Sri Lanka to lift age 70-year age restriction on company directors

ECONOMYNEXT – Sri Lanka has proposed to remove a restriction of persons over the age 70 serving on the boards of private companies.

At the moment, the term of a person reaching 70 years can be extended by a special resolution approved by shareholders under Sri Lanka’s company law.

"…I propose to remove this restriction enabling Chairmen and Members of the Board of Directors who are also shareholding directors to continue to serve on the Board beyond the age of 70 years," Finance Minister Ravi Karunanayake said in the text of a speech in a budget for 2017.

It is not clear why such a proposal was brought in the budget.  There had been no public discussion or debate on the matter before the proposal.

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