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Immunisation Efforts Credited with Boosting Longevity in Sri Lanka

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April 23, Colombo (LNW): Sri Lanka has recorded a notable rise in life expectancy over the past decade and a half, with health authorities attributing much of this progress to the sustained impact of the country’s long-running National Immunisation Programme.

Speaking at a media event called in by the Health Promotion Bureau to coincide with World Immunisation Week, Chief Epidemiologist Dr Palitha Karunapema highlighted how systematic vaccination efforts have transformed public health outcomes nationwide.

He explained that routine childhood immunisations have successfully curbed the spread of numerous infectious diseases, safeguarding younger generations and strengthening overall community health.

Since its introduction in 1978, the programme has steadily expanded in reach and effectiveness, placing Sri Lanka among countries with strong immunisation coverage.

Dr Karunapema pointed out that several once-prevalent illnesses, including polio, neonatal tetanus and rubella, have been eradicated locally, while others have been brought firmly under control. These achievements, he noted, have had a lasting influence on population health indicators.

Health officials also underscored that beyond disease prevention, the initiative has contributed significantly to reducing infant mortality and improving quality of life. With continued public participation and government support, authorities believe the programme will remain a cornerstone of Sri Lanka’s healthcare system for years to come.

Peace Pilgrimage Advances to Kandy with Sacred Sapling and Unusual Companion

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By: Isuru Parakrama

April 23, Colombo (LNW): The second stage of the internationally recognised “Ehipassiko Walk for Peace” is underway today (23), as a group of Buddhist monks journey from Aluvihare Temple towards the revered Temple of the Sacred Tooth Relic.

The walk, which began yesterday (22) at the Dambulla Cave Temple, has already drawn attention for its message of reconciliation and spiritual unity.

Led by Venerable Pannakara Thero of Vietnam, the procession carries a sapling descended from the sacred Jaya Sri Maha Bodhi—a powerful symbol of enlightenment and continuity in the Buddhist tradition. Along their route, the monks are engaging with communities, encouraging compassion, coexistence, and mindfulness in everyday life.

This Sri Lankan chapter of the initiative builds on a previous long-distance peace march undertaken in the United States, where over 200 monks travelled for 110 days from Texas to Washington, crossing ten states and attracting international interest. Organisers have expanded the concept locally, with state backing ensuring the walk continues across key towns and cultural sites until April 28.

Adding a distinctive and endearing element to the pilgrimage is a dog named “Aloka”, who has been faithfully accompanying the monks throughout their journey, becoming an unexpected symbol of loyalty and calm amidst the spiritual endeavour.

Police Dismiss Online Claims Over Recruitment Age Limits

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April 23, Colombo (LNW): Sri Lanka Police has moved to counter misleading claims circulating online regarding age requirements for new recruits, urging prospective applicants to rely solely on official sources.

In a statement issued by the Police Media Division, authorities pointed to Gazette Notification No. 2482, published on March 27, 2026, which formally calls for applications to fill vacancies for Police Constables, Woman Police Constables, and Police Drivers, including positions within the elite Special Task Force.

Officials confirmed that all applications must be submitted via the designated online platform, with the closing date set for May 08, 2026. They also reiterated the eligibility criteria outlined in the gazette, noting that candidates applying for the roles of Trainee Police Constable and Woman Police Constable must be between 18 and 24 years of age.

Meanwhile, those seeking appointment as Trainee Police Constable Drivers are permitted a wider age bracket, ranging from 18 to 28 years.

The clarification follows a wave of social media posts suggesting that the upper age limit for all recruitment categories had been raised to 28 years. Police have firmly rejected these assertions, describing them as inaccurate and potentially misleading to applicants.

Authorities further revealed that steps are being taken to trace individuals responsible for disseminating the false information, with inquiries already in progress. In a stronger-than-usual warning, officials indicated that legal action could follow if deliberate attempts to misinform the public are established.

Members of the public have been advised to disregard unverified reports and to consult official gazette notices for accurate details. Prospective candidates are also encouraged to ensure they meet the prescribed requirements before submitting applications and presenting themselves for subsequent stages of the recruitment process.

Sri Lanka Steps Up Investor Outreach at Washington Financial Summit

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April 23, Colombo (LNW): A high-level Sri Lankan delegation, led by Central Bank Governor Dr Nandalal Weerasinghe, has been actively engaging with global investors during the IMF–World Bank Spring Meetings 2026 currently taking place in Washington, D.C..

