Governance

Core Principles


The Eight (08) Essential Core Principles of Corporate Governance:

Principle 1 : Establishment of the Charter of the Board of Directors

The Charter of the Board of Directors stipulates the responsibilities of the Board Members and the framework required for the effective discharge of the said responsibilities. The said Charter constitutes the following key elements:

1.1 Constitution of the Board

There shall be a clear division of responsibilities at the head of the Company, which ensures a balance of power and authority between the running of the Board and the executive responsibility for the running of the Company’s business. No ONE individual shall have unfettered powers of discretion. More (PDF)

1.2 Appointments to the Board

There shall be a formal, rigorous and transparent procedure for the appointment of new Directors to the Board, in order to promote investor understanding and confidence in that process. More (PDF)

1.3 Access to Information

The Board and key executives shall be provided information in a timely manner, in a form and of a quality appropriate to enable it to discharge its duties. More (PDF)

1.4 Performance Evaluation & Professional Development

The Board shall undertake a formal and rigorous annual evaluation of its own collective and individual performance, the key executives of the management and that of its committees. More (PDF)

1.5 Re-election

All directors shall be submitted for re-election at regular intervals subject to their consistent satisfactory performance. The Board shall ensure planned and progressive refreshing of the Board. More (PDF)

Ensure that the level and composition of remuneration is sufficient and reasonable and that its relationship to corporate and individual performance is defined. No Director shall be involved in deciding his or her own remuneration. More (PDF)

Formulate a structure to independently verify and safeguard the integrity of the Company’s financial reporting. The Board shall establish formal and transparent arrangements for considering how they shall apply the financial reporting and internal control principles and maintaining an appropriate relationship with the Company’s auditors. More (PDF)

The Company shall clarify the standards of ethical behaviour required of Company Directors and Key Executives (ie. officers and employees who have the opportunity to materially influence the integrity, strategy and operation of the business and its financial performance) and encourage the observance of those standards. The Company shall also publish its position concerning the issue of Board and Employee trading in Company Securities. More (PDF)

Establish a sound system of Internal Control, Risk Management and Internal Audit designed to identify, assess, monitor and manage risk, inform investors of material changes to the Company’s risk profile and to enhance the environment for identifying and capitalising on opportunities to create value. More (PDF)

The Company should respect the Rights of Shareholders and facilitate the exercise of those rights by engaging in regular and effective communication with shareholders and encourage effective participation at general meetings. More (PDF)

Recognize legal and other obligations to all legitimate stakeholders including obligations to non-shareholder stakeholders, such as employees, clients/customers, the community as a whole and demonstrate its commitment to appropriate corporate practices. More (PDF)

The Company shall put in place a mechanism designed to ensure compliance with the disclosure requirements of all laws and regulations, including those stipulated in the Listing Rules of the CSE, so that all investors have adequate and timely access to material information concerning the Company, including the Company’s financial situation, performance, ownership and governance. Company announcements should be factual and presented in a clear and balanced way. “Balance” requires disclosure of both positive and negative information. More (PDF)

Articles of Association

The Articles of Association of the Company was last amended on 10th of June 2010.

Download PDF
Articles of Association
Legal Resourcest

Legal Resources

 

Learn More

ABAC Policy and Policy Statement

 

Learn More
ABAC Policy and Policy Statement

Whistle-blowing

Upholding our core value of "Uncompromising Integrity", we have provided a channel for our employees,
shareholders, suppliers and customers to voice their concerns in an effective, responsible and secure manner.

Whistle-blower web reporting


Whistle-blower web reporting system

(Available English, Sinhala and Tamil)