The Global Banking Industry has been subjected to intense and increasing levels of regulations (from Sarbanes Oxley to Basel 11), that has demanded these financial services institutions to dedicated significant focus on ensuring compliance.
In Sri Lanka too, Mandatory Code on Corporate Governance will demand that local financial services institutions ensure compliance.
The Mandatory Code will be instrumental in developing the standard of corporate governance within the banking sector in Sri Lanka. The Mandatory Code should not be looked at in isolation of the provisions within the present Banking Act. Close scrutiny of the Draft Mandatory Code extensively spells out the responsibilities of the Board, the Directors, Management and a number of other pivotal areas.
MTI’s Senior Business Analyst (Legal & Governance) Yatila Wijemanne said, “these responsibilities should be followed through the rules that have been entrenched under each category. The rules that have to be compiled would come across as exhaustive, but it is a clear move forward in taking the level of corporate governance within the banking sector to the next level.”
See full Article.
Posts
