249Corporate Governance CBSL Rule Compliance and ImplementationPrinciple Reference A compliance function has been established to assess the Bank’s compliance with laws, regulations, and regulatory guidelines. Compliance unit will have to©!MKNJG?LAC© TF assess the Bank’s compliance with internal controls and approved policies onfunction all areas of business operations. This function is headed by a dedicated Group !MKNJG?LAC©-LjACP©UFM©PCNMPRQ©RM©RFC© M?PB©'LRCEP?RCB©0GQI©+?L?ECKCLR© !MKKGRRCC©9 '0+!;©?LB©GQ©PCQNMLQG@JC©DMP©NPMTGBGLE©RFC©DMJJMUGLE3(7) RELATED PARTY TRANSACTIONS A detailed quarterly report on statutory and mandatory reporting requirements indicating the status of compliance to the Board©!?RCEMPGCQ©MD© G ©KMLRFJW©AMKNJG?LAC©ACPRGdžA?RC©UGRF©QGEL MDž©DPMK©?JJ©@SQGLCQQ©SLGR©FC?BQ©RM©related parties and the Committee.?TMGB©AMLLJGAR©MD©interest A Board approved documented process is in place on categories of related N?PRGCQ©GL©MPBCP©DMP©RFC© ?LI©RM©?TMGB©?LW©AMLLJGARQ©MD©GLRCPCQR©RF?R©K?W©?PGQC©©0CJ?RCB©N?PRW© GG from any transaction with the relevant parties. Further, Directors are individually requested to declare their transactions withtransactions covered by the Bank on a quarterly and annual basis and the Bank’s Corporate web is updated with the information obtained.direction \"CdžLGRGMLQ©MD©PCJ?RCB©N?PRW©RP?LQ?ARGMLQ©AMTCPCB©@W©RFC©?@MTC© M?PB©NPMACQQ©©+MLGRMPGLE© GGG ?LB©BCAJ?P?RGMLQ©@W©\"GPCARMPQ©?LB©)CW©+?L?ECKCLR©.CPQMLLCJ©GLAJSBCof related party ?©© 2FC©EP?LR©MD©?LW©RWNC©MD©?AAMKKMB?RGML©?Q©BCdžLCB©GL©RFC©+MLCR?PW©RP?LQ?ARGMLQ©BCdžLCB©as more favourable Board’s Directions on maximum amount of accommodation,treatment @©© 2FC©APC?RGML©MD©?LW©JG?@GJGRGCQ©MD©RFC© ?LI©GL©RFC©DMPK©MD©BCNMQGRQ©©%P?LRGLE© GT borrowings and investments,accommodation to A©© 2FC©NPMTGQGML©MD©?LW©QCPTGACQ©MD©?©džL?LAG?J©MP©LML džL?LAG?J©L?RSPC©a Director or closerelation to a Director provided to the Bank or received from the Bank, B©© 2FC©APC?RGML©MP©K?GLRCL?LAC©MD©PCNMPRGLE©JGLCQ©?LB©GLDMPK?RGML©LJMUQ©© AAMKKMB?RGML© Tgranted to persons, or between the Bank and any related parties which may lead to theconcerns of persons, QF?PGLE©MD©NMRCLRG?JJW©NPMNPGCR?PW©AMLdžBCLRG?J©MP©MRFCPUGQC©QCLQGRGTC©or close relations GLDMPK?RGML©RF?R©K?W©EGTC©@CLCdžRQ©RM©QSAF©PCJ?RCB©N?PRGCQ of persons, whosubsequently are The Bank has implemented a process to monitor related party transactionsappointed as Directors ?LB©GLQCPR©BCR?GJQ©MD©?JJ©PCJ?RCB©N?PRGCQ©RFCGP©'\"©LSK@CPQ©?LB© 0©LSK@CPQ©RM©of the Bank RFC©!MPNMP?RC©'LRP?LCR © ?LI©UGJJ©GQQSC©GLQRPSARGMLQ©RM©?JJ©MNCP?RGML?J©QR?Dž©RM© APMQQ©AFCAI©RFC©BCR?GJQ©GL©RFC©!MPNMP?RC©'LRP?LCR©RM©CLQSPC©RF?R©RFCW©BM©LMR© MDžCP©?LW©D?TMSP?@JC©RPC?RKCLR©RM©QSAF©PCJ?RCB©N?PRGCQ©RF?L©RF?R©?AAMPBCB©RM© other constituents of the bank carrying on the same business. A procedure is in place for granting accommodation to Directors or to close relations of Directors. Such accommodation requires approval at a meeting of the Board of Directors, by not less than 2/3rds of the number of Directors other than the Director concerned, voting in favour of such accommodation. The terms and conditions of the facility include a proviso that it will be secured by such security as may from time to time be determined by the Monetary Board as well. 2FC©%PMSN©!MKN?LW©1CAPCR?PW©M@R?GLQ©BCAJ?P?RGMLQ?LjB?TGRQ©DPMK©?JJ© Directors prior to their appointment and they are requested to declare any further transactions. Employees of the Bank are aware of the requirement to obtain necessary QCASPGRW©?Q©BCdžLCB©@W©RFC©+MLCR?PW© M?PB©GD©RFC©LCCB©?PGQCQ .PMACQQCQ©DMP©AMKNJG?LAC©UGRF©RFGQ©PCESJ?RGML©?PC©?JQM©KMLGRMPCB©@W©RFC© Compliance Unit. This situation has not arisen in the Bank to date.
250 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceCorporate GovernanceTHE BANKING ACT DIRECTION NO 11 OF 2007 AND SUBSEQUENT AMENDMENTS THERETO ON CORPORATEGOVERNANCE FOR LICENSED COMMERCIAL BANKS IN SRI LANKA ISSUED BY THE CENTRAL BANKCorporate Governance CBSL Rule Compliance and ImplementationPrinciple Reference3(7) RELATED PARTY TRANSACTIONS©$?TMSP?@JC© TG ,M©D?TMSP?@JC©RPC?RKCLR©?AAMKKMB?RGML©GQ©NPMTGBCB©RM© ?LI©CKNJMWCCQ©treatment or TGG MRFCP©RF?L©QR?Dž©@CLCdžRQ ©#KNJMWCCQ©MD©RFC© ?LI©?PC©GLDMPKCB©RFPMSEF©accommodation to operational circulars to refrain from granting favourable treatment to otherBank employees or employees or their close relations or to any concern in which an employee ortheir close relations close relation has a substantial interest.©0CKGRR?LAC© The situation has not arisen in the Bank to date.of accommodationssubject to MonetaryBoard approval3(8) DISCLOSURES©.S@JGQF©?LLS?J© G Annual audited Financial Statements and quarterly Financial Statements areand quarterly Financial prepared and published in accordance with the formats prescribed by theStatements supervisory and regulatory authorities and applicable Accounting Standards.3(8)(II) DISCLOSURES IN ANNUAL REPORT© ©QR?RCKCLR© GG? ©QR?RCKCLR©RM©RFGQ©CDžCAR©GQ©GLAJSBCB©GL©RFC©DMJJMUGLERM©RFC©CDžCAR©RF?R©the annual audited © 1R?RCKCLR©MD©\"GPCARMPQ©0CQNMLQG@GJGRW©DMP©$GL?LAG?J©0CNMPRGLE©EGTCL©ML©džL?LAG?J©QR?RCKCLRQ© pages 287 & 288.have been preparedin line with applicable © LLS?J©0CNMPR©MD©RFC© M?PB©MD©\"GPCARMPQ©ML©RFC© Dž?GPQ©MD©RFC©!MKN?LW©accounting standards given on pages 272 to 282.and regulatoryrequirements, inclusive © +?L?EGLE©\"GPCARMPQ©?LB©%PMSN©!FGCD©$GL?LAG?J©-LjACPQ©0CQNMLQG@GJGRW©MD©QNCAGdžA©BGQAJMQSPCQ Statement given on page 286.©0CNMPR©@W©RFC© GG@ 2FC© LLS?J©0CNMPR©GLAJSBCQ©RFC©DMJJMUGLE©PCNMPRQ©UFCPC©RFC© M?PB©AMLdžPKQ©Board on the Bank’s RF?R©RFC©džL?LAG?J©PCNMPRGLE©QWQRCK©F?Q©@CCL©BCQGELCB©RM©NPMTGBC©PC?QML?@JC©internal control ?QQSP?LAC©PCE?PBGLE©RFC©PCJG?@GJGRW©MD©džL?LAG?J©PCNMPRGLE©?LB©RF?R©RFC©mechanism NPCN?P?RGML©MD©džL?LAG?J©QR?RCKCLRQ©DMP©CVRCPL?J©NSPNMQCQ©F?Q©@CCL©BMLC©GL© accordance with relevant accounting principles and regulatory requirements:© QQSP?LAC©0CNMPR© GGA © 1R?RCKCLR©MD©\"GPCARMPQ©0CQNMLQG@GJGRW©DMP©$GL?LAG?J©0CNMPRGLE©EGTCL©ML©issued by the Auditors pages 287 & 288.SLBCP©1PG©*?LI?©Standard on Assurance © LLS?J©0CNMPR©MD©RFC© M?PB©MD©\"GPCARMPQ©ML©RFC© Dž?GPQ©MD©RFC©!MKN?LW©#LE?ECKCLRQ©1*1 #© given on pages 272 to 282.3050 2FC© M?PB©F?Q©M@R?GLCB©?L©?QQSP?LAC©PCNMPR©ML©RFC©CDžCARGTCLCQQ©MD©'LRCPL?J©©\"CR?GJQ©MD© GGB !MLRPMJQ©-TCP©$GL?LAG?J©0CNMPRGLE©UFGAF©GQ©NS@JGQFCB©ML©N?EC© Directors Details of Directors are given on pages 10 to 15. Directors interests in contracts with the Company on page 282. © 0CKSLCP?RGMLQ©N?GB©@W©RFC© ?LI©?PC©EGTCL©GL©,MRC©,M© ©RM©RFC© Financial Statements on page 371.
