LB Finance Annual Report 2023/24
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Corporate Stewardship
MR. G A R D PRASANNA
Chairman/Non-Independent Non-Executive Director
APPOINTED TO THE BOARD
1st December 2021
APPOINTED AS THE CHAIRMAN
1st March 2022
MR. ASHANE JAYASEKARA
Independent Non-Executive Director/Senior Director
APPOINTED TO THE BOARD
30th October 2017
APPOINTED AS SENIOR INDEPENDENT DIRECTOR
1st March 2022
MR. SUMITH ADHIHETTY
Managing Director
APPOINTED TO THE BOARD
10th December 2003
MR. NIROSHAN UDAGE
Deputy Managing Director
APPOINTED TO THE BOARD
1st January 2007
MR. B D A PERERA
Executive Director
APPOINTED TO THE BOARD
1st January 2007
MR. RAVINDRA YATAWARA
Executive Director
APPOINTED TO THE BOARD
15th March 2016
MS. YOGADINUSHA BHASKARAN
Non-Executive Director
APPOINTED TO THE BOARD
15th March 2016
MS. ASHWINI NATESAN
Independent Non-Executive Director
APPOINTED TO THE BOARD
1st September 2018
MR. DHARMADASA RANGALLE
Non-Executive Director
APPOINTED TO THE BOARD
10th April 2019
MS. YANIKA AMARASEKERA
Independent Non-Executive Director
APPOINTED TO THE BOARD
1st July 2021
Board Composition
Executive Director
Non-Executive Director
Board Sub-Committee Membership
Board Nominations and Governance Committee (BNGC)
Board Audit Committee (BAC)
Board Human Resource and Remuneration Committee (BHRRC)
Board Integrated Risk Management Committee (BIRMC)
Board Related Party Transactions Review Committee (BRPTRC)
Board Information Security Committee (BISC)
Board Sustainability Committee (BSC)
MR. G A R D PRASANNA
Appointed to the Board
Appointed to the Board on 1st December 2021 and as the Chairman of the Board of Directors on 1st March 2022.
Role
Chairman/Non-Independent Non-Executive Director
Skills and Experience
Mr. G A R D Prasanna has wide experience in various business management strategies and a business leader in manufacturing, banking and finance, leisure, plantations, and hydropower generation. He has many of years of experience in managing businesses and extensive governance experience gained through leadership of the Boards of quoted and unquoted companies.
Current Appointments
He holds directorships in sixteen other companies viz: an Independent Non Executive Director of Royal Ceramics Lanka PLC, Managing Director of Wise Property Solutions (Pvt) Ltd, Executive Director of Wise Homes (Pvt) Ltd and Grandmark (Pvt) Ltd, Non-Executive Director of Multi Finance PLC, Rocell Bathware Limited, Rocell Ceramics Distributors (Private) Limited, Rocell Properties Limited, Country Energy (Private) Limited, La Forteresse (Private) Limited, Delmege Forsyth & Co. (Shipping) Ltd, Lewis Shipping (Pvt) Ltd, Delmege Air Services (Pvt) Ltd, Delmege Aero Services (Private) Limited, Delmege Insurance Brokers (Pvt) Limited and Delmege Airline Services (Private) Limited.
Former Appointments
Director of Lanka Ceramics PLC, Director of Delmege Forsyth & Co. Ltd, Director of Delship Services (Pvt) Ltd, Director of Lewis Brown Air Services (Pvt) Ltd, Chairman of Pan Asian Banking Corporation PLC, Director of Tekro Holdings (Pvt) Ltd, Delship Services (Pvt) Ltd, Hayleys Global Beverages (Pvt) Ltd, Director of Delmege Forsyth & Co. (Exports) (Pvt) Ltd, Delmege Coir (Pvt) Ltd, Director of Delmege Aviation Services (Pvt) Ltd and Alternate Director to Mr. K D D Perera of Lanka Tiles PLC.
MR. ASHANE JAYASEKARA
Appointed to the Board
On 30th October 2017, Appointed as Senior Independent Director on 1st March 2022
Role
Independent Non-Executive Director (Senior Independent Director)
Skills and Experience
Mr. Jayasekara is a Fellow Member (FCA) of the Institute of Chartered Accountants of Sri Lanka, a Fellow Member (FCMA) of the Chartered Institute of Management Accountants – UK, and a Fellow Member (FBCS) of the British Computer Society - UK. He holds Associate Membership (AIArb) of the Singapore Institute of Arbitrators. He has a Bachelor of Science Degree [Hons] in Information Systems from the London Guildhall University and a Master of Business Administration from the University of Southern Queensland. He also holds a Master of Laws (LLM) from Cardiff Metropolitan University specialising in Information Technology and Intellectual Property. Mr. Jayasekara is a Certified Internal Auditor [IIA - USA], Certified Fraud Examiner [ACFE - USA], Certified Information Systems Auditor [ISACA - USA] and a Computer Hacking Forensic Investigator [EC Council - USA].
