SRI LANKA INSTITUTE OF MARKETING | ANNUAL REPORT 2019 · 2020-07-06 · In the 1970s when we commenced operaions, we crossed the boundaries of convenional academic pursuits providing

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In the 1970s when we commenced

operations, we crossed the boundaries of conventional academic pursuits providing the then young professionals with the chance to begin a career that has now transformed their lives. With this transformational vision in mind, we have covered a great distance, adapting to changing times but yet strongly dedicated to our mission of promoting marketing as a driving force of corporate and national value.

Carrying the same vision but with a reinvented approach, we continued to recognise our businesses and members through our flagship events, continuing to set the benchmark in national business award and recognition programs.

With our transformation continuing to evolve, we are setting new goals in elevating our services to adapt to the competition and bring pride to the marketing profession and of the business world.

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28

About Us

24

CEO’sReview

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06 18

14

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President’s Message

Past Presidents 30Council of Management

46SeniorManagementTeam

47Management

Team

40Executive

Committee

48

Cover Story

Asia MarketingFederation

08Strategic Journey

Milestones

Financial & Non-Financial Highlights

OrganisationalStructure

04Awards &Excellence

05Vision, Mission &

Objectives

Promoting Entrepreneurship, Branding and Exports withinSri Lanka

In our role as the apex body for Marketing, we sought to unite and inspire

Highlightsof the Year

Content

Management Discussion and AnalysisOperational Review 103

Marketing & Business Development Review 110

Report of the Executive Committee

Selection & Nomination Committee 112

Stakeholder Engagement 113

Sustainability Strategy 115

Risk Management Review 116

Corporate Governance 118

Internal Audit Committee Report 133

Remuneration Committee 134

Report of Executive Committee on

Affairs of the Institute 135

Financial ReportsFinancial Calendar 139

Statement of Executive Committees’ Responsibilities for Financial Reporting 140

Executive Committee Statement of Internal Control Over Financial Reporting 141

Independent Auditors’ Report 142

Statement of Financial Position 143

Statement of Profit or Loss 144

Statement of Changes in Accumulated Fund 145

Statement of Cash Flows 146

Accounting Policies 147

Notes to the Financial Statements 149

Supplementary InformationFive Year Summery 157

Notice of Meeting 160

Corporate Information 161

About UsCover Story 01

Awards & Excellence 04Vision, Mission & Objectives 05Milestones 06Strategic Journey 08Asia Marketing Federation 09Organisational Structure 14Financial & Non-Financial Highlights 18President’s Message 20CEO’s Review 24Past Presidents 28Council of Management 2018/19 30Executive Committee 40Senior Management Team 46Management Team 47Highlights of the Year 48

Annual Report Award 2017

National Business Excellence Award 2017

Gold Award in the Non Profit Organisations including Non – Governmental Organisations category at the CA Annual Report Awards 2018 organised by the Institute of Chartered Accountants of Sri Lanka

Runner-Up at the National Business Excellence Awards 2018 organised by the National Chamber of Commerce of Sri Lanka in the Educational Services sector

Certificate of Merit for the Annual Report submitted under the category of non-governmental organisations (Including NPOs) at the South Asian Federation of Accountants 2018 (SAFA)

Gold Award in the Non Profit Organisations including Non – Governmental Organisations category at the CA Annual Report Awards 2019 organised by the Institute of Chartered Accountants of Sri Lanka

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Award & Excellence

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To Lead the

Nation’s Efforts Towards Economic ProsperityV

isio

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Mis

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Obje

ctiv

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To Establish

Marketing

as the Driving Force, which Enhances Business and National Value

To

Contribute within the area of our professional competence, to the economic growth of the country

To foster the development, growth and wider acceptance of marketing as a key management function

To provide a professional forum for our membership

To advise and assist in the formation, implementation and appraisal of national policies on any matter connected with Marketing, both within Sri Lanka and abroad

To suggest and promote legislative action in the sphere of Marketing to serve the best interest of the country

To promote, maintain and uphold professional and ethical principles and standards in the practice of Marketing in Sri Lanka

Milestones

Strategic Journey

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Asia Marketing Federation (AMF) is a collaboration platform for all the marketing associations in Asia. Originally founded in 1991 as Asia Pacific Marketing Federation (APMF), it evolved into AMF in 2007. AMF’s critical mission is to effectively promote the interests of marketing in Asia in general and strengthening the Asian marketing fraternity. Today, we boast a membership of marketing associations and institutes from the countries in the region.

Asia Marketing Federation (AMF)

Bangladesh

Hong Kong

Macau

Myanmar

Sri Lanka

Thailand

Cambodia

Indonesia

Malaysia

Philippines

Korea

Vietnam

China

Japan

Mongolia

Singapore

Taiwan

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TOP 10 TRENDS OF MARKETING IN ASIA 2020

Voice Search optimisationVoice Search optimisation will be the popular medium of choice as voice recognition technologies are getting more precise. This will be backed by the maturity of AI that are generating smarter responses.

As technology continues to evolve and becomes more intuitive, people are turning to faster and more convenient ways to go about their daily lives via their mobile gadgets. Voice search has become increasingly popular for performing online searches over text-input method. With the constant need to innovate and compete for market share, voice search will inevitably see an increase in adaption and accuracy. Smart technologies such as Apple smartphone, Amazon voice assistant and China’s Xiaomi smart household devices can be controlled via voice command. The use of voice-based search optimisation will become integrated into our daily lives as time pass.

Hyper-Personalisation of services and productsIncreased data collection and integration of artificial intelligence have already had a huge impact on the level of personalisation that is possible. Consumers have higher expectations now in their interactions with brands. Improvements in the use of AI combined with data science and predictive analytics in marketing personalisation will enable more marketing collaboration and integration both internally and externally to deliver greater customer experience.

Through the collaboration between tech companies and e-marketplace, they are also driving customer retention programmes by using hyper profiling through intuitive data collection. Personalisation is a marketing strategy that brands will have to invest in to meet the increasing expectations for customer experience when purchasing services and products. Such marketing efforts can be seen where women who have certain skin colours or body sizes, previously forgotten by fashion or cosmetic producers, are being approached by some marketers through brand ambassadors who have similar skin colours or body sizes.

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Moment-based MarketingCapitalising on micro-moments: Marketers should rethink about the linear consumer’s buying journey that follows a conventional path from awareness to consideration and decision. For example, shoppable posts have shortened the marketing funnel by eliminating steps from the discovery process all the way to the point of purchase. Marketers must create relevance with consumer’s micro-moments and design their marketing communications and executions at the right place at the right time to the right audience.

By looking at its number, there will be various moments in 2020 that marketers can leverage on at the global or local level to execute their moment-based marketing. At the global level, there are sports events such as the second Tokyo Olympic, (Tokyo is the second city after London that hosted the Olympics more than once after World War 2), and Euro 2020. Many marketers will use those moments either for branding or boosting to sell their products or services.

Nano food printing will be able to customise food and nutrition to individual diet and health condition using print technologyThe use of AI and 3D printing has got everyone excited in the past years. And with the entrance of Nanotechnology, we will be able to customise food and nutrition to individual diet and health condition.

Nanotechnology in food processing offers many possibilities, as food can be analysed and created not just according to the required nutrients, but also avoid pathogens and other chemical components that are unsuitable to the consumer. Beneficial enzymes that are required by the body can also be improved to become highly effective, more long-lived and cost-effective.

Video Search Optimisation will replace SEO to become the preferred tool while performing online searchesVideo Search Engine has also begun to receive increasing attention as video streaming become the most popular way for consumers to learn about new products. With Video Search Optimisation, consumers can now watch videos and perform search for products and services by simply tapping on the objects in the video. This will significantly change how consumers are able to discover products and perform purchase without having to exit out of their video. In addition, the explosion of video streaming and voice search in recent years has also superseded static “readable” content to become the preferred online content and interaction on social media.