251Corporate Governance CBSL Rule Compliance and ImplementationPrinciple Reference©2MR?J© GGC 0CJ?RCB©.?PRW©2P?LQ?ARGMLQ©?PC©EGTCL©GL©,MRC©,M©©RM©RFC©$GL?LAG?J©1R?RCKCLR©accommodations on pages 371 to 376.granted to eachcategory of related \"GPCAR©?LB©'LBGPCAR©?AAMKKMB?RGML©EP?LRCB©RM©C?AF©A?RCEMPW©MD©0CJ?RCB©parties and as a parties are given belowpercentage of theBank’s regulatory Category of Related Party Amount %capital Transactions 0Q©+L 0.2 )CW©+?L?ECKCLR©.CPQMLLCJ©).+ 71.3 Subsidiaries 1,520.3 3.7 #LRGRGCQ©AMLRPMJJCB©@W©)+.©?LB© 5,355.9 13.1 their close family members© EEPCE?RC©T?JSCQ© GGD 2FC©?EEPCE?RC©T?JSCQ©MD©PCKSLCP?RGML©N?GB©RM©)+.©?Q©NCP©! 1*©BCdžLGRGML©of remuneration paid DMP©RFC©WC?P©?PC©?Q©DMJJMUQ©1FMPR©RCPK©CKNJMWCC©@CLCdžRQ©0Q© ©+L©©to, and transactions 0Q© ©+L©#1-.©0Q© ©+L©©0Q© ©+L©NMQR CKNJMWKCLR©@CLCdžRQ©with Key Management 0Q© ©+L©©0Q© ©+L©?LB©\"GPCARMPQ©DCCQ©©CVNCLQCQ©0Q© ©+L©.CPQMLLCJ ©0Q© ©+L ©2FC©?EEPCE?RC©T?JSC©MD©RP?LQ?ARGMLQ©MD©RFC© ?LI©?Q©?R© WC?P©CLB©UGRF©)+.©?Q©NCP©! 1*©BCdžLGRGML©?PC©?Q©DMJJMUQ©*M?LQ©?BT?LACQ©© APCBGR©A?PB©@?J?LACQ©0Q© ©+L©©0Q© ©+L©\"CNMQGRQ©©GLTCQRKCLRQ© 0Q© ©+L©©0Q© ©+L©A?QF©BGTGBCLB©N?GB©0Q© ©+L©©0Q© © +L©?LB©QAPGN©BGTGBCLB©N?GB©,GJ©©©QF?PCQ ©!MLdžPK?RGML© GGE 2FC© ?LI©F?Q©M@R?GLCB©ACPRGdžA?RGML©DPMK©RFC©#VRCPL?J© SBGRMPQ©MD©AMKNJG?LAC©by the Board on the GGF with Corporate Governance DirectionsAnnual CorporateGovernance report GGG 2FC©1R?RCKCLR©MD©\"GPCARMPQ©0CQNMLQG@GJGRW©ML©$GL?LAG?J©0CNMPRGLE©EGTCL© on pages 287 & 288 clearly sets out details regarding compliance with©0CNMPR© prudential requirements, regulations, laws and internal controls. There wereAMLdžPKGLE©AMKNJG?LAC© no instances of material non-compliance to report on corrective action takenwith prudential during the year.requirements,regulations, laws and 2FCPC©UCPC©LM©QSNCPTGQMPW©AMLACPL©J?NQCQ©GL©RFC© ?LIQ©0GQI©+?L?ECKCLR©internal controls Systems or non-compliance with these directions that have been pointed MSR©@W©RFC©\"GPCARMP©MD©RFC© ?LIQ©1SNCPTGQGML©\"CN?PRKCLR©MD©RFC©! 1*©?LB©©+C?QSPCQ© therefore there is no disclosure in this regard.taken to rectify non-AMKNJG?LAC©'QQSCQ3(9) TRANSITIONAL AND OTHER GENERAL PROVISIONS©2P?LQGRGML?J© The Bank has complied with the transitional and other general provisionsand other generalprovisionsDhammika Perera Aravinda PereraChairman Managing Director!MJMK@M©1PG©*?LI?19th February 2015
252 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Audit Committee ReportCOMPOSITION OF THE BOARD AUDIT DUTIES AND ROLE OF THE BOARD AUDITCOMMITTEE COMMITTEE2FC© M?PB© SBGR©!MKKGRRCC©RFC©!MKKGRRCC©?NNMGLRCB© The Committee is responsible for:by and responsible to the Board of Directors comprises © 0CTGCUGLE©džL?LAG?J©GLDMPK?RGML©MD©RFC© ?LI©GL©MD©džTC©,ML©#VCASRGTC©\"GPCARMPQ©UFM©AMLBSAR©!MKKGRRCC© order to monitor the integrity of the FinancialNPMACCBGLEQ©GL©?AAMPB?LAC©UGRF©RFC©2CPKQ©MD©0CDCPCLAC© 1R?RCKCLRQ©MD©RFC© ?LI©GRQ© LLS?J©0CNMPR©approved by the Board. The following members serve in accounts and quarterly reports prepared for disclosure;the Committee: © 0CNMPRGLE©RM©RFC© M?PB©ML©RFC©OS?JGRW©?LB©+P©0?LGJ©.?RFGP?L?©!F?GPK?L© ,#\" acceptability of the Bank’s accounting policies and practices;+P©1?LHGT?©1CL?L?W?IC© ',\",#\" © 0CTGCUGLE©?AAMSLRGLE©?LB©džL?LAG?J©PCNMPRGLE©+P©\"CCN?J©1MMPGW??P?AFAFG© ',\",#\" risk management processes and regulatory compliance;.PMD©+?JGI©0?L?QGLEFC© ',\",#\" © 0CTGCUGLE©MD©RFC©$GL?LAG?J©1R?RCKCLRQ©GLAJSBGLE©+PQ©\"F?P?©5GH?W?RGJ?IC© ',\",#\" OS?PRCPJW©GLRCPGK©QR?RCKCLRQ©NPGMP©RM©NS@JGA?RGML© to ensure compliance with statutory provisions,',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP© accounting standards and accounting policies which are consistently applied; PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM©©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW© © 0CTGCUGLE©GLRCPL?J©?SBGR©PCNMPRQ©?LB©JG?GQGLE©UGRF©functions as the Secretary of the Board Audit Committee. Corporate Management in taking precautionary measures to minimise control weaknesses,2FC©!F?GPK?L©MD©RFC©!MKKGRRCC©+P©0?LGJ©.?RFGP?L?©UFM© procedure violations, frauds, and errors;GQ©?©,ML©#VCASRGTC©\"GPCARMP©GQ©?©$CJJMU©+CK@CP©MD©RFC©!F?PRCPCB©'LQRGRSRC©MD©+?L?ECKCLR© AAMSLR?LRQ©3)©?LB© 6. Assessing the independence and monitoring theAMSLRQ©K?LW©WC?PQ©MD©CVNCPGCLAC©GL©RFC©džL?LAG?J©QCPTGACQ© NCPDMPK?LAC©?LB©DSLARGMLQ©MD©'LRCPL?J© SBGR©industry. including overseeing the appointment of the Head MD©'LRCPL?J© SBGR TERMS OF REFERENCE 7. Overseeing the appointment, compensation,2FC©!F?PRCP©MD©RFC© M?PB© SBGR©!MKKGRRCC©AJC?PJW©BCdžLCQ© resignation, dismissal of the External Auditor,RFC©2CPKQ©MD©0CDCPCLAC©MD©RFC©!MKKGRRCC ©2FC© M?PB© including review of the external audit, its costperiodically reviews the Committee Charter as and when ?LB©CDžCARGTCLCQQ©?LB©KMLGRMPGLE©MD©RFC©#VRCPL?J©required. The Committee is responsible to the Board Auditor’s independence;of Directors and reports on its activities regularly. TheBoard Audit Committee also assists the Board in its © 0CTGCUGLE©CDžCARGTCLCQQ©MD©RFC© ?LIQ©QWQRCKQ©MD©ECLCP?J©MTCPQGEFR©MD©džL?LAG?J©PCNMPRGLE©GLRCPL?J©AMLRPMJQ© GLRCPL?J©AMLRPMJ©MTCP©džL?LAG?J©PCNMPRGLE©RM©NPMTGBC©and functions relating to internal and external audits. reasonable assurance regarding the reliability of džL?LAG?J©PCNMPRGLE©?LB©RFC©NPCN?P?RGML©MD©$GL?LAG?J©REGULATORY COMPLIANCE Statements for external purposes have been done in accordance with applicable accounting standardsThe roles and functions of the Committee are regulated and regulatory requirements; and@W©RFC© ?LIGLE© AR©\"GPCARGML©,M©©MD©©ML©RFC©K?LB?RMPW©!MBC©MD©!MPNMP?RC©%MTCPL?LAC©DMP©*GACLQCB© 9. Engaging independent advisors on specialised!MKKCPAG?J© ?LIQ©GL©1PG©*?LI?©GQQSCB©@W©RFC©!CLRP?J© functions where it is deemed necessary. ?LI©MD©1PG©*?LI?©RFC©0SJCQ©ML©!MPNMP?RC©%MTCPL?LAC©?Q©NCP©QCARGML© ©MD©*GQRGLE©0SJCQ©GQQSCB©@W©RFC©!MJMK@M©1RMAI©#VAF?LEC©?LB©RFC©!MBC©MD© CQR©.P?ARGAC©ML©Corporate Governance issued jointly by the Securities?LB©#VAF?LEC©!MKKGQQGML©1#!©?LB©RFC©'LQRGRSRC©MD©!F?PRCPCB© AAMSLR?LRQ©MD©1PG©*?LI?©'! 1* ©
253BOARD AUDIT COMMITTEE MEETINGS and other relevant Department Heads was formulated in 2010 with the guidance of the Bank’s External AuditorThe Committee met 10 times during the year. Attendance #PLQR©©7MSLE©UFGAF©AMLRGLSCB©RM©DSLARGML©GL©©?Q©by the Committee members of these meetings is given UCJJ ©2FC©'LRCPL?J© SBGR©\"CN?PRKCLR©A?PPGCB©MSR©U?JI©GL©RFC©R?@JC©ML©N?EC©©MD©RFC© LLS?J©0CNMPR ©2FC© through tests on the documented processes to establishManaging Director, Executive Director/Group Chief their adequacy and commented where necessary.$GL?LAG?J©-LjACP©\"CNSRW©%CLCP?J©+?L?ECP©©$GL?LAC©&C?B©MD©'LRCPL?J© SBGR©1CLGMP©+?L?ECP© ©1WQRCKQ© SBGR© ?QCB©ML©'LRCPL?J© SBGRMPQ©?LB©#VRCPL?J© SBGRMPQ©and the External Auditors also attended these meetings assessments, the Board has concluded that, as of 31stby invitation. Four of these meetings were held to \"CACK@CP©©RFC© ?LIQ©GLRCPL?J©AMLRPMJ©MTCP©džL?LAG?J©consider and recommend to the Board of Directors the PCNMPRGLE©GQ©CDžCARGTC ©\"GPCARMPQ©0CNMPR©ML©RFC© ?LIQ©Bank’s quarterly and annual Financial Statements. The 'LRCPL?J©!MLRPMJ©MTCP©$GL?LAG?J©0CNMPRGLE©GQ©NPMTGBCB©!MKKGRRCC©KCR©RFC©#VRCPL?J© SBGRMPQ©?LB©RFC©'LRCPL?J© on pages 283 & 284. The Bank’s External AuditorsAuditors twice during the year without the presence of F?TC©?SBGRCB©RFC©CDžCARGTCLCQQ©MD©RFC© ?LIQ©GLRCPL?J©MD and the Corporate Management to ensure that there AMLRPMJ©MTCP©džL?LAG?J©PCNMPRGLE©?LB©F?TC©PCNMPRCB©RM©was no limitation of scope in relation to the Audit and the Board that nothing has come to their attention thatto allow for full disclosure of any incident which could A?SQCQ©RFCK©RM©@CJGCTC©RF?R©RFC©džL?LAG?J©PCNMPRGLE©GQ©F?TC©F?B©?