The Board of Directors

Mr. Rajah Nanayakkara is the Founder and Executive Chairman of Ishara Traders (Pvt) Ltd, a business which pioneered the import and sale of new and reconditioned motor vehicles. Thirty years later, this organisation remains an industry leader. He was also the Founder Chairman of the Motor Vehicle Importers Association of Sri Lanka, and continues to play a significant role to this day.

Mr. Nanayakkara is also the Chairman of Ishara Plantations (Pvt) Ltd - an Award Winning Estate of Tea and Spices - and Chairman of Ishara Property Development, a company which has been involved in construction for the past 18 years.

Mr. Nanayakkara also serves on the Board of Brown & Company PLC, as well as Browns Investments PLC.

Mr. Ishara Nanayakkara is a prominent entrepreneur serving on the Boards of many corporates and conglomerates in the region. He initially ventured into the arena of financial services with a strategic investment in Lanka ORIX Leasing Company PLC (presently known as LOLC Holdings PLC) and was appointed to the Board in 2002. Today, he is the Deputy Chairman of LOLC Holdings PLC, along with directorships in many of its subsidiaries and associate companies

Backed by close to two decades of professional experience in the industry, Mr. Nanayakkara currently holds the role of Non-Executive Chairman of LOLC Development Finance PLC. In recent years, he has also held the role of Chairman of Commercial Leasing & Finance PLC, one of Sri Lanka’s leading financial service providers for over 30 years, Executive Deputy Chairman of LOLC Finance PLC, the largest NBFI in the country, as well as Deputy Chairman of Seylan Bank PLC, a premier commercial bank in the country and LOLC Life Assurance Limited. His commitment to catering to the entire value chain of the finance sector manifested in the development of Micro Finance, Islamic Finance, factoring through LOLC Factors, and insurance through LOLC Life & General Insurance Companies.

Leveraging LOLC Group’s expertise in the SME sector, the expansion into the Micro Sector was spearheaded by Mr. Nanayakkara, who played a pivotal role in the proliferation of the Group’s unique and internationally recognized microfinance business model. He also holds a directorship at PRASAC, the largest microfinance Company in Cambodia, since 2007. Mr. Nanayakkara’s interest in microfinance lead to the inauguration of LOLC Myanmar Micro Finance Company Ltd, a green field investment in Myanmar in which he was the founding Chairman, and currently serves as a Director. His proficiency in micro finance in the region is further demonstrated by his contribution at the strategic level in LOLC Cambodia PLC (Previously known as Thaneakea Phum Ltd); one of the top microfinance companies in Cambodia. In line with Mr. Nanayakkara’s vision to elevate LOLC Group as a global player with a multi-currency, multi-geographic MSME platform, the Group’s expanding overseas footprint has seen him assume the role of Director in Pak Oman Microfinance Bank, Pakistan, as well as LOLC Philippines Corporation and LOLC Philippines Capital Holdings Corporation. He was also appointed as a Director in LOLC International Private Limited & LOLC Private Limited.

Mr. Nanayakkara’s motivation to expand into various growth peripheries is further illustrated through his role as the Executive Chairman of Brown & Company PLC. Through diverse strategic investments, he is steadfast in his aim to catalyze development in the growth sectors of the Sri Lankan economy. Mr. Nanayakkara’s involvement in the Boards of Browns Investments PLC, Ceylon Graphene Technologies (Pvt.) Ltd, Sri Lanka Institute of Nano Technology (Pvt.) Ltd, Associated Battery Manufacturers (Cey) Ltd and Sierra Constructions Ltd, reflects this business philosophy.

Endorsing his entrepreneurial spirit, Mr. Ishara Nanayakkara received the prestigious ‘Young Entrepreneur of the Year’ Award at the Asia Pacific Entrepreneurship Awards (APEA) in 2012. He holds a diploma in Business Accounting from Australia.

Mr. Kapila Jayawardena holds a MBA in Financial Management and is a fellow member of the Institute of Bankers and an Associate Member of the Institute of Cost and Executive Accountants, London. He served as Country Head and CEO (Sri Lanka and Maldives) of Citibank NA from 1998 to 2007.

With his varied experience in the fields of Investment Banking, Banking Operations, Audit, Relationship Management, Corporate Finance, Corporate Banking and Treasury Management, Mr. Jayawardena served in the following Boards/Committees:

⦁ Chairman of the Sri Lanka Banks’ Association (SLBA) in 2003/04.
⦁ President of the American Chamber of Commerce in Sri Lanka in 2006/2007.
⦁ Member of the Financial Sector Reforms Committee (FSRC).
⦁ Member of the National Council of Economic Development (NCED).
⦁ Board Member of the United States - Sri Lanka Fulbright Commission.

