FINANCIAL CHRONICLE – In light of the ongoing geopolitical challenges, Sri Lankan corporate boards are urged to become “navigators of the future,” proactively anticipating changes rather than merely reflecting on past performance, according to Semih Lutfu, the Ambassador of Turkiye.
Lutfu delivered these remarks during the Sri Lanka Corporate Director Summit 2026, organized by the Sri Lanka Institute of Directors (SLID). The summit focused on the theme “Future-Ready Sri Lankan Boards – From Compliance to Sustainable Growth.”
The discussions at the event encompassed various critical topics including corporate governance, artificial intelligence (AI), cybersecurity, and the evolving landscape of Sri Lankan boardrooms, with an emphasis on talent development.
Naveen Gunawardane, Managing Director and Co-founder of LYNEAR Wealth Management, shared his insights during the keynote speech, stating that investment decisions should be guided by valuation metrics rather than the specific assets being invested in. He highlighted the significance of governance for institutional investors in shaping expectations.
Gunawardane pinpointed three essential factors for enhancing board effectiveness: the composition and qualifications of board members, the commitment of time required, and the necessity of true independence among directors. He cautioned that holding multiple board positions could negatively impact perceptions among investors, raising concerns about a director’s capacity to contribute meaningfully.
He stressed the importance of independent directors providing authentic scrutiny, especially in organizations with dominant shareholders, rather than simply aligning with management as “friends and family.”
During the panel discussions, the need for a proactive approach to strategy was emphasized, with Dillip Rajakarier noting that quick decision-making and maintaining liquidity are vital for businesses to navigate global disruptions.
The summit also addressed the impact of technological advancements, specifically the role of AI, which was described as a “double-edged sword.” While AI can enhance productivity, it also introduces new threats, including sophisticated phishing attacks and deepfakes. Experts suggested that while directors do not need to be technology experts, they must acquire sufficient AI literacy to manage hybrid human-AI workflows and to safeguard organizational resilience. (Colombo/July23/2026)