Marketers are urged to create creative visual content to influence consumer attitudes and behaviours, and expect to experience more data visualisations, creative infographics, emotionally appealing images, and videos in marketing and brand communications. With video search, streaming services will take on a drastic change in media pattern.

Space Technology will revolutionise how we will experience technology in the future, as fibre optic cable are replaced by high-speed laser technology from spaceThe democratisation of space technology empowered by commercialisation has allowed tech start-ups and investors to begin to unravel the potential of extra-terrestrial domain. The technology to miniaturising constellation of satellites means that we can create connection coverage over the perimeters of the globe, and at a much lower cost. Despite challenges with political policies from countries, the benefits that space technology can bring is much more alluring.

Replacing cable fibres which are buried under the oceans with high-speed laser technology in space will provide unbounded internet access and connectivity throughout the globe. This means that you will be able to experience smart technologies more seamlessly with no geographic limitation. It will also mean further advancement in areas such as automation of self-driving car.

Top 10 Trends of Marketing in Asia 2020

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Holographic Technology and Imagining TechnologyHolographic Technology and Imagining Technology will be further enhanced with 5G bandwidth that flat screen panels will no longer be the preferred medium for entertainment content.

3D holographic inspired by Star Wars will soon be made possible, as increasing interest from investors and tech companies continues to push for the development of holographic products. The possibilities are unlimited with 3D holographic TV for entertainment and gaming, hologram smartphone with high speed 5G. Consumers with be able to experience realistic projections of moving visuals that will greatly disrupt the way we use technology. For example, consumers can now relive past experiences, such as watching realistic projection concert of celebrities that are no longer around.

Increasing travel intentions for social causesSocial structure has favour travels that offer more with less, hence we see an incremental performance in this arena. The increasing popularity in traveling for social causes, where traveling for social cause is fast becoming the popular reason for embarking on a travel destination. This is motived by self-actualisation goals through philanthropy works and charity works. Contributing back to the society beyond their communities.

With 5Gs and larger band with fully in place, Instant and interactive responses will be the basic expectations for all communicationsThe promise of incomparable speed and instant gratification for fast network connection, this means that marketers can perform much more personalised marketing strategies in the future. With speed, it also means higher data flow and content marketing will become even more exciting and competitive.

With the continued development of AI for the internet, the world will become even more connected place. We will be expecting more chatbots and other intuitive communication touch-points integrated in businesses. The expansion of 5G network will also bring about major disruption to our we experience mobile technology as we know it today.

Co-working space gaining popularity among entrepreneurs and start-ups, as shared resources and expertise become the new business modelThe trend of opting for co-working space over traditional working space is brought about by the increasing receptiveness of the Shared Economy mentality. Sharing resources and human capital reduces overall cost for operation, and such a business model is popular among young entrepreneurs and small start-ups who are just starting out. The open-concept of co-working space also encourages dialogue and innovative collaboration to take place, which means people can share ideas openly and develop business opportunities. The shared resource concept can also be seen in the way they operate their business. For example, app services where we see the engagement of freelance delivery drivers in nearby neighbourhood to meet the demand of consumers, instead of hiring full-time delivery staff.

Organisational Structure

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The ability to communicate effectively in English is an essential skill for the workforce worldwide. Even though numerous educational programmes attempt to provide a good understanding of the English language.

The diploma in digital marketing programme is designed to provide the most important digital marketing concepts, the best practices and emerging concepts in digital marketing.

The Certified Professional Marketer (Asia) is the formal endorsement of professional status for marketing professionals who have already attained a competent level of academic and practical understanding of Marketing in the Asian region.

The transformation of the economy towards the service sector can be witnessed globally as well as locally. This transformation has impacted both consumers and organisations in numerous ways.

The Chartered Institute of Marketing (CIM) is the world’s largest and most prestigious professional body for Marketing which provides an internationally recognised Marketing qualification, opening seamless for opportunities for Marketers.

The Certificate in Digital Marketing (CDM) programme is a preliminary course designed to equip students with the fundamentals of Digital Marketing and the Online Communication ecosystem.

Notably there are a large number of entrepreneurs in Sri Lanka. Irrespective of the scale they start at, their goal is to grow rapidly and to become major players in their industry.

Product Portfolio

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The Professional Certificate in Marketing (PCM) is the gateway for people who have an interest in Marketing to venture into a fulfilling career in the field.

The Diploma in Strategic Brand Management (DSBM) is suitable for Marketing/Brands career-minded candidates seeking to acquire specific competencies to differentiate themselves from the rest.

The Marketing in Tamil programme is an indigenous product of SLIM, which provides the essentials of Marketing required by the majority irrespective of their profession or the business they are engaged in.

The Marketing in Sinhala programme is a home-grown product of SLIM which provides the essentials of Marketing required by the majority irrespective of their profession or the business they are engaged in.

The Postgraduate Diploma in Marketing (PGDIP) is highly recognised by the corporate sector, thus it paves the way for budding Marketers to secure employment in the corporate sector in Sri Lanka.

The Certificate in Pharmaceutical Marketing is a course conducted for Medical Delegates who are already employed in pharmaceutical companies and for school leavers aspiring to be future Medical Delegates.

Meticulous sales force management skills will have dramatic impact on organisational sales performance and profitability. As a result, there is an increasing interest in developing the sales force.

The Professional Certificate in Marketing - ONLINE is a 3 month study programme leading up to the Postgraduate Diploma in Marketing (SLIM). I

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Financial & Non-Financial Highlights

Revenue

AccumulatedFunds

Contribution

Revenues perEmployee

Rs.324,016Rs.262,283

Rs.3,857Rs.193,107

2019 2018

M O N I T O R Y C A P I T A L

Growth Rates % (3) 20 Gross Profit Ratio % 60 61Net Profit Ratio % 15 20Sales to Assets Times 0.93 1.16 Return on Assets Times 0.13 0.20Return on Equity Times 0.18 0.30Current Ratio Times 3.82 2.99Quick Ratio Times 3.72 2.91Inventory Turnover Times 17.61 22.88Inventory Days Days 21 16Receivable Turnover Times 6.92 9.22Collection Period Days 53 40

H U M A N C A P I T A L

Total Staff No. 84 75New Recruitments No. 09 07

No. of Employees more than 15 Years No. 01 01

No. of Employees more than 10 Years No. 09 04No. of Employees more than 5 Years No. 13 13Total Payment of Employee Rs.Min 1.16 1.11

S O C I A L & R E L A T I O N S H I P C A P I T A L

New Students Registration No. 4,547 4,653Certificate Holders No. 2,229 2,017No. of Graduates No. 556 540New Members No. 210 210Active Members No. 1,040 1,038SLIM Business Schools No. 03 03SLIM Accredited Centres No. 25 21

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Revenue

(Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2019 2018 2017 2016 2015

324,016 332,952

277,949

203,000196,323

Contribution

(Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

2019 2018 2017 2016 2015

193,107203,163

170,171

123,518114,099

Accumulated Funds (Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

300,000

2019 2018 2017 2016 2015

262,283

218,257

166,989

136,603119,546

Revenues per Employee

(Rs.’000)

Year

0

1,000

2,000

3,000

4,000

5,000

2019 2018 2017 2016 2015

3,857

4,439

4,087

3,2223,020

Short / Long Term Investment

(Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

2019 2018 2017 2016 2015

202,797

184,923

111,108

49,230

19,199

Surplus Before Tax

(Rs.’000)

Year

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2019 2018 2017 2016 2015

47,487

64,931

31,420

17,057

5,629

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Mr. Suranjith Swaris I President I Sri Lanka Institute of Marketing

Promoting Entrepreneurship,

Branding and Exports within

Sri Lanka

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Dear Members,

As we step into our 50th milestone year, I am pleased to present the Annual Report and accounts for the year ending December 31, 2019. Fortifying our presence as the National Body for Marketing in Sri Lanka, during the year under review, we embarked on a new chapter of our journey, with the intent of becoming a pivotal agent of transformation in the nation’s economic growth. Our strategic drive to attain this goal through revisiting SLIM vision and mission, revolves around promoting Entrepreneurship, Branding and Exports within Sri Lanka and conveying the country’s innate capabilities in these areas to the global arena. As such, our efforts and activities during the year were purposefully designed and implemented to create a transformative platform for not only SLIM, but also for the entire nation to pursue sustainable progress through the application of insightful marketing tactics to seek growth. The theme for this year’s Annual Report, ‘We Sore Together with Pride’ readily captures the essence of our growth.

