Poverty alleviation through sustainable agriculture - New CTC
New CTC Chairman,
J. D. Bandaranayake
Ceylon Tobacco Co PLC’s new Chairman, Jayampathi Divale Bandaranayake
will amalgamate his responsibilities, fully conscious of the
sensitivities and emotions associated with the tobacco trade.
He succeeds Ken Balendra who steps down from the CTC Board after nine
years as Director of which the last five years has been as its Chairman.
The transition will be effected tomorrow (25) after the Annual General
Meeting. Chandra Jayaratne will stand down as CTC Director after 16
“I have every confidence that CTC will conduct its business in an
extremely responsible manner being fully conscious of the sensitivities
and emotions associated with tobacco products. Through modern management
practices, the company will continue to ensure that interests of all the
stakeholders in the years to come will be well served,” Bandaranayake
told ‘Daily News Business’.
He endorsed that the biggest beneficiary of the company’s business
was the Government where over 80% of the company’s revenue went to the
state coffers, equating to well in excess of 7.5% of the Government’s
total tax revenue.
Commenting on the company’s role in Corporate Social Responsibility,
the new Chairman stressed that a new Committee that the company has
considered and the Board has been keen to establish, was the Corporate
Social Investment Committee so that all the social investments that the
company made will have greater impact in addressing and solving core
national social issues, primary of which will be poverty alleviation
through sustainable agriculture.
“This effort will be led by the management team but with the guidance
of the Board of Directors,” he said.
Commenting on the company’s organisational structure, he said:
“Unlike in several blue chip companies, CTC has the role of the Chairman
and the CEO being separated.
The Chairman and the Directors are held accountable for the duties
and the responsibilities in the Companies Act.
“We have an excellent Board of Directors and their wise counsel and
guidance make the role of the Chairman much lighter, having an excellent
equilibrium between the Executive and non Executive Directors” he said.
Bandaranayake joined CTC as a management trainee in 1967. A Fellow
Member of the Institute of Chartered Secretaries and Administrators of
UK (FCIS) and a Bachelor of Laws (LLB) Graduate of the Open University
of Sri Lanka, he rose through the ranks of the company as Personnel
Manager and as Head of Human Resources in 1984.
He was promoted to the CTC Board as Human Resources Director in 1990
and later as Deputy Managing Director in 1990.
Presently, he also serves on the Boards of Directors of Hayleys PLC,
James Finlay and Company (Colombo) PLC, Coca Cola Beverages ( Sri Lanka)
Ltd, Sampath Bank PLC, Union Assurance PLC and the Board of Investment
of Sri Lanka.
He is also the immediate past Chairman of the Employers Federation of
Ceylon and Vice Chairman of the Ceylon Chamber of Commerce.