Independent director exodus from Richard Pieris group companies

An exodus of independent directors from two Richard Pieris group companies has taken place at an alarming rate this year, raising questions over their overall 
corporate governance.

So far this year, three independent directors from Richard Pieris and Company PLC (RICH) have resigned, while two independent directors from one of the group’s plantation companies, Maskeliya Plantations PLC (MASK), have also tendered their resignations.

The three Independent Directors who have resigned from RICH are Dr. Anura Ekanayake (with effect from July 11), Prof. Kapila Gunasekera (with effect from August 19) and Prof. Lakshman Watawala (with effect from 
August 24).

The only Independent Director remaining on the RICH board is Dr. Jayatissa de Costa, who was appointed in June.

The two MASK Independent Directors who have resigned are Dr. Dilanjan Soysa (with effect from May 9) and Mangala Boyagoda (with effect from August 23).

Dr. Saman Hettiarachchi is the only remaining Independent Director serving the company at the moment.