Independent Directors (Finance/Banking Sector)

Job description
As part of the Government’s strategic initiative to reform State-Owned Financial Institutions, with a focus on strengthening governance and risk management, the Bank of Ceylon, People’s Bank, and National Savings Bank are seeking qualified independent professionals to join their Boards as Independent Directors. This initiative aims to enhance the effectiveness and capacity of the Boards immediately.

A special selection committee, comprising representatives from respected professional bodies and the state sector, will manage the recruitment process. The ideal candidates should have expertise in one or more of the following areas: risk management, internal and external audit, financial reporting, credit decision-making, corporate finance, treasury operations, human resources, and compensation management, strategy and general management, information technology, marketing, economics, law, or other fields critical to banking operations.

This opportunity is open to professionals committed to serving as Independent Directors and contributing to the advancement of these state-owned banks. Compensation for Independent Directors is under review and is expected to be adjusted to market-competitive levels by the end of 2024.

We invite eligible candidates to express their interest in playing a pivotal role in shaping the future of Sri Lanka’s financial sector.

Candidate Profile:
• Should be not more than 70years of age.
• Must hold a Bachelor’s or higher academic degree from a recognized University or an equivalent professional qualification in any of the mentioned disciplines.
• Should have 15 – 20 years of progressively senior-level experience working at a large corporation, commercial bank, or consulting or public accounting firm of which not less than 5 years should have been spent in a C-suite or Partner role.
• Should have served as a member of the Board of Directors (Executive Director, Non-Executive Director, or Independent Director) of a private or public sector entity for at least 3 years.
• The candidate should demonstrate progressive experience at C-suite or professional level in his/her areas of expertise.

Potential applicants should not be:
• A public servant or government contractor.
• An employee, consultant, contractor, or a current member of the Board of Directors of any licensed commercial bank in Sri Lanka. However, this will not apply to the current independent members of the State Banks’ Boards of Directors.
• Having any personal financial interest in or material business relationship with the Bank to which he/she is appointed to serve as an Independent Director.

Potential applicants must:
• Have sufficient time to dedicate to a Bank’s Board of Directors and sub-committees and is a ‘fit and proper’ person as determined by CBSL, to be appointed as an Independent Director.
• Meet all the criteria for independence set down in the CBSL Banking Act Direction No. 11 of 2007 “Corporate Governance for Licensed Commercial Banks in Sri Lanka”, Section 3(2)(iv) and CBSL’s Guidelines for Governance of State-Owned Banks.

Only shortlisted candidates will be notified, and canvassing will lead to disqualification.

Applications with detailed Curriculum Vitae including a recent photograph and contact details of two non-related referees, should reach the following email by or before 13th September 2024. Kindly mention the date of birth (DOB) clearly on the application.