Sri Lanka aims for emerging market status: regulator.
Securities and Exchange Commission chairman says that Sri Lanka wants to move beyond being a frontier market into emerging status where investor confidence is important.
He said independent directors could enhance corporate governance. Academic research in the US and UK had shown that companies with strong shareholder rights outperformed weaker ones by 10 to 12 percent.
He said that particularly at a time when we are seeking a greater engagement of foreign investors in our market, we need to be conscious of the need to promote corporate governance best practices amongst our listed companies.