Good corporate governance is globally accepted as being fundamental to an organization’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 key ingredients of a good corporate governance system.
The SEC as the apex regulator of the Sri Lankan Capital Market is committed to maintain a higher standard of Corporate Governance in order to maintain market integrity. In view of this broader objective, the SEC together with the Institute of Chartered Accountants of Sri Lanka (ICASL) published the “Code of Best Practices on Corporate Governance” in the year 2008 and 2013 in order to establish good corporate governance practices in the Sri Lankan Capital Market.