A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
(Full Story)
Search This Blog
Back to 500BC.
==========================
Thiranjala Weerasinghe sj.- One Island Two Nations
?????????????????????????????????????????????????Saturday, April 30, 2016
Chandra Fires Warning At Monetary Board Secretary
Good governance activist and former Chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne has warned the Secretary of the Central Bank’s Monetary Board on possibility of imprisonment for as long as 10 years if a public servant is found guilty for corruption.
In a letter titled ‘The Responsibility of a Board Secretary to Advise
the Chairperson, the Board & Top Management on Legal and Statutory
Compliance and Risk Management’ to the Secretary on April 29, 2016,
Jayaratne said a Board Secretary is expected to play an active role in
risk management and in mitigating risk of institutional and personal
liability of board members and top management, as well as in mitigating
risks of reputation risks.
His letter comes, just weeks after he requested the Monetary Board
Secretary to provide him all information pertaining to the recent
Treasury Bond issuance from the Central Bank, amidst allegations of
another bond scam.
The full text of Jayaratne’s letter is below;
29th April 2016.
The Secretary,
Monetary Board of Sri Lanka,
Central Bank of Sri Lanka,
Janadhipathi Mawatha,
Colombo 1.
Monetary Board of Sri Lanka,
Central Bank of Sri Lanka,
Janadhipathi Mawatha,
Colombo 1.
Dear Sir,
The Responsibility of a Board Secretary to Advise the
Chairperson, the Board & Top Management on Legal and Statutory
Compliance and Risk Management
I am sure you will agree with me, that the Codes of Secretarial Best
Practice places an obligation and an expectation that the Secretary of
the Board will be responsible for advising and guiding the board in its
deliberations and decision making, in regard to legal and statutory
compliance requirements. The Board Secretaries are often expected to
develop and oversee the systems that ensure that the institution
complies with all applicable codes of conduct and ethics, in addition to
its legal and statutory requirements. Further a Board Secretary is
expected to play an active role in risk management and in mitigating
risk of institutional and personal liability of board members and top
management, as well as in mitigating risks of reputation risks.
In recognition of the above accountability, kindly review the under
noted statutory provisions applicable in Sri Lanka, and address the need
for you to brief the Chairman, Board Members and top management of the
consequential compliance commitments and essential risk management
processes accountability of the Board and theTop Management;
CHAPTER 26 of the LEGISLATIVE ENACTMENTS -BRIBERY – Being AN ACT TO
PROVIDE FOR THE PREVENTION AND PUNISHMENT OF BRIBERY AND TO MAKE
CONSEQUENTIAL PROVISIONS RELATING TO THE OPERATION OF OTHER WRITTEN LAW.
(1st March, 1954,) where under *PART V – OFFENCES OTHER THAN BRIBERY-
Includes the section 70 –Corruption- brought in to force by the
enactment [§ 7,20 1994.] which reads as;