Women on Sri Lankan listed firm boards to be mandatory: Budget2019

ECONOMYNEXT – All listed Sri Lankan companies should have at least 20 percent of board seats occupied by women by December 31st 2022, finance minister Mangala Samarawera said.

The proposal is for encouraging more women representation on corporate boards, he told parliament while presenting the government’s 2019 budget.

The proposed introduction of mandatory representation of women on corporate boards will be done in a phased manner, Samaraweera said.

The Securities and Exchange Commission will introduce a voluntary target of 30 percent of women in director boards of companies listed on the Colombo Stock Exchange.

All listed companies shall disclose the percentage of women on their boards in their annual reports.

By December 31st 2020, all listed companies that are unable to meet the 30 percent voluntary target will be required to disclose reasons for being unable to do so.

By December 31st 2022, all listed companies shall have at least 20 percent of board seats occupied by women.

By December 31st 2024, all listed companies shall have at least 30 percent of board seats occupied by women.
(COLOMBO, March 05, 2019-SB)
 

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