©LCE?RGTC©GKN?AR©ML©RFC©CDžCARGTCLCQQ©MD©RFC© inconsistent with their understanding of the processesexternal/internal audits, and concluded that there was no adopted by the Board in the review of the design andcause for concern. CDžCARGTCLCQQ©MD©RFC©GLRCPL?J©AMLRPMJ©QWQRCK©MD©RFC© ?LI © #VRCPL?J© SBGRMPQ©0CNMPR©ML©RFC© ?LIQ©'LRCPL?J©!MLRPMJ©FINANCIAL REPORTING MTCP©$GL?LAG?J©0CNMPRGLE©GQ©NPMTGBCB©ML©N?EC© The Committee, as part of its responsibility to oversee ANNUAL CORPORATE GOVERNANCERFC© ?LIQ©džL?LAG?J©PCNMPRGLE©NPMACQQ©ML©@CF?JD©MD©RFC© REPORTBoard of Directors, has reviewed and discussed with theManagement and the External Auditors the quarterly Q©PCOSGPCB©@W©1CARGML©GGE©MD©RFC© ?LIGLE© AR©and the annual Financial Statements prior to their \"GPCARGML©,M©©MD©©ML©!MPNMP?RC©%MTCPL?LAC©DMP©release. The review included the quality and acceptability *GACLQCB©!MKKCPAG?J© ?LIQ©GQQSCB©@W©RFC©!CLRP?J© ?LI©of accounting policies and practices, the clarity of the MD©1PG©*?LI?©RFC© LLS?J©!MPNMP?RC©%MTCPL?LAC©0CNMPR©BGQAJMQSPCQ©?LB©RFC©CVRCLR©MD©AMKNJG?LAC©UGRF©džL?LAG?J© for 2014 is provided on pages 206 to 251. The ExternalPCNMPRGLE©QR?LB?PBQ©RFC©!MKN?LGCQ© AR©,M©©MD©© Auditors of the Bank have performed procedures setRFC© ?LIGLE© AR©,M©©MD©©?LB©?KCLBKCLRQ©RFCPCRM© MSR©GL©1PG©*?LI?©0CJ?RCB©1CPTGACQ©.P?ARGAC©1R?RCKCLR©?LB©MRFCP©PCJCT?LR©džL?LAG?J©?LB©EMTCPL?LAC©PCNMPRGLE© ©GQQSCB©@W©RFC©'LQRGRSRC©MD©!F?PRCPCB© AAMSLR?LRQ©requirements. To facilitate their review, the Board Audit MD©1PG©*?LI?©1*01.1©©RM©KCCR©RFC©AMKNJG?LAC©Committee considered reports from the Executive requirement of the Corporate Governance directive. Their\"GPCARMP%PMSN©!FGCD©$GL?LAG?J©-LjACP©?LB©?JQM©PCNMPRQ© džLBGLEQ©NPCQCLRCB©GL©RFCGP©PCNMPR©B?RCB©from the External Auditors on the outcome of their half- 19th February 2015 addressed to the Board areyear review and annual audit. consistent with the matters disclosed above and did not identify any inconsistencies to those reported by theINTERNAL CONTROL OVER FINANCIAL Board on pages 236 to 251.0#.-02',%©˒'!-$0˓ INTERNAL AUDIT2FC© ?LI©GQ©PCOSGPCB©RM©AMKNJW©UGRF©1CARGML©GG@©MD©RFC© ?LIGLE© AR©\"GPCARGML©,M©©MD©©ML©!MPNMP?RC© The Board Audit Committee monitored and reviewed%MTCPL?LAC©DMP©*GACLQCB©!MKKCPAG?J© ?LIQ©GQQSCB©@W©RFC© RFC©QAMNC©CVRCLR©?LB©CDžCARGTCLCQQ©MD©RFC©?ARGTGRW©MD©RFC©!CLRP?J© ?LI©MD©1PG©*?LI?©?LB©?QQCQQ©RFC©CDžCARGTCLCQQ©MD©GLRCPL?J©AMLRPMJ©MTCP©džL?LAG?J©PCNMPRGLE©?Q©MD©QR© ?LIQ©'LRCPL?J© SBGR©\"CN?PRKCLR ©2FGQ©GLAJSBCB©PCTGCUGLE©December 2014. of updates on audit activities and achievements against the Bank’s audit plan, advising corporate management to2FC© ?LI©?QQCQQCB©RFC©CDžCARGTCLCQQ©MD©GRQ©GLRCPL?J© R?IC©NPCA?SRGML?PW©KC?QSPCQ©ML©QGELGdžA?LR©?SBGR©džLBGLEQ©AMLRPMJ©MTCP©džL?LAG?J©PCNMPRGLE©?Q©MD©QR©\"CACK@CP© ?LB©?QQCQQKCLR©MD©PCQMSPAC©PCOSGPCKCLRQ©MD©RFC©'LRCPL?J©2014 based on the criteria set out in the Guidance for Audit Department. The Committee had necessary\"GPCARMPQ©MD© ?LIQ©ML©2FC©\"GPCARMPQ©1R?RCKCLR©MD© GLRCP?ARGMLQ©UGRF©RFC©&C?B©MD©'LRCPL?J© SBGR©RFPMSEFMSR©'LRCPL?J©!MLRPMJ©GQQSCB©@W©RFC©'LQRGRSRC©MD©!F?PRCPCB© the year. AAMSLR?LRQ©MD©1PG©*?LI?©'! 1*©GL© During the year, the Committee reviewed the internalThe Bank’s assessment was based on processes audit plan and monitored the implementation of it on adocumented by the respective process owners. For regular basis. The sections covered and the regularitythe successful implementation of this task a steering of audits depends on the risk level of each section, withcommittee headed by the Executive Director/Group Chief higher risk sections being audited more frequently.$GL?LAG?J©-LjACP©AMKNPGQGLE©MD©!MPNMP?RC©+?L?ECKCLR©
254 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Audit Committee Report2FC©'LRCPL?J© SBGR©\"CN?PRKCLR©AMKNPGQCQ©RFPCC©@PM?B© © 0CTGCUCB©RFC©+?L?ECKCLR©*CRRCPQ©GQQSCB©@W©areas namely: the External Auditor together with management responses thereto. © P?LAF©0CEGML?J©MLjAC© SBGRQ2. Departments including Trade Finance and Treasury 5. Met the External Auditor twice during the year without the Executive Directors and the Corporate Audits; and Management to ensure that there was no limitation © $MPCLQGA©?LB©$P?SB©'LTCQRGE?RGMLQ © of scope in relation to the Audit and to allow for full disclosure of any incidents which could have'L©©RFC© M?PB© SBGR©!MKKGRRCC©PCTGCUCB©GLRCPL?J© F?B©?©LCE?RGTC©GKN?AR©ML©RFC©CDžCARGTCLCQQ©MD©RFC©audit reports of 156 branches, 35 departments and 4 CVRCPL?J©?SBGR ©'R©U?Q©AMLAJSBCB©RF?R©RFCPC©U?Q©LM©QS@QGBG?PGCQ © SBGR©džLBGLEQ©NPCQCLRCB©GL©RFC©PCNMPRQ©?PC© cause for concern.prioritised based on the level of risk. The CommitteeDMJJMUCB©SN©ML©'LRCPL?J© SBGR©PCAMKKCLB?RGMLQ©UGRF©RFC© © 0CTGCUCB©RFC©,ML SBGR©1CPTGACQ©NPMTGBCB©@W©RFC©!MPNMP?RC©+?L?ECKCLR ©'LRCPL?J© SBGR©PCNMPRQ©?PC©K?BC© External Auditor and was of the view that suchavailable to External Auditors as well. services were not within the category of services GBCLRGdžCB©?Q©NPMFG@GRCB©SLBCP2FC©'LRCPL?J© SBGR©\"CN?PRKCLR©F?Q©K?GLR?GLCB©?L©average audit cycle of approximately one audit every 19 the guidelines issued by the Central Bankmonths. MD©1PG©*?LI?©DMP©#VRCPL?J© SBGRMPQ©PCJ?RGLE© to their statutory duties in terms of SectionTrade Finance and Treasury Audits are assigned ©MD©RFC© ?LIGLE© AR©,M©©MD©©?LB©with equal prominence and emphasis considering its amendments thereto.complexities and importance in the context of currenteconomic environment. © RFC©%SGBCJGLC©DMP©*GQRCB©!MKN?LGCQ©ML© Audit and Audit Committees issued by the JMLE©UGRF©RFC©QGELGdžA?LR©džLBGLEQ©RFC©'LRCPL?J© SBGR© Securities and Exchange Commission of SriDepartment has been engaged in sharing and providing *?LI? ILMUJCBEC©RFPMSEF©PCESJ?P©RP?GLGLE©RM©RFC© ?LIQ©QR?Dž©ML©@CRRCP©AMLRPMJ©?U?PCLCQQ ©'L©ICCNGLE©UGRF© M?PB© © 0CTGCUCB©RFC©*CRRCP©MD©0CNPCQCLR?RGML©GQQSCB©RM© SBGR©!MKKGRRCC©PCAMKKCLB?RGMLQ©RFC©'LRCPL?J© SBGR© the External Auditors by the Board.Department has also provided inputs to the Corporate+?L?ECKCLR©DMP©CDžCARGTC©AMLRPMJ©?LB©NPCTCLRGML©MD© © 0CTGCUCB©RFC©*CRRCP©MD©'LBCNCLBCLAC©!MLdžPK?RGML©fraud, which are regularly addressed to stay on course. issued by the External Auditor as required by the !MKN?LGCQ© AR©,M©©MD©©AMLdžPKGLE©RF?R©EXTERNAL AUDITORS they do not have any relationship or interest in the company, which may have a bearing on theirWith regard to the external audit function of the Bank, independence within the meaning of the Code ofthe role played by the Committee is as follows: !MLBSAR©?LB©#RFGAQ©MD©RFC©'LQRGRSRC©MD©!F?PRCPCB© AAMSLR?LRQ©MD©1PG©*?LI? 1. Undertook the annual evaluation of the independence and objectivity of the External The Committee has recommended to the Board of SBGRMP©?LB©RFC©CDžCARGTCLCQQ©MD©RFC©?SBGR©NPMACQQ Directors that Messrs Ernst and Young, Chartered AAMSLR?LRQ©@C©PC?NNMGLRCB©DMP©RFC©džL?LAG?J©WC?P©2. Met with the External Auditors to discuss their ending 31st December 2015 subject to the approval of audit approach and procedure, including matters shareholders at the next Annual General Meeting. relating to the scope of the audit and Auditor’s independence. © 0CTGCUCB©RFC©?SBGRCB©$GL?LAG?J©1R?RCKCLRQ© with the External Auditor who is responsible for expressing an opinion on its conformity with the Sri *?LI?© AAMSLRGLE©1R?LB?PBQ
255WHISTLE BLOWING1?KN?RF© ?LIQ©5FGQRJC© JMUGLE©.MJGAW©GQ©GLRCLBCB©RM©serve as a channel of corporate fraud risk management.The policy allows any Team Member who has a legitimateconcern on an existing or potential “wrong doing”,done by any person within the Bank, to come forwardvoluntarily, and bring such concern to the notice of theAudit Committee Chairman through Group CompanySecretary. Concerns raised are investigated and theidentity of the person raising the concern is keptAMLdžBCLRG?J©?Q©CTCL©?LMLWKMSQ©AMKNJ?GLRQ©?PC©JMMICB©at. This procedure is being monitored by the Board AuditCommittee.PROFESSIONAL ADVICEThe Committee has the authority to seek externalprofessional advice on matters within its purview; andfrom time to time during the year consultations weredone with various parties.BOARD AUDIT COMMITTEE EVALUATIONThe annual evaluation of the Committee was conductedby the Board Audit Committee during the year andAMLAJSBCB©RF?R©GRQ©NCPDMPK?LAC©U?Q©CDžCARGTC On behalf of the Board Audit CommitteeRanil PathiranaChairman - Board Audit Committee!MJMK@M©1PG©*?LI?19th February 2015
