In celebration of its 25th anniversary, the Sri Lanka Institute of Directors (SLID) has introduced the Public Sector Forum, designed to enhance governance, accountability, and board leadership within Sri Lanka’s public sector entities and State-Owned Enterprises (SOEs). The Forum will be led by Mr. Arjuna Herath, a governance expert, who aims to foster governance excellence, build capacity, and provide thought leadership throughout the public sector.
The first event of the Forum was organized in collaboration with AICPA & CIMA Sri Lanka, themed “Strengthening Oversight: Advancing Governance in Sri Lanka’s State-Owned Enterprises.” This live webinar attracted directors, senior officials from the public sector, auditors, governance experts, regulators, and business leaders, all coming together to explore actionable strategies for improving oversight and accountability in SOEs.
Keynote speakers included Mr. S. Swarnajothi, former Auditor General of Sri Lanka, and Mr. Manil Jayesinghe, former Partner at Ernst & Young. Insights were also shared by Dr. Sulakshan Jayawardena, Director General of Corporate Affairs at the Ministry of Finance. The discussion was moderated by Mr. Sujeewa Rajapakse, Managing Partner at BDO Sri Lanka, and included a panel of experts specializing in governance, legal issues, sustainability, risk management, digital transformation, and forensic accounting.
A major focus of the conversation was the notion that while many SOEs have made strides in financial performance recently, achieving sustainable success requires more than just profitability. Participants emphasized that strong governance frameworks, effective Audit Committees, robust internal controls, comprehensive risk management strategies, and accountable leadership are crucial for generating long-term public value and safeguarding national assets.
The Forum examined several key governance challenges facing Sri Lanka’s public sector, which included:
- Enhancing the effectiveness and independence of Audit Committees
- Establishing professional and well-resourced internal audit departments
- Improving transparency, accountability, and stakeholder confidence
- Strengthening governance in procurement, planning, and oversight
- Utilizing technology, data analytics, and ongoing monitoring for effective governance
- Addressing emerging threats related to cybersecurity, data protection, and fraud
- Incorporating ESG and sustainability considerations into board oversight
- Creating performance-based accountability systems for senior management and boards
Panelists noted that governance failures often stem not from a lack of regulations but from poor implementation, insufficient monitoring, and weak accountability practices. The discussions highlighted the need for merit-based board appointments, ongoing training for directors, enhanced professional skills within boards and Audit Committees, and a governance culture that prioritizes ethical leadership and robust oversight.
Several experts underscored the increasing importance of digital governance, cyber resilience, forensic preparedness, and sustainability reporting. They stressed that boards must now oversee not only financial outcomes but also data governance, ESG risks, anti-bribery measures, and the emerging risks associated with technology that could affect organizational performance and public trust.
A recurring theme during the webinar was the notion that professionalism is fundamental to effective governance. Participants concurred that strong institutions necessitate capable boards, independent oversight, clear accountability frameworks, and a commitment to consistently applying existing governance structures.
Reflecting on the Forum’s launch, Mr. Arjuna Herath, Chair of the SLID Public Sector Forum, reiterated SLID’s dedication to supporting directors, board members, and public sector leaders through ongoing professional development, governance education, and thought leadership initiatives that enhance institutional strength and public outcomes.
Ms. Anitra Perera, CEO of SLID, emphasized that the Public Sector Forum marks a significant milestone in SLID’s 25-year journey toward promoting director professionalism and governance excellence in Sri Lanka. She highlighted that the Forum will act as a catalyst for dialogue, learning, and reform within the public sector, aimed at improving institutional performance, protecting public resources, and facilitating Sri Lanka’s long-term economic growth.
The Public Sector Forum plans to continue organizing a variety of knowledge-sharing events, leadership discussions, research projects, and governance-related programs to equip public sector leaders with the necessary skills, tools, and insights to navigate an increasingly complex governance environment.
The establishment of the Public Sector Forum further strengthens SLID’s commitment to cultivating future-ready boards and advancing world-class governance standards across both the private and public sectors in Sri Lanka.