Inspiring the business community –

Reflection of true National bodyThe year 2019 was one rife with challenges, in particular, following the tragic events that unfolded in April. As the national body for marketing, we decided to take an active role in helping the country move beyond uncertainty.

As such, in the aftermath of the devastating Easter Sunday incident, we saw it fit to inspire the Sri Lankan business community with the national forum IGNITE 2020. The event was a common ground and unifying platform for marketers, business leaders and the corporate community in Sri Lanka during a period of extreme uncertainty. IGNITE 2020 exemplified the message that the time to ‘wait and see’ was over and that it was the right time to ‘act and unite’, in order to charter a new dimension in the business and marketing landscape to pursue prosperity. IGNITE 2020 was born consequent to our deeply held belief that as marketers, we shouldered the responsibility to inspire the nation at a time of great national scale devastation and loss of hope.

Strategic Initiatives Introducing a new value proposition to our renowned and prestigious annual events, we organised workshops and forums parallel to the main events this year, to engage marketers, entrepreneurs and corporate decision makers at a more in depth level.

Striving to nurture business growth and develop the export market at the regional level, we held a workshop for Small and Medium Entrepreneurs (SME) in collaboration with the Export Development Board, to enable regional entrepreneurs market their product to a global audience which fell in line with our larger agenda to contribute to national growth.

Knowledge creation in the local marketing sphere too is an integral part of sustainable success of the country’s business landscape. Mindful of this fact, during the SLIM Knowledge Week, themed MAD (Marketing, Academic Data), we built up a discussion around creativity in business, innovation and Artificial Intelligence (AI) to provoke insights into the changing global trends and the advent of the 4th industrial revolution. During the entire Knowledge Week, we created a discussion around the future of the business world, which is set to pivot around marketing, academics and data to position Sri Lanka as a Knowledge Destination.

‘James Taylor live in Sri Lanka’ was one of the highlights of the programme, featuring James Taylor, a renowned leader on the topics of super-creativity and innovation. Inviting such a prominent figure as James Taylor was part and parcel of our focus on rebuilding confidence and inspiring hope among Sri Lanka’s business community. We sought to maintain the spark of our message in resilience which we initiated with IGNITE 2020 with the James Taylor event to further inspire confidence among corporate entities across the nation.

Brand week symposium which took place from 4th – 8th November explored numerous timely themes related to branding, including the role of Artificial Intelligence (AI) and Data Science.

Education and Training are two of the core pillars of SLIM. As such, we continuously seek to promote opportune skills development amongst our students, members and other stakeholders. Our efforts towards this within 2019 focused on facilitating effective business communication skills and digital marketing capabilities. Leveraging on the changing perspectives about marketing in Sri Lanka, we continued to reach out to school children across the island through our Study Centres. SLIM currently manage 25 accredited Study Centres across the country as part of the drive to promote marketing and by extension, entrepreneurship, branding and exports to grass root

I am pleased to present the Annual Report and accounts for the year ending December 31, 2019.

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levels. This island wide reach was achieved through our Marketing in Sinhala (MIS), Marketing in Tamil (MIT) & Preliminary Certificate in Marketing (PCM) programmes, which allow students to learn the essence of Marketing in their mother tongue.

Providing a pathway to Digital Marketers, we introduced Diploma in Digital Marketing programme to help students investigate digital marketing concepts, best practices and emerging trends during the course of 8 months. The programme covers key areas in developing a comprehensive digital marketing plan which includes strategies, tools and tactics to meet business objectives. This 10-module diploma is well-suited to meet the requirements of marketing professionals who already possess a fundamental understanding on marketing.

We continued aggressively by having guest speaker sessions from entrepreneurs to our latest educational offering, Certificate in Entrepreneurial Marketing, which we launched in year 2018 to addresses the need to equip aspiring entrepreneurs with relevant knowledge and tools.

Moreover, we launched SLIM DIGEST, our quarterly e-newsletter to allow our members to keep abreast of our new developments and activities in a timely manner.

National Engagements In line with the theme, we sore together with pride’, our prime focus was on accelerating our engagements with other Government bodies to fulfill the aspiration of the Institute to align with our vision; ‘lead the nations efforts towards economic prosperity’ and our mission to ‘establish marketing as the driving force to enhance national and business value’.

In this regard, being mindful of the fact that entrepreneurs are the driving force behind a nation’s economy, we collaborated with the Export Development Board to develop entrepreneurs in Sri Lanka. One such initiative

was the involvement of SLIM President as a Technical Evaluation committee member of the “Arambuma Credit Scheme” which the Government launched as an implementation to the national budget proposal in 2018 to provide financial support to graduates, to encourage entrepreneurship.

Further supporting the Government’s efforts to promote entrepreneurship among graduates, SLIM conducted a comprehensive workshop to enhance knowledge and skills of the participants of the ‘Arambuma Credit Scheme’ in marketing, financial management, exports and branding. SLIM EXCO professionals and members guided workshop participants in gaining substantive knowledge into branding, export market reach, entrepreneurial skills and prudent financial management.

In my capacity as the President of SLIM, I engaged with the EDB to prepare Terms of Reference (ToR) to select a suitable consultancy firm to develop a market entry strategy to explore the Chinese market and provided my contribution as a Technical Committee member to support EDB’s “Market Access Support Program (MASP)” implemented in the National Budget 2018.

Further strengthening our national level engagement, I engaged with the National Chamber of Exporters, NCE Awards 2019 as the member of the Technical Committee to select the winners. Moreover, I was a member of the judging panel of the Sri Lanka Entrepreneur of the year awards 2020, which was organised by the Federation of Chamber of Commerce of Sri Lanka (FCCISL).

Engaging with the IT industry in Sri Lanka, I acted as part of the judging panel at INFOTEL 2019, an event organised by the Federation of IT Industry in Sri Lanka (FITIS).

While we conducted well-defined programmes as mentioned above to facilitate entrepreneurship, branding and export development, we were also determined to share our knowledge with the rest of the world to establish Sri Lanka as a knowledge hub in the field of marketing. In line with this goal, we launched our bi-monthly magazine ‘Asian Marketer’ in 2019. The magazine covers numerous topics related to all disciplines of marketing, new trends and insightful ideas. Asian Marketer magazine reaches an audience comprising of (17) countries in the Asian region that are members of the Asia Marketing Federation. In addition, I was part of the judging panel at the AMF Awards 2019 held in Indonesia and delivered one of the keynote addresses on the topic “Role of Marketer in Disruptive Asia” at the AMF Marketing Conference held in Taipei in Taiwan.

We embarked on a new chapter of our journey, with the intent of becoming a pivotal agent of transformation in the nation’s economic growth.

