Aug 29, Colombo: The Central Bank of Sri Lanka has issued a revised Exposure Draft of the Direction on Corporate Governance for Finance Companies on 29 August 2008.

This revised draft has been prepared after taking into consideration the several suggestions and comments made by various stakeholders, and thereafter assessing the applicability of such suggestions against the overall outcomes as expected by the Monetary Board through the issue of the new Direction, the Bank stated in a press release.

In the case of the transitional provisions, the principles enunciated by the Supreme Court in its order delivered on 8 July 2008 in respect of the Directions on Corporate Governance issued by the Monetary Board to licensed banks, have been given effect to, in relation to the limits on the age of directors, the length of service as a director and the number of directorships a director of a registered finance company can hold in other companies.

The new revised Exposure Draft will be open for further public comment for a period of one month from 1 September 2008 to 30 September 2008. Thereafter, the final Direction will be issued by the Monetary Board after taking into consideration any representations received.