Page 75 - 2596-CA SR Lanka- Annual Report 2022

GOVERNANCE REPORTS

GOVERNANCE REPORT

Legal Form Composition of Governing Council Highlights 2022
CA Sri Lanka (the Institute) was 2022-23 y The Audit Committee of CA
established by an Act of parliament No. Tenure on Council Sri Lanka met 9 times during
23 of 1959 as amended for the purpose the year to review internal
of progression promoting theory and Over 5 years 5 audit reports and financial
practice of accountancy, enrolling, 5 - 4 Nil statements, assisting the
educating and training members 1-3 6 Council to discharge its
and for preserving the professional Less than 1 5 duty of accountability to its
independence of accountants, among members.
other objectives. Composition

With effect from November 2019 President 1
the Institute was gazetted under the Elected Members 7
purview of the Minister of Finance. Nominated Members 8

Leadership
The Council of CA Sri Lanka comprises Analysis by Age
7 elected members, 8 members
appointed by the Minister of Finance Over 50 6
that includes the Auditor General of Sri 50 - 40 9
Lanka and Immediate Past President 40 - 30 1
of CA Sri Lanka serves as an ex-officio
members. Elections were held in
December 2021 and a new Council was Skills & Experience
inducted in January 2022 for the term of In Public Practice 8
2 years and their names and profile are
set out on page 20 of this report. Public Sector 4
Private Sector 4
Meetings of the Council
Meetings are held monthly with the
necessary papers provided to the Gender Diversity
Council members for their attention and Women 2
review. The attendance of the members Men 14
of the Council for Council meetings
were set out on page 74.
Time & Commitment of Council
Members
Members of the Council spend a
minimum of 6 hours every month on
activities of the Institute, attending
meetings of the Council, representing
the Institute and in exercising oversight
of subjects assigned to them.

Remuneration
Members of the Council do not receive
fees or remuneration for their services.
Costs related to the representation
of CA Sri Lanka outside Colombo and
overseas are borne by the Institute.

CA SRI LANKA | Integrated Annual Report 2022 73