'To be a good leader you must adapt to change'

by Gamini WARUSHAMANA

The Sri Lankan economy has undergone transformation during the past 64 years after Independence. There are political leaders, 'visionaries' as well as corporate personalities who have contributed immensely at different levels to incorporate this change. However, many of these corporate leaders have not been given due recognition.

Rohini Nanayakkara Pic: Susantha Wijayagunasekera

The banking and finance sector is the backbone of an economy. The Sri Lankan banking sector today is on par with the global banking industry in all aspects and the strength shown during the global financial crisis in 2008 has proved its resilience.

Rohini Nanayakkara is a banker who was behind the growth of the banking and financial industry in Sri Lanka.

Nanayakkara started her career in the Bank of Ceylon (BoC) in 1959 as a banking assistant and reached the top position of the Bank as the General Manager in 1988. She is considered the first woman to have reached the top position of a commercial bank in Sri Lanka as well as in the South Asia region. After 37 years, she retired from the BoC in 1996 but has been holding leading positions in the banking and financial sector. Today at 76, she leads two reputed Sri Lankan companies, the Browns Group and LOLC as Chairman.

She began the conversation saying, "I have gained enough publicity and I do not expect any more, but I wish to share my experience with the younger generation."

"I came from an average middle class family and began my education in a rural school in Akuressa and studied in seven schools in various parts of the country and ended at Methodist College, Colombo. This exposure to different types of people from rural to urban, different ethnicities, religions, social classes and castes helped me build my character. This was a great opportunity I got and later on in my career it helped me to work with different kinds of people. With this kind of exposure, I feel that I am a true Sri Lankan," she said.

School days

"During my school days I was an average student not brilliant as one would say. From my school days I wanted to do something different and becoming a teacher or doctor was not my dream." University education added a lot of value to my life and helped me to shape my character", she said. She values the life at the Peradeniya University in the 1950s. The University of Peradeniya was top class at that time and there were many lecturers with vast knowledge, educated at the best universities in the world and more importantly had the commitment to share it with students which is rare today. We learnt from them and followed them as role models.

Economics Prof. H.A.D.S. Gunasekera, Father Pinto and History Prof. Arasaratnam, were some of them. Most of them left the country later, she said. Nanayakkara studied Economics, History and Philosophy for her degree and obtained Second Class honours in 1959.

"Not only academic activities, there were many extra curricular events which helped us build our personality. All undergraduates had hostel facilities. I was in the Hilda Obeysekera hall and life in the hostel too was a wonderful experience.

We had enough time to study and engage in the arts, social and political activities. I was a member of the students council and the president of the hostel committee. There were so many opportunities in the university and I think it is good for any student to get a university education with residential facilities," she said.

"It is not only education, how you conduct yourself is also important for a person to reach the top of his or her career and it is the basic lesson that I learnt with experience. How you act, your conduct in an organisation and in society builds your image and helps you to reach the top of the ladder."

Although Nanayakkara reached the pinnacle in the banking industry, she does not believe that all women in Sri Lanka have the privilege and opportunity to do so. By the time I joined the BoC, banking in Sri Lanka was a 100 percent male dominated business. Today banking is popular among women, but only a few have the opportunity to reach top positions in the industry. "Even in the 21st century, gender is an issue in Sri Lankan society and it is difficult for a woman to reach the top of an organisation, she said.

Building personality

To be a true business leader, education alone is not enough. Conduct and superior-subordinate relationship are also important. You have to earn credibility and respect. Nobody will respect you just because you go up the ladder. You have to command respect and keep your word specially while handling subordinates.

As the General Manager of BoC I had to deal with the largest bank employees union regarding crucial reforms in the banking industry as well as during crises such as the JVP insurrection in the 1980s and during LTTE terrorism I had to take stern decisions. I was able to take such decisions because I had won the confidence of the staff and trade unions.

Nanayakkara commented on the State of the Sri Lankan economy and said: "I have mixed feelings; I am happy with the recent economic growth of 8 percent, the growing per capita income and the growth momentum visible after the end of terrorism. I am sad because we lost many opportunities as a result of earlier conflicts.

In the 1950s the ethnic riots, in 1971 and the late 1980s the JVP insurrections, the 1983 ethnic riots again and 30 years of terrorism thereafter. We have gone through a lot of trauma and it is amazing how we have survived and the resilience that we have shown.

There were ups and downs in the economy. Many political leaders were killed. Now we are in a stable position after the end of terrorism. We have to address the root causes of problems to ensure that there will be no repetition of this unpleasant history in our country.

She strongly believes in the power of the education in changing the world and quoted Nelson Mandela. "Education is the most powerful weapon which you can use to change the world." Building a Sri Lankan nation in a united Sri Lanka is paramount. For this education, is crucial and education can change the world.

Tertiary education is a key component in future economic growth of the country. Unfortunately, there are lots of issues in the sector.

The Brain drain is a serious issue. To change the situation a huge commitment is needed from all stakeholders. To uplift the quality education we need to research and follow the systems in other countries. Education should change from time to time. It is necessary for any organisation, a bank or a company to continuously review the system and at the BoC, I reviewed the system every five years.

In Sri Lanka we do not do it as a rule. In education it is a must", she said.

How to harness change that is taking place in the world is another important aspect that business leaders should keep in mind. Misuse and abuse of technology is a problem today. It is an issue created by not adapting to changes.

I have been working over 50 years now with different people belonging to many generations without any problem. My success is because I adapt to changes. I learn new things while sharing my experience. It is a continuous process we have to have," she said.

Investment climate

The investment environment is different today. I can say this with my experience. Today everything is integrated and globalised. The situation in one country affects another.

The crisis in the EU or Middle East is palpable. In that context, sound management with awareness of these fundamentals is a must. In the decision-making process you must always be in line with what is happening in the corporate world, locally and globally. For that you need research and more information," she said.

It is heartening to note that there are so many investments taking place in the country. Sri Lanka is transforming into a modern economy creating opportunities.

The living standard of the people is improving with private and public investment.

The stock market must be managed well. Blaming people and fault finding will not help. Sri Lanka's banking and finance sector is doing well. The Central Bank is carrying out its role in a proper manner, continuously updating regulations and corporate governance. The Banking sector is a good example of how well the economy is doing. There is good governance, clear direction and sound management," she said.