CITIZENS DEVELOPMENT BUSINESS FINANCE PLC

ANNUAL REPORT 2021/22

Board of Directors

Mr Alastair Corera

Chairman/
Non-Executive Independent Director

Mr Corera is an Executive Director of Orion Fund Management (Pvt) Ltd. A firm managing long-term investment portfolios for corporates and individuals and regulated by the Securities and Exchange Commission of Sri Lanka. Previously, he was at Fitch Ratings Lanka Ltd. where he headed the Financial Institutions rating team and was its Country Head from 2004 to 2006. Prior to that Mr Corera was the General Manager at Forbes ABN AMRO Securities (Pvt) Ltd. Mr Corera is a Chartered Financial Analyst, USA and a Fellow of the Chartered Institute of Management Accountants, UK.

Mr Mahesh Nanayakkara

Managing Director/ Chief Executive Officer/Executive Director

Mr Nanayakkara joined CDB in 2001 and counts over 30 years experience in financial services. Over the last two decades he successfully spearheaded a dynamic team of young professionals who were instrumental in transforming CDB from a negative net worth company to the dynamic entity it is today. He was instrumental in establishing the Autism Trust Fund, a collaboration between CDB and the Sri Lanka Association for Child Development (SLACD) which focuses on the early detection and intervention of autism in Sri Lanka.

Senior Prof Sampath Amaratunge

Non-Executive Independent Director

Prof Amaratunge was appointed to the Board in 2016. He is an expert in the field of Economics with special reference to rural development and draws from three decades of service as a leading academic in Sri Lanka. He is the current Chairman of University Grants Commission (UGC).

He holds Directorships at Citizens Development Business Finance PLC, Laugfs Gas PLC, Raigam Wayamba Salterns PLC, Southern Salt Company (Pvt) Ltd. and Raigam Wayamba Cereals (Pvt) Ltd. Prof Amaratunge has published over 75 Articles in international and national refereed journals and proceedings. He has won several local and international awards, including the prestigious Research Excellence Award in 2002, awarded by Kyushu Society of Rural Economics, Japan. In 2021, Prof Amaratunge was the recipient of “The Order of the Rising Sun” conferred by His Majesty the Emperor of Japan, on foreign nationals who have made distinguished contributions to enhancing friendly relations with Japan. Prof Amaratunge holds a BA (Hons.) in Economics from the University of Sri Jayewardenepura, MA in Economics from the University of Colombo, MSc in Economics of Rural Development from the Saga National University and a PhD from Kogoshima National University in Japan.

He was the former Vice-Chancellor of the University of Sri Jayewardenepura and former Chairman of the Federation of University Teachers Association (FUTA).

Mr Damith Tennakoon

Deputy CEO/Chief Financial Officer/
Executive Director

Mr Tennakoon counts over 26 years experience in Finance, Treasury, Risk Management, Compliance, Recovery and Strategic Planning. He is a Fellow of the Chartered Institute of Management Accountants, UK and a Chartered Global Management Accountant.

Mr Roshan Abeygoonewardena

Director –
Corporate Finance

Mr Abeygoonewardena was appointed to the Board in 2011. He counts over 28 years experience in the financial services industry and three years in the manufacturing industry. He is the Past Chairman of The Finance Houses Association of Sri Lanka (FHASL), the apex body for the finance companies in Sri Lanka. He is a Fellow of the Chartered Institute of Management Accountants, UK, a Fellow Member of the Institute of Certified Management Accountants of Sri Lanka and a Fellow Member of the Sri Lanka Institute of Credit Management.

Mr Sasindra Munasinghe

Director –
Sales and Business Development

Mr Munasinghe was appointed to the Board in April 2011. He counts over 30 years experience in the Leasing Industry. He was instrumental in setting up the leasing operations at CDB including credit evaluations, recoveries, operations and marketing. He holds an MBA from the Federation University of Australia.

Mr Dave De Silva

Director – Business Operations

Mr De Silva was appointed to the Board on 1 January 2012 as an Independent Non-Executive Director and thereafter appointed as an Executive Director – Business Operations in October 2016. He counts 20 years experience in the financial services sector. He holds a BSc (Business Administration) special degree from the University of Sri Jayewardenepura and is an Associate Member of the Chartered Institute of Management Accountants (UK).