256 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Human Resources andRemuneration Committee ReportTHE COMPOSITION OF THE The Committee shall take on any other areasBOARD HUMAN RESOURCES AND and enlarge its scope which in its view or in theREMUNERATION COMMITTEE Board’s view is desirable if it were handled by the Committee.2FC© M?PB©&SK?L©0CQMSPACQ©?LB©0CKSLCP?RGML© The Committee shall advise the Deputy General!MKKGRRCC©AMKNPGQCQ©DMSP©,ML #VCASRGTC©\"GPCARMPQ©?LB© +?L?ECP©&SK?L©0CQMSPACQ©MD©RFC© ?LI©UGRF©one Executive Director. The Directors who serve on the PCE?PB©RM©PCTGQGML©MD©Q?J?PGCQ©MD© ?LI©QR?Dž©?LB©MD© any major organisational changes needed for theCommittee are: Bank’s purpose.+P©\"CCN?J©1MMPGW??P?AFAFG© ©!F?GPK?L© ',\",#\" PERFORMANCE DURING THE YEAR/ KEY HR INITIATIVES+P©!F?LL?©.?J?LQSPGW?© © ,#\" Organisation Structure+GQQ© LLGI?©1CL?L?W?IC© © ',\",#\" Brought in a dynamic process to ensure the organisation structure and talent pool is aligned to the strategies+P©\"CQF?J©\"C©+CJ© © ,#\" envisaged by the bank.+P© P?TGLB?©.CPCP?© © #\" Leadership Development',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP©?LB© ©LSK@CP©MD©#VCASRGTC©\"CTCJMNKCLR©.PMEP?KKCQ©UCPC© initiated to identify and develop a leadership pool for the#\"© ©#VCASRGTC©\"GPCARMP© organization which include overseas programme such as #VCASRGTC©\"CTCJMNKCLR©.PMEP?KKC©?R©&?PT?PB© SQGLCQQ© PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© 1AFMMJ©©31 ©DMP©QCJCARCB©KCK@CPQ©MD©RFC©1CLGMP©©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW© Management.acts as the Secretary to the Committee. Employee EngagementMEETINGS Conducted the Annual Employee Engagement Survey.\"SPGLE©RFC©džL?LAG?J©WC?P©CLBCB©QR©\"CACK@CP©© Going forward the Employee Engagement Survey related5 meetings were held. The attendance of the members QAMPCQ©UGJJ©DMPK©?©N?PR©MD©RFC©).'Q©MD©RFC©JC?BCPQFGN©RC?K of these meetings is given on page 216 of the Annual0CNMPR ©2FC©%PMSN©!FGCD©$GL?LAG?J©-LjACP©©\"CNSRW© Training and Development%CLCP?J©+?L?ECP©&SK?L©0CQMSPACQ©?Q©UCJJ©?Q©MRFCP©CVCASRGTC©QR?Dž©?RRCLB©KCCRGLEQ©@W©GLTGR?RGML©?LB©?QQGQR© .PMTGBC©ESGB?LAC©?LB©AF?JJCLEC©RM©CLQSPC©T?PGMSQ©in their deliberations by providing relevant information RP?GLGLE©?LB©BCTCJMNKCLR©GLGRG?RGTCQ©RM©F?TC©?©AJMQC©džR©RM©and participating in the analysis of information, except the strategic needs of the Bank.when their own compensation packages or other mattersrelating to them are reviewed. SPECIAL RECOGNITIONSDUTIES AND ROLES © 5ML©,?RGML?J©&0©#VACJJCLAC© U?PB©©DMP©2?JCLR© Management and Merit Award for EmployeeThe overall scope of the committee is to provide strategic #LE?ECKCLR©?R©RFC©,?RGML?J©&0©!MLDCPCLAC©©BGPCARGML©RM©@SGJB©?L©CDžCARGTC©?LB©CLjAGCLR©&0©MPE?LGQ?RGML© AMLBSARCB©@W©'LQRGRSRC©MD©.CPQMLLCJ©+?L?ECKCLR©for the Bank. Based on the Direction issued by the MD©1PG©*?LI? +MLCR?PW© M?PB©MD©RFC©!CLRP?J© ?LI©MD©1PG©*?LI?©SLBCP©1CARGML©© ?LIGLE© AR©,M©©MD©©?Q©?KCLBCB© 2. Won a Merit Award for employee engagement?LB© ?LIGLE© AR©\"GPCARGML©,M©©MD©©!MPNMP?RC© initiative: outstanding Eco teams at the Corporate%MTCPL?LAC©DMP©*GACLQCB©!MKKCPAG?J© ?LI©GL©1PG©*?LI?© 1MAG?J©0CQNMLQG@GJGRW© U?PBQ©©AMLBSARCB©@W©the Committee at its meeting held on 9th August 2011 Ceylon Chamber of Commercedecided on the following scope and responsibility: -L©@CF?JD©MD©RFC© M?PB©&SK?L©0CQMSPACQ©?LB©SCOPE AND RESPONSIBILITY 0CKSLCP?RGML©!MKKGRRCC The committee shall determine the remuneration Deepal Sooriyaarachchi NMJGAGCQ©Q?J?PGCQ©?JJMU?LACQ©?LB©MRFCP©džL?LAG?J© !F?GPK?L©© M?PB©&SK?L©0CQMSPACQ©?LB©0CKSLCP?RGML© N?WKCLRQ©PCJ?RGLE©RM©\"GPCARMPQ©+?L?EGLE©\"GPCARMP© Committee +\"©?LB©)CW©+?L?ECKCLR©.CPQMLLCJ©MD©RFC© ?LI The committee shall set goals and targets for !MJMK@M©1PG©*?LI? Directors, CEO / MD and Key Management 19th February 2015 .CPQMLLCJ The Committee shall evaluate the performance of RFC©+\"©?LB©)CW©+?L?ECKCLR©.CPQMLLCJ©?E?GLQR© set targets and goals periodically and determine RFC©@?QGQ©DMP©PCTGQGLE©PCKSLCP?RGML©@CLCdžRQ©?LB© other payments of performance based incentives.
257Board Nomination Committee ReportCOMPOSITION OF THE BOARD Considers and recommends the requirements ofNOMINATION COMMITTEE additional/new expertise of existing Directors and to create succession plans for Directors resigning2FC© M?PB©,MKGL?RGML©!MKKGRRCC©AMLQGQRQ©MD©džTC©,ML© or relinquishing their positions.Executive Directors as at 31st December 2014. The Carefully reviews management progression and succession planning for the top management. TheDMJJMUGLE©\"GPCARMPQ©QCPTC©ML©RFC© M?PB©,MKGL?RGML© committee ensures that management personnel of high calibre are appointed to guide the Bank toCommittee: achieve greater heights.+GQQ© LLGI?©1CL?L?W?IC©©!F?GPNCPQML© ',\",#\" 2FC©!MKKGRRCC©QCRQ©APGRCPG?©QSAF©?Q©OS?JGdžA?RGML© experience and key attributes required for eligibility+P©\"F?KKGI?©.CPCP?© © © ,#\" to be considered for appointment or promotion to the post of Managing Director and other Key+P©!F?LL?©.?J?LQSPGW?© © © ,#\" +?L?ECKCLR©.CPQMLLCJ ©+PQ©\"F?P?©5GH?W?RGJ?IC© © © ',\",#\" The Committee is also responsible for nominating members to the Board for Board approval when+PQ©1?SKW?© K?P?QCICP?©©© © ,#\" ?LB©GD©?© M?PB©T?A?LAW©MAASPQ ©'R©GQ©K?LB?RMPW© for the Board to evaluate the balance of skill,',\"© ©'LBCNCLBCLR©\"GPCARMP©?LB©,#\"© ©,ML©#VCASRGTC© knowledge and experience on the Board before any such appointment. The Committee is accountable\"GPCARMP© to make a description of the role that is vacated, it should clearly analyse the capabilities and skill setThe Managing Director attends meetings by invitation. required for a particular appointment. PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© The Committee is accountable to make©MD©RFC© LLS?J©0CNMPR PCAMKKCLB?RGMLQ©?NJCP©PCTGCU©RM©PC?NNMGLR©,ML Executive Directors at the expiry of their term inThe Group Company Secretary acts as the Secretary to MLjAC©MP©UFCL©RFCW©?PC©BSC©DMP©PC ?NNMGLRKCLR RFC© M?PB©,MKGL?RGML©!MKKGRRCC The Committee must report to the Board ofSCOPE OF WORK Directors on the activities of the Committee meetings and such minutes should be available to2FC©PMJCQ©?LB©DSLARGMLQ©MD©RFC© M?PB©,MKGL?RGML© the main Board Members.Committee are regulated by the Banking Act Direction,M©©MD©©RFC©K?LB?RMPW©!MBC©MD©!MPNMP?RC© The Committee must determine the independence%MTCPL?LAC©DMP©*GACLQCB©!MKKCPAG?J© ?LIQ©GQQSCB©@W© of the Directors of the Board, the independenceRFC©!CLRP?J© ?LI©MD©1PG©*?LI? ©2FC© M?PB©,MKGL?RGML© must be based on standards and norms set outCommittee has the power and authority to seek any GL©RFC©!CLRP?J© ?LI©0CESJ?RGMLQ©!MJMK@M©1RMAI©LCCBCB©GLDMPK?RGML©DPMK©?LW©MLjACP©MP©CKNJMWCC©GL© Exchange regulations and other relevant Statues.connection with matters coming under its purview.The Committee also has the authority to seek external To make recommendation on any other matterprofessional advice on matters within its purview. delegated by the Board of Directors.THE FUNCTIONS OF THE COMMITTEE COMMITTEE MEETINGS Continuously reviews the structure and During 2014 the committee held 12 meetings. composition of the Board. The Committee also Attendance by the Committee members at each of these reviews the skills, knowledge, expertise and meetings is given in the table on page 216 of the Annual experience of the Board of Directors require 0CNMPR in comparison to the current position of the banking environment. The committee also makes recommendations to the Board with regard to any changes they consider appropriate for the progress and success of the Bank.0CAMKKCLBQ©QSGR?@JC©NCPQMLQ©?NJCP©A?PCDSJ©consideration and proposing of required based onthe competency required for a particular job.
