Colombo, 01 September 2026 – Commercial Bank of Ceylon PLC, a leading financial institution in Sri Lanka, today announced significant enhancements to the composition of two of its crucial Board Committees. Mrs. Sharmila Shashi Prabha Kandambi Jassim, an Independent, Non-Executive Director, has been appointed as a Member of both the Board Audit Committee and the Board Related Party Transactions Review Committee, effective 01 September 2026.
Strategic Appointment Bolsters Governance
The decision to appoint Mrs. Kandambi Jassim was made at a meeting of the Bank’s Board of Directors held on 31st August 2026. This strategic move underscores Commercial Bank’s commitment to continuously strengthening its corporate governance framework and oversight capabilities. Mrs. Kandambi Jassim’s extensive experience and independent perspective are expected to bring valuable insights and contribute significantly to the functioning of these vital committees.
Revised Board Audit Committee Composition
With Mrs. S.S.P. Kandambi Jassim’s appointment, the Board Audit Committee now comprises five highly experienced Independent, Non-Executive Directors, further enhancing its independent oversight functions. The revised composition, effective today, is as follows:
Chairman: Mr. P.Y.S. Perera (Independent, Non-Executive Director)
Member: Mr. R. Senanayake (Independent, Non-Executive Director)
Member: Mr. P.M. Kumarasinghe (Independent, Non-Executive Director)
Member: Ms. R.M.A.S. Parakrama (Independent, Non-Executive Director)
Member: Mrs. S.S.P. Kandambi Jassim (Independent, Non-Executive Director)
Secretary: Mr. J. Premanath
Updated Board Related Party Transactions Review Committee
Similarly, Mrs. Kandambi Jassim’s addition to the Board Related Party Transactions Review Committee reinforces the Bank’s dedication to transparency and ethical governance in dealings involving related parties. The updated composition, also effective from 01 September 2026, is:
Chairman: Mr. P.M. Kumarasinghe (Independent, Non-Executive Director)
Member: Ms. D.L.T.S. Wijewardena (Independent, Non-Executive Director)
Member: Mr. P.Y.S. Perera (Independent, Non-Executive Director)
Member: Mrs. S.S.P. Kandambi Jassim (Independent, Non-Executive Director)
Secretary: Mr. L.W.P. Indrajith
Commitment to Robust Corporate Governance
The Board Audit Committee is instrumental in overseeing the Bank’s financial reporting, internal controls, and audit processes, ensuring accuracy and compliance. Concurrently, the Board Related Party Transactions Review Committee plays a critical role in ensuring that all transactions involving related parties are conducted on an arm’s length basis, upholding fairness and protecting the interests of the Bank and its shareholders. The inclusion of an additional Independent, Non-Executive Director to both committees reaffirms Commercial Bank’s proactive approach to maintaining the highest standards of corporate governance, transparency, and accountability within the Sri Lankan banking sector.
Source: Read original document on CSE
