Forging future-ready directors in Sri Lanka

As governance demands intensify, the Sri Lanka Institute of Directors (SLID) is equipping business leaders for a new era of accountability and strategic leadership. Sri Lanka’s corporate landscape stands at a pivotal juncture—shaped by economic reform, technological disruption, and rising stakeholder expectations. Dinesh Weerakkody, Chairman of SLID, envisions boards that lead with purpose, agility, and resilience. Having chaired the country’s two largest private-sector banks and currently serving as Chairman of the Employers Federation of Ceylon, Weerakkody shares his insights on the evolving governance landscape.

- By SUTHESH BALASUBRAMANIAM

The role of directors is under greater scrutiny today. How do you see the role of boards evolving in Sri Lanka’s current economic climate?

The era of passive oversight is over. Boards must now serve as active partners in strategy, transformation, and value creation. In today’s economy, directors are expected to drive performance, enforce discipline, and rebuild stakeholder trust. The focus must shift from compliance-driven governance to long-term value generation. Sri Lanka’s corporate recovery will be led by boards that are agile, transparent, and purpose-driven.

You often emphasise the importance of visible talent. How can boards strengthen succession planning and leadership development?

Investors invest in people first and numbers second. Sound governance is built on a foundation of capable leadership. Succession planning should be an embedded, ongoing process—not an annual formality. Boards must identify and mentor emerging leaders early to ensure organisational continuity. At SLID, we help boards institutionalise leadership visibility through programs such as our Women in Leadership Program and Board Placement Service, which strengthen succession pipelines, enhance diversity, and connect qualified professionals with companies seeking strong governance talent. These initiatives ensure that organisations are never unprepared for critical leadership transitions.

ESG is a buzzword, but integration remains a challenge. How can Sri Lankan boards embed ESG into their strategy?