Financial Times

New rules for listed firms

The Institute of Chartered Accountants of Sri Lanka (ICASL) and the Securities and Exchange Commission of Sri Lanka (SEC) in consultation with the Colombo Stock Exchange (CSE) have spearheaded a new initiative to formulate standards on corporate governance for mandatory compliance by companies listed on the CSE.

This is to be incorporated into the listing rules of the exchange, the SEC said in a statement adding that the proposed mandatory standards are available on the SEC website (www.sec.gov.lk) and invited public comments by July 7. The draft standards were formulated by a select committee, which took account of Corporate Governance standards in several jurisdictions including the United Kingdom and New York.

“It was agreed by this committee that while a minimal approach should be followed in the first instance that the draft standards should reflect an inclusion of principal requirements for sound corporate governance and survive scrutiny as a balanced but minimal code.

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