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Economic background According to International Monetary Fund reports, global growth in 2019 hovered around 3.0%, a significant drop from 2017/18. Geopolitical trade tensions which resulted in tariff increases between the United States and China negatively impacted the global business landscape. Sri Lankan economy slowed down in 2019 amidst numerous economic challenges including the impact of the Easter Sunday attacks.

SLIM performance in 2019 Challenging economic conditions that prevailed in the country affected our overall performance resulting in a negative revenue growth rate of 3% in comparison to the previous year. Nevertheless, our strategic approach to business development led to a revenue growth of 4% in the education division at a revenue of LKR 285.76Mn. Membership division recorded a revenue growth of 14%. However, the training division recorded a contraction of 55%, mainly driven by market conditions in the aftermath of the Easter Sunday attack.

Steering organisational success through focusing on transformation, this year, we concentrated on a strategic shift geared towards our next growth spurt. During the year under review, we took several strategic steps to grow our partnerships with various national bodies as well as educational institutes. These partnerships as well as the shift in our direction, illustrate our commitment to fostering national economic growth through promoting entrepreneurship, branding and export development nationwide.

While continuing to focus on growth goals, we at SLIM also took prudent measures in cost-reduction as part of our efforts to build a sustainable platform. These measures include cost management in both staff engagement and event management.

Our strategic shift has not swayed our focus on good governance and ethical practices to ensure sustainable prospects for all our stakeholders. Further, digitalising SLIM business operation named “DSLIM” project was initiated in the year 2019. I wish to state on record that all activities which were carried out by SLIM throughout the year have been within the boundaries of the Code of Business Conduct and Ethics to the best of my knowledge.

Achievements For the third consecutive year, SLIM competed in the 55th Annual Report Awards organised by the Institute of Chartered Accountants of Sri Lanka and clinched the coveted Gold Award in the Non-Governmental Organisations category for the second consecutive year. This prominent recognition is a testimony of organisational

integrity in consistently maintaining transparency, accountability, and social responsibility in financial reporting.

During the year under review, LMD magazine recognised SLIM as the “Most Respected Professional Institute in Sri Lanka. This accolade was the result of the magazine’s editorial board’s research findings. Adding to our accolades of the year, three managers from SLIM were awarded ‘Great Manager’ titles while SLIM received the title as a ‘Company with Great Managers.’ Great Place to Work for institute ranked SLIM amongst its pick for Great Place to Work 2019.

Appreciation As we conclude the 49th year, I wish to convey my heartfelt gratitude to all Council Members for their tireless efforts. The Executive Committee and the Consultative Committee have been providing exemplary guidance to Council Members to fulfill their roles. I am deeply appreciated of their sincere contribution. I would like to express my gratitude to the CEO and the SLIM team for their consistent support. I also wish to thank our much-valued members for standing by us all these years. I take this opportunity to extent my gratitude on behalf of the ExCo to the Consultative Committee for their guidance in crucial times during the year. I wish to convey my sincere gratitude towards all our sponsors and strategic partners for their continued confidence in SLIM during our journey. Last but not least, my sincere gratitude goes out to all project committees, project chairpersons, agencies, media organisations and other service providers for their consistent support in our journey.

Looking to the future As we prepare to celebrate 50 years of consistent growth and excellence, our commitment to the field of marketing as well as to the country remains steadfast. Our journey however continues to evolve with the changing times to incorporate a larger, more intensified goal of enabling national economic growth. Moving forward, we envision practicing a deeply engaged, innovative role in the national development as the National body for Marketing.

Mr. Suranjith Swaris

President

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Mr. Sanath Senanayake I CEO/Executive Director I Sri Lanka Institute of Marketing

Chief Executive Officers’s Review

In our role as the apex body for

Marketing, we sought to unite

and inspire

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It is with great pleasure that I recapitulate our noteworthy activities during the year 2019 and assess our impact on the sustainable growth of the national economy, as we step into our 50th year. I am pleased to be associated with the President and fellow members of the Executive Committee in the presentation of the Annual Report and the Audited Financial Statements of the Institute for the year 2019. During the year under review, which was a transformational one for us, we laid the groundwork for a strategic shift in the next phase of our journey as the national body for Marketing. Placing the onus of contributing to the national economy on ourselves, we implemented significant developments in our curricula, our community engagement, nurturing members and the overall approach as the pivotal point of the nation’s marketing arena. As such, our efforts during the year revolved around developing Entrepreneurship, Branding and Export Development across the nation and uniting the country to pursue undaunted success in the face of challenges.

Our performance In 2019, in line with our efforts to transform the way in which we grew and rose together with the nation, SLIM effectively laid a solid foundation for strategic growth in the years to come in tandem with national developmental goals.

The country’s challenging economic backdrop, driven by factors such as spillovers of the Easter Sunday attack, negatively impacted the overall performance of SLIM during the year under review. However, these challenging conditions we succeeded in growing certain segments in our portfolio.

Our revenue growth dropped by 3% in 2019, when compared to the previous year. As such, our revenue generation was at LKR 324 Mn in contrast to the LKR 332 Mn recorded in 2018.

SLIM Education division recorded a growth of 4% in comparison to the previous year posting a revenue generation of LKR 285 Mn for the year 2019.

The Events division recorded a contraction of 39%.

SLIM Membership division recorded a growth of 14% in earnings when compared to the previous year.

Inspiring the nation In our role as the apex body for Marketing, we sought to unite and inspire the country in the wake of the Easter Sunday tragedy that brought the entire nation to its knees. IGNITE 2020, was a platform for business leaders, entrepreneurs, and the nation as a whole to come together, share hope and plan for the year ahead. IGNITE

2020 infused much needed vigour to the Sri Lankan marketing community in the aftermath of the Easter Sunday tragedy.

In our efforts to nurture the knowledge and skills sets of Small and Medium Entrepreneurs in the export sector, we worked together with the Export Development Board to assist Small and Medium business owners to refine their entrepreneurship skills, financial management and branding knowledge through a workshop for the applicants of the “Arambuma Credit Scheme” approved by the Finance Ministry.

Moreover, we continued our efforts to impart marketing knowledge to adults and children in far corners of the island in 2019, with various communication programmes and through our 25 accredited study centres. As part and parcel of our reach across the nation, we conducted educational sessions targeted at school teachers in collaboration with the zonal education departments.

We enriched our island-wide reach through offering Marketing in Sinhala (MIS), Marketing in Tamil (MIT) and a Professional Certificate in Marketing (PCM) to enable students across the country to learn marketing in their mother tongue.

Promoting marketing education In 2019, we introduced the Diploma in Digital Marketing programme and the Certificate in Entrepreneurial Marketing (CEM) to cater to growing marketing trends. Diploma in Digital Marketing guides marketing professionals who already possess the fundamental knowledge in marketing, to learn new tactics and tools to use digital marketing effectively. The new Certificate in Entrepreneurial Marketing (CEM) is designed to guide entrepreneurs and aspiring entrepreneurs to pursue their entrepreneurial vision armed with the right marketing strategy and skills.

Placing the onus of contributing to the national economy on ourselves, we implemented significant developments in our curricula.

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Remaining mindful of the fact that communication and eloquence are integral to marketers, this year, we also introduced Business and Professional English to our students countrywide not only through our branch network but also through the accredited study centres.

SLIM Knowledge Week, themed MAD (Marketing, Academics, Data) was in line with our broader agenda to explore the evolving world of marketing with all our stakeholders.

James Taylor live in Sri Lanka was a vital event in the schedule of our Knowledge Week, with this sought after speaker sharing his wealth of knowledge about ‘Creativity in Business, Innovation, and Artificial Intelligence’ with the audience. The above event set the stage for the Marketers Summit during which six local and international speakers presented their stories and experiences on “Driving business through creativity and innovation”.

SLIM Brand Week which followed the Marketers Summit was a five-day brand-marketing symposium designed to explore latest branding tools, strategies and the future of branding in a digitally driven world.