The delegation, representing the Central Bank of Sri Lanka (CBSL), is in the United States as part of Sri Lanka’s broader effort to reinforce confidence among international financial stakeholders and showcase its ongoing economic recovery.

During the visit, Sri Lankan officials participated in a series of high-profile engagements with leading financial institutions and investor groups. These included a dedicated investor seminar organised by J.P. Morgan, as well as meetings facilitated by the emerging markets teams of Jefferies and HSBC. These discussions offered a platform for detailed dialogue on Sri Lanka’s fiscal trajectory and reform agenda.

In addition, the delegation took part in a forum hosted by the U.S. Chamber of Commerce, where they met with private sector representatives and officials from the United States Government. The session focused on expanding trade, improving the investment climate, and identifying new avenues for economic collaboration.

At these engagements, Dr Weerasinghe provided a comprehensive update on Sri Lanka’s improving macroeconomic indicators, highlighting progress in stabilisation efforts, policy reforms, and renewed growth prospects. He also fielded questions from investors, addressing concerns related to debt sustainability, inflation trends, and structural reforms.

A notable development during the visit was the soft launch of the U.S.–Sri Lanka Commercial Working Group at the Chamber of Commerce. The initiative is expected to serve as a platform to deepen commercial partnerships, encourage foreign direct investment, and strengthen economic ties between the two countries.

Officials indicated that these engagements mark a renewed push by Sri Lanka to rebuild investor trust and position itself more competitively in global financial markets.

Sri Lanka and Iran Hold High-Level Talks Following Naval Incident

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April 23, Colombo (LNW): Sri Lanka’s Minister of Foreign Affairs Vijitha Herath recently engaged in a telephone discussion with his Iranian counterpart, Abbas Araghchi, amid ongoing diplomatic engagement between the two nations.

According to a statement released by the Embassy of Iran in Sri Lanka, the Iranian Foreign Minister conveyed his government’s gratitude for Sri Lanka’s role in the rescue efforts involving sailors from the IRIS Dena.

He also acknowledged Colombo’s assistance in facilitating the repatriation of the remains of crew members from the vessel, along with other Iranian naval personnel, back to Iran. The gesture was described as a significant act of cooperation during a difficult moment.

During the exchange, Minister Araghchi strongly criticised actions attributed to the United States and Israel, outlining what he characterised as serious offences committed against Iran. Referring specifically to the strike on the IRIS Dena, he labelled it an “unprecedented war crime”, asserting that such an act represents a severe breach of established principles under international humanitarian law, including the Geneva Conventions.

He further remarked that the Iranian people would not forget the incident and emphasised Tehran’s intention to pursue accountability through all available legal and diplomatic avenues. This, he suggested, would involve sustained efforts to identify and act against those deemed responsible.

Beyond the immediate issue, the two ministers also reviewed the broader trajectory of bilateral relations and exchanged views on current regional developments. Observers note that the conversation reflects continued engagement between Colombo and Tehran, particularly at a time when geopolitical tensions remain heightened.

No Cabinet Move Yet on Cricket Board Shake-Up, Says Minister

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April 23, Colombo (LNW): At the latest Cabinet media briefing, it was clarified that circulating reports alleging President Anura Kumara Dissanayake had instructed Sri Lanka Cricket Chairman Shammi Silva to step down are inaccurate.

Addressing reporters, Cabinet Spokesperson and Minister Dr Nalinda Jayatissa explained that, based on the information currently available to him, no such directive has been issued. He further emphasised that the matter had not been tabled or deliberated upon during the Cabinet meeting.

During the question-and-answer session, a journalist referred to claims in the print media suggesting that the President had requested the resignation of the Sri Lanka Cricket Chairman, with plans to install an interim governing body. It was also reported that Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne was being considered to head this proposed interim board. The journalist sought confirmation on whether these claims held any truth.

In response, Dr Jayatissa stated that the Cabinet had not engaged in any discussion regarding such developments. When pressed further on whether a decision had been reached on the matter, he replied that no determination had been made thus far.

When questioned directly about whether the President had explicitly asked the current Chairman to resign, the Minister reiterated that, to the best of his knowledge, no such request had been made. However, he acknowledged that public discourse around cricket administration continues to evolve and noted that the government remains mindful of the deep affection Sri Lankans have for the sport.

