Corporate Governance

Corporate Governance

Statement of Compliance

HNB Assurance PLC is committed to upholding high standards of corporate governance, as evidenced by its compliance with several key regulatory frameworks. The company adheres to Section 9 of the Corporate Governance Listing Rules established by the Colombo Stock Exchange (CSE), which emphasizes transparency, accountability, and ethical conduct in corporate operations.

In addition to CSE regulations, HNB Assurance substantially complies with the Code of Best Practice on Corporate Governance issued by CA Sri Lanka.

Moreover, the company strictly follows the Corporate Governance Framework for Insurers issued by the Insurance Regulatory Commission of Sri Lanka (IRCSL).

The Company complies with the following laws, rules, and regulations as applicable.

• Companies Act No.7 of 2007
• Regulation of Insurance Industry Act No.43 of 2000 and subsequent amendments thereto
• Sri Lanka Financial Reporting Standards
• Articles of Association
• Rules, regulations, determinations, directives, and circulars issued by the IRCSL
• Code of Best Practice on Corporate Governance issued by CA Sri Lanka
• Listing Rules of the Colombo Stock Exchange
• Securities and Exchange Commission Rules
• Inland Revenue Act No.24 of 2017 and subsequent amendments thereto
• Personal Data Protection Act, No 09 of 2022
• Anti Corruption Act No.9 of 2023
• Global Reporting Initiative Sustainability Reporting Standards
• Financial Transactions Reporting Act, No. 06 of 2006

HNB Assurance PLC has established and maintained the following policies in terms of the Rules of the Colombo Stock Exchange on Corporate Governance.

• Policy on Matters relating to the Board of Directors (click here to access the summary of the policy)
• Policy on Board Committees(click here to access the summary of the policy)
• Policy on Corporate Governance, Re-election, and Nomination (click here to access the summary of the policy)
• Policy on Remuneration(click here to access the summary of the policy)
• Policy on Internal Code of Conduct and Ethics for All Directors (click here to access the summary of the policy)
• Policy on Risk management and Internal controls(click here to access the summary of the policy)
• Policy on Shareholder Communication (click here to access the summary of the policy)
• Policy on Environmental, Social, and Governance Sustainability (click here to access the summary of the policy)
• Policy on Control and Management of Company Assets and Shareholder Investments
• Policy on Corporate Disclosures (click here to access the summary of the policy)
• Policy on Whistleblowing (click here to access the summary of the policy)
• Policy on Anti-Bribery and Corruption (click here to access the summary of the policy)