The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has launched a revised code of best practice on corporate governance.
Key changes to the code included;
- Having an annual review of the board composition regarding skill, appropriateness, gender representation, and balance of non-executives.
- For the board to agree on meeting structure, processes and content, as well as the chairman’s role in the agenda.
- Greater clarity on the boards’ role and delegation of authority to the executive, the recognition of sustainable business development and integrated reporting, cyber security, code of conduct, ethics, and internal controls and risk reporting.
- Requirements for reporting on cyber security, as well as environment, social and governance reporting (ESG).
