SLID launches Public Sector Forum to advance governance excellence in State-Owned Enterprises, marking a significant step toward strengthening accountability, transparency, and board leadership across Sri Lanka’s public sector institutions.
SLID launches Public Sector Forum to strengthen oversight and accountability in SOEs
The initiative, launched by the Sri Lanka Institute of Directors (SLID) as part of its 25th anniversary celebrations, aims to serve as a dedicated platform for promoting governance best practices, capacity building, and thought leadership within State-Owned Enterprises (SOEs) and the wider public sector. The Forum is chaired by governance professional Arjuna Herath, who will spearhead efforts to enhance institutional effectiveness and governance standards across the sector.
The inaugural event of the Forum was held in collaboration with AICPA & CIMA Sri Lanka under the theme, “Strengthening Oversight: Advancing Governance in Sri Lanka’s State-Owned Enterprises.” Conducted as a live webinar, the event attracted directors, senior public sector officials, auditors, regulators, governance professionals, and business leaders who explored practical strategies for improving oversight and accountability within SOEs.
The launch comes at a time when governance reforms remain a key priority for Sri Lanka’s public sector, particularly as State-Owned Enterprises continue to play a critical role in economic development, public service delivery, and the management of national resources.
The discussion featured keynote presentations by former Auditor General S. Swarnajothi and former Ernst & Young Partner Manil Jayesinghe, alongside insights from Ministry of Finance Director General of Corporate Affairs Dr. Sulakshan Jayawardena. The panel discussion was moderated by BDO Sri Lanka Managing Partner Sujeewa Rajapakse and brought together experts from governance, legal affairs, sustainability, risk management, digital transformation, and forensic accounting.
A central message emerging from the event was that sustainable success for State-Owned Enterprises cannot be measured solely by financial performance. While many SOEs have demonstrated improvements in profitability and operational performance in recent years, speakers stressed that long-term success requires robust governance frameworks, independent oversight mechanisms, effective internal controls, and accountable leadership.
The Forum examined several priority areas that are increasingly shaping the governance agenda within Sri Lanka’s public sector. These included strengthening the effectiveness and independence of Audit Committees, enhancing internal audit capabilities, improving transparency and stakeholder confidence, and strengthening procurement governance and monitoring processes.
Participants also highlighted the growing importance of leveraging technology and data analytics to support oversight functions. Discussions focused on how digital tools, continuous monitoring systems, and data-driven decision-making can help boards and management teams identify risks more effectively and improve accountability.
Emerging challenges related to cybersecurity, data protection, fraud prevention, and digital governance also featured prominently in the discussions. Experts noted that public sector boards are increasingly expected to oversee not only financial performance but also a broader range of operational and strategic risks that could affect institutional performance and public trust.
Another key area of focus was the integration of environmental, social, and governance (ESG governance) principles into board oversight and decision-making. Panellists emphasized that sustainability considerations are becoming an essential component of effective governance and long-term value creation, even within public sector organisations.
The webinar further explored the importance of performance-based accountability frameworks for senior management and boards, highlighting the need for clearly defined responsibilities, measurable outcomes, and transparent reporting mechanisms.
A recurring theme throughout the event was that governance failures often stem not from a lack of regulations but from weaknesses in implementation, monitoring, and enforcement. Participants stressed that stronger institutions require consistent application of existing governance standards, supported by competent leadership and effective accountability mechanisms.
The discussion also underscored the importance of merit-based board appointments, continuous director education, and enhanced professional competencies within boards and Audit Committees. Speakers argued that developing a culture of ethical leadership and professional excellence remains fundamental to improving institutional performance.
Commenting on the launch, Public Sector Forum Chair Arjuna Herath reaffirmed SLID’s commitment to supporting directors, board members, and public sector leaders through governance education, professional development programmes, and thought leadership initiatives designed to strengthen public institutions.
SLID Chief Executive Officer Anitra Perera described the Public Sector Forum as an important milestone in the institute’s 25-year journey of promoting director professionalism and governance excellence. She noted that the Forum would serve as a catalyst for dialogue, learning, and reform, helping to strengthen institutional effectiveness, safeguard public resources, and contribute to Sri Lanka’s long-term economic development.
Looking ahead, the Forum plans to host a series of knowledge-sharing programmes, leadership dialogues, governance research initiatives, and training events focused on enhancing State-Owned Enterprises governance and equipping public sector leaders with the skills needed to navigate an increasingly complex operating environment.
The launch of the Public Sector Forum reinforces SLID’s broader mission of building future-ready boards and promoting world-class governance standards across both the public and private sectors, supporting stronger institutions and better outcomes for Sri Lanka.