He has over 20 years of experience in the fields of internal audit, cyber security, fraud investigations, corporate governance, risk management and internal controls. His experience spans private, publicly listed, multinational and government enterprises across a range of sectors. He has overseen many forensic audits and provided litigation support for cases ranging from arbitration hearings to Magistrates and High Court cases. He has served as a consultant to local government and state-owned enterprises on the development of enterprise risk management policies and IPPF based Internal audit manuals. He is a visiting faculty member at leading state and private sector universities and has played a pioneering role in the introduction and delivery of Fraud & Forensic Accounting as a subject in undergraduate and postgraduate programs in Sri Lanka.
Other Current Appointments
He holds directorships in three other companies viz: Deputy Managing Partner of BDO Partners Sri Lanka and Managing Director of BDO Partners (Pvt) Ltd and Independent Non-Executive Director of National Savings Bank.
He is also a Council Member - Institute of Chartered Accountants Sri Lanka, Council Member - University of Colombo, Vice President - ISACA Sri Lanka Chapter [Affiliated to ISACA Global USA], Member - Global Advisory Council of the Association of Certified Fraud Examiners USA and Member – Global Advisory Board on Computer Forensics of the EC Council USA.
Previous Key Appointments
Managing Partner of BDO Maldives, Director of BT Communication Lanka (Pvt) Ltd. (Subsidiary of British Telecom Global Services UK), Director of BDO BPO Services (Pvt) Ltd, Director of BDO Prime Consultants (Pvt) Ltd, President of the Institute of Internal Auditors Sri Lanka [Affiliated to IIA Global USA] in 2012/13, Chairman of the Integrated Reporting Council of Sri Lanka.
MR. SUMITH ADHITHETTY
Appointed to the Board
On 10th December 2003
Role
Managing Director
Skills and Experience
He is a well-known professional in the marketing field, counts over 45 years of experience in the finance sector.
Current Appointments
He holds directorships in nine other companies viz: a Non-Executive Director of Vallibel One PLC, Multi Finance PLC, The Fortress Resorts PLC , LB Microfinance Myanmar Company Limited, Greener Water Ltd., Summer Season Ltd., Summer Season Mirissa (Pvt) Ltd., Summer Season Residencies Ltd., and La Fortresse (Private) Limited.
Former appointments
Deputy Managing Director of Mercantile Investments Limited and served as a Director of Nuwara Eliya Hotels Company Limited, Grand Hotel (Private) Limited, Royal Palm Beach Hotels Limited, Tangerine Tours Limited, Security Ceylon (Private) Limited, Director of Vallibel Finance PLC and Pan Asia Banking Corporation PLC. Also served as the Managing Director of The Fortress Resorts PLC.
MR. NIROSHAN UDAGE
Appointed to the Board
On 1st January 2007
Role
Deputy Managing Director
Skills and Experience
He holds Bachelor’s Degree in Science from the University of Colombo and possesses 33 years of experience in the field of leasing and finance, including 10 years at Lanka Orix Leasing Company PLC and 03 years at Mercantile Investments Limited prior to joining LB Finance PLC in 2004. He has undergone extensive training in Strategy and Management in Banking conducted by Intentional Development Ireland Ltd in Dublin and London and also successfully completed High Potentials Leadership Program at Harvard Business School in Boston, MA, USA in 2012.
Current Appointments
He holds directorships in two other companies viz: a Non-Executive Director of Multi Finance PLC, LB Microfinance Myanmar Company Limited.
Former Appointments
He is also a Council Member of The Finance Houses Association of Sri Lanka (FHA). Director of Hayleys Fibre PLC, Chairman of The Finance Houses Association of Sri Lanka (FHA), Member of the Financial System Stability Consultative Committee established by the Central Bank of Sri Lanka, Director of Ceybit Information Bureau of Sri Lanka (CRIB).
MR. B D A PERERA
Appointed to the Board
On 1st January 2007
Role
Executive Director
Skills and Experience
He is an Associate Member of the Chartered Institute of Management Accountants of UK (ACMA, CGMA (UK)) and holds a BSc (Business Administration) Special Degree from the University of Sri Jayewardenepura, successfully completed High Potentials Leadership Program in 2012 at Harvard Business School in Boston, MA, USA. Counts over 26 years of experience in the leasing industry that includes positions at Commercial Leasing Company Limited, Lanka Orix Leasing Company PLC and a Merchant Bank in Bangladesh.
Current Appointments
He holds directorships in three other companies viz: an Non-Executive Director of Multi Finance PLC, LB Microfinance Myanmar Company Limited and Independent Non-Executive Director of Pan Asia Banking Corporation PLC
Former Appointments
Director of Hayleys Fibre PLC
MR. RAVINDRA YATAWARA
Appointed to the Board
On 15th March 2016
Role
Executive Director
Skills and Experience
He Holds a BSc. Degree in Business Administration from the Oklahoma State University, USA. Counts over 28 years’ experience in the Finance Industry, including both Managerial and Senior Managerial positions in the LOLC Group, Hatton National Bank PLC and AMW Capital Leasing PLC.
