COLOMBO, Sri Lanka – 31 August 2026 – National Development Bank PLC (NDB) has announced significant changes to the composition of its Board Subcommittees, effective from September 1, 2026. The move, communicated to the Colombo Stock Exchange (CSE) today, underscores NDB’s commitment to robust corporate governance and compliance with regulatory standards.
The reconstitution of these vital committees – namely the Board Audit Committee, Integrated Risk Management Committee, and Nominations and Governance Committee – is in adherence to Section 9.10.3 of the Listing Rules of the Colombo Stock Exchange. This strategic adjustment aims to further enhance oversight and strategic guidance within the institution.
Revised Board Subcommittee Compositions
The newly constituted committees will feature a blend of Independent Non-Executive Directors (INED), Non-Independent Non-Executive Directors (NED), and Executive Directors (ED), with independence criteria determined as per the Banking Act, No. 30 of 1988 (as amended).
Board Audit Committee
The Board Audit Committee, crucial for financial integrity and reporting, will see Mr. Hasitha Premaratne (INED) taking the helm as Chair. He will be joined by:
- Mr. Sriyan Cooray (INED)
- Mr. Bernard Sinniah (NED)
Integrated Risk Management Committee
Tasked with overseeing the bank’s comprehensive risk framework, the Integrated Risk Management Committee will now be chaired by Mr. Sujeewa Mudalige (INED). The other members include:
- Mr. Sanjaya Mohottala (NED)
- Mr. Kushan D’Alwis P.C (INED)
Nominations and Governance Committee
This committee, responsible for board appointments and corporate governance practices, will have Mr. Kushan D’Alwis, P.C (INED) as its Chair. The committee’s membership is completed by:
- Mr. Sujeewa Mudalige (INED)
- Mr. Sriyan Cooray (INED)
These changes reflect NDB’s ongoing efforts to ensure its governance structures remain agile and effective, continually aligning with best practices and regulatory requirements. The recalibration of these committees is expected to contribute positively to the bank’s strategic direction and operational resilience.
For further details, stakeholders are encouraged to refer to the official announcement released by National Development Bank PLC.
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