There are several Board Sub-Committees, each with a defined scope of work and terms of reference. These Committees are responsible for providing independent and expert advice to the Board on the subjects assigned.
The composition, scope/principal activities carried out during the year of the different Board Sub-Committees are given below:
Main Board
Audit
Committee
Human
Resources & Remuneration
Committee
Credit
Committee
Strategic
Planning
Committee
Committee/Composition
Eligible to Attend
Attended
Eligible to Attend
Attended
Eligible to Attend
Attended
Eligible to Attend
Attended
Eligible to Attend
Attended
M.J.C. Amarasuriya
14
14
4
4
*
1
1
B.R.L. Fernando
14
12
4
4
*
1
1
A.L Gooneratne
14
14
4
4
*
1
1
Dr. H.S. Wanasinghe
14
13
4
4
4
4
A.N. Fonseka
14
14
4
4
L.J.A. Fernando
14
12
4
3
Iyad M. Malas (Including
attendence of G. Galludec)
14
11
D.S. Weerakkody
14
12
4
3
1
1
Deshamanya Ken Balendra
14
13
1
1
* The committee did not meet during the year but approved facility papers by circulation.
Committee/Composition
Scope of the Sub-Committee/Principal Activities carried out
during the year
Audit:
B.R.L. Fernando
Dr. H.S. Wanasinghe
A.N. Fonseka
D.S. Weerakkody (Effective 2008)
Mr. A.T.P. Edirisinghe,
A.L. Gooneratne
(by invitation)
Ensuring that a sound financial reporting system is in place in conformity with the rules, regulations and ethical guidelines. Full Report of this Committee detailing the activities undertaken during the year.
In addition to the Board members, Mr. A.T.P. Edirisinghe, a Consultant also attended all four meetings by invitation to provide expert advice to the Committee.
Human Resources & Remuneration:
M.J.C. Amarasuriya*
A.L. Gooneratne
Dr. H.S. Wanasinghe
L.J.A. Fernando
D.S. Weerakkody
Maintaining a market oriented remuneration policy for the Bank’s staff, enabling the Bank to attract the best personnel in the market while maintaining a contended staff and making recommendations to the Board on appointments to the Corporate Management and their succession planning. Full Report of this Committee detailing the activities undertaken during the year.
Bank participated in a Salary Survey conducted by Hewitt Outsourcing Services (India) Ltd. in order to ascertain the market levels of salaries and other remuneration which were taken into consideration in granting salary increases to the Executive staff.
Credit: M.J.C. Amarasuriya
B.R.L. Fernando
A.L. Gooneratne
Formulating the Bank’s Credit Policy and monitoring the Bank’s Credit Risk. Approving the facilities referred to the Committee within its delegated authority. During the year, the Committee did not meet but approved the facility papers by circulation
Strategic Planning M.J.C. Amarasuriya
B.R.L. Fernando
A.L. Gooneratne
D.S. Weerakkody
Deshamanya Ken Balendra
Ensuring that a proper planning procedure is in place and striving to promote a target driven culture within the Bank.
All the members of the Board deliberated on the Corporate Plan and the Budget 2008-2012 at a special Board meeting held in December 2007.