We consistently strive to impart global scale knowledge to the Sri Lankan marketing community and explore our own capabilities and role in these changing times. SLIM Knowledge Week was the linchpin in our efforts to do so during the challenging year that concluded. Our efforts during the SLIM Knowledge Week also tied in seamlessly to our objective to make Sri Lanka a knowledge destination. Further pursuing this goal, we launched our bi-monthly magazine ‘Asian Marketer’ this year.

SLIM events 2019 As always, our events team carried themselves with characteristic enthusiasm and competence in 2019. Peoples Awards 2019 saw Nielsen Sri Lanka conduct an immaculate survey spanning across 25 districts and 9 provinces to identify brands and personalities that have made a profound impression on the people of Sri Lanka.

SLIM Brand Excellence 2019 intently focused on the SME sector in line with our objective to promote entrepreneurship and motivate small and medium business owners to propel their businesses to the international arena.

This year’s SLIM NASCO sought to encourage sales professionals to ‘Excel. Engage. Ensure – Beyond all Limits’ through continuously striving for sustainable growth and progress of organisations, wider community and self.

SLIM Digis 2019 recognised Sri Lanka’s best digital marketing work, innovation and talent for the very first time and shed light on the region’s growing influence on the global digital industry.

This year, we joined the Post Graduate Institute of Management (PIM) and the Chartered Institute of Marketing (CIM) to commemorate the yeoman service rendered by late Prof. Uditha Liyanage, to the country’s marketing fraternity.

Nurturing partnerships Robust connections drive viable growth. As such, we have continued our cordial and mutually beneficial affiliation with the Asian Marketing Federation (AMF). This year, we launched ‘Top 9 Trends of Marketing in Asia’ in collaboration with the AMF in a bid to promote educational products and uplift business and marketing knowledge in the region.

Moreover, in 2019, we worked closely with various National and private bodies including the Export Development Board and the Ministry of Education.

Our relationship with our students and members is an integral part of the SLIM identity. As the apex body for marketing in Sri Lanka, we endeavour to consistently raise the bar to assist our students and members confidently pursue their journey to reach the top of their respective potential. To this end, we periodically revisit our syllabi and create multifaceted opportunities for them to continuously update their knowledge and understanding. Through ‘Action Learning Marketing’ (ALM) and “Experience Sharing Forums”, we provide our students opportunities to learn from successful role models from various fields. Further, we offer continued assessment and training opportunities through our online portal. Our students receive further opportunities to refine their communication skills through activities of the Toastmasters Club. Moreover, we periodically train our trainers to uphold strong academic standards.

Chief Executive Officers’s Review

We consistently strive to impart global scale knowledge to the Sri Lankan marketing community.

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In our attempt to strengthen our communication channels with stakeholders, this year we introduced a monthly newsletter which is distributed amongst all SLIM members.

Being a responsible citizenIn addition to consistently working towards national economic success, we contribute our time and resources to uplift communities on a more focused scale. True to this commitment, we organised the ‘Smile’ New Year Festival for the third consecutive year, for children at the Sri Jinananda Children’s Development Centre in Wellawatta.

Our industry upliftment programme ‘Gamata Marketing’ focusing on families engaged in the fisheries industry provided a rich platform for over 100 women entrepreneurs in the southern province to succeed in their business endeavours.

Easing the way for school children to pursue academic success, we provided scholarships to the cricket team at the Rahula College, Matara as well as a number of other students who excelled in their GCE Ordinary Level and Advanced Level examinations across the Island.

Corporate governance We value our responsibility towards all our stakeholders. We believe that our ability to operate in a highly effective manner rests mainly on our adherence to robust corporate governance practices. As such, we remain transparent in all our operations and hold all Senior Management and Employees to the highest standard of accountability. Each department at SLIM adheres to Standard Operating Procedure (SOP) in order to systematically manage our corporate governance practices. We comply with the standards set by the Companies Act No. 07 of 2007 and the Code of Best Practice on Corporate Governance issued jointly by the Securities & Exchange Commission and the Chartered Accountants of Sri Lanka.

Looking to the future As we conclude our year of transformation, I am pleased to state that we have already laid a solid foundation on which to continue the next phase of our journey. In 2020, we will continue to play a key role in leading Sri Lanka’s marketing community to evolve with global changes and help the national economy through promoting entrepreneurship, branding and export development. We will continue to empower our students and members to grow along with us and pursue long-term success as we step into the 50th milestone year.

Appreciation I am grateful to the President, Council and Executive Committee for their unwavering support. I would also like to express my profound gratitude to my team members without whom, we could not have achieved what we are proud of today. Our advisors, judges of events, sponsors and sub committees have stood by us through thick and thin. I would like to thank them warmly for their consistent assistance. I am grateful to all our students and national partners for the trust that they have placed in SLIM. Members of our staff have dedicated their professional lives to the on-going success of SLIM. I am indebted to them for their commitment. I wish to extend my gratitude to Members of the Audit Committee, Members of the Consultative Committee, Members of the Building Committee, Members of the Risk Management Committee, Members of the BoS, ERC, Lecturers, Education Consultant, Accredited Study Centres and the Students’ Councilor.

Let us continue to work together to seek growth.

Mr. Sanath SenanayakeCEO/Executive Director

In 2020, we will continue to play a key role in leading Sri Lanka’s marketing community to evolve with global changes.

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Past Presidents

MR. STANLEY JAYAWARDANA

1970 - 1971 1971 - 1972

MR.RANJITHAJAYASURIYA1983 - 19841984 - 1985

MR.TISSA DE ALWIS1995 - 1996

MR. SISIRAJAYALATH

1988 - 1989

MR. WILLIEWEERASEKERA

1989 - 1990

MR.DEHAN SENIVIRATNE1996 - 1997

MR.LAL DE MEL1997 - 1998

MR.SHANTI NADARAJH1998 - 1999

MR.FELIX DE SILVA1985 - 19861986 - 1987

MR.EARDLEY PERERA

1987 - 1988

MR.NIMAL GOONEWARDHANA

1990 - 1991

MR.RUCHI GOONEWARDANA

Oct.1992 - 19931993 - 1994

MR.MAHEN PERERA1994 - 1995

MR.GODWIN PERERA

1991 - 19921992 - Oct.1992

MR.ELMO DE ALWIS1972 - 1973

MR.LALITH DE MEL1973 - 1974 1974 -1975

MR.ASOKA DE LANEROLLE1975 - 1976

MR.KENNETH ABEYWICKRAMA

1977 -1978 1978 -1979

MR.FRANK SAMARAWEERA

1976 - 19771979 - 19801980 - 1981

MR. JAYANTHA MENDIS

1981 - 19821982 -1983

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PROF. K.U. KAMALGODA

2003 - 2004

MR. R.M.P. DAYAWANSA2008 - 2009

MR. RUWANLIYANAGAMAGE

2015 - 2016

MR. UPUL ADIKARI 2016 - 2017

MR. KARTHIKELANGOVAN2017 - 2018

MR. PRADEEP EDWARD

2018 - 2019

MR. SALIYA WEERASEKERA

2009 - 2010

MR. ROHANSOMAWANSA2010 - 2011

MR. THUSHARAPERERA

2011 - 2012

MR. TILANWIJEYESEKARA

2012 - 2013

MR. GAMIKADE SILVA

2013 - 2014

MR. KALANARATNAYAKE2014 - 2015

MR. NALIN ATTYGALLE2001 - 20022004 -2005

MR. NISHANNAVARATNE2005 - 2006

MR. WASANTHA MALLIKARACHCHI

2006 - 2007

MR. SARATH FERNANDO2007 - 2008

MR.RIENZIE MARTINESZ2000 - 2001

MR.TASLIM RAHAMAN

2002 - 2003

MR.DEEPAL SOORIYAARACHCHI

1999 - 2000

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Council of Management 2019/20

Seated from Left to Right :Mr. Roshan Fernando, Mr. Suranjith Swaris, Ms. Thilanka Abeywardena

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Standing from Left to Right :Mr. Sanath Senanyake, Mr. Nuwan Gamage, Mr. Shaminda Perera, Mr. Enoch Perera

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Council of Management Profiles

Mr. Suranjith Swaris

President

Mr. Swaris currently serves as the Director – Operations at Bellose Lanka (pvt) Ltd and Director/CEO at Care Belle International (pvt) Ltd.

