The Employers' Federation of Ceylon

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Tuesday, 10 October 2017 09:52

Corporate Governance within an organisation constitutes of two elements- one in relation to value chains and having a positive view on issues of sustainability; and the other, in relation to internal constituents, the employees.

In a recent press release by the Employer’s Federation of Ceylon (EFC), its former Director General and the former Senior Specialist for Employers’ Organizations East Asia, ILO, Franklyn Amerasinghe asserts that, merely making a payment in return for services while complying with the law is no longer what constitutes corporate governance.

The former EFC Chief, who was also the Remuneration Committee Chairman of several Companies, will be moderating the session on ‘Governance’ at the upcoming annual EFC-Symposium on ‘Sustainable Enterprises- Creating Value’, according to a EFC media release.

This year’s symposium in early November, will draw experts from the EFC member companies who will deliberate on creating value through sustainable practices along the themes of Governance, Managing Talent, Green Initiatives and Supply Chain.

Governance in the corporate sector has also become ‘quite entangled and enmeshed in externalities which cannot be controlled without tact and diplomacy’, says Mr. Amerasinghe who opines that success in the corporate sector does not merely depend on brilliance in entrepreneurship and creativity today, but also on ‘political intelligence’.

When there is improper governance in the public and political spheres, the organizations in order to carry on their business also descend to the levels of corruption required to stay afloat, he says. “In a society where there is rampant corruption staring you in the face and making competition not merely a matter of quality, quantity and reliable delivery, but a question of also oiling the machine which makes one acceptable, corporates find themselves in a quandary. Political patronage, however, is a dangerous thing for any corporate, given the unpredictability of the political fabric.”

Adhering to proper principles of governance when taking decisions concerning how one competes in the market is imperative, maintains the Senior Industrial Relations Specialist. The Board is especially responsible for due compliance with laws and regulations and needs to be continuously engaged with the internal management in this regard, he asserts.

 

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Last Updated on Wednesday, 18 October 2017 15:40