CASL teams up with Malaysian Directors Academy

Corporate Directors program launched:

The Institute of Chartered Accountants of Sri Lanka (CASL) recently signed a Memorandum of Understanding (MoU) with the Malaysian Directors Academy (MINDA) to develop a framework which will facilitate the exchange of information and enhance the effectiveness of the Board and its directors.

The agreement signed by President, CASL, Lasantha Wickremasinghe and Executive Director, MINDA, Dato' Abdul Aziz Abu Bakar, in Kuala Lumpur, Malaysia, aims to set up a framework for mutual assistance and to facilitate the exchanging of information between the two organizations.

Wickremasinghe said that CASL has taken several initiatives to enhance corporate governance in the country, and the agreement with MINDA will complement this effort further.

"This agreement will help us share important resources which will help further strengthen the corporates, including the Boards and its directors, thereby enhancing their standing as well as knowledge, and help them remain progressive," he said.

Wickremasinghe said the institute also launched the Corporate Directors Program, a joint initiative between CASL and the Securities and Exchange Commission as well as issuing the Code of Best Practice in Corporate Governance for the benefit of corporates, in the institute's continuing efforts to strengthen corporate governance.

"The agreement with MINDA will pave the way to further strengthen our profession as well as the Boards and directors who operate in Sri Lanka as well as in Malaysia," Wickremasinghe added. Chairman of the CASL Corporate Governance and Directors Training Committee, Asite Talwatte said that the agreement will further boost the work the institute has been carrying out.

"The agreement between CA Sri Lanka and MINDA, will definitely add to the work we have been doing to enhance corporate governance in Sri Lanka, and will undoubtedly benefit the corporates, including the Boards and Directors who function in both countries," he said.

Chief Executive Officer of CA Sri Lanka, Aruna Alwis said that the institute has tied up with leading accounting and non-accounting organizations in its efforts to offer professionals the best of qualifications and recognition.

The MoU will also pave the way for the exchange of information in the corporate governance landscape in pursuit of enhancing the Board and the directors' effectiveness.

Among the initiatives to be explored under the MoU is the joint promotions of professional learning and development programs, joint research and advocacy work on board effectiveness best practices, directors sourcing and board placement, board and director effectiveness assessments, among others.