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| The Institute of Chartered Secretaries and Administrators of Sri Lanka | |
|---|---|
| Name | The Institute of Chartered Secretaries and Administrators of Sri Lanka |
| Formation | 19xx |
| Type | Professional body |
| Headquarters | Colombo |
| Region served | Sri Lanka |
| Language | English |
The Institute of Chartered Secretaries and Administrators of Sri Lanka is a professional body for company secretaries and governance practitioners based in Colombo, Sri Lanka. It operates within a landscape that includes institutions such as Institute of Chartered Accountants of Sri Lanka, Bar Association of Sri Lanka, Sri Lanka Law College, University of Colombo, and University of Peradeniya while interacting with statutory frameworks like the Companies Act, No. 7 of 2007 (Sri Lanka) and regulatory agencies such as the Securities and Exchange Commission of Sri Lanka and the Central Bank of Sri Lanka. The Institute aligns with international organizations including the Chartered Governance Institute (formerly ICSA), International Federation of Accountants, and Commonwealth Secretariat to promote standards comparable to those in jurisdictions like United Kingdom, Australia, and India.
The Institute traces its origins to professional movements influenced by entities such as the Institute of Chartered Secretaries and Administrators in the United Kingdom, parallel developments in India, Pakistan, and post-colonial professionalization seen in institutions like the Ceylon Civil Service and the Colombo Stock Exchange. Milestones involve legislative contexts like the Companies Act, No. 17 of 1982 (Sri Lanka) era, interactions with corporate scandals globally such as those involving Enron, WorldCom, and governance reforms prompted by reports comparable to the Cadbury Report, Turnbull Report, and King Report on Corporate Governance (South Africa). The Institute evolved alongside academic partners including the Open University of Sri Lanka and technical bodies like the Sri Lanka Institute of Directors.
The Institute's governance framework mirrors models used by bodies such as the Chartered Institute of Management Accountants, Institute of Company Secretaries of India, and Institute of Directors (UK), with a Council, President, Vice-President, Secretary, and committees handling standards, education, ethics, and membership. It engages with oversight and liaison entities like the Ministry of Finance (Sri Lanka), Registrar of Companies (Sri Lanka), Audit Service Commission (Sri Lanka), and corporate registries comparable to the UK Companies House. Governance practices reference codes and instruments such as the Sri Lanka Accounting and Auditing Standards Monitoring Board, International Accounting Standards Board, and guidance from the Organisation for Economic Co-operation and Development.
Membership grades reflect comparators like the Institute of Chartered Accountants of England and Wales, Institute of Chartered Accountants of India, and the Hong Kong Institute of Chartered Secretaries, with designatory pathways to fellowship, associate, and graduate statuses. Qualification requirements intersect with professional examinations, practical experience verified against competencies similar to those in the Chartered Governance Institute syllabus, and compliance with codes akin to the Ethics Standards Board for Accountants. Members often hold concurrent credentials from institutions such as the Association of Chartered Certified Accountants, Chartered Institute of Personnel and Development, Institute of Chartered Accountants of Sri Lanka, and degrees from University of Sri Jayewardenepura.
Educational offerings include syllabi modeled on the Chartered Governance Institute curriculum, preparatory classes delivered in partnership with universities like the University of Colombo, executive education reminiscent of programs at the London School of Economics, and continuing professional development aligned with standards from the International Federation of Accountants and Association of Chartered Certified Accountants. Training covers company law referencing the Companies Act, No. 7 of 2007 (Sri Lanka), compliance topics related to the Securities and Exchange Commission of Sri Lanka, risk management drawing from frameworks like the COSO Framework, and ethics guided by principles similar to the International Ethics Standards Board for Accountants.
Members serve as company secretaries, corporate governance advisors, compliance officers, board secretaries, and corporate counselors in sectors including banking with institutions like the Bank of Ceylon, People's Bank (Sri Lanka), and Commercial Bank of Ceylon PLC, insurance companies such as Sri Lanka Insurance Corporation, and listed corporations on the Colombo Stock Exchange. They interact with regulators including the Central Bank of Sri Lanka, Insurance Regulatory Commission of Sri Lanka, and participate in corporate actions under frameworks like the Takeovers and Mergers Code (Sri Lanka), insolvency regimes echoing the Insolvency Act (UK), and shareholder rights similar to those protected by the Securities and Exchange Commission (United States) precedents.
The Institute maintains affiliations comparable to those held by the Chartered Governance Institute and coordinates with bodies such as the Institute of Directors (Southern Africa), National Association of Corporate Directors (United States), and regional organizations like the South Asian Association for Regional Cooperation professional networks. Mutual recognition arrangements reflect patterns used in agreements between the Institute of Chartered Secretaries and Administrators (UK) and national institutes in Australia, Canada, New Zealand, India, and Pakistan. Recognition enables member mobility to roles in jurisdictions including United Kingdom, Singapore, Malaysia, and Hong Kong.
Prominent members have held offices in major corporations and public institutions comparable to leadership seen at Bank of Ceylon, Central Bank of Sri Lanka, Colombo Stock Exchange, Sri Lanka Telecom, and ministries such as the Ministry of Finance (Sri Lanka). Contributions include input into legislative reviews akin to amendments to the Companies Act, No. 7 of 2007 (Sri Lanka), advisory roles during economic reforms similar to those overseen by the International Monetary Fund, and participation in governance dialogues referencing the Cadbury Report and King Report on Corporate Governance (South Africa). Members have also engaged in capacity-building partnerships with academic and professional entities like the University of Colombo, Institute of Chartered Accountants of Sri Lanka, and international institutes such as the Chartered Governance Institute.
Category:Professional associations based in Sri Lanka