Good corporate governance is globally accepted as being fundamental to an organisation’s competitiveness, growth and sustainability. There is great attention on Boards of Directors to discharge their duties with high ethical values and accountability in their commitment to good governance practices. Strong business ethics, sound policies and procedures, effective and efficient monitoring systems are considered as ingredients of good corporate governance system.
Securities and Exchange Commission of Sri Lanka as the apex regulator of the Sri Lankan Capital Market, is committed to maintain a higher standard of Corporate Governance in order to maintain the market integrity. In view of this broader objective, the Securities and Exchange Commission of Sri Lanka together with the Institute of Chartered Accountants of Sri Lanka published the “Code of Best Practices on Corporate Governance” in the year 2008 in order to establish good corporate governance practices in Sri Lankan Capital Market.