258 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Nomination Committee ReportREPORTING TO THE BOARD2FC©+GLSRCQ©MD©RFC©,MKGL?RGML©!MKKGRRCC©KCCRGLEQ©?PC©tabled at Board meetings enabling all Board members tohave access to them.PERFORMANCE2FC©KCK@CPQ©MD©RFC©,MKGL?RGML©!MKKGRRCC©UMPI©AJMQCJW©with the Board of Directors, in reviewing the structureand skills needed for a steadfast, strong and successfulorganisation. Further, the committee also reviews itsown performance, constitution and terms of referenceRM©CLQSPC©RF?R©GR©GQ©MNCP?RGLE©CDžCARGTCJW©?LB©GD©PCOSGPCB©recommends necessary changes.-TCP©RFC©J?QR©WC?P©RFC© M?PB©,MKGL?RGML©!MKKGRRCC©F?Q©focused on a progressive organisational plan in keepingwith the forward and evolutionary momentum of the Sri*?LI?L© ?LIGLE©GLBSQRPW ©-L©@CF?JD©MD©RFC© M?PB©,MKGL?RGML©!MKKGRRCCAnnika Senanayake!F?GPNCPQML© © M?PB©,MKGL?RGML©!MKKGRRCC!MJMK@M©1PG©*?LI?19th February 2015
259Board Integrated Risk ManagementCommittee Report2FC© M?PB©'LRCEP?RCB©0GQI©+?L?ECKCLR©!MKKGRRCC© #LQSPC©CDžCARGTC©BCQGEL©?LB©GKNJCKCLR?RGML©MD© '0+!©F?Q©@CCL©CQR?@JGQFCB©?Q©?©QS@ AMKKGRRCC©MD© ?©0GQI©+?L?ECKCLR©$P?KCUMPI©UGRF©PCQNCAR©the Board of Directors in compliance with the Banking RM©'LRCEP?RCB©0GQI©+?L?ECKCLR©0GQI© NNCRGRC© AR©\"GPCARGML©,M©©MD©©ML©!MPNMP?RC©%MTCPL?LAC© 'LRCPL?J©!?NGR?J© BCOS?AW© QQCQQKCLR©.PMACQQ©DMP©*GACLQCB©!MKKCPAG?J© ?LIQ©GL©1PG©*?LI? ©2FC© '! .©?LB©1RPCQQ©2CQRGLE K?GL©DSLARGML©MD©RFC© '0+!©GQ©RM©BSJW©BGQAF?PEC©RFC©0GQI©+?L?ECKCLR!MKNJG?LAC©PCJ?RCB©BSRGCQ©?LB© 0CTGCU©KGEP?RGML©RM©RFC©?BT?LACB©?NNPM?AFCQ©responsibilities vested upon the Board of Directors. SLBCP© ?QCJ©''©0GQI©0CRSPL©NPMdžJC©MD©RFC© ?LI© MSRQMSPAGLE©?ARGTGRGCQ©AMKNJG?LAC©UGRF©! 1*©The Board of Directors has the oversight for the guidelines pertaining to Credit, Market andK?L?ECKCLR©MD©RFC©QCTCP?J©?PC?Q©MD©PGQIQ ©2FC© '0+!©F?Q© -NCP?RGML?J©0GQI©K?L?ECKCLR©QWQRCKQ ©been constituted to facilitate focused oversight of theT?PGMSQ©0GQIQ 0CTGCU©RFC©JCTCJ©?LB©BGPCARGML©MD©K?HMP©0GQIQ© NCPR?GLGLE©RM©!PCBGR©+?PICR©*GOSGBGRW©© -NCP?RGML?J©TERMS OF REFERENCE !MKNJG?LAC©?LB©!?NGR?J©?R©0GQI©?Q©N?PR©MD©0GQI© NPMdžJC©RCKNJ?RCQ ©2FC©PCQNMLQG@GJGRGCQ©MD©RFC© M?PB©'LRCEP?RCB©0GQI©Management Committee as mandated by the Board of 0CNMPR©?LB©PCAMKKCLB©RM© M?PB©MD©\"GPCARMPQ©ML©Directors are as follows: 0GQI©K?L?ECKCLR©?LB©!MKNJG?LAC©PCJ?RCB©K?RRCPQ 0CTGCU©?LB©SNB?RC©0GQI©+?L?ECKCLR©NMJGAGCQ©MD© Ensure compliance with all laws and regulations. RFC© ?LI©NCPR?GLGLE©RM©!PCBGR©+?PICR©*GOSGBGRW© -NCP?RGML?J©-SRQMSPAGLE©?LB©0CNSR?RGML?J©0GQIQ© GOVERNANCE !MKNJG?LAC©PGQIQ© SQGLCQQ©!MLRGLSGRW©.J?L©?LB© \"GQ?QRCP©0CAMTCPW©NJ?L 2FC©EMTCPL?LAC©QRPSARSPC©DMP©RFC©K?L?ECKCLR©MD©0GQI©?R© the Bank is set out bellow: Authority Membership 0CQNMLQG@GJGRGCQ All members of the BoardBoard of Directors Determine risk appetite -\" #LQSPC©RF?R©QGELGdžA?LR©PGQIQ©?PC©AMKNCRCLRJW© managed M?PB©'LRCEP?RCB© Mrs Dhara Wijayatilake Formulate risk policies and recommends to0GQI©+?L?ECKCLR© !F?GPNCPQML Board for adoption!MKKGRRCC© '0+! 'LBCNCLBCLR©,ML©#VCASRGTC©\"GPCARMP© Advise the Board and make recommendations on: Mr Channa Palansuriya ,ML©#VCASRGTC©\"GPCARMP risk appetite and alignment with strategy Mr Sanjiva Senanayake © ?NNMGLRKCLR©MD©QCLGMP©0GQI©-LjACPQ 'LBCNCLBCLR©1LP ©,ML©#VCASRGTC©\"GPCARMP 0CTGCU©RFC©CDžCARGTCLCQQ©MD©RFC©%PMSNQ© Professor Malik Ranasinghe systems of risk management and internal 'LBCNCLBCLR©,ML©#VCASRGTC©\"GPCARMP AMLRPMJQ©MRFCP©RF?L©GLRCPL?J©AMLRPMJ©MTCP© džL?LAG?J©PCNMPRGLE Mr Aravinda Perera (MD) Monitor compliance Executive Director +MLGRMP©RFC©NPMEPCQQ©ML©GKNJCKCLRGLE© ?QCJ©'' Mr Ranjith Samaranayake Executive Director
260 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Integrated Risk Management Committee Report Authority Membership 0CQNMLQG@GJGRGCQ M?PB©'LRCEP?RCB© Mrs Anoja Karunaratne 0CTGCU©\"GQ?QRCP©0CAMTCPW©?LB© SQGLCQQ©0GQI©+?L?ECKCLR© SN©RM© Continuity plans!MKKGRRCC© '0+! %PMSN©!FGCD©0GQI©-LjACP Oversee the maintenance and development of a supportive culture in relation to the'LRCEP?RCB©0GQI© Mrs Anuja Goonetilleke K?L?ECKCLR©MD©0GQIManagement Unit %PMSN©!MKNJG?LAC©-LjACP Formulate the policy framework addressing %PMSN©0GQI©-LjACP multiple and inter-dependent risks and PCAMKKCLB©QSAF©NMJGAGCQ©RM© M?PB©'LRCEP?RCB©Compliance Unit %PMSN©!MKNJG?LAC©-LjACP 0GQI©+?L?ECKCLR©!MKKGRRCC Measure and monitor risk Ensure benchmarking with international best practices Formulate compliance related policy DP?KCUMPI©?LB©PCAMKKCLB©RM© '0+! Ensure compliance with regulatory and supervisory requirements Ensure benchmarking with international best practices. PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© RISK APPETITE©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW©acts as the Secretary to the Committee. 2FC©0GQI© NNCRGRC©MD©RFC© ?LI©GL©?JJ©ICW©PGQI©?PC?Q© L?KCJW©!PCBGR©0GQI©+?PICR©0GQI©?LB©-NCP?RGML?J©RISK REPORTING AND MONITORING 0GQI©F?TC©@CCL©BCdžLCB©?LB©?NNPMTCB©@W©RFC© M?PB©MD© \"GPCARMPQ ©2FC©0GQI© NNCRGRC©GLBGA?RCQ©RFC©OS?LRSK©MD©The Committee received periodic reports on the Bank’s risk, the Bank is willing and able to accept in executing itsNCPDMPK?LAC©?E?GLQR©)CW©0GQI©'LBGA?RMPQ©DPMK©RFC©0GQI©and Compliance Units. The reports and the relevant SQGLCQQ©1RP?RCEW ©0CESJ?P©PCNMPRQ©F?TC©@CCL©NPMTGBCB©RM©background information have been reviewed in depth, RFC©!MKKGRRCC©ML©RFC©?ARS?J©NCPDMPK?LAC©MD©GBCLRGdžCB©?LB©LCACQQ?PW©0GQI©+GRGE?RGML©KC?QSPCQ©F?TC©@CCL© risk areas.initiated where necessary, in order to maintain the COMMITTEE ACTIVITIES ?LIQ©CVNMQSPC©RM©0GQI©UGRFGL©GRQ©0GQI© NNCRGRC©?LB©RM©facilitate compliance with regulatory requirements, while 2FC© '0+!©SLBCPRMMI©RFC©DMJJMUGLE©?ARGTGRGCQ©GL©D?AGJGR?RGLE©?AFGCTCKCLR©MD©QMSLB© SQGLCQQ©0CQSJRQ © discharging its responsibilities during the year.The Committee also receives updates from the Assets Risk Appetite:©*G?@GJGRW©!MKKGRRCC© *!-©?LB©!PCBGR©.MJGAW©0GQI©?LB©.MPRDMJGM©0CTGCU©!MKKGRRCC©RFC©RUM©CVCASRGTC© © 0GQI© NNCRGRC©JGKGRQ©?LB©)CW©0GQI©'LBGA?RMPQ©DMP©?JJ©AMKKGRRCCQ©GLTMJTCB©GL©RFC©0GQI©+?L?ECKCLR©NPMACQQ© key risk areas were set and periodically monitored.ML©ICW©K?RRCPQ©BGQASQQCB©?R©RFCQC©KCCRGLEQ ©2FC© '0+!©GQ©QSNNMPRCB©@W©RFC©'LRCEP?RCB©0GQI©+?L?ECKCLR©?LB© ã© 0GQI©+?L?ECKCLR©.MJGAGCQ!MKNJG?LAC©3LGRQ©MD©RFC© ?LI©FC?BCB©@W©RFC©%PMSN©0GQI©-LjACP©?LB©RFC©%PMSN©!MKNJG?LAC©-LjACP©PCQNCARGTCJW©GL© .MJGAGCQ©PCJ?RCB©RM©0GQI©+?L?ECKCLR©?LB©!MKNJG?LAC©discharging its responsibilities. areas were reviewed during the year, and amendments as appropriate have been incorporated.
