🏛️ SLID Launches Public Sector Forum to Drive SOE Governance Excellence

The Sri Lanka Institute of Directors (SLID) marked its 25th anniversary by launching the Public Sector Forum, a platform dedicated to strengthening accountability and board leadership within State-Owned Enterprises (SOEs). • Core Objective: Chaired by Mr. Arjuna Herath, the forum aims to promote governance excellence, capacity building, and institutional reform across the public sector to support Sri Lanka's long-term economic development. • Inaugural Session: Partnered with AICPA & CIMA Sri Lanka under the theme "Strengthening Oversight: Advancing Governance in Sri Lanka’s State-Owned Enterprises," bringing together key state regulators, financial experts, and auditors. • Beyond Profitability: While recent financial performances of many SOEs show improvement, experts emphasized that long-term value requires robust internal controls, independent audit committees, and risk management rather than just short-term profitability. • Key Priorities Identified: • Enhancing transparency, procurement governance, and stakeholder trust. • Transitioning to merit-based board appointments and continuous director training. • Integrating emerging areas like digital governance, cyber resilience, forensic accounting, and ESG (Environmental, Social, and Governance) risk oversight. • Implementation Gaps: Panelists highlighted that major governance failures stem from weak implementation, poor monitoring, and low accountability rather than a lack of existing regulations. The initiative will continue via a series of knowledge-sharing events, leadership dialogues, and research programs to build future-ready public boards.