All listed companies in Sri Lanka to have at least 30% women on board representation by December 2024

Sri Lanka’s Budget 2019 proposals presented by Finance Minister Mangala Samaraweera today proposed that by December 31st 2024 all listed companies shall have at least 30% of board seats occupied by women.

Accordingly the proposals outlined that in a bid to increase Women on Corporate Boards, proposal on encouraging more women representation on corporate boards were presented. Further the proposed sequencing of introducing mandatory representation of women on corporate boards isas follows;

i) SEC will introduce a voluntary target of 30% of women in director boards of companies listed on the CSE. All listed companies shall disclose the percentage of women on their boards in their Annual Report.

ii) By December 31st 2020 all listed companies that are unable to meet the 30% voluntary target will be required to disclose reasons for being unable to do so.

iii) By December 31st 2022 all listed companies shall have at least 20% of board seats occupied by women.

iv) By December 31st 2024 all listed companies shall have at least 30% of board seats occupied by women.

- Reporting by Devendra Francis