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L B Finance PLC Annual Report 2018/1918

Board of Directors

MRS. SHIRANI JAYASEKARA

Chairperson/Independent Non-Executive Director

Our Board consists of highly-qualified Directors from diverse backgrounds who are committed to the sustainable management of the business and affairs of the organisation with the goal of enhancing long-term stakeholder value.

MR. RAVINDRA YATAWARA

Executive Director

MR. B D A PERERA

Executive Director

MR. SUMITH ADHIHETTY

Managing Director

MRS. ASHWINI NATESAN

Independent Non-Executive Director

MR. NIROSHAN UDAGE

Executive Director

L B Finance PLC Annual Report 2018/19 19

BOARD DIVERSITY


Managing Director

MR. DHAMMIKA PERERA

Executive Deputy Chairman

MR. ASHANE JAYASEKARA


MR. DHARMADASA RANGALLE

Non-Executive Director

MRS. ANANDHIY GUNAWARDHANA


MRS. YOGADINUSHA BHASKARAN


DEMOGRAPHICS

Executive

Non-Executive

Independent Non-Executive

Female

Male

BOARD TENURE

0-3 years 4-10 years 11-15 years 16+ years

5

2

2

2

Average 8 years

AGE

30-40 years

41-50 years

51-60 years

60+ years

2

4

2

3

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Board of Directors

MRS. SHIRANI JAYASEKARA

Chairperson


Skills and experience

She has over 38 years of experience combining Finance and IT, Audit and Risk Management in Sri Lanka, Zambia and Bahrain.

She is a Fellow of the Institute of Chartered Accountants of Sri Lanka and a Fellow member of the Chartered Institute of Management Accountants UK.

Appointed to the Board

On 25th August 2010.

Membership of Board Sub-Committees

Chairperson of the Related Party Transactions Review Committee.

Current appointments

None

Former appointments

She was the Head of Audit, British American Tobacco Sri Lanka and Bangladesh and Head of Group Internal Audit of Carsons Cumberbatch PLC. She was also a Director of Asian Hotels and Properties PLC., a subsidiary of John Keells Holdings PLC.

MR. DHAMMIKA PERERA

Executive Deputy Chairman


Mr. Dhammika Perera is the quintessential strategist and business specialist with interests in a variety of key industries including manufacturing, banking and finance, leisure, aluminum extrusion, packaging, plantations, lifestyle, healthcare, consumer and hydro power generation.

He has over 30 years of experience in building formidable businesses through unmatched strategic foresight and extensive governance experience gained through membership of the Boards of quoted and un-quoted companies.


On 22nd October 2002, appointed as the Chairman on 7th October 2010 and Executive Deputy Chairman on 21st October 2011.


None


He is the Chairman of Vallibel One PLC, Royal Ceramics Lanka PLC, Lanka Tiles PLC, Lanka Walltiles PLC, The Fortress Resorts PLC, Vallibel Power Erathna PLC, Greener Water Ltd., Unidil Packaging Ltd., Delmege Ltd., and L B Microfinance Myanmar Company Ltd. He is the Co-Chairman of Hayleys PLC, The Kingsbury PLC and Singer (Sri Lanka) PLC, and Deputy Chairman of Horana Plantations PLC. He is also an Executive Director of Vallibel Finance PLC and serves on the Boards of Amaya Leisure PLC, Haycarb PLC, Hayleys Fabric PLC and Dipped Products PLC.

Former appointments

Chairman of Sampath Bank PLC.


Managing Director


A well-known professional in the marketing field, counts over 37 years of experience in the finance sector.


On 10th December 2003.


Member of the Nomination Committee and Integrated Risk Management Committee.


Director of Vallibel One PLC, The Fortress Resorts PLC, Greener Water Ltd., Summer Season Ltd., Summer Season Mirissa (Pvt) Ltd., Summer Season Residencies Ltd., La Fortresse (Private) Limited and L B Microfinance Myanmar Company Limited.

Former appointments

Deputy Managing Director of Mercantile Investments Limited and served as a Director of Nuwara Eliya Hotels Company Limited, Grand Hotel (Private) Limited, Royal Palm Beach Hotels Limited, Tangerine Tours Limited, Security Ceylon (Private) Limited, Vallibel Finance PLC and Pan Asia Banking Corporation PLC.

Also served as the Managing Director of The Fortress Resorts PLC, and the said Executive office was relinquished on 2nd March 2018.

