Sri Lanka: revised corporate governance code

A revised corporate governance code has been published in Sri Lanka by the Institute of Chartered Accountants of Sri Lanka (ICASL) and Securities and Exchange Commission. Although the Code relies heavily on the UK's Combined Code on Corporate Governance there are some noticeable differences in emphasis and wording. Both codes stress the important role performed by the chairman but the Sri Lankan code expresses this most succinctly in principle A.3 as follows: "The Chairman’s role in preserving good Corporate Governance is crucial".

Earlier this year, KPMG published a survey of corporate governance in Sri Lanka: it is available here.