261ã© 1RPCQQ©2CQRGLE© MEETINGS OF THE BIRMCThe overall Stress Testing Framework was reviewed '0+!©FCJB©©KCCRGLEQ©BSPGLE©RFC©WC?P© ©2FC©during the year, and the results of the tests were attendance of the Committee members at each of theseKMLGRMPCB ©,CACQQ?PW©PCAMKKCLB?RGMLQ©RM©GKNPMTC© KCCRGLEQ©GQ©EGTCL©GL©RFC©R?@JC©ML©N?EC©©MD©RFGQ©0CNMPR ©the Bank’s Stress tolerance levels were discussed and 2FC©+GLSRCQ©MD©RFC© '0+!©UCPC©PCAMPBCB©@W©RFC©%PMSN©implemented as required. Company Secretary and circulated among the members of the Committee. Minutes were submitted to the Boardã© .PMEPCQQ©ML© ?QCJ©''©!MKNJG?LAC DMP©AMLdžPK?RGML©?LB©?BMNRGML©?Q©?L©?AASP?RC©PCAMPB©MD© its proceedings..PMEPCQQ©ML©RFC©GKNJCKCLR?RGML©MD©ICW©AMKNMLCLRQ©MD© ?QCJ©''©?E?GLQR©R?PECRQ©QCR©U?Q©PCTGCUCB©?LB©KMLGRMPCB© )CW©+?L?ECKCLR©.CPQMLLCJ©QSNCPTGQGLE©RFC©!PCBGR© +?PICR©*GOSGBGRW©-NCP?RGML?J©1RP?RCEGA©?LB©0CNSR?RGML?J©to ensure that the Bank is able to meet the timelines set 0GQIQ©?JQM©?RRCLB©RFC©KCCRGLEQ©MD©RFC© '0+!©@W©GLTGR?RGML @W©RFC©!CLRP?J© ?LI©MD©1PG©*?LI? © ©PCTGCU©MD©RFC©'LRCEP?RCB©0GQI©+?L?ECKCLR©NPMACQQ©MD©ã© '2©1WQRCKQ©1SNNMPR the Bank has been detailed in pages 178 to 205 of this 0CNMPR 2FC©GKNJCKCLR?RGML©MD©'2©1WQRCKQ©RM©QSNNMPR©!PCBGR©?LB©-NCP?RGML?J©0GQI©+?L?ECKCLR©GL©RFC© ?LI©U?Q© -L©@CF?JD©MD©RFC© M?PB©'LRCEP?RCB©0GQI©+?L?ECKCLR©monitored, and recommendations were made to enhance CommitteeCLjAGCLAW©RM©PCBSAC©?LB©?TMGB©PGQIQ Dhara Wijayatilakeã© 'LRCPL?J©!?NGR?J© BCOS?AW© QQCQQKCLR© !F?GPNCPQML© © M?PB©'LRCEP?RCB©0GQI©+?L?ECKCLR© Process (ICAAP): Committee'! .©BMASKCLR©DMP©@MRF©RFC© ?LI©?LB©RFC©%PMSN© !MJMK@M©1PG©*?LI?was developed for 2013 year end position, and was 19th February 2015PCTGCUCB©?LB©?NNPMTCB©@W©RFC© '0+!©?LB©RFC© M?PB ©2FC©BMASKCLR©U?Q©DMPU?PBCB©RM©RFC©0CESJ?RMP©GL© ã© !MKNJG?LACThe Committee received compliance reports fromRFC©%PMSN©!MKNJG?LAC©-LjACP©?LB©PCTGCUCB©Q?KC©RM©assess the extent of compliance with the regulatoryrequirements.ã© 'LRCPL?J©!MLRPMJQ©'LRCPL?J©JMQQ©CTCLR©PCNMPRQ©?LB©RFC©?BCOS?AW©MD©GLRCPL?J©AMLRPMJ©?LB©NPMACBSPCQ©CVACNR©GLRCPL?J©AMLRPMJQ©MTCP©džL?LAG?J©PCNMPRGLE©UCPC©PCTGCUCB©PCESJ?PJW©?LB©recommendations for improvements were made..PMEPCQQ©ML©GKNJCKCLR?RGML©MD©PCAMKKCLB?RGMLQ©U?Q©also monitored.ã© !SQRMKCP©!MKNJ?GLRQ©2FC©GKNJCKCLR?RGML©MD©RFC©!SQRMKCP©!MKNJ?GLRQ©.MJGAW©was monitored.ã© -SRQMSPACB© ARGTGRGCQ2FC©GKNJCKCLR?RGML©MD©RFC©-SRQMSPAGLE©.MJGAW©U?Q©KMLGRMPCB©RM©CLQSPC©AMKNJG?LAC©UGRF©! 1*©BGPCARGTCQ©?LB©guidelines.
262 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Credit Committee ReportCOMPOSITION OF THE BOARD CREDIT 1. Operate a sound credit granting processCOMMITTEE © 0CTGCU©?LB©?NNPMTC©APCBGR©NPMNMQ?JQ©GL© accordance with Board approved credit2FC© M?PB©!PCBGR©!MKKGRRCC©RFC©!MKKGRRCC© policies and standards. Where required,U?Q©DMPKCB©ML©LB©-ARM@CP©©?LB©.PMD ©+?JGI© submit credit requests beyond the0?L?QGLEFC©'LBCNCLBCLR©,ML©#VCASRGTC©\"GPCARMP©U?Q© Committee’s scope to the Board for aappointed as the Chairman of the Committee w.e.f. decision.RF©(?LS?PW©© ©KGLGKSK©MD©RUM©,ML©#VCASRGTC© © 0CTGCU©APCBGR©NMJGAW©AF?LECQ©GLGRG?RCB©@W©RFC©Directors and two Executive Directors is the quorum for a management of the Bank and recommend RFCK©UGRF©MP©UGRFMSR©KMBGdžA?RGMLQ©RM©RFC©Committee meeting. The following Directors serve on the Board of Directors for its approval. Ensure compliance by the Bank’s creditCommittee. policies with the statutory requirements prescribed by the regulatory/supervisory.PMD ©+?JGI©0?L?QGLEFC© ',\",#\" authorities. © 0COSCQR©P?NGB©NMPRDMJGM©PCTGCUQ©MP©QCARMP+P©!F?LL?©.?J?LQSPGW?©© ,#\" industry reviews, where deemed appropriate.+P©1?LHGT?©1CL?L?W?IC©© ',\",#\" 2. Maintain adequate controls over credit risk. © +MLGRMP©A?NGR?J©?JJMA?RGML©?LB©BCdžLC©JGKGRQ©GL©+GQQ© LLGI?©1CL?L?W?IC© ',\",#\" line with the risk appetite. Ensure credit risk exposure is kept within+P©\"CQF?J©\"C©+CJ©© ,#\" acceptable limits to maximise the Bank’s risk adjusted rate of return.+P© P?TGLB?©.CPCP?©© #\" Ensure stress tests are conducted, where deemed appropriate.+P©0?LHGRF©1?K?P?L?W?IC©© #\" 3. Maintain appropriate credit administration,',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP©#\"© © measuring and monitoring process © 0CTGCU©APCBGR©?NNPMT?J©DP?KCUMPI©?LB©?QQGEL©#VCASRGTC©\"GPCARMP credit delegated limits in line with the Bank’s policy. PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© © 0CTGCU©?LB©PCAMKKCLB©RM©RFC© M?PB©©MD©RFC© LLS?J©0CNMPR © facilities that they believe should have Board approval.The Group Company Secretary acts as the Secretary tothe Board Credit Committee. ©© 'BCLRGdžA?RGML©?LB©?BKGLGQRP?RGML©MD©NPM@JCK©APCBGRQ© Monitor on an ongoing basis the Bank’sMEETINGS credit quality, review periodic credit portfolio reports and assess portfolio performance.During the year the Committee met on 15 occasions. The Ensure post-credit monitoring andattendance of the Committee members is stated in the postmortem reviews are performed, where!MPNMP?RC©%MTCPL?LAC©0CNMPR©ML©N?EC©©MD©RFC© LLS?J© deemed appropriate0CNMPR ©+CK@CPQ©MD©RFC©QCLGMP©K?L?ECKCLR©MD©RFC© ?LI©are invited to participate at the meetings as and whenrequired.ROLE AND RESPONSIBILITIESThe purpose of the Committee is to oversee the creditand lending strategies and objectives of the Bank.2FGQ©GLAJSBCQ©G©MTCPQCCGLE©RFC©APCBGR©K?L?ECKCLR©MD©the Bank, including reviewing internal credit policies?LB©CQR?@JGQFGLE©NMPRDMJGM©JGKGRQ©?LB©GG©PCTGCUGLE©RFC©quality and performance of the Bank’s credit portfolio.'L©?BBGRGML©RFC©!MKKGRRCC©GQ©PCQNMLQG@JC©DMP©?LW©MRFCP©matters delegated to it by the Board. Hence, it is theresponsibility of the Committee to:
263 ©© U?PC©MD©RFC©AWAJGA?J©?QNCARQ©MD©RFC©CAMLMKW©@MRF© GLRCPL?J©?LB©CVRCPL?J © +MLGRMP©RFC©PCQSJRGLE©QFGNJQ©GL©RFC© composition and quality of the loan portfolio ©© .PMNCP©CT?JS?RGML©MD©LCU©@SQGLCQQ©MNNMPRSLGRGCQ Ensure all new credit risk related products are reviewed from a credit risk management perspectiveREPORTING TO THE BOARDThe minutes of the meetings of the Committee arecirculated to the members by the Secretary and theAMLdžPKCB©KGLSRCQ©?PC©PCNMPRCB©RM©RFC© M?PB©MD©\"GPCARMPQ©DMP©AMLASPPCLAC ©2FC©AMLdžPKCB©KGLSRCQ©?PC©?T?GJ?@JC©DMP©review by any regulatory agency having jurisdiction overRFC©?Dž?GPQ©MD©RFC©!MKN?LW©MP©RFC© ?LI ©REVIEW OF THE COMMITTEEMembers of the Committee work closely with the Boardof Directors to maintain proper credit standards for theBank. The Board undertakes a review of the Committee’sperformance, objectives and responsibilities accordingto its terms of reference to ensure that it is operatingCDžCARGTCJW On behalf of the Board Credit CommitteeProf. Malik Ranasinghe!F?GPK?L©© M?PB©!PCBGR©!MKKGRRCC!MJMK@M©1PG©*?LI?19th February 2015