GRI - 102 - 22


MR. NIROSHAN UDAGE

Executive Director


Bachelor’s Degree in Science from the University of Colombo and possesses 28 years of experience in the field of leasing and finance, including 10 years at Lanka Orix Leasing Company PLC and three years at Mercantile Investments Limited prior to joining L B Finance PLC in 2004. He followed a course in 2007 conducted by Intentional Development Ireland Ltd. in Dublin and London on Strategy and Management in Banking and also successfully completed High Potentials Leadership Program in 2012 at Harvard Business School in Boston, MA, USA.


On 1st January 2007.


Member of the Integrated Risk Management Committee.


Director of L B Microfinance Myanmar Company Limited.

Former appointments

Director of Hayleys Fibre PLC.

MR. B D A PERERA

Executive Director


An Associate Member of the Chartered Institute of Management Accountants ACMA, CGMA (UK) and holds a BSc (Business Administration) Special Degree from the University of Sri Jayewardenapura, successfully completed High Potentials Leadership Program in 2012 at Harvard Business School in Boston, MA, USA. Counts over 21 years of experience in the leasing industry that includes positions at Commercial Leasing Company Limited, Lanka Orix Leasing Company PLC and a Merchant Bank in Bangladesh.


On 1st January 2007.




Director of L B Microfinance Myanmar Company Limited.

Former appointments

Director of Hayleys Fibre PLC.

MRS. ANANDHIY GUNAWARDHANA



An Attorney-at-Law and a Partner of Julius and Creasy, Attorneys-at-Law and Notaries Public, she graduated from the University of Colombo’s, Faculty of Law in 1995 with Second Class (Upper Division) Honours and also secured First Class Honours at the Attorneys-at-Law (Final) Examination in 1996, conducted by the Sri Lanka Law College. She is a Fulbright Scholar and was awarded the Master of Laws (LL.M. with Distinction) by Georgetown University, Washington DC, in May 2000 and, thereafter, served a seven month internship with the International Monetary Fund’s Legal Department in Washington D.C. Her areas of specialisation are Corporate and Commercial Law, Mergers and Acquisitions.


On 1st March 2013.


Chairperson of the Remuneration Committee, Member of the Audit Committee, Integrated Risk Management Committee and Nomination Committee.


Director of Messrs Jacey and Company, Jacey Trust Services (Private) Limited, Jacey Advisory Services (Private) Limited, Jacey & Company Lanka (Private) Limited and Brand Protection Services (Private) Limited, affiliate companies of Messrs Julius & Creasy engaged in providing ancillary services and of Corporate Holdings (Private) Limited, which is an investment company. She is also a Director of G S Investments (Private) Limited, S V Investments (Private) Limited, A S Investments (Private) Limited, S S Investments (Private) Limited, G T Investments (Private) Limited, M B Investments (Private) Limited, G J Investments (Private) Limited, S A Investments (Private) Limited, S T investments (Private) Limited, V P Investments (Private) Limited and John Keells PLC.

Former Appointments

Director of the The Colombo Fort Land and Building PLC.

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Board of Directors

MR. RAVINDRA YATAWARA

Executive Director


Holds a BSc. Degree in Business Administration from the Oklahoma State University, USA. Counts over 22 years’ experience in the Finance Industry, including both Managerial and Senior Managerial positions in the LOLC Group, Hatton National Bank PLC and AMW Capital Leasing PLC.


On 15th March 2016.




Director of L B Microfinance Myanmar Company Limited, Director of Leasing Association of Sri Lanka (LASL), Nominee of The Finance Houses Association of Sri Lanka (FHA) on the Board of the Credit Information Bureau of Sri Lanka (CRIB).

Former appointments

General Manager of L B Finance PLC, Chairman of The Finance Houses Association of Sri Lanka (FHA).

MRS. YOGADINUSHA BHASKARAN



She is a Fellow of the Chartered Institute of Management Accountants UK (FCMA), Fellow of CPA Australia (FCPA) and an Associate Member of the Institute of Bankers, Sri Lanka.


On 15th March 2016.


Chairperson of the Audit Committee and member of the Remuneration Committee.


Chief Executive Officer of Vallibel One PLC. Director of Delmege Limited, Delmege Air Line Services (Private) Limited and Delmege Aero Services (Private) Limited. Alternate Director to Mr. Dhammika Perera on the Boards of Dipped Products PLC, Hayleys Fabric PLC and Haycarb PLC.