Prior to joining the Bellose Lanka as a Board Member, he served Bellose Lanka (pvt) Ltd as a Business & Marketing Consultant to transform the organisation to drive business expansions. In addition to that he served as a Business & Marketing Consultant in several SMEs in Sri Lanka such as Blue Town Real Estate (pvt) Ltd, Ogabo Global Parfumerie (pvt) Ltd, Mal Enterprises (pvt) Ltd, Himaco Holdings (pvt) Ltd, P&S Property Developers (pvt) Ltd and Lanka Trims Manufactures (pvt) Ltd.

He also served as the General Manager - Sales at Lalan Engineering (Pvt) Ltd. Beofre joinining Lalan, he served as Sales & Marketing Manager at Coats Thread Exports (pvt) Ltd.

Mr. Swaris is a Certified Professional Marketer & Practicing marketer, having completed professional qualifications as such Master of Business Administration from Buckinghamshire New University (UK), Post Graduate Diploma in Project Management from Cardiff Metropolitan University (UK), Post Graduate Diploma in Marketing (Sri Lanka), Certificate in Brand Management and Diploma in Business Management and a Certified Management Accountant (CMA-Australia).

He is an active member of SLIM, served various positions and contributed immensely to nurture the sales and marketing profession in order to enhance the value of Sri Lankan marketers by leading several national projects such

as SLIM Brand Excellence, SLIM NASCO, SLIM Peoples Awards, SLIM Gamata Marketing. Currently he is holding the position as the President of SLIM on an honorary capacity.

He was actively engaged with Export Development Board of Sri Lanka in different capacities in different projects such as Member of the Technical Evaluation Committee of “China Export Strategy Project of EDB”, Member of the Evaluation Committee of Export Development Board (EDB) of Sri Lanka for “Erambuma Credit Scheme”, an implementation for National Budget Proposal 2018, Financial support for Business Start-ups”, Steering Committee Member of “Development of Brand Proposition for Sri Lankan Spices”, Member of the Evaluation Committee of “EDB scheme of assistance to support Sri Lankan exporters (Market Development Assistant – MDA, “Market Access Support Program -MASP)” and Think Tank Member of EDB to develop the proposal for “Global Marketing Campaign to boost the Exports & FDI”.

In addition to that Mr Swaris served as a Technical Evaluation Committee Member for “NCE Awards 2019” organised by National Chamber of Commerce, Panel of judges at “INFOTEL 2019” and was a panel of Judges at “Sri Lanka Entrepreneur of the year 2019” awards organised by FCCISL.

He was also a member of Panel of judges at “Asia Marketing Excellence Awards 2019” judging at Jakarta, Indonesia organised by Asia Marketing Federation (AMF).

Contributed immensely to nurture the sales and marketing profession

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Mr. Roshan Fernando currently serves the SLIM council in the capacity of Vice President –Education while he also holds the position of General Manager at well-known media channel Derana.

Mr. Fernando’s career has seen him serving in several top positions in the media industry. He is a member of SLIM and member of Charted Institute of Marketing UK. He holds an a Diploma in Business Management, Advanced Diploma in Business Management and a MBA from the Institute of Charted Financial Analysis University of India and Postgraduate Diploma in Marketing from SLIM while he also holds the status of Certified Professional Marketer in Asia and Practicing Marketer status from the Sri Lanka Institute of Marketing. He is a member of the Sri Lanka Institute of Directors.

Throughout his career he has held many honorary positions which include Treasurer of the Council of Management of the Sri Lanka Institute of Marketing in 2015 and 2016, secretary of the council of management of SLIM in 2017/2018. He served as Project Chairman – SLIM People’s Awards 2016, SLIM Brand Excellence 2018/2014 and SLIM Marketing Roks 2013, he was a member of the professor Philip Kotler task force and

served as Head of the Steering Committee in Ron Kaufman the world’s no1 service guru project 2017. He was instrumental in implementing the Corporate Governance Policy at SLIM. He has served as a member of the panel of judges in Sri Lanka Entrepreneur of The Year Awards 2017 and he is an Executive Committee member of the Organisation of Professional Associations. He served as a member of the Export Development Board Technical Evaluation Committee for India Market Entry Study for Sri Lankan Business.

He is a certified license trainer by the ILO (International Labor organisation). He is the project Advisor of Derana SME Club with Industrial Development Board. He is a Board Director of SABAH – Sri Lanka (SAARC Business Association of Home Based Workers). He has worked with many Small and medium Enterprises, Industrial development board on women entrepreneurship development programmes and projects. He has conducted many programmes on Business Planning for Micro Entrepreneurs at Small Enterprise Development Division, Ministry of National Policies and Economic Affairs.

Instrumental in implementing the Corporate Governance Policy at SLIM

Mr. Roshan Fernando

Vice President - Education

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Ms. Thilanka Abeywardenas

Vice President

Leading the marketing arm for the South East Asia Emerging markets at the Fortune 500 Company – Microsoft as the CMO Lead, Ms. Thilanka’s geographical responsibility span across 9 countries; Sri Lanka, Maldives, Bangladesh, Myanmar, Cambodia, Laos, Brunei, Nepal, Laos. Prior to Microsoft, she was heading the marketing of the 14th largest TELECOM operator in the World - Etisalat Sri Lanka. She commenced her career at E-WIS which was the only local PC manufacturer in Sri Lanka with a manufacturing plant in Hambantota.

As a professional marketer, she is involved with SLIM, National Body of marketing for nearly a decade taking up various positions. Currently she is the Vice President Events of SLIM in an honorary capacity and also the first female to hold this position. In last year she was the honorary Secretary and transformed the institute from functional HR to strategic HR, introduced annual HR survey as a strategic priority for the CEO and also diversity and inclusion policy to SLIM to embark on a journey to be in line with global standards. She took a personal responsibility to champion for women empowerment within the institute and also outside. During her tenure as Treasurer, SLIM established the treasury function and completed the ERP implementation improving reporting and controls within the institute.

Ms. Thilanka spearheaded several award-winning campaigns for both consumer and B2B marketing which were recognised at local and international award ceremonies; SABRE, PR Awards Asia, Effies and Brand Excellence. She has hands on experience building marketing capability across countries/regions and building strong and capable teams. Her Marketing management experience cuts across product development, brand development, communications, media management, sales and channel development.

She was recognised by Women in Management and International Finance Corporation (World bank group) at the 6th Professional & Career Women Awards for Leadership Excellence in Marketing in 2016.

Ms. Thilanka completed her MBA from University of Wales, UK and holds a BSc Special (Hons) degree in IT and have completed postgraduate diploma in marketing at CIM. She has undertaken multiple executive education certifications including Kellogg and Microsoft internal readiness programmes. In her personal life, she is married and enjoys traveling, movies and music during leisure time. And she is passionate about causes for women empowerment, child care and vegetarianism.

Heading the marketing of the 14th largest TELECOM operator in the World


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Heading the Corporate Affairs, Strategy, Sustainability & Communication arm of one of the emerging climate resilient infrastructure development turn-key Solution company, Arinma Holdings (Pvt) Ltd, Nuwan Gamage is carrying a responsibility of strategic driving, sustainability and corporate affairs and communications.