He added that the administration’s broader objective is to safeguard this national passion while ensuring the progressive development of cricket in the country. Any necessary decisions, he remarked, would be taken at an appropriate juncture. At present, he has not been briefed on any concrete discussions or actions in this regard.

Dr Jayatissa made these remarks at the Cabinet decisions media briefing held yesterday (22), offering a measured response amid growing speculation over potential changes within Sri Lanka Cricket’s leadership.

Afternoon showers expected in most parts of Island: Fairly heavy falls above 75 mm may occur (April 23)

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April 23, Colombo (LNW): Showers or thundershowers will occur at most places of the island after 1.00 pm, the Department of Meteorology said in its daily weather forecast today (23).

Fairly heavy falls above 75 mm are likely at some places in Western, Sabaragamuwa, Central, Uva and Southern provinces and in Ampara and Batticaloa districts.

Showers may occur in Batticaloa, Ampara and Hambantota districts during the morning too.

Misty conditions can be expected at some places in Central, Sabaragamuwa, North-central and Uva provinces and in Vavuniya and Kurunegala districts during the early hours of the morning.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur, at several places in the sea areas off the coast extending from Hambantota to Batticaloa via Pottuvil.

Showers or thundershowers will occur at a few places in the other sea areas around the island.

Winds:
Winds will variable in direction. Wind speed will be (20-30) kmph.

State of Sea:
The sea areas around the island will be slight.

Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

The ‘Mangala’ signature in my life

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by Krishantha Prasad Cooray

If all hadn’t been overturned – delivering an unrecognisable landscape five years ago – it is quite likely that I would have made a phone call early this morning. And when answered, I would have said, ‘Happy birthday Mr Seventy!’

I would probably then have heard this response from the other end of the line: ‘Wrong number, Mr Cooray!’

Thereafter we both would have laughed heartily.

‘Why don’t you drop by now?’ would have been the probable invitation. And I would go. And I would have seen Mangala, the inimitable aging and ageless young man, wearing a pair of shorts, looking quite the innocent child, sipping a glass of ice water.

A friendly and hospitable gentleman, he would have asked, ‘what would you like to drink, what would you like to eat?’ There would be endless questions such as these.

‘I would like a cup of black coffee.’

It would be duly delivered.

And he would speak of growing old, people over the age of 70 and what happens when one reaches that age. I can picture it all. An hour would pass without either of noticing the time passing. We would talk about this and that, laughing through it all. Finally, we would agree to meet in the evening and I would leave.

Indeed, had Mangala not passed away on the 24th of August 2021, there’s no doubt in my mind that we would meet tonight. There would be a stupendous party at his house on Bolgoda Lake which would be duly decorated with innumerable lights.

There would be many colourful people in attendance. People from across the political spectrum, people speaking different languages, people dressed differently, people subscribing to different religious faiths believing in different sets of truths, all enjoying themselves.

Managla, dressed in a colourful shirt would come walking through the lights, blowing smoke rings from a Vienna Cigar he is chewing on, smiling and laughing. From that moment there will be intense debate, unforgiving humour and conversation about politics, art, economy, life, freedom, democracy and other such things that were part of his universe. Time would pass. The party would be signatured by the colourful personality that is Mangala Samaraweera.

If the party ended with the clash of ideas, Mangala would start another day with a pleasant and uncluttered frame of mind, having erased all the contradictions and disagreements.

They say birds of a feather flock together, but on the trees he perched on there was ample room for all birds.

Mangala was an optimist. He didn’t dwell on the negatives. He was a man who didn’t give in to emotions, but would rather take things lightly and yet act with utmost responsibility. He believed that every single human being should be happy and enjoy the right to be free. He respected the choices, the likes and dislikes of everyone.

The progressive and free-thinking Mangala delighted me. I was drawn to Mangala, the man who abhorred racism and religious fundamentalism. He was open in both his personal and public life, quite in contrast to the traditional political creatures of his time. He obeyed his conscience at all times and stood for the same unconditionally. His philosophy was his conscience.

A free-thinker, Mangala never abandoned his principles even if it were to cost his dearly. He fought to uphold these. He tenaciously defended his choices and decisions and yet, if it became clear that he was wrong, he was honest enough to acknowledge error and correct course.

Mangala was a pragmatist. He didn’t tolerate ideas that simply could not be implemented. For him, those who offered such suggestions were but ‘Idea-dasas’ which literally means ‘Slaves to ideas.’

He was an uncompromising liberal and this is why he remained opposed to racism, communalism and extremism until the very end.

