Board-Related Party Transactions Review Committee (the BRPTRC) comprised following Independent Non-Executive Directors (in line with the requirements of the Code of Best Practice on Corporate Governance issued by CA Sri Lanka which was issued in December 2017), whose profiles are given on 14 to 19.
Justice K Sripavan*
Appointed as Chairman w.e.f. March 28, 2018
Mr S Swarnajothi*
Mr L D Niyangoda*
Resigned w.e.f. March 28, 2018
Regular attendees by invitation
Mr S Renganathan
Mr J Durairatnam
Retired w.e.f. July 26, 2018
Mr S C U Manatunge
Appointed w.e.f. July 30, 2018
|Name||Eligible to attend/ Attended|
|Justice K Sripavan||04/04|
|Mr S Swarnajothi||04/04|
|Mr L D Niyangoda||04/03|
|Mr K G D D Dheerasinghe||01/01|
|Mr S Renganathan||04/04|
|Mr J Durairatnam||02/02|
|Mr S C U Manatunge||02/02|
The Committee held four (4) meetings during the year under review. The proceedings of the Committee meetings which mainly included activities under its Terms of Reference were regularly reported to the Board of Directors.
The RPT policy was reviewed, updated and communicated to those who are responsible for adherence after obtaining the approval of the Board of Directors.
This Committee was formed by the Board at the end of 2014 to assist the Board in reviewing all related party transactions carried out by the Bank and its listed subsidiaries in the Group by early adoption of the Code of Best Practice on Related Party Transactions (RPT) as issued by SEC of Sri Lanka which became mandatory from January 01, 2016.
The mandate of the Committee includes inter alia the following:
During 2018, the RPT Policy was further reviewed and updated. The amended Policy was submitted to the Board and the approval of the Board of Directors was obtained in November 2018. Arrangements were made to disseminate the amended RPTs Policy among relevant stakeholders and also to obtain their acknowledgement that they have understood the applicable regulatory requirements relating to the capturing and reporting of RPT.
Justice K Sripavan
Chairman – Board-Related Party Transactions Review Committee
February 22, 2019