Colombo, 23 September 2026 – UB Finance PLC today announced the retirement of Mr. Jayendra Setukavalar from his position as an Independent Non-Executive Director of the company, effective 23rd September 2026. The announcement, released via the Colombo Stock Exchange (CSE) portal, marks a change in the board’s independent oversight.
Adherence to Corporate Governance Directives
Mr. Setukavalar’s retirement is in strict adherence to the regulatory framework set forth by the Central Bank of Sri Lanka (CBSL). Specifically, the decision aligns with Sections 4(4.2) and 4(4.3) of the Finance Business Act (Corporate Governance) Directions No. 05 of 2021. The company confirmed that this retirement had been duly notified to the CBSL, with approval from the regulator having been granted on 21st September 2026.
The adherence to these specific sections of the Finance Business Act underscores UB Finance PLC’s commitment to robust corporate governance practices and compliance with national financial regulations. Such directives are crucial for ensuring the stability and integrity of the financial sector.
Furthermore, the company clarified that at the time of his retirement, Mr. Jayendra Setukavalar did not hold any shares in UB Finance PLC. The announcement to the CSE was made in full compliance with Section 8 of the Listing Rules of the Colombo Stock Exchange, ensuring transparency for investors and stakeholders.
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