Current Appointments
He holds directorships in two other companies viz: an Non-Executive Director of Multi Finance PLC and LB Microfinance Myanmar Company Limited.
Former Appointments
General Manager of LB Finance PLC, Chairman of The Finance Houses Association of Sri Lanka (FHA). Vice Chairman of the Leasing Association of Sri Lanka (LASL).
MS. YOGADINUSHA BHASKARAN
Appointed to the Board
On 15th March 2016
Role
Non-Executive Director
Skills and Experience
Ms. Dinusha Bhaskaran is a Fellow member of the Chartered Institute of Management Accountants of UK (FCMA), Fellow member of CPA Australia (FCPA) and Fellow Member of the Institute of Bankers Sri Lanka (IBSL).
Current Appointments
She holds directorships in six other companies viz: Managing Director of Vallibel One PLC, Chairperson / Director of Greener Water Ltd, Executive Director of Delmege Ltd, Non-Executive Director of Vallibel Power Erathna PLC, Multi Finance PLC and Country Energy (Private) Limited.
Former Appointments
Ms. Dinusha Bhaskaran has previously worked as a Chief Financial Officer of Clenergy, Australia and Financial Controller in several Australian companies based in Melbourne, Assistant General Manager (Finance & Planning) at Pan Asia Banking Corporation PLC. Alternate Director to Mr. K D D Perera on the Boards of Haycarb PLC, Hayleys Fabric PLC and Dipped Products PLC.
MS. ASHWINI NATESAN
Appointed to the Board
On 1st September 2018
Role
Independent Non-Executive Director
Skills and Experience
She is a qualified legal practitioner, specialising in Technology, Media and Telecommunications (TMT) Law. She consults on TMT Law issues including those concerning financial technology (FinTech) . She also works on research projects relating to data protection, privacy, right to information, alternative dispute resolution mechanisms, etc. both independently and with other organisations. She is also a Research Fellow at LIRNEasia, a think tank in Sri Lanka. She frequently participates in national and international forums to speak on broader TMT law issues. In India, she has previously worked in litigation and corporate law offices including with Senior Counsel Mr. P. Wilson, former Additional Solicitor General of India and former Additional Advocate General of Tamil Nadu. She holds an LL.M (Master of Laws) in International Business Law from Faculty of Law, National University of Singapore where she graduated as one of the top students of her batch. She has a Bachelor of Arts and Law (B.A. LL.B (Hons.), Distinction from the School of Excellence in Law, Tamil Nadu Dr. Ambedkar Law University, Chennai, India. Additionally, she has diplomas in International Business Management (offered by Loyola Institute of Business Administration, India) Commercial Arbitration (offered by ICLP, Sri Lanka) and AI Policy (Center for AI and Digital Policy).
Current appointments
None
Former appointments
Independent Non-Executive Director of Multi Finance PLC.
MR. DHARMADASA RANGALLE
Appointed to the Board
On 10th April 2019
Role
Non-Executive Director
Skills and Experience
He is a retired Senior Commissioner of the Department of Inland Revenue (Special Grade). He has over 34 years of experience in the Government (Public) Sector, including 31 years of experience of Tax Administration as an Assessor, a Deputy Commissioner, a Commissioner, and a Senior Commissioner. He obtained the Master of Commerce (M. Com) Degree from the University of Kelaniya, the Bachelor of Commerce (B. Com) Special Degree- Second Class Upper Division (Honours) from the University of Kelaniya. He has completed all course work relating to the Doctoral Degree Programmer at the Open University of Malaysia. He is also a fellow member of the Sri Lanka Institute of Taxation. He was a visiting Lecturer at the University of Kelaniya, Sri Lanka Institute of Information Technology (SLIIT), Business School of Institute of Chartered Accountants of Sri Lanka and the Sri Lanka Institute of Taxation.
Current Appointments
He holds directorships in five other companies viz: a Non-Executive Director of Hayleys Aventura (Pvt) Ltd. and Hayleys Advantis Limited, which are subsidiaries of Hayleys PLC, Multi Finance PLC, DHS Holdings (Pvt) Ltd and Flying Angels’ Flight Academy (Pvt) Ltd.
Former Appointments
None
MS. YANIKA AMARASEKERA
Appointed to the Board
On 01 July 2021
Role
Independent Non-Executive Director
Skills and Experience
She is an alumni of the prestigious UC Berkeley from where she obtained two Bachelor of Arts degrees in Political Economy and Media Studies with an emphasis on Digital Marketing. She completed her MSc in Entrepreneurship, Innovation, and Management in Imperial College, London. She founded the country’s first online wedding gift registry, Silver Aisle, which has since evolved into a multidimensional E-commerce gifting site and is now considered the premier platform of choice.
Current Appointments
Chief Executive Officer of Silver Aisle (Pvt) Ltd.
Former Appointments
Director of Water Land and Non-Executive Director of Multi Finance PLC.