He spoke his mind and this earned the wrath of many, but Mangala simply responded with logic and tried not to descend to personal attacks. He was not afraid of letting ends justify means, but he acknowledged that moral complexity and was never ‘holier than thou’. He would smile with his worst critics and detractors. The more there was critique, the more honest he became and the stronger too.

He was someone who lived on an island but whose politics were, in a sense, continental. He loved light and not the dark. He respected the rights of human beings. He respected diversity of all kinds and firmly believed that Sri Lanka should not be contained by its national boundaries but instead engage with the rest of the world. He was an amazing man who spent an entire lifetime defending the liberal principles he had embraced.

Theodore Roosevelt’s daughter is reported to have said that her father ‘always wanted to be the corpse at every funeral, the bride at every wedding and the baby at every christening.’ Mangala was never like that, he never sought to be the centre of attention.

Mangala believed his friends at all times. He was such a delightful and trustworthy human being that those who became his friends, never abandoned him.

His death indeed added new validity to his ideas that had been rejected – those that had scorned him and his ideas for decades only realised what they had lost when he died. In other words, the Mangala who left was more powerful than the Mangala who had lived. He devoted the last quarter of his life not to traditional politics but the ideologies of radical youth. He gifted his dying breath to give new life to that new and fresh ideology.

Mangala is a rare book that is yet to be fully read. I am still reading that book. It is a colourful and insightful text that cannot really be ever fully reviewed. But it is one that still brings a smile and a laugh, as I keep reading it years later.

I began this note assuming the what-may-have-been had Mangala been still alive. The truth is that Mangala is no more. I didn’t get a call from 07 7757 6495. When I dialled the number out of habit, I found that it was disconnected. “The phone number you dialed is not in use” a voice said. Though he may not be at the other end of the line, his memory, legacy and laugh speak to us still.

Beyond the Smoke: Scientific Clarity in a Time of Coal Crisis

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By Roger Srivasan – April 2026

At the outset, it must be acknowledged without equivocation that the present coal crisis has assumed centre stage in the national discourse. It is visible, tangible, and understandably disquieting. Yet, beyond the smoke that now envelops public debate, there lies a pressing need for scientific clarity. For in its absence, analysis risks degenerating into assertion, and criticism into paralogism—arguments that mimic logic while remaining unmoored from fact.
What follows is a persuasive argument anchored in scientific clarity and disciplined reasoning.
To view the current situation in isolation is to misunderstand its nature. The volatility of global coal markets—shaped by geopolitical tremors, supply realignments, and escalating freight costs—has placed even the most carefully structured procurement strategies under strain. Nations with far greater resources have faced comparable disruptions, compelled to recalibrate their energy policies in real time. What confronts us, therefore, is not merely a domestic lapse, but the convergence of external pressures acting upon an already delicate system.
It would be remiss not to recognise that the present strain did not materialise overnight. For years, energy planning has too often oscillated between short-term expedience and deferred reform, leaving structural vulnerabilities insufficiently addressed. The consequences of such drift are seldom immediate—but when they surface, they do so with force. To attribute today’s challenges solely to present decision-making is to detach cause from context, and effect from origin.
Beneath the surface of this debate lies a more fundamental truth, too often overlooked in the rush to apportion blame: coal is not a uniform commodity, but a geological inheritance shaped over millions of years. Its quality varies not by administrative decree, but by the slow alchemy of nature—by age, pressure, temperature, and the conditions under which ancient organic matter was laid down and transformed.
These intrinsic differences are not academic curiosities; they bear directly upon the efficiency and stability of power generation. Coal of lower rank, burdened with higher moisture or ash, yields less energy and imposes greater strain on generation systems, requiring larger volumes to produce the same output. Conversely, higher-grade coal, forged under more intense geological conditions, delivers greater calorific value and cleaner combustion.
To speak, therefore, of “coal supply” as though it were homogeneous is to elide a critical variable. It is a simplification that edges dangerously close to paralogism—an argument that appears sound, yet falters under scrutiny for having ignored the very factors that determine performance. In energy policy, as in science, such omissions are not trivial; they are decisive.
Against this backdrop, much of the criticism now being amplified warrants closer scrutiny. For what is presented as incisive critique often dissolves, upon examination, into selective reasoning: fragments of data elevated in isolation, context conveniently omitted, and complex realities reduced to simplistic binaries. Such arguments may generate headlines, but they do little to illuminate the problem—still less to resolve it.
Even when frustration drives the opposition to sling mud, nothing adheres—for what is cast is not mud, but sand: shifting, insubstantial, and incapable of clinging to fact.
What must instead be assessed is not the absence of difficulty, but the presence of response. The government’s task has been one of navigation rather than denial—stabilising supply chains, negotiating procurement under volatile conditions, and confronting inherited inefficiencies that can no longer be deferred. There is, in this approach, no pretence of instant remedy—only the steadier discipline of corrective action.
More importantly, the present moment underscores the necessity of transition. Diversification of energy sources, investment in renewables, and the strengthening of grid resilience are no longer matters of policy preference, but strategic imperatives. A crisis, if approached with clarity, can serve not merely as a test of governance, but as a catalyst for reform.
The question, therefore, is not whether a crisis exists—for it plainly does—but whether it is being confronted with sobriety and resolve, or obscured by rhetorical sleight of hand. A nation’s energy future cannot be secured by arguments that merely resemble logic. Paralogism may generate noise—but it cannot generate power.

