Colombo, Sri Lanka – 24 September 2026 – Harischandra Mills PLC (CSE: HARI), a well-established entity on the Colombo Stock Exchange (CSE), has announced significant changes to the composition of its Board Committees. These updates, effective from 23rd September 2026, were made pursuant to a circular resolution passed by the company’s Board of Directors, signaling a proactive approach to enhancing corporate governance structures.
The announcement, made in compliance with CSE Listing Rules 8.1 and 9.10.3, highlights a strategic realignment of responsibilities within key oversight functions. Such adjustments are routine for publicly listed companies, aimed at ensuring optimal functioning, independence, and expertise across critical governance areas.
Enhanced Oversight Across Key Committees
The changes impact four core Board Committees: the Nominations and Governance Committee, the Remuneration Committee, the Audit & Risk Management Committee, and the Related Party Transactions Review Committee. The revised compositions underscore a continued commitment to robust oversight and adherence to best practices in corporate governance.
Nominations and Governance Committee
This committee, crucial for director nominations and overall governance framework, will now comprise:
- Mr. Savanth Laleen Sebastian – Chairperson (Independent, Non-Executive)
- Mr. Don Tiburtius Sujeewa Handapanagoda Mudalige (Independent, Non-Executive)
- Mr. Sudath Ajitha Samaradivakara Jayasundara (Non-Independent, Non-Executive)
Remuneration Committee
Responsible for setting appropriate compensation for directors and senior management, the Remuneration Committee’s new lineup is as follows:
- Mr. Savanth Laleen Sebastian – Chairperson (Independent, Non-Executive)
- Mr. Don Tiburtius Sujeewa Handapanagoda Mudalige (Independent, Non-Executive)
- Mr. Sudath Ajitha Samaradivakara Jayasundara (Non-Independent, Non-Executive)
Audit & Risk Management Committee
The Audit & Risk Management Committee, vital for financial reporting integrity and risk mitigation, sees a new chairperson:
- Mr. Lasantha Wickremasinghe – Chairperson (Independent, Non-Executive)
- Mr. Savanth Laleen Sebastian (Independent, Non-Executive)
- Mr. Don Tiburtius Sujeewa Handapanagoda Mudalige (Independent, Non-Executive)
Related Party Transactions Review Committee
Tasked with reviewing transactions between the company and related parties to ensure fairness and transparency, this committee’s composition is now:
- Mr. Lasantha Wickremasinghe – Chairperson (Independent, Non-Executive)
- Mr. Savanth Laleen Sebastian (Independent, Non-Executive)
- Mr. Don Tiburtius Sujeewa Handapanagoda Mudalige (Independent, Non-Executive)
The prominence of Independent Non-Executive Directors, particularly Mr. Savanth Laleen Sebastian and Mr. Don Tiburtius Sujeewa Handapanagoda Mudalige, across multiple committees, including their chairing of key functions, underscores Harischandra Mills PLC’s dedication to maintaining independence and objectivity in its decision-making processes. Mr. Lasantha Wickremasinghe’s appointment as Chairperson for both the Audit & Risk Management and Related Party Transactions Review Committees further strengthens these crucial oversight roles.
Harischandra Mills PLC continues to uphold its commitment to transparency and robust corporate governance practices, ensuring that its operational and strategic decisions are supported by a well-structured and independent board framework. This move is expected to instill further confidence among shareholders and stakeholders regarding the company’s long-term sustainability and adherence to regulatory standards.
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