264 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Strategic Planning Committee Report2FC©1RP?RCEGA©.J?L©MD©RFC© ?LI©GQ©?©NMUCPDSJ©RMMJ©DMP© © 0CTGCU©RFC©GLRCPL?J©QRPCLERFQ©?LB©UC?ILCQQCQ©MD©monitoring the Bank’s progress and for helping the Bank the Bank and give guidelines to the Management.to attain the goals expected by its stakeholders. We haveBCTCJMNCB©?©1RP?RCEGA©.J?LLGLE©GLGRG?RGTC©RF?R©F?Q©CTMJTCB© 4. Oversee and monitor the planning process thatwith the changes in the regulatory landscape, experience JC?BQ©RM©RFC©DMPKSJ?RGML©MD©RFC©1RP?RCEGA©.J?L ©?LB©CVCASRGML ©2FC© M?PB©SLBCPQR?LBQ©RF?R©CDžCARGTC©strategic planning is the core foundation for the future © #V?KGLC©RFC©CDžCARGTCLCQQ©MD©ICW©QRP?RCEGCQ©DMP©MD©RFC© ?LI ©-SP©1RP?RCEGA©.J?LLGLE©GLGRG?RGTC©NPMTGBCQ©?© achieving the goals and objectives.NPMDCQQGML?JJW©?SRFMPCB©1RP?RCEGA©.J?L©DMP©RFC© ?LI©RF?R©includes action plans and tools for implementation of the © 0CTGCU©RFC© ?LIQ©PCQMSPACQ©?LB©A?N?@GJGRGCQ©GL©RFC©plan. context of achieving its strategic objectives.COMPOSITION OF THE BOARD STRATEGIC © 0CTGCU©RFC©?BCOS?AW©?LB©AMKNMQGRGML©MD©RFC© ?LIQ©PLANNING COMMITTEE capital structure in the context of the growth targets.The main Board meeting held on 31st May 2012, decidedRM©DMPK©?©1RP?RCEGA©.J?LLGLE©!MKKGRRCC ©2FC©!MKKGRRCC© 8. Make recommendations to the Board on keyAMKNPGQCQ©MD©QGV©,ML©#VCASRGTC©\"GPCARMPQ©?LB©RUM© strategic decisions and investments.Executive Directors. The Chairman of the Committee is a,ML©#VCASRGTC©\"GPCARMP ©2FC©DMJJMUGLE©\"GPCARMPQ©QCPTC©GL© REPORTING TO THE BOARDRFC© M?PB©1RP?RCEGA©.J?LLGLE©!MKKGRRCC Minutes of the Committee meetings are circulated to the+P©\"F?KKGI?©.CPCP?© ©!F?GPK?L© ,#\"© !MKKGRRCC©KCK@CPQ©@W©RFC©1CAPCR?PW©?LB©RFC©AMLdžPKCB© minutes are reported to the Board of Directors for+P©!F?LL?©.?J?LQSPGW?© ,#\" concurrence.+P©1?LHGT?©1CL?L?W?IC© ',\"©©,#\"© PERFORMANCE.PMD©+?JGI©0?L?QGLEFC© ',\"©©,#\"© The Committee engaged in discussions with the !MPNMP?RC©+?L?ECKCLR©?LB©1RP?RCEGA©.J?LLGLE©2C?K©+P©\"CQF?J©\"C©+CJ© ,#\"© to determine the strategic direction of the Bank for the period 2015 to 2017 which formed the basis for the+P©0?LGJ©.?RFGP?L?©© ,#\"© BCTCJMNKCLR©MD©RFC©1RP?RCEGA©.J?L©DMP©RFGQ©NCPGMB ©2FC© Committee reviewed performance of the Bank during+P© P?TGLB?©.CPCP?©© #\"© the year against the three year rolling plan and annual budget for 2015 to identify areas of concern which+P©0?LHGRF©1?K?P?L?W?IC©© #\"© needed changes in strategic direction. The three year rolling plan was submitted to the Board of Directors for',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP©#\"© © its information and approval was obtained for the Annual Budget for 2015 which was developed in line with the#VCASRGTC©\"GPCARMP strategy document. PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© The Committee reviews its own performance,©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW© constitution and scope of work to ensure that it isacts as the Secretary to the Committee. MNCP?RGLE©QKMMRFJW©?LB©CLjAGCLRJW ©'RQ©QAMNC©?JQM©CVRCLBQ© to making recommendations to the Board when the needMEETINGS arises.During the year the Committee met on 8 occasions and -L©@CF?JD©MD©RFC© M?PB©1RP?RCEGA©.J?LLGLE©!MKKGRRCC©the Committee members worked with dedication toDSJdžJJ©GRQ©M@JGE?RGMLQ ©2FC©?RRCLB?LAC©MD©RFC©!MKKGRRCC© Dhammika PereraKCK@CPQ©GQ©QR?RCB©GL©RFC©!MPNMP?RC©%MTCPL?LAC©0CNMPR© !F?GPK?L©© M?PB©1RP?RCEGA©.J?LLGLE©!MKKGRRCCML©N?EC©©MD©RFC© LLS?J©0CNMPR !MJMK@M©1PG©*?LI?ROLE AND RESPONSIBILITIES 19th February 20151. Strategic Vision and Mission of the Bank: Examine the Bank’s current mission, strategic positioning and the strategic vision and provide guidelines to RFC© ?LIQ©1RP?RCEGA©.J?LLGLE©NPMACQQ © © 0CTGCU©MD©RFC©GKN?AR©MD©CVRCPL?J©RPCLBQ©?LB©GQQSCQ© Examine the external challenges and opportunities relevant to the strategic vision and key goals of the Bank.
265Board Shareholder Relations Committee ReportOur shareholders have always been a monumental © .CPDMPK©QSAF©MRFCP©DSLARGMLQ©?Q©CVNPCQQJW©strength to us and it is their continued patronage that delegated to it from time to time by the Boardhas been the basis on which we have built our banking relating to shareholder relations matters.JCE?AW © R©1?KN?RF© ?LI©.*!©QF?PCFMJBCP©T?JSC©APC?RGML©means so much more than the more obligatory response, © .PMTGBGLE©ESGB?LAC©RM©RFC© M?PB©ML©K?RRCPQ©MD©indeed it is a non-negotiable item on the business investor relations.agenda. ACTIVITIES OF THE COMMITTEE&CLAC©1?KN?RF© ?LI©GQ©RFC©džPQR©JGQRCB©!MKN?LW©GL©1PG©*?LI?©RM©QCRSN©?© M?PB©1F?PCFMJBCP©0CJ?RGMLQ© This is an advisory and consultative Committee that,Committee to identify and address shareholders’ if necessary, considers proposals of shareholders onconcerns as deemed appropriate through dialogue with GKNPMTCKCLR©MD©RFC© ?LIQ©AMPNMP?RC©EMTCPL?LAC©?Q©UCJJ©shareholders/investors. ?Q©PCOSGPCKCLRQ©?LB©LCCBQ©MD©QF?PCFMJBCPQ ©'R©NPMTGBCQ© recommendations to the Bank’s Board on enforcementCOMPOSITION OF THE BOARD and protection of rights and legitimate interests ofSHAREHOLDER RELATIONS COMMITTEE RFC© ?LIQ©QF?PCFMJBCPQ ©2FC©!MKKGRRCC©AMLRPG@SRCQ© RM©?©AJ?PGdžA?RGML©MD©RFC© ?LIQ©NMJGAW©?LB©BCTCJMNKCLR©The main Board meeting held on 28th August 2008, strategy on shareholder relations matters.BCAGBCB©RM©AMKKCLAC©1F?PCFMJBCPQ©0CJ?RGMLQ©!MKKGRRCC©AMKNPGQGLE©RUM©,ML©#VCASRGTC©\"GPCARMPQ ©2FC©#VCASRGTC© 2FC© M?PB©1F?PCFMJBCP©0CJ?RGMLQ©!MKKGRRCC©GQ©?©TGR?J©Directors join the meetings when necessary. The Board Committee established to facilitate a smooth andfollowing Directors serve on the Board Shareholder continuous dialogue between the Board and shareholders0CJ?RGMLQ©!MKKGRRCC to address their concerns, if any. The Committee concentrates on developing and preserving a good+P©!F?LL?©.?J?LQSPGW?© ©!F?GPK?L© ,#\" rapport with the Shareholders.+P©\"CQF?J©\"C©+CJ© ,#\",#\"© ©,ML©#VCASRGTC©\"GPCARMP The Committee ensures that the Bank’s latest GLDMPK?RGML©?LB©džL?LAG?J©PCQSJRQ©?PC©QUGNJJW© PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© AMKKSLGA?RCB©RM©RFC©QF?PCFMJBCPQ©RFPMSEF©'LRCPGK©©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW© ?LB© LLS?J©0CNMPRQ©LMRGdžA?RGMLQ©RM©RFC©!MJMK@M©?ARQ©?Q©RFC©1CAPCR?PW©RM©RFC©!MKKGRRCC ©+P©5©+©.© 1RMAI©#VAF?LEC©?LB©RGKCJW©NPCQQ©PCJC?QCQ ©'L©?BBGRGML©*©BC© JUGQ©?©DMPKCP©\"GPCARMP©?ARQ©?Q©?BTGQMP©RM©RFC© to these avenues of information, our shareholdersCommittee. have easy access through our corporate website, www. sampath.lk to all relevant information, which also givesFREQUENCY OF MEETINGS our shareholders access to the Bank for any query. Shareholders can freely raise any questions to theMeetings are held when deemed appropriate. ByGLTGR?RGML©MD©RFC© M?PB©1F?PCFMJBCP©0CJ?RGMLQ©!MKKGRRCC© M?PB©MD©\"GPCARMPQ©?R©RFC©1F?PCFMJBCP©0CJ?RGMLQ©%CLCP?J©the Managing Director and Executive Director/Group Forums. These forums also encourage our shareholders!FGCD©$GL?LAG?J©-LjACP©?JQM©?RRCLBCB©RFC©1F?PCFMJBCP© to openly voice concerns and make suggestions and0CJ?RGMLQ©!MKKGRRCC©KCCRGLEQ requests.2FC©1F?PCFMJBCP©0CJ?RGMLQ©$MPSK©U?Q©AMLTCLCB©?NJCP© On the other hand Committee supports shareholdersthe Annual General Meeting providing a much awaited to enhance their investment attractiveness. Theopportunity for shareholders to voice their opinions and !MKKGRRCCQ©?ARGTGRW©QCPTCQ©RM©NPMRCAR©RFC© ?LIQ©suggestions to improve relations between stakeholders QF?PCFMJBCPQ©PGEFRQ©?LB©GLRCPCQRQ and the Bank. This year has seen regular two-way dialogue betweenROLE PLAYED BY THE BOARD the shareholders and the Board of Directors. TheSHAREHOLDER RELATIONS COMMITTEE Group Company Secretary has played a vital role in the accomplishment of many goals of the Board Shareholder © .PMTGBGLE©QSEECQRGMLQ©RM©RFC© M?PB©RM©GKNPMTC© 0CJ?RGMLQ©!MKKGRRCC ©2FC© M?PB©MD©\"GPCARMPQ©GQ©ICNR© 1F?PCFMJBCP©©'LTCQRMP©PCJ?RGMLQ©MD©RFC© ?LI informed of shareholder outlook through regular reports.2. Organising forums that encourage dialogue between RFC© M?PB©MD©\"GPCARMPQ©?LB©1F?PCFMJBCPQ©©'LTCQRMPQ
