Page 77 - CA Sri Lanka Integrated Annual Report 2023

GOVERNANCE REPORT

Legal Form Composition of the Council 2024-25 Highlights 2023
CA Sri Lanka (the Institute) was The Audit Committee of CA
established by an Act of Parliament Tenure on Council Sri Lanka met 6 times during
No. 23 of 1959 (as amended) for the Over 5 years 4 the year to review internal
purpose of progression promoting 4 - 5 4 audit reports and financial
theory and practice of accountancy, 1 - 3 4 statements, assisting the
enrolling, educating and training Less than 1 year 4 Council to discharge its duty of
members and for preserving the accountability to its members.
professional independence of
accountants, among other objectives. Composition Term of the Governance and
President 1 Audit Committee was ceased
With effect from November 2019 Elected Members 7 as of 15th December 2023 and
the Institute was gazetted under the Nominated Members 8 the new Committee for the term
purview of the Minister of Finance. ending 2025 was appointed by
the Council at its meeting held
Leadership on 21st February 2024, with the
Analysis by Age
The Council of CA Sri Lanka comprises Chairmanship of Mr. Lakshman
7 elected members, 8 members Over 50 years 6 Athukorala.
appointed by the Minister of Finance 40 - 50 years 10
that includes the Auditor General of Sri
Lanka and Immediate Past President
of CA Sri Lanka serves as an ex-officio
members. Elections were held in Skills & Experience
December 2023 and a new Council was In Public Practice 7
inducted in January 2024 for the term of Public Sector 4
2 years and their names and profile are Private Sector 5
set out on page 18 of this report.

Meetings of the Council
Gender Diversity
Meetings are held monthly with the
necessary papers provided to the Women 3
Council members for their attention and Men 13
review. The attendance of the members
of the Council for Council meetings are
set out on page 76.

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 2023 75