As part of its 25th Anniversary celebrations, the Sri Lanka Institute of Directors (SLID) has launched the Public Sector Forum – a dedicated platform aimed at strengthening governance, accountability, and board leadership within Sri Lanka’s public sector institutions and State-Owned Enterprises (SOEs). The Forum is chaired by governance professional Mr. Arjuna Herath, who will lead its efforts to promote governance excellence, capacity building, and thought leadership across the public sector.
The inaugural event of the Forum was conducted in partnership with AICPA & CIMA Sri Lanka under the theme “Strengthening Oversight: Advancing Governance in Sri Lanka’s State-Owned Enterprises.” Held as a live webinar, the session brought together directors, senior public sector officials, auditors, governance professionals, regulators, and business leaders to discuss practical measures for enhancing oversight and accountability within SOEs.
The event featured keynote addresses by Mr. S. Swarnajothi, former Auditor General of Sri Lanka, and Mr. Manil Jayesinghe, former Partner at Ernst & Young, along with insights from Dr. Sulakshan Jayawardena, Director General of Corporate Affairs at the Ministry of Finance. The panel discussion was moderated by Mr. Sujeewa Rajapakse, Managing Partner of BDO Sri Lanka, and included leading experts in governance, legal affairs, sustainability, risk management, digital transformation, and forensic accounting.
A central theme of the discussion was that while many SOEs have shown improvements in financial performance in recent years, sustainable success requires far more than profitability. Speakers stressed that robust governance structures, effective Audit Committees, strong internal controls, risk management frameworks, and accountable leadership are essential to creating long-term public value and protecting national resources.
The Forum explored a number of critical governance priorities facing Sri Lanka’s public sector, including:
· Strengthening the effectiveness and independence of Audit Committees
· Building professional and adequately resourced internal audit functions
· Enhancing transparency, accountability, and stakeholder trust
· Improving procurement governance, planning, and monitoring
· Leveraging technology, data analytics, and continuous monitoring for oversight
· Addressing emerging risks related to cybersecurity, data protection, and fraud
· Embedding ESG and sustainability considerations into board oversight
· Developing performance-based accountability frameworks for senior management and boards
The panelists highlighted that many governance failures arise not from the absence of regulations, but from weak implementation, poor monitoring, and inadequate accountability mechanisms. Discussions also emphasized the importance of merit-based board appointments, continuous director training, stronger professional competencies within boards and Audit Committees, and a governance culture that prioritizes ethical leadership and effective oversight.
Several experts drew attention to the growing importance of digital governance, cyber resilience, forensic readiness, and sustainability reporting. They noted that boards must increasingly oversee not only financial performance but also data governance, ESG risks, anti-bribery compliance, and emerging technology-related risks that could impact organizational performance and public confidence.
A recurring message throughout the webinar was that professionalism remains the cornerstone of effective governance. Participants agreed that stronger institutions require competent boards, independent oversight, clear accountability structures, and a commitment to implementing existing governance frameworks consistently and effectively.
Commenting on the launch of the Forum, Mr. Arjuna Herath, Chair of the SLID Public Sector Forum, reaffirmed SLID’s commitment to supporting directors, board members, and public sector leaders through continuous professional development, governance education, and thought leadership initiatives that contribute to stronger institutions and better public outcomes.
Speaking on the significance of the initiative, SLID CEO Ms. Anitra Perera stated that the Public Sector Forum represents an important milestone in SLID’s 25-year journey of advancing director professionalism and governance excellence in Sri Lanka. She noted that the Forum will serve as a catalyst for dialogue, learning, and reform within the public sector, helping to strengthen institutional performance, safeguard public resources, and support Sri Lanka’s long-term economic development.
The Public Sector Forum will continue to host a series of knowledge-sharing events, leadership dialogues, research initiatives, and governance-focused programmes aimed at equipping public sector leaders with the skills, tools, and insights required to navigate an increasingly complex governance landscape.
The launch of the Public Sector Forum further reinforces SLID’s commitment to building future-ready boards and promoting world-class governance standards across both the private and public sectors of Sri Lanka.
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