266 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Shareholder Relations Committee ReportShareholders can also write to the Chairman or anyDirector of Sampath Bank, they can express any concernor view regarding the Bank which gives another avenueto the shareholders to express their opinion in person.PERFORMANCEThe main objective is to facilitate better shareholderrelations. The Committee meets as and when necessaryand reports on the activities to the Board. The followingactivities were initiated by the Committee during theyear. © 1F?PCFMJBCPQ©$MPSK©U?Q©FCJB©QMML©?NJCP©RFC© Annual General Meeting on 31st March 2014. As discussed during the meeting the Shareholder 0CJ?RGMLQ©!MKKGRRCC©GQ©NJ?LLGLE©RM©FMJB©NPMTGLAG?J© ECR RMECRFCPQ©GQJ?LB©UGBC © Q©RFC©džPQR©QRCN©RFC© ?LI©F?Q©GBCLRGdžCB©RFC©!CLRP?J©.PMTGLAC©RM©FMJB©RFC© džPQR©KCCRGLE©GL©©QGLAC©RFC©J?PECQR©LSK@CP©MD© QF?PCFMJBCPQ©MSRQGBC©RFC©5CQRCPL©.PMTGLAC©GQ©DPMK© RFC©!CLRP?J©.PMTGLAC 2. The following concessions are given to shareholders on banking transactions. All commissions to be on actual cost basis, entailing all internal commission charges UGJJ©@C©U?GTCB©MDž ©&MUCTCP©GL©RFC©A?QC©MD© foreign bank charges and other local bank charges, the actual cost will be collected. This excludes cheque return commissions and postal charges. © ̎©ML©RFC©?LLS?J©DCC©AF?PECB©DMP©4'1 © APCBGR©A?PBQ©UGJJ©@C©U?GTCB©MDž On opening of current accounts, the initial deposit will be 50% of the normal initial deposit requirement. SET cards are issued free of charge. However, this does not include per transaction fee.-L©@CF?JD©MD©RFC©1F?PCFMJBCP©0CJ?RGMLQ©!MKKGRRCCChanna Palansuriya!F?GPK?L© © M?PB©1F?PCFMJBCP©0CJ?RGMLQ©!MKKGRRCC!MJMK@M©1PG©*?LI?19th February 2015
267Board Treasury Committee ReportCOMPOSITION OF THE BOARD TREASURY © .PMTGBC©ESGB?LAC©RM©RFC© QQCR©?LB©*G?@GJGRW©COMMITTEE +?L?ECKCLR©!MKKGRRCC© *!-©AMLQGQRGLE©MD© Corporate Management, to optimise performance2FC© M?PB©2PC?QSPW©!MKKGRRCC©AMKNPGQCQ©RFPCC©,ML©Executive Directors and two Executive Directors. 7. Establish internal pricing of funds to provide desired incentives internally and better evaluateThe following Directors serve in the Board Treasury performance of business units. Development of new productsCommittee. \"SPGLE©©CDžMPRQ©UCPC©DMASQCB©ML©PCQNMLQCQ©RFC©+P©1?LHGT?©1CL?L?W?IC© ©!F?GPK?L©© ',\",#\"© 2PC?QSPW©F?B©RM©GKNJCKCLR©RM©?BHSQR©RM©RFC©JMUCP©1*© 0SNCC©GLRCPCQR©P?RC©CLTGPMLKCLR©?LB©K?L?EGLE©RFC©.PMD©+?JGI©0?L?QGLEFC© ',\",#\"© excess liquidity that the Bank experienced along with KMQR©@?LIQ ©+SAF©FC?BU?W©U?Q©K?BC©GL©PCdžLGLE©?©+P©\"CQF?J©\"C©+CJ© ,#\"© comprehensive model for analysis of the Bank’s revenue by products and customers, which will be used to guide+P© P?TGLB?©.CPCP?©© #\"© future asset growth. The Treasury also engaged in NPMdžR?@JW©K?L?EGLE©DMPCGEL©CVAF?LEC©PGQIQ©GL©TMJ?RGJC©+P©0?LHGRF©1?K?P?L?W?IC© #\"© external market conditions, with increasing economic and policy uncertainties.',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP©#\"© © On behalf of the Board Treasury Committee#VCASRGTC©\"GPCARMP© Sanjiva Senanayake PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM© Chairman - Board Treasury Committee©MD©RFC© LLS?J©0CNMPR ©+P©+?LHSJ?©#I?L?W?IC©MD©RFC©Bank’s Treasury Department serves as the Secretary. !MJMK@M©1PG©*?LI? 19th February 2015MEETINGSDuring the year the Committee met on 6 occasions.The attendance of the Committee members is statedGL©RFC©!MPNMP?RC©%MTCPL?LAC©0CNMPR©ML©N?EC©©MD©RFC© LLS?J©0CNMPR ©-RFCP©MLjAG?JQ©MD©RFC© ?LI©RMM©UCPC©invited to attend as deemed necessary. Minutes of theBoard Treasury Committee were regularly reported tothe Board of Directors and approval sought for policiesrecommended and other matters.ROLE AND RESPONSIBILITIESThe Board Treasury Committee is instituted to provideguidance to the Treasury in carrying out its functionsand to monitor its performance with a view to optimisingearnings, stability and growth of the Bank.The main responsibilities of the committee are:1. Establish Treasury Management policies on behalf of the Board of Directors © #LQSPC©2PC?QSPW©\"C?JGLE©0MMK©MNCP?RGMLQ©?PC© carried out in accordance with those policies.3. Monitor the liquidity position of the Bank and advise Treasury accordingly4. Monitor the management of foreign exchange and interest rate risks by the Bank5. Monitor compliance with Central Bank regulations managed by the Treasury including capital adequacy, statutory reserve ratios, and statutory liquid assets.
268 SAMPATH BANK PLC ANNUAL REPORT 2014 Financial, Social and Environmental PerformanceBoard Marketing Committee ReportThe Board Marketing Committee was set up to have a During the year Committee provided oversight for thecloser focus on the Marketing Strategies of the Bank and following:RM©KMLGRMP©RFCGP©CDžCARGTCLCQQ Establishment of a regular brand equity trackingCOMPOSITION OF THE BOARD processMARKETING COMMITTEE Commencement of a comprehensive brand identity management process2FC© M?PB©+?PICRGLE©!MKKGRRCC©AMKNPGQCQ©MD©DMSP©,ML© Formulation of an e commerce strategyExecutive Directors. The members of the Committee aregiven below. On behalf of the Board Marketing Committee+P©\"CCN?J©1MMPGW??P?AFAFG© ©!F?GPK?L© ',\",#\" Deepal Sooriyaarachchi Chairman - Board Marketing Committee+GQQ© LLGI?©1CL?L?W?IC© ',\",#\" !MJMK@M©1PG©*?LI?+P©\"CQF?J©\"C©+CJ©© ,#\" 19th February 2015+PQ©1?SKW?© K?P?QCICP?© ,#\"',\"© ©'LBCNCLBCLR©\"GPCARMP©,#\"© ©,ML©#VCASRGTC©\"GPCARMP PGCD©NPMdžJCQ©MD©RFC©KCK@CPQ©?PC©EGTCL©ML©N?ECQ©©RM©©MD©RFC© LLS?J©0CNMPR ©2FC©%PMSN©!MKN?LW©1CAPCR?PW©acts as the Secretary of the Board Marketing Committee.MEETINGSThe Committee met 3 times during the year. Attendanceby the Committee members at each of these meetings isEGTCL©GL©RFC©R?@JC©ML©N?EC©©MD©RFC© LLS?J©0CNMPR ©2FC©)CW©2CPKQ©MD©0CDCPCLAC©MD©RFC©!MKKGRRCC©?PC©RM 0CTGCU©RFC©ASQRMKCP©QRP?RCEW©?LB©NCPDMPK?LAC© against set objectives 0CTGCU© P?LB©QRP?RCEW©?LB©GRQ©NCPDMPK?LAC Monitor customer service and customer service strategies in line with the customer charter +MLGRMP©RFC©!10©NMJGAW©MD©RFC©@?LI©?LB©NPMEPCQQ©MD© same.The committee functions more as a facilitating and aESGBGLE©@MBW©RM©RFC©K?L?ECKCLR©GL©?L©CDžMPR©RM©QRPMLEJW©align the activities of the marketing function towards thestrategic focus of the Bank, following best practices. TheBoard Marketing Committee acts also as a conduit to themain Board in providing updates on various consumerbehaviour trends and their implications to the Bank.
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