Colombo, Sri Lanka – 25 September 2026 – VIDULLANKA PLC, a prominent entity on the Colombo Stock Exchange (CSE), today announced the continuation of Mr. Rizvi Zaheed as an Independent Director of the company. This decision received overwhelming approval from shareholders at the Annual General Meeting (AGM) held on 24th September 2026, reinforcing the company’s commitment to robust corporate governance.
Shareholder Mandate for Independent Oversight
The resolution to retain Mr. Zaheed in his directorial role, specifically classifying him as an Independent Director, was a key agenda item at the recent AGM. Shareholders voted in favour of his continuation, notwithstanding the provisions stipulated in Section 210 of the Companies Act No. 7 of 2007. This approval also ensures his classification aligns with Section 9.8.3 of the Listing Rules of the Colombo Stock Exchange, which governs the criteria for independent directors.
The formal announcement, issued by M&S Managers & Secretaries (Private) Limited on behalf of VIDULLANKA PLC, confirms that this decision underscores the company’s proactive approach to maintaining high standards of corporate governance and ensuring experienced leadership on its board.
Stability in Sub-Committees
A direct consequence of this shareholder approval is the preservation of the existing structure of VIDULLANKA PLC’s Sub-Committees. The announcement explicitly stated that the composition of these crucial committees will remain unchanged, indicating stability and continuity in the company’s governance framework. This allows for the uninterrupted functioning of oversight bodies responsible for various aspects of the company’s operations and strategic direction.
Commitment to Corporate Governance
The re-approval of an Independent Director, particularly under specific regulatory provisions, highlights the importance placed by VIDULLANKA PLC and its shareholders on maintaining an independent and diverse board. Independent directors play a vital role in providing unbiased oversight, contributing to strategic decision-making, and protecting minority shareholder interests, thereby strengthening investor confidence.
VIDULLANKA PLC continues its operations with a focus on sustainable growth, supported by a stable and experienced board of directors.
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