An organisation of repute

Objective

The objective of the Committee is to exercise oversight on behalf of the Board to ensure compliance with the Code on Related Party Transactions, as issued by the Securities and Exchange Commission of Sri Lanka (The Code) and with the Listing Rules of the Colombo Stock Exchange (CSE).

Composition

The Committee comprised of three Non-Executive Directors of whom two were Independent Non-Executive Directors. The members of the Committee are:

• Ms Lai Choon Foong – Chairperson
• Mr Mohan Weerakoon, PC
• Mr Saman Fernando

Mr Ananda Seneviratne, ceased to be a member of the Committee with effect from 12 November 2020 subsequent to his resignation from the Board of SLT.

Mr Mohan Weerakoon, stepped down from the position of Chairman with effect from 18 January 2021 and Ms Lai Choon Foong, was appointed as the Chairperson of the Committee with effect from that date.

In compliance with the requirements of the Listing Rules of the CSE, the Chairman of the Committee is an Independent Director.

The Company Secretary functions as the Secretary of the Committee.

Meetings of Committee

The Committee met four times during the financial year 2020 and the attendance at these meetings is shown in the Corporate Governance Report on pages 118. The Group Chief Financial Officer attended the meetings by invitation.

The activities and views of the Committee have been communicated to the Board of Directors, through verbal briefings, and by tabling the minutes of the Committee’s meetings.

Policies and procedures

The members of the Board of Directors of the Company have been identified as Key Management Personnel. In accordance with the Related Party Transaction Policy, the declarations are obtained from each Key Management Personnel of the Company for the purpose of identifying parties related to them. Based on the information furnished in these declarations, the Company retrieves data on related party transactions from the data base of the Company.

Activities during 2020

During the year, there were no non-recurrent or recurrent related party transactions that exceeded the respective thresholds mentioned in the Listing Rules requiring disclosure in the Annual Report. Details of other related party transactions entered into by the Company during the financial year are disclosed in Note 32 to the Financial Statements.

Declaration by the Board

A declaration is given by the Board in the Annual Report of the Board of Directors on pages 136 to 140 as a negative statement to the effect that no related party transaction failing within the ambit of Rule 9. 3. 2 of Listing Rules of the CSE was entered into by the Company during the year.

On behalf of the Related Party Transactions Review Committee

Lai Choon Foong (Ms)
Chairperson

9 March 2021