Former appointments

Assistant General Manager (Finance & Planning) of Pan Asia Banking Corporation PLC, Financial Controller of several Australian companies in Melbourne.

MR. ASHANE JAYASEKARA



He is the Deputy Managing Partner and Head of Risk, IT and Forensic Services for BDO Sri Lanka. He is the Managing Partner of BDO Partners Maldives and serves as a Director of BDO BPO Services (Pvt) Ltd. He has over 17 years of experience in providing outsourced internal audit, corporate governance and risk management solutions to private, public listed, multinational and government enterprises.

He has vast experience in managing the delivery of internal audits, forensic investigations and Information systems audits across a range of sectors. He has forensic services experience which includes assisting clients by undertaking investigations into allegations of fraud and misconduct, the provision of fraud awareness training, developing of fraud control strategies and policies as well as undertaking fraud risk assessments.

Fellow Member of the Institute of Chartered Accountants of Sri Lanka, the Chartered Institute of Management Accountants (UK) and the British Computer Society (UK). He holds a Bachelor of Science in Information Systems from the London Metropolitan University and a Masters Degree in Business Administration from the University of Southern Queensland. He is a Certified Internal Auditor, Certified Financial Services Auditor and a Certified Information Systems Auditor from the USA.


On 30th October 2017.


Chairman of the Integrated Risk Management Committee and Nomination Committee.

Member of the Audit Committee, Remuneration Committee and Related Party Transactions Review Committee.



Director of B T Communications Lanka (Pvt) Ltd., Director of BDO BPO Services (Pvt) Ltd., Director of Sri Lanka Chapter of the Information Systems Audit and Control Association (USA).

Former appointments

Chairman of Information Technology Faculty of the Institute of Chartered Accountants of Sri Lanka, President/Governor of Sri Lanka Chapter of the Institute of Internal Auditors (USA), Director of BDO Consultants (Pvt) Ltd.,

MRS. ASHWINI NATESAN



She is a qualified legal practitioner from India. She specialises in Technology, Media & Telecommunications (TMT) Law. She currently lectures at APIIT Law School in Colombo, Sri Lanka while consulting on TMT Law issues including those concerning financial technology (FinTech). She also works on research projects relating to data protection, privacy, right to information, alternative dispute resolution mechanisms, etc.

In India, she has previously worked in litigation and corporate law offices including with Senior Counsel Mr. P. Wilson, former Additional Solicitor General of India and former Additional Advocate General of Tamil Nadu.

She holds an LL.M (Master of Laws) in International Business Law from Faculty of Law, National University of Singapore where she graduated in the top five of her class. She has a Bachelor of Arts and Law (B.A. LL.B (Hons.), Distinction) from the School of Excellence in Law, Tamil Nadu Dr. Ambedkar Law University, Chennai, India. Additionally, she has diplomas in International Business Management (offered by Loyola Institute of Business Administration, India) and Commercial Arbitration (offered by ICLP, Sri Lanka).


1st September 2018.


Member of Integrated Risk Management Committee.


None

Former appointments

None

MR. DHARMADASA RANGALLE



He is a retired Senior Commissioner of the Department of Inland Revenue (Special Grade). He has over 34 years experience in the Government (Public) Sector, including 31 years experience of Tax Administration as an Assessor, Senior Assessor, Deputy Commissioner, Commissioner and Senior Commissioner. He has a Master of Commerce (M.Com) Degree from the University of Kelaniya, Bachelor of Commerce (B.Com) Special Degree – Second Class Upper Division (Honours) from the University of Kelaniya and is a Fellow Member of Institute of Taxation, Sri Lanka. He has completed all course work relating to the Doctoral Degree Programme of Open University of Malaysia. He is also a visiting Lecturer at the University of Kelaniya, Malabe Campus (SLIIT), Business School of Institute of Chartered Accountants of Sri Lanka and Institute of Taxation of Sri Lanka.


10th April 2019.


None


Mr. Rangalle serves as a Non-Executive Director of Fentons Limited, Hayleys Aventura (Pvt) Ltd., and Hayleys Advantis Limited, which are subsidiaries of Hayleys PLC.

Former appointments

Senior Commissioner of the Department of Inland Revenue (Special Grade).

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board of directors · month internship with the international monetary fund’s legal department in...

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