Symbolic governance and the cost of silence

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Screenshot

A bank does not lose billions overnight. It loses it in instalments – through unchallenged assumptions, unasked or unanswered questions, missed warning signals and the quiet comfort of believing that someone else is watching the controls.

It is this timely but uncomfortable truth that the Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey captured with clinical precision, speaking at the CII Corporate Governance Summit in April 2026.

 “Boards are often well constituted, but not always equally effective. Information is available, but not always interrogated deeply. Independence exists in form, but may not always translate into independent perspective.”

In this observation, Pandey was articulating a deep structural weakness that resonates across emerging markets, including Sri Lanka: the persistent triumph of Form over Substance in Corporate Governance.

This phenomenon of symbolic governance – is now in sharp focus in Sri Lanka’s financial sector. Recent developments surrounding NDB Bank reveal what could be one of the most significant internal control failures in recent banking history. 

While the disclosures suggest a staggering exposure of Rs. 13.2 billion, the true significance of this episode lies not merely in its scale, but in what it reveals about how corporate governance is practiced and the lessons it can teach us.

The failure of interrogation 

In an institution where information is not merely received but actively interrogated, a sharp increase in receivables within a relatively short period should have triggered immediate scrutiny. A sudden variance from historical norms is not just an accounting anomaly – it is a signal calling for action.

This brings us to Pandey’s most piercing insight: “information is available, but not always interrogated deeply”

For many boards, receipt of voluminous board packs satisfies the requirement of oversight in form. But governance, in substance, demands more requiring directors to ask uncomfortable questions, challenge the trends, and probe beneath the surface of reported numbers. Receiving the board pack is availability. Asking why a specific ledger entry has deviated from its historical norm is interrogation. 

Board and sub-committees – Audit and Risk in particular, should focus on interrogation and not availability. The distinction is critical. Availability of information is passive; interrogation is active. In the absence of interrogation, risks accumulate and compounds.

The mirage of independence

Sri Lanka’s corporate governance framework, guided by listing rules and regulatory expectations, has largely succeeded in institutionalising the form of independence. Boards are populated with Independent Non-Executive Directors. Committees are constituted. Regular meetings are held. Disclosures are made.

But as Pandey cautions, independence in structure does not always translate into independence in thought. In tightly networked business environments, familiarity can inadvertently dull skepticism. Collegiality can override challenge. Over time, a board culture may emerge where consensus is valued more than inquiry, and where dissent is subtly discouraged.

True independence is not a legal status or conformity to set criteria, it is a state of mind that assumes nothing and verifies everything!

It is the willingness to question, seek verification, and to resist the comfort of alignment when evidence suggests otherwise. 

Well-constituted, but not effective: The execution gap in governance

Pandey’s most consequential observation is also his most uncomfortable: ‘’boards are often well constituted, but not always equally effective.”

This is where failures of interrogation and independence converge. A board receiving extensive information may fail to interrogate it. It may satisfy formal requirements of independence yet lack the mindset to challenge. Resulting structure appears robust on paper, but underperforms in practice.

Effectiveness in governance is not a function of composition but a function of contribution.

Boards are often assembled with impressive credentials – distinguished careers, strong reputations, diverse backgrounds, top tier education. But governance does not operate on credentials; it requires intellectual friction and depends on engagement, judgment, and the ability to ask the right questions. 

