Remuneration & Nomination Committee Report

Composition of the Committee

The Remuneration Committee and Nomination Committee, which functioned separately, were amalgamated as “Remuneration & Nomination Committee” in February 2015 and reconstituted with the following members:

Mr Jeffrey Jay Blatt – Independent Director (Chairman)

Mr P G Kumarasinghe Sirisena – Independent Director

Mr Lawrence Paratz – Independent Director

Subsequently, with the reorganisation of Board Sub-Committees in January 2016 Mr Chan Chee Beng, Non-Executive Director was appointed as a member of the Sub-Committee in place of Mr Lawrence Paratz, in compliance with the CSE Listing Rules on Corporate Governance.

The Company Secretary functions as the Secretary of the Sub-Committee.

The Sub-Committee invites the Group Chief Executive Officer, Chief Human Resource Officer and External Advisers to attend all or any part of the meeting as required.

Role and Responsibilities

The principal tasks of the Remuneration & Nomination Committee include formulating proposals to the Board of Directors with respect to the remuneration policy of Non-Executive Directors, Chief Executive Officer and the Senior Executive Management and to recommend for Board’s approval suitable candidates to fill casual vacancies from time to time, arising in the Board and review the career and development plans for the Company’s most senior members of management with a view to ensuring that there is an adequate talent pool.

The Term of Reference of the Sub-Committee is available on the Company’s website – www.slt.lk.

Activities carried out during 2015

The Sub-Committee met on four occasions during the year 2015 and the activities carried out are summarised below:

• Recommendation for appointments/promotions to the position of senior management.
• Recommending extension of services of senior officers.
• Performance review of senior management.
• Recommending payment of annual bonus and increments for employees of SLT and its subsidiaries.
• Making recommendation for reconstitution of Board Sub-Committees and the Boards of subsidiary companies.

The Sub-Committee also takes this opportunity to place on record its appreciation of the contribution made by Mr Lawrence Paratz during his tenure as a member of the Sub-Committee.

On behalf of the

Board Remuneration & Nomination Committee

Jeffrey Jay Blatt
Chairman

29 March 2016