Nuwan started his career at MAS Holdings as a Management Trainee and later was promoted as a Communication Designer to work with world-renowned brands such as Nike, Adidas and Victoria’s Secret as the largest supplier. He served many local beauty and lifestyle brands namely Spice Island, 4ever, Dreamron as the General Manager, General Manager Marketing and Head of International Marketing respectively. During this tenure, he was able to explore and establish many international markets Including USA, Europe, Vietnam and other Far Eastern countries.

Nuwan Joined the SLIM Executive Committee in 2016 and is currently serving as the Secretary at Honorary Capacity. Nuwan was chairing a Brand Excellence in 2017 and he also served as the project chair of SLIM Digis in 2018 adding another award show to SLIM award portfolio.

Nuwan is an expert in Business Strategy, Marketing Management, Digital Marketing, Brand Strategy Development, Brand Management, Brand Marketing, Modern Trade Sales, International Trade, International Marketing, Digital Marketing and New Products Innovations and Tech Startups.

He earned his MBA from University of Sri Jayawaradenapura and he is also a holder of Postgraduate Diploma in Marketing at the same university. Further he is also a Member of the Charted Institute of Marketing UK, an active Member of International Water Association for studying climate change adaptation, water challenge mitigation and sustainability initiatives inline with SDGs.

He is currently reading for his PhD at University of Colombo on Sustainable Consumption on Digital Context.

Expert in Business Strategy, Marketing Management and Tech Startups

Mr. Nuwan GamageSecretary

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Mr. Shaminda PereraTreasurer

Mr. Shaminda Perera fulfills a valuable role as the Treasurer of SLIM in an honourary capacity. A life member of the institute, Shaminda has been an Executive Committee member of Sri Lanka Institute of Marketing (SLIM) since 2013. He also served as a Project Chairman of ‘Effie’s Sri Lanka Awards in the years of 2015 and 2016. He worked as the Project Chairman of ‘Cannes Lion Young Marketers’ selection programme in year 2015 and 2016 & 2019.

Shaminda is the Head of Marketing for Reckitt Benckiser Lanka Limited. He possesses ample experience in leading teams at prominent blue-chip companies such as Fonterra Brands Lanka, Hemas Holdings & Sunshine Healthcare.

Shaminda holds his Master of Business Administration (MBA) from the Postgraduate Institute of Management (PIM), University of Sri Jayawardenapura. He is a Certified Professional Marketer from the Asia Marketing Federation (AMF). He also holds a Postgraduate Diploma in Marketing from Sri Lanka Institute of Marketing (SLIM).

Leading teams at prominent blue-chip companies


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As the honourary Secretary of the SLIM Executive Committee, Enoch Perera fulfills an important role. He first joined the Executive Committee in the year 2016/17 and is a Life Member.

Enoch Perera is the Senior Manager Marketing for Exports at Piramal Glass Ceylon PLC. He has been with Piramal Glass Ceylon PLC for 9 long years and during this time his department won numerous awards including NCE, CNCI, SLIP, NCCSL, and Presidential Export Awards from the EDB. Enoch steers International Business development for his company and also oversaw local Marketing for key accounts in Sri Lanka as well. He was also extensively involved in manufacturing excellence programmes within the organisation. Prior to joining Piramal Glass, Enoch was a Client Manager for RR Donnelley and previously worked at AT&T GIS Lanka.

He began his career in Finance and subsequently moved to domestic Sales & Marketing to Operations and later to International Sales & Marketing. He possesses over 14 years of experience of Local and Multinational Organisations, NGO in Service, Manufacturing, IT & BPO Sectors.

A graduate of the Edith Cowan University, Australia, Enoch obtained his Masters (MBA) from Cardiff Metropolitan University, UK. He successfully completed a Certified Management Accountant, Australia in January 2020 and obtained a Certificate in Business Accounting from CIMA, UK and International association of book keepers (IAB) from UK. He is a product of Isipathana College and actively represented the school Rugby, scrabble, chess teams and other sports. In 1999, he coached the school scrabble team and worked as a committee member of the school Rugby Committee in 2018/19.

An associate member of Sri Lanka Institute of Directors (SLID), Enoch was the Treasurer for SLIM Toastmasters club for year 2016-17 and completed the competent communicator (CC) level from International Toastmasters Club, USA in 2016. He also contributes articles to LMD magazine in a freelance capacity.

Extensively involved in manufacturing excellence programmes

Mr. Enoch Perera

Assistant Secretary

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Mr. Sanath Senanayake

CEO/Executive Director

Mr. Senanayake who serves as Chief Executive Officer / Executive Director at SLIM has been instrumental in steering the institute in its current direction through his able and inspiring leadership. His gamut of experience in the areas of FMCG, Credit Cards, Information & Library Science, IT, Internet & Web Services, Insurance and Education provides a valuable wealth of knowledge and insights to the Board.

Mr. Senanayake also holds a British MBA and one from Sri Jayawardenapura University. He also possesses a PGDip in Management from UK, a Professional Diploma in Marketing CIM (UK), Certified Management Accountant, Australia, a Postgraduate Diploma in Marketing, India, a Diploma in IT from ITMIN Ltd, a Certificate in Networking from Open Arc Computer School, a Certified in E-Commerce Concepts from Brainbench, USA, a

Certificate in MS Applications and Graphics Designing from Informatics of Singapore and a Certificate in Labour Law and Industrial Relations from The Employers Federation of Ceylon. He is also a member of Sri Lanka Institute of Marketing, a member of the Chartered institute of Marketing, UK and also a fellow member of the Institute of Sales Management, UK.

In addition to his role as the CEO/Executive director of SLIM, he is also a Executive Committee Member of the Organisation of Professional Associations of Sri Lanka (OPA) and an Associate Member of the Institute of directors.

Instrumental in steering the institute in its current direction


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Executive Committee

Standing from Left to Right :Mr. Ahamed Aroos, Mr. Chinthaka Perera, Mr. Manthika Ranasinghe, Mr. Upali Ranjith, Mr. Charaka Perera

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Standing from Left to Right :Mr. Nuwan Thilakawardhana, Mr. Gayan Perera, Ms. Sathika Wickremasinghe, Dr. Dilhan Jayatilleke, Mr. Asanka Perera

Mr. Manthika Ranasinghe Chartered Marketer (CIM - UK), CIMA (UK), Bsc.Mkt (Sp) USJP, MSLIM (SL)Head of Business Development (Global Shopping)Kapruka.com

Mr. Chinthaka Perera

MBA (UK), MBM (UOK), MCIM, MSLIM, PGM (USJ)General Manager SalesHemas Pharmaceuticals (Pvt) Ltd & Hemas Surgical and Diagnostics (Pvt) Ltd

Ms. Sathika Wickramasinghe

CIM UK, MCIM, CIMA UK, MBA USJP, MSLIM

Category Manager Insights & VelocityFonterra Brands Lanka

Executive Committee

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Mr. Upali Ranjith CPM (Asia), P.MKT (SL), MSLIM, Pg. Dip. M(SL), Dip. in Masscom (Uni.J’pura)Media & Marketing ConsultantChamber of Construction Industry

Dr. Dilhan S. JayatillekePhD (USA), MBA (India), Grad. Dip in Mktg. (SLIM), FAIQ (CII) UK, FUKAP, FIPFM, MSLIM, MCPMHead of Business Development & MarketingDigital Health Private Limited

Mr. Gayan Perera MBA (PIM-USJ), DipM (UK),

MSLIMSenior Brand ManagerSinger (Sri Lanka) PLC

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Mr. Ahamed M. AroosPGDMgt, (PIM, UsJ) MBA, PGDipM, MCIM, Chartered Marketer (UK), MAMA, (USA), MSILM, Practicing Marketer, FCPM, (SL)Chief Operating OfficerRainco (Pvt) Limited

Mr. Charaka PereraMSILM, MBA (UK) Bucks, CPM

(Asia), CMA(AUS), PGDip.M (SLIM). Practicing Marketer

Chief Operating OfficerLaugfs Salt & Chemicals (Pvt) Ltd

Executive Committee

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Mr. Nuwan ThilakawardhanaMSILM, MBA(UK), B.Sc (Bus. Admin. Special) USJP, Pg. Dip Marketing (USJP), Dip. Marketing (LCCI-UK)Manager MarketingUnion Bank

Mr. Asanka Perera MSILM, DIP Mkt (UK), MCIM,

MBA (UOB), MSc (Mkt)Chief Executive Officer

Perpurse Global (Pvt) Ltd.

