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Sri Lanka bank regulator ready to reconsider term limits for directors

ECONOMYNEXT – Sri Lanka’s banking regulator is willing to be flexible and consider changing term limits for directors of financial institutions, a forum on the banking sector was told.

The 70 year limit came from the Companies Act, she said.

Sanjiva Senanayake, Non-Executive Director of Sampath Bank, told the forum that the age rule appears arbitrary.

“There are people over 70 running the country.”

However, he said the fit and proper test for directors was important.

Senanayake said companies faced difficulties in finding indpendent directors as required by law and that some rules like those that barred people owing to links with other firms appear strange.

There is a scarcity of directors and companies find it difficult to meet all the regulatory barriers, he said.
(COLOMBO, March 30, 2018)

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