Report of the Nomination Committee

Composition

The Nomination Committee of the Board of Directors consists of three Non-Executive Directors. J E A Perumal an Independent Director is the Chairman with Messrs C R Jansz and P M B Fernando serving as members.

Mr R B Thambiayaha served as the Chairman until his retirement. Mr P M B Fernando was appointed to the Committee in place of Mr Thambiayaha with effect from 28 January 2015.

The General Manager attends the meeting by invitation, while the Secretary to the Board functions as the Secretary of the Committee.

Mandate

The Committee carries out the tasks set out in Section 3 (6) (iv) of Direction No. 12 of 2007 issued by the Central Bank of Sri Lanka on corporate governance in licensed specialised banks. In terms of this Direction the role of the Committee is to identify and evaluate persons with the required skills, knowledge, standing, fitness and propriety to join the Board of the Bank and to evaluate the suitability of Directors who are seeking re-election. The Committee is responsible for the task of putting in place a procedure for the appointment of the CEO and Key Management Personnel. During the year the committee reviewed and revised the Policy on Board Composition, Appointments, Re-election and Resignation of Directors and Succession. The Committee makes recommendations to the Board of Directors for consideration.

Procedure

The Committee meets when required and acts within its mandate approved by the Board of Directors and makes recommendations to the Board for consideration.

Meetings

Four meetings were held during the financial year. During the year, the Committee considered and recommended to the Board the appointment of three new Directors. The Committee also reviewed the list of Key Management Personnel and assessed the fitness and propriety of Directors and Key Management Personnel, in terms of the requirements of the Banking Act. Individual Committee members do not participate in discussions in matters relating to them. The attendance by Directors at meetings is given on this table. The Committee has recommended the re-election of the Directors offering themselves for re-election at the Annual General Meeting.

 

J E A Perumal
Chairman – Nomination Committee

29 April 2015