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Securities and Exchange Commission of Sri Lanka engages with listed companies

Jul 23, 2019 06:51 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka's Securities and Exchange Commission is meeting with the senior leadership of listed companies to interact with the regulator, allowing two way feedback to work towards common interests.

"This is also an opportunity to help the regulator build capacity and be more aware, as well as to provide an opportunity for the Chair, CEO and senior Directors of regulatees to build capacity within new board members and key management personnel such as the Chief Internal Auditor, Chief Risk Officer and the Head of Compliance," SEC chairman Ranel Wijesinha said in a statement.

"Over time, we hope these will help to bridge the gap between  the regulator and regulatee, such that we align interest."

The session on July 23 will focus on the role of chief executive and chairman and a controversial rule on minimum public holdings, which is driving firms out of the stock market.

"In order to provide each stakeholder group with adequate opportunity to engage the capital market regulator, we intend to have dates dedicated to each stakeholder group in future," Wijesinha said.

"These fora will be scheduled frequently and the idea of having such fora is to enable the Director General and directors to meet and interact with regulatees and stakeholders regularly whilst yet retaining their Independence and objectivity and at the same time providing the regulatee an opportunity to seek clarifications.

"Over time, we hope these will help to bridge the gap between  the regulator and regulatee, such that we align interest. This is also an opportunity to help the regulator build capacity and be more aware, as well as to provide an opportunity for the Chair, CEO and senior Directors of regulatees to build capacity within new board members and key management personnel such as the Chief Internal Auditor, Chief Risk Officer and the Head of Compliance."  (Colombo/July23/2019)
 


 

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