A director with an impressive CV will add little value if they lack domain familiarity or confidence to interrogate complex risks. In specialised environments such as financial institutions, oversight requires more than general business acumen. Without sufficient understanding of systems and vulnerabilities, interrogation becomes superficial.

Ineffectiveness is also about misalignment between expertise, availability and responsibility. When directors lack the capacity, are unwilling or simply too busy to engage deeply with the substance of the business, oversight becomes passive and governance ineffective.

A board becomes ineffective not for lack of structure, but for lack of the will or ability to act.

The cost of symbolic governance

The cost of a failure event is first borne within the institution but it rarely remains confined there. 

At the organisational level, the impact is immediate and tangible. Financial losses erode capital, disrupt operations, and impede growth. More critically, reputational damage – often harder to quantify – can be far more enduring. Trust, once compromised, affects depositors, counterparties, investors, and employees alike. Leadership credibility is questioned, strategic momentum is lost, and the institution’s ability to compete is weakened.

In corporate governance failures, financial loss is often the trigger but loss of trust is the multiplier.

The cost does not stop at the institution. It is systemic and the consequences ripple outward across the entire economic and financial ecosystem.

1. Investor confidence and risk perception

For both domestic and foreign investors, governance quality is inseparable from valuation. More importantly, investors price not just what they see—but what they fear may be unseen. Episodes of this nature reinforce a “governance discount,” where capital reflects not only macroeconomic and corporate fundamentals, but the credibility of oversight. When boards appear passive, markets assume risks are being discovered late rather than managed early.

2. Regulatory credibility

Institutions such as the Central Bank of Sri Lanka are being pushed beyond rule-based supervision toward assessing effectiveness and culture. However, regulation has limits. No framework can compensate for a board that does not ask the second question. Compliance can be enforced; engagement cannot. As governance becomes symbolic, the regulatory burden rises – but its ability to pre-empt failure does not.

3. The Audit expectation gap

Such incidents expose the limits of traditional audit frameworks. Auditors are designed to verify, not suspect. Where anomalies are not escalated or interrogated at board level, even strong audit processes can miss emerging risks. If audit becomes a process of confirmation rather than challenge, it risks reinforcing the very silence it is meant to guard against.

From compliance to accountability

If symbolic governance is the problem, then the solution lies in embedding substance into boardroom practice. If we are to take Pandey’s signal seriously, Sri Lankan boardrooms must undergo a cultural shift.

1. Capacity building over resume gathering 

As Panday suggested, we need “domain-specific orientation.” A director on a bank board should have a detailed knowledge of banking and a working knowledge of related areas such as trade finance, forex, cyber-risk and digital transaction flows – not just a general understanding of business. You cannot interrogate what you do not understand.

2. Strengthening whistleblower architecture 

Companies must ensure that whistleblowing mechanisms are both protected and direct. Channels that allow escalation to board-level committees, independent of management are essential for early detection and institutional trust. If employees feel they must go to the press or the regulator before their own board, the board has already failed.

3. Timely oversight and exception reporting 

Quarterly oversight cycles are increasingly inadequate in a real-time financial environment. Boards and risk committees should have access to dynamic dashboards that flag material deviations as they occur, enabling timely intervention rather than retrospective analysis.

4. Formalising dissent 

The formal recording of dissenting views within board deliberations and minutes can strengthen accountability. It shifts the focus from unanimous decisions to rigorously examined ones, ensuring that alternative perspectives are neither lost nor discouraged.

5. Evolving regulatory supervision  

Regulators must continue the transition toward risk-based and culture-focused supervision – where the emphasis is not only on adherence to rules, but on the effectiveness of governance practices in identifying and mitigating emerging risks.

Conclusion

The NDB event is a wake-up call for the Sri Lankan corporate sector, exposing systemic weaknesses and proving that governance is not a matter of documentation or a symbolic performance. It is a matter of conduct – found in the daily, often invisible work of questioning, verifying and safeguarding stakeholder interests.

We have reached the limits of symbolic Governance. The market now demands directors who are independent in thought, rigorous in interrogation, and unwavering in accountability. 

Active boardroom engagement is the next frontier of governance which will shift the director from observer to guardian.

(The author is the Chairman of Navara Capital Ltd. He is a Chartered Banker and holds a PhD in Strategic Management and Master’s degrees in Commercial Law and in Business Administration with three decades Board experience across multiple Industries)

DAILY FT