📈 The Era of Rubber-Stamp Boards is Over: Governance & Labour Shifts

In an interview ahead of the Sri Lanka National Directors’ Summit on July 22, Dinesh Weerakkody (SLID Chairman) highlighted critical shifts in corporate governance and structural economic needs. • Corporate Governance Challenges: Sri Lankan boards face hurdles in short-term decision-making, weak succession planning, and limited diversity. Boards must treat talent and culture with the same discipline as financial performance to ensure long-term value creation. • AI & Workforce Realities: AI must be treated as an enabler. Reskilling and upskilling are vital as nearly 1 million young Sri Lankans enter the workforce over the next decade amid limited job creation. • Investor & Labour Reforms: To attract foreign capital, Sri Lanka must address two structural constraints: limited access to growth capital and rigid labour market regulations that discourage formal employment. • Strategic Focus: The Employers’ Federation of Ceylon is advocating for reforms that "make it safe to hire, not simply easier to fire" to boost flexibility, increase female labour force participation, and improve national productivity.