The resignation of Paul Ratnayeke, a longstanding board member of diversified Richard Pieris & Company PLC (RICH) has raised many eyebrows as the company saw the resignation of three non executive independent directors from its board last year.
In stock exchange filing, the company last week announced the resignation of Ratnayeke with effect from February 28, 2016.
Previously, non executive independent directors Dr. Anura Ekanayake resigned from the board on July 11, 2016, who was followed by Prof. Kapila Goonasekera on August 19, 2016. Longstanding director Prof. Lakshman Watawala also resigned from the board on August 24, 2016.
All three directors served on the audit committee, related party transactions review committee and nominations committee while two of them served on the remuneration committee.
Dr. Sena Yaddehige, the majority shareholder of the RICH is the Chairman/CEO/MD of the company while his son Shaminda Yaddehige functions as executive director/Chief Operating Officer.
The other directors who are presently in the board are: Viville Perera, Sunil Liyanage, Jagath Korale (independent director), Prsanna Fernando (independent director) and Jayatissa De Costa (independent non-executive director).
Meanwhile, Fitch Ratings last week affirmed RICH’s national long-term rating at ‘A(lka)’ with a Stable outlook. Fitch also affirmed the national ratings on RICH’s outstanding senior unsecured debentures at ‘A(lka)’.