisions for prevention of conflicts of interest and disqualifications.