Annual Report.CDR - Colombo Stock Exchange

NOTES TO THE FINANCIAL STATEMENTS (CONTD.)
36 RELATED PARTY TRANSACTIONS
Transactions with the Related Parties in the ordinary course of business carried out on an arm's length basis.
1. Transactions with Key Management Personnel (KMP)
Key management personnel are persons who have authority and responsibility directly or indirectly for planning,
directing and controlling the activities of the company.
The key management personnel comprise of the Board of Directors of the reporting entity.
1.1. The compensation of KMPs (Remuneration)
The compensation to key management personnel of the company are disclosed in note 6 to the financial
statement.
1.2. There are no long-term post-employment, terminal benefits and share-based payments made to the
Directors during the year.
1.3. No loans were given to Key Management Personnel during the year.
1.4. The shareholding of the Key management personnel together with their close family members are disclosed
on page 09 Annual report of the Board of Directors
1.5. The names of the Directors of the Company, who are also Directors of other companies are given in page
09 Annual report of the Board of Directors.
2. Transactions with Close Family Members
Close family members are those who may be expected to influence or be influenced in their dealings with the
company.
There were no transactions with the close family members during the year.
3. Dealing with Subsidiaries, Associates and Joint Venture : Not applicable
3.1. The outstanding balances with related parties : Not applicable
3.2. The guarantees and letter of credit taken by the company : None
3.3. The company does not have an identifiable parent of its own.
As per the Directions issued by the Monitory Board under Section 10 (1) of the Finance Companies Act No.
78 of 1988 the Central Bank of Sri Lanka has appointed four Key Executive Directors, namely K J Yatawara,
Mrs N C Rupasinghe, Mrs V W Dissanayake and T B Ekanayake to manage the operations of the Company, with
effect from 6th March 2009.
Deshamanya Dr. J.L.B. Kotelawala, Mrs. P.K. Karunanayake, S.R. Wijesinghe, K.A.S. Jayatissa, T.N.M. Peiris
Y.B. Ratnayake, A.R. Gunawardena and Ms. M. Sabaratnam were made Non-Executive Directors with effect
from 6th March 2009.
T H E F I N A N C E C O . P L C - A N N U A L R E P O RT 2 0 0 9 - 2 0 1 0
50