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Wednesday, January 18, 2012

Harry’s 23-year stint on HNB Board ends

Business leader Harry Jayawardena has vacated his Board seat which he occupied for 23 years in HNB Plc.

This was in conformity with the Monetary Board direction on good corporate governance.

In a filing to the CSE, the HNB said at a Board meeting on 12 January that it was decided that by operation of Monetary Board Direction No. 11 of 2007 as amended by Direction No. 5 of 2008 issued under the Banking Act, D.H.S. Jayawardena is deemed to have vacated his office as a Director of HNB after having completed his term of office.

“His vacation of post as a Director of HNB was accepted by the Board with effect from 31 December 2011,” HNB added.

Jayawardena was first appointed to the Board in 1988. Via Milford Exports, Stassen Exports and Distilleries, Jayawardena currently controls a 15% stake in HNB.

Also in compliance with Monetary Board directives, Raja Obeyesekere resigned from the HNB Board from 31 December 2011.

source - www.ft.lk