The Colombo Stock Exchange (CSE) yesterday (5) instructed all listed companies to immediately notify them, in writing, regarding any changes to the composition of remuneration and audit committees with effect from 01 march 2020.

In terms of the CSE listing rules, listed companies are which are non- compliant with the corporate governance rules, specifically on the composition of the remuneration and audit committees, are subjected to the enforcement action as set out in rule 7.10.7.

In terms appendix 8A of section 8 of the listing rules, listed companies are required to immediately disclose to the market any changes to the board of directors of the company.

However, changes to the composition of the remuneration and audit committees of the listed companies are not informed to the market at present; due to this reason the CSE monitors such changes only through the annual report.

Accordingly, In order to streamline the monitoring process, the CSE wish to inform all listed companies to immediately notify them, in writing, regarding any changes to the composition of remuneration and audit committees with effect from 01 march 2020.