Mr. Jayawardena joined LOLC in the year 2007 as the Group Managing Director/ CEO and is the Chairman/Director of the following companies and is also on the Boards of the subsidiaries of the LOLC Group.

Chairman
⦁ Eden Hotel Lanka PLC.
⦁ LOLC General Insurance Ltd.
⦁ LOLC Securities Limited.
⦁ Palm Garden Hotels PLC.

Director
⦁ Eden Hotel Lanka PLC.
⦁ LOLC Development Finance PLC.
⦁ Brown & Company PLC.
⦁ Riverina Resorts (Private) Limited.
⦁ LOLC International (Private) Limited.
⦁ Browns Investments PLC.
⦁ LOLC Advanced Technologies (Private) Limited.
⦁ >LOLC Asia (Private) Limited.
⦁ LOLC Private Limited.
⦁ Ceylon Graphene Technologies (Private) Limited.
⦁ LOLC Africa Holdings (Private) Limited.

Deshamanya M D D Pieris is a graduate of the University of Ceylon (Peradeniya); Fellow of the Chartered Management Institute, UK and has been conferred the Degree of Doctor of Letters (Honoris Causa) by the University of Colombo. Doctor of Letters (Honoris CAUSA) by the University of Westminister UK and the title of Honorary Senior fellow by the Post graduate of Institute of Medicine. He is also “A Distinguished Fellow” of the Institute of the National Security Studies – Sri Lanka.

His career was in the then Ceylon Civil Service and later, on the abolition of that service, in the Sri Lanka Administrative Service.

He had a distinguished career in the public service and held several important posts, including that of Secretary to the Prime Minister; Secretary, Ministry of Public Administration, Provincial Councils and Home Affairs; Secretary, Ministry of Agriculture, Food and Co-operatives; Secretary, Ministry of Education and Higher Education and Chairman and Director General of Broadcasting.

He has also acted on several occasions in addition to his duties, in the posts of Secretary to the Ministry of Defense and External Affairs and Secretary to the Ministry of Trade and Shipping.

He has at various times been the Chairman of the National Institute of Education, Chairman – Board of Management of the Sri Lanka Institute of Development Administration; and Chairman of the Agrarian Research and Training Institute and Chairman of the Public sector Infrastructure Development Company.

He has also served on the Governing Councils or Boards of Management of several Universities and Postgraduate Institutes, including the council of the University of Colombo, the Board of Management of the Post Graduate Institute of Medicine, the University of Colombo School of Computing, the council of the Buddhist and Pali University, the Board of Management of the Arthur C Clarke Centre of the University of Moratuwa, and the Post graduate Institute of Archaeology of the University of Kelaniya.

He has been a Director of Peoples’ Bank, People’s Merchant Bank PLC and a member of the Rural Credit Advisory Committee of the Central Bank.

He has served as a member of the National Salaries Commission and as a member of the Presidential Commission on Finance and Banking, and has chaired three Presidential Committees – one to examine the and report on proposed mechanized gem mining in the Kalu Ganga; the other on the functioning of the Survey Department, and the third on the Sri Lanka Foreign Service.

Currently, he is the Chairman of the Board of Management of the Institute of Information Technology and serves on the Board of Directors of L O L C Holdings PLC, the Governing Board of the Regional Centre for strategic studies, on the Board of Management of the Institute of Indigenous Medicine of the University of Colombo and on the Board of Management of the School of Computing of the University of Colombo. He is also a member of the Academic Affairs Board for post Graduate studies of the Sri Lanka Institute of Development Administration (SLIDA), the Board of Management of the SANASA Campus, a director of the MMBL/Pathfinder Group and a member of the Board of Governors of Vidyodya Privena, Maligakanda.

Deshamanya Pieris also lectures from time to time on invitation at SLIDA, the Defense Services Command and Staff College at Sapugaskanda, the Bandaranaike International Diplomatic Training Institute and the Kotelawala Defence University.

He has delivered four convocation addresses at the University of Colombo, Sri Jayawardenapura, Ruhuna and the Open University. He has, also on Invitation delivered four memorial orations – the Lalith Athulathmudali Memorial Oration, the Sir Ponnambalam Arunachalam Memorial Oration, the Vidyajothy Professor V K Samaranayake Memorial Oration and the Senator Dr. A M A Azeez Memorial Oration. He has been conferred the high national honor of DESHAMANYA for distinguished service of a highly meritorious nature to the nation.

He has published his memoirs of his experience in the Public Service of Sri Lanka in a book entitled “In the Pursuit of Governance”.