Mr Karthik Elangovan

Director – Chief Emergent Business Officer

Mr Elangovan was appointed to the Board with effect from 1 July 2020. He was the President of Sri Lankan Institute of Marketing (SLIM) in 2017/18 and the Director/CEO of a subsidiary of CDB consequent to its amalgamation. He is a Chartered Marketer, a Fellow of the Chartered Institute of Marketing (UK) and a Fellow of the Sri Lanka Institute of Marketing. He holds a BSc in Management from the University of Sri Jayewardenepura and an MBA from the Postgraduate Institute of Management (PIM). Mr Elangovan was conferred the Honorary Fellow of the Institute of Marketing of Malaysia. He has attended Executive Development Programmes at Harvard Business School (HBS) Boston, USA. He also holds a National Diploma in Human Resource Management (IPM) and is a Chartered Global Management Accountant (CGMA).

Mr Jagath Abhayaratne

Non-Executive Director

Mr Abhayaratne is the General Manager Operations at Ceylinco Life Insurance PLC, where he has been serving for over 16 years. He counts over 30 years experience in the Insurance Industry. Mr Abhayaratne holds an MBA (UK) and a Bachelor’s degree in Business Administration (USA), a Certificate in Insurance Chartered Insurance Institute (UK) and a Diploma in Business Administration (UK).

Ms Rajitha Perera

Non-Executive Independent Director

Ms Perera serves as a partner at Gomes & Company, Chartered Accountants. She was a Senior Manager of the Assurance Division at Ernst & Young, Chartered Accountants, and Chief Financial Officer (CFO) of a diversified group of Companies. Ms Perera was an Independent Non-Executive Director of Unisons Capital Leasing Limited (UCL), which was a subsidiary of Citizens Development Business Finance PLC (CDB) till UCL was amalgamated with CDB. She is a Fellow of The Institute of Chartered Accountants of Sri Lanka and an Associate Member of the Institute of Certified Management Accountants of Sri Lanka.

Mr Samitha Hemachandra

Non-Executive Director

Mr Hemachandra is the General Manager – Marketing at Ceylinco Life. He counts over 22 years of work experience in Brand Management, Customer Relationship Management, Marketing Management and Strategic Planning. Mr Hemachandra has been directly involved in designing, developing and implementing many integrated marketing campaigns for Ceylinco Life to date. He was a past Chairman of the Marketing and Sales Forum of Insurance Association of Sri Lanka and a member of the panel of judges of the SLIM Brand Excellence for many years. He is also a Director for Ceylinco Healthcare Services Ltd. which is a fully owned subsidiary of Ceylinco Life. Mr Hemachandra is a Fellow (FCIM) and Chartered Marketer of CIM (UK), Certified Management Accountants (CMA) – Australia and holds an MBA from the University of Western Sydney – Australia.

Mr Sujeewa Kumarapperuma

Non-Executive Independent Director

Mr Kumarapperuma counts over 28 years of experience in the actuarial field. He is a founder member/associate of the Actuarial Association of Sri Lanka and a life member of the MBA Alumni Association of the University of Colombo. He holds a BSc degree in Physical Science with a Second Class Upper and an MBA, both from the University of Colombo and a Postgraduate Diploma in Actuarial Science from the City University (UK).

Prof Prasadini Gamage

Non-Executive Independent Director

Prof Gamage is attached to the Department of Human Resource Management of the University of Kelaniya. She has over 25 years experience as a lecturer and has published more than 100 research papers in local and international journals. Her research work has been presented at many international and local conferences including the University of Harvard (USA). She was a Member of the Governing Council of Chartered Institute of Personnel Management of Sri Lanka and was the Chairman of the Committee on Applied Research and Knowledge Centre.

Prof Gamage is the recipient of several awards including the T Sinnadore Scholarship for the Best Student, Werakoon Gold Medal for the highest marks obtained at the University of Sri Jayewardenepura, Award for the best results obtained at the Intermediate level by the Sri Lanka Law College, the Gold Medal awarded by the Women in Management Institute, Sri Lanka, in recognition of her contributions made to the field of HR, the Most Outstanding Researcher’s Award for the year 2015 by the University of Kelaniya and the Academic Excellence Award from the Management & Science University, Malaysia in 2020.

She completed her PhD in HRM at the Management and Science University (MSU) in Malaysia. She holds a BSc (Business Administration) Special degree with a first-class honours and a MSc (Management) degree, from the University of Sri Jayewardenepura. She is an Attorney-at-Law of the Supreme Court of Sri Lanka and also a Member of the Chartered Institute of Personnel Management Sri Lanka Inc.

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