Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
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ANNUAL REPORT <strong>2011</strong> / 12<br />
CORPORATE GOVERNANCE Contd...<br />
Rule No.<br />
Subject<br />
Applicable requirement<br />
Compliance<br />
Status<br />
Details<br />
7.10.1<br />
Non-Executive Directors<br />
At least one third of the total<br />
number of Directors should be<br />
Non-Executive Directors<br />
Compliant<br />
Nine of Ten Directors<br />
are Non-Executive<br />
Directors<br />
7.10.2<br />
(a)<br />
Independent Directors<br />
Two or one third of Non-<br />
Executive Directors, whichever<br />
is higher should be<br />
Independent<br />
Compliant<br />
Four of the Nine Non-<br />
Executive Directors<br />
are Independent<br />
7.10.2<br />
(b)<br />
Independent Directors<br />
Each Non-Executive Director<br />
should submit a declaration of<br />
independence/nonindependence<br />
in the<br />
prescribed format<br />
Compliant<br />
Non-Executive<br />
Directors have<br />
submitted the<br />
declaration.<br />
7.10.3<br />
(a)<br />
Disclosure relating to Directors<br />
Names of independent<br />
Directors should be disclosed<br />
in the <strong>Annual</strong> <strong>Report</strong><br />
Compliant<br />
Given in page 09<br />
under the heading<br />
Board of Directors<br />
7.10.3<br />
(b)<br />
Disclosure relating to Directors<br />
The basis for the Board to<br />
determine a Director as<br />
independent, if specified<br />
criteria for independence is<br />
not met<br />
Compliant<br />
Given in page 09<br />
under the heading<br />
Board of Directors<br />
7.10.3<br />
(c)<br />
Disclosure relating to Directors<br />
A brief resume of each<br />
Director should be included in<br />
the <strong>Annual</strong> <strong>Report</strong> including<br />
the areas of expertise<br />
Compliant<br />
Given in page 08<br />
under the heading<br />
Directors’ Profiles<br />
7.10.3<br />
(d)<br />
Disclosure relating to Directors<br />
Forthwith provide a brief<br />
resume of new Directors<br />
appointed to the Board with<br />
details specified in 7.10.3(d) to<br />
the <strong>Exchange</strong><br />
Compliant<br />
<strong>Colombo</strong> <strong>Stock</strong><br />
<strong>Exchange</strong> informed of<br />
new appointments.<br />
7.10.5<br />
Remuneration Committee<br />
A listed company shall have a<br />
Remuneration Committee<br />
Compliant<br />
Remuneration<br />
Committee in place<br />
Please refer page 10<br />
7.10.5<br />
(a)<br />
Composition of Remuneration<br />
Committee<br />
Shall comprise of Non-<br />
Executive Directors a majority<br />
of whom will be independent<br />
Compliant<br />
Both Directors are<br />
independent<br />
7.10.5<br />
(b)<br />
Functions of Remuneration<br />
Committee<br />
The Remuneration Committee<br />
shall recommend the<br />
remuneration of Chief<br />
Executive Officer and<br />
Executive Directors<br />
Compliant<br />
As above and stated<br />
in this <strong>Report</strong><br />
11
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