Dr. R A Fernando is an Alumni of the University of Cambridge having completed a Post Graduate Certificate in Sustainable Business in 2008 and a Master of Studies in Sustainability Leadership in 2014. He holds both a Master of Business Administration Degree (University of Colombo) and a Doctor of Business Administration Degree from the European Business School in Switzerland 2016. He also has a Diploma in International Management and followed the Advanced Management Program at the INSEAD Business School in France.

He is an Executive in Residence at the INSEAD Social Innovation Centre since September 2010 and Chairman/CEO of Global Strategic Corporate Sustainability (Pvt) Ltd. He is a Faculty Member at the PIM (Post Graduate Institute of Management - Sri Jayewardenepura University). He is a Fellow of the Chartered Institute of Marketing, FCIM (UK) & Fellow Member of the Institute of Chartered Professional Managers, FCPM (SL).

His career with Multi-nationals spanned 1981-2003, Unilever, Smithkline Beecham International covering Africa, Middle East and Asia in CEO/Business Development positions 1981-2007. He was the first CEO of the Sri Lanka Institute of Nanotechnology 2008-2011 & Operations Director of the Malaysia Blue Ocean Strategy Institute 2011-2016 & was the UN Global Compact Focal point for Sri Lanka 2007 2011.

He has taught at the INSEAD Business School, in its flagship Advanced Management program (2005-2010) and its International Directors program – ‘Aspiring Directors Program’ (2018 to date). He also teaches Strategic Corporate Sustainability at the PIM (Post Graduate Institute of Management) MBA program in Sri Lanka from 2019

In terms of sectorial exposure he has worked in FMCG, Healthcare, apparel & Nanotechnology. In terms of assessment of sectors and embedding sustainability/ESG in corporate strategy in addition to the sectors he has worked with INSEAD/Cedep/UN Global Compact and serves on the Boards of LOLC, Aitken Spence Plantations, UN Global compact and Habitat for Humanity Sri Lanka. He is also the Chairman of the Ministry of Finance of Sri Lanka’s ‘MILODA Academy of Financial studies since 2019. He serves as an Advisory Council Member of the Institute of Chartered Professional Managers of Sri Lanka.

His exposure covered many sectors focused in Asia i.e. National sustainability strategy reviews for Singapore (INSEAD Case 2012), Malaysia (sustainable tourism), Vietnam (Pharmaceuticals and Apparel) Plantations (Aitken Spence) and urban sustainable apartments (Fairway Holdings), Leasing and Finance (LOLC Holdings PLC).

He has been a visiting faculty member for Cedep’s Managing Business Excellence program 2012-2018 (EU Management develop initiative) to French MNC’s -L’Oréal, Valeo, Renault/Nissan’s Asia Pacific management cadre’s each in Shanghai to challenge and sensitize them to Climate change risks to their supply chains.

THE BOARD OF DIRECTORS He works closely with the Institute of Directors of Luxembourg since 2017 to date to develop the New INSEAD/ILA ‘Aspiring Directors Program’ to create a cadre of ‘Future focused Directors’ that can influence strategic initiatives to impact the organizations long term. He has developed the following unique Sustainability/ESG assessment and Strategy embedding tools / matrix for his Masters and Doctoral studies:

1) UN SDG/SCS Embedding Matrix – To help define which 1-3 of the 17 UNSDG each business and Industry should engage and impact.
2) Strategic Corporate Sustainability – 7 Imperatives for Sustainable business – An assessment tool to identify which imperatives a business needs to focus on to ‘embed sustainability /ESG’.
3) Creating Sustainability led – differentiation strategies –New Sustainable Blue Ocean Market spaces in the Nanotechnology, Sustainable Tourism, Apparel and Agriculture with flagship global programs – ‘Women Go beyond, Eco Go Beyond, Elpitiya Sustainability, Ethical Tea brand and the Earth Keeper program.

In September 2007, he won a “Global Strategy Leadership award” at the World Strategy Summit for his work in the Apparel and Plantation sectors. In November 2015, he published ‘Strategic Corporate Sustainability – 7 Imperatives for Sustainable business’ (Partridge: Penguin Random House), based on his work at Cambridge University

Mr. Kalsha Amarasinghe holds an Honors Degree in Economics and has an outstanding vision for investments. She serves on the Boards of subsidiaries of Browns Group of Companies and LOLC Holdings PLC.

Key appointments: Executive Director – LOLC Holdings PLC, LOLC Finance PLC and director of LOLC Life Assurance Limited, Palm Garden Hotels PLC, Riverina Resorts (Pvt) Ltd, Eden Hotel Lanka PLC, Brown & Co. PLC, Browns Investments PLC, Green Paradise (Pvt) Ltd, Sun & Fun Resorts Ltd, Browns Holdings Ltd, Danya Capital (Pvt) Ltd and Ultimate Sports (Pvt) Ltd.