Board Strategic Planning Committee Report

The Board Strategic Planning Committee significantly participated in developing a long-term business strategy to the Bank while ensuring that the growth opportunities are successfully identified and implemented in line with the Bank's vision and objectives.

Harsha Amarasekera

Chairman

Regular attendees to the Committee meetings by invitation:
  • Members of the Strategic Planning Department.
  • Any other officer/s required by the Committee.

The Company Secretary functioned as the Secretary to the Committee and in his absence, a nominee appointed by the Company Secretary functioned as the Secretary to the Committee during the year under review.

FORMATION OF THE COMMITTEE

The Board Strategic Planning Committee (BSPC) was formed pursuant to a decision at the Board meeting held on 30th January 1997. The Committee aims to monitor alignment of the Bank's strategies with its long-term goals and objectives, taking into account the market dynamics, regulatory and stakeholder concerns, competitiveness and financial stability of the Bank. The BSPC is constituted of a mix of executive, non-executive, independent and non-independent directors, ensuring that a wide array of viewpoints are considered.

COMMITTEE MEMBERSHIP DURING THE YEAR 2024
Board Member Directorship Status Membership Status Attendance (Attended/Eligible to Attend)
Mr Harsha Amarasekera Non-Independent/Non-Executive Chairman 4/4
Mr Rushanka Silva Non-Independent/Non-Executive Member 3/4
Mr Dilip de S Wijeyeratne Independent/Non-Executive Member 4/4
Ms Aroshi Nanayakkara Independent/Non-Executive Member 4/4
Mr Vajira Kulatilaka Independent/Non-Executive Member 4/4
Mrs Keshini Jayawardena Independent/Non-Executive Member 4/4
Mr Vinod Hirdaramani Independent/Non-Executive Member 4/4
Mr Hiran Cabraal Independent/Non-Executive Member 4/4
Mr Keith Modder (Appointed w.e.f 1st June 2024) Independent/Non-Executive Member 4/4
Mrs Ayodhya Iddawela Perera Executive Member 4/4
Mr Ajantha de Vas Gunasekara Executive Member 4/4
Mr Prabhash Subasinghe (Resigned w.e.f 1st June 2024) Non-Independent/Non-Executive Member 0/1

w.e.f - with effect from

Refer pages 186 to 189 for the profiles of the committee members.

KEY ACTIVITIES IN 2024
  • The BSPC conducted quarterly reviews to assess the progress against the existing Strategic Plan and the annual budget, with necessary guidance on the improvements in implementing the strategic plan.
  • The major undertaking by the BSPC in 2024 was reviewing and guiding the progress of the Five-Year Strategic Plan for the Bank. Under the Committee's guidance, the Bank received further direction and input from a well-reputed international consultancy firm, with whom the Bank has also partnered with for shared implementation of critical growth areas.
  • The Bank's budget for 2025 was prepared in line with Five-year Strategic Plan. Both Strategic Plan and Budget have been reviewed and recommended to the Board for approval.
  • The committee will continue to review and monitor both the Strategic Plan and Budget of the Bank during 2025 on quarterly basis and will provide guidance and recommendations to the management and the Board based on the prevailing business conditions and potential risks.
KEY RESPONSIBILITIES OF THE COMMITTEE
  • Assist and guide the Management to formulate the strategic direction of the Bank, including the determination of Vision /Purpose and long and short-term objectives for the sustainable development of the Bank and towards that end:
    • advise the Bank's Management (or Strategy function) on the establishment of processes for planning, implementing, assessing and adjusting the business strategy;
    • consider Economic, Social and Governance (ESG) criteria in strategy formulation;
    • request the Management to evaluate market competition using accepted Strategic Management tools.
  • Fulfil oversight responsibilities relating to the Bank's strategy including periodic review.
  • Assist and support the Bank's Management in the preparation of Short Term, Medium Term and Long- Term plans to fulfil the Bank's goals and objectives.
  • Ensure a robust annual Strategic Plan taking into account competitor analysis, global and local market development trends as well as developments in the technological sphere, which could impact the financial services industry.
  • Review annually, the Bank's achievement against Strategic objectives.
  • Finalise and approve the Annual Budget.
  • Oversee the implementation of the Annual budget and execution against strategic milestones and goals.
  • Approve specific short-term initiatives (E.g.: new products, efficiency measures, profit generation opportunities).
  • Conduct post-implementation assessment of strategic initiatives and programmes.
  • Perform any other activity within the scope of BSPC related activities that is deemed by the Committee to be required which will serve to enhance its or the Strategy function's effectiveness and efficiency.
  • Review the Terms of Reference of the Committee periodically, and ensure that it reflects the best practices of the industry at all times.
REPORTING TO THE BOARD

The minutes of the Committee meetings were tabled at Board meetings, thereby providing the Board members with access to the deliberations of the Committee.

PERFORMANCE EVALUATION OF THE COMMITTEE

The annual self-evaluation of the Committee was conducted at the year- end by the members of the Committee. The results were discussed at the Committee with, where necessary, areas for improvement being identified and the plans for improvement being communicated to the Board.

On behalf of the Board Strategic Planning Committee,

HARSHA AMARASEKERA

Chairman - Board Strategic Planning Committee

17th February 2025

Colombo, Sri Lanka

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