Senior Management

Chamil WickremasingheAssistant General Manager - Membership Services, Human Resources & Corporate Affairs

Mihirinie FonsekaAssistant General Manager - Business Development

Sanath SenanayakeChief Executive Officer/Executive Director

Chinthaka WanasingheGeneral Manager

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Management Team

Indika HearthSenior Regional Manager - Central Operation

Prageeth DharmarajaManager - Training

Nanduni DahanayakaManager - Education

Asanga SeneviratneManager - Corporate Sales

Saman BandaraManager - Finance

Sachith KarunarathnaManager - Marketing

Subodha MeepageManager - Channel Development

EducationHighlights of the Year

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Highlights of the Year

Keeping abreast of changing market dynamics, SLIM introduced the Diploma in Digital Marketing during the year under review, as a succession path of the Certificate in Digital Marketing. The launch took place with a gala ceremony, well attended by industry professionals, invitees and guest speakers at the Galle Face Hotel. The eight-month Diploma focuses on strategies, tools and tactics necessary to design, drive and implement effective digital marketing plans. The diploma, comprises of 10 modules designed to guide professionals who complete the course to gain an in depth understanding of the digital marketing landscape and learn to apply digital marketing strategies

in a variety of context whilst adapting tools accordingly to nurture better engagement & relationship.

The Diploma caters to marketing professionals at Senior Managerial level as well as entrepreneurs who wish to harness the tools of digital marketing.

Seninda Bandara – SLIM lecturer in digital marketing presented the syllabus outline of the programme and Gamika De Silva – Head of Marketing and Sales of Seylan Bank shared his experience and insights on the subject with the gathering as the Guest Speaker. A host of other industry specialists and thought leaders also graced the launching ceremony.

Diploma in Digital Marketing Launch


Launch of Business and Professional English Course

Aiming to address a core need amongst our students and aspiring marketing professionals, we launched a two month programme in Business and Professional English at our Colombo, Kandy and Matara branches as well as study centres. This programme focuses on facilitating students to polish and enhance their language skills and provide them the tools necessary to consistently improve their business communication skills.

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Forming Partnerships to Develop Marketing Education

Putting the onus on ourselves as the national body for marketing to form and nurture partnerships to enrich marketing education within the country, we entered into agreements with numerous government and private universities and educational institutes. We plan to leverage on our expertise in the marketing field to assist students from our partner universities and educational institutes to gain real world insights into the marketing profession. In 2019, we partnered the following universities and educational institutes;

• SLIAATE (Sri Lanka Institute of Advanced Technological Education)

• SLIIT (Sri Lanka Institute of Information Technology)• Horizon Campus • The University of Wayamba

In line with our approach to provide students with fruitful opportunities to sharpen their craft, we partnered two corporate entities this year.

Our partnership with PRIMA Group enables students from the Diploma in Strategic Management programme to take up the opportunity to launch their own brand. Similar to previous year, PRIMA provided the stage for students to launch the PRIMA ‘Topaz’ brand with much success, and the Company will continue to provide products for students to launch.

Abans PLC joined SLIM as the “Strategic Career Partner” for SLIM students. Our partnership enebled students to begin their careers with Abans PLC in addition to training and grooming opportunities.


Certification Ceremony 2019

SLIM Certification Ceremony 2019 was held at the Bandaranaike Memorial International Conference Hall (BMICH) on a grand scale in two separate sessions in September 2019. The ceremony conferred the students who have successfully completed SLIM programmes including the Preliminary Certificate in Marketing (PCM), Certificate in Pharmaceutical Marketing (Pharma), Certificate in Digital Marketing (CDM), Certificate in Services Marketing (CSM), Certificate in Entrepreneurial Marketing (CEM) and Marketing in Sinhala (MIS). The students were conferred with medals and certificates, numbering 2231.

During the evening, best student, first runner-up and second runner-up of each batch received medals along with their certificates. Subject winners of the Postgraduate Diploma in Marketing also received medals.

Following students won awards for Best Student;

• PCM III 2018 – D.K.D.C.K. Thanaweeraarachchi

• PCM IV 2018 – U. Shivathmany• PCM I 2019 – M.M.F. Ilhama • PCM II 2019 – M.G.I. Prabhashana • CDM II 2018 – S.G.C. Rajasinghe• CDM III 2018 – W.B.A.D.A. Alles• CDM I 2019 – A.P.M. Jayawardena• CEM I 2018 – R.M.A.L. Bandara• MIS I 19 – W.P.S.P. Perera

The Chief Guest of the morning session was Upul Adhikari – Senior Manger Marketing of HNB and Past President of SLIM while the Guest of Honour was Kasthuri Wilson – Managing Director Hemas Pharmaceuticals/Hemas Logistics and the Maritime sector of Hemas Holdings. The Chief Guest at the afternoon session was R M P Dayawansa – Deputy General Manager of HNB Finance and Past President of SLIM while the Guest of Honour was Sajith Gunaratne Deputy General Manager of Ceylon Agro Industries (PRIMA).

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Graduation Ceremony 2019

SLIM Graduation Ceremony 2019 was held at the Bandaranaike Memorial International Conference Hall (BMICH) on a grand scale to award certificates to 560 graduates who successfully completed their programmes in Postgraduate Diploma in Marketing (PGDIP), Diploma in Strategic Brand Management (DSBM), National Diploma in Sales Management (NDSM), and the Certified Professional Marketer Asia (CPM-Asia). During the ceremony, the best student in Managing Global Dynamics subject in Postgraduate Diploma in Marketing (PGDIP) received the

newly introduced Mr Kenneth Abeywickrama Memorial Award.

Prof. Nilwala Kottegoda – Head of the Department of Chemistry at the University of Sri Jayawarndenapura delivered the graduation address. Prof Kottegoda is a renowned scientist that holds 8 patents for her breakthroughs in the field of Nanotechnology, Physical Chemistry and Polymer Chemistry.

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Commendations from CIM UK

In March 2019, 7 of our students received commendation from CIM UK for their exceptional academic performance for the below subjects.

• Integrated Communication • Mastering Metrics• Digital Strategy • Corporate Digital Communication

Such accolades testifies to the high quality of SLIM academic standards which involve an industry specialised lecture panel, state-of-the art academic support facilities and the conducive processes and system put in place to facilitate students.

In honour of students who received commendation from CIM UK and received Distinction passes at the CIM examination held in December 2018 and June 2019, SLIM organised a felicitation ceremony. Students who received the highest number of Distinction passes received certificates of excellence at the occasion.

25 October 2019

Ms Anusha Priyanwadha

Ms Nanduni Nishima Dahanayaka SLIM Business School

No 94, Ananda Rajakaruna

Mawatha Colombo 10

00800 Sri Lanka

Dear Anusha and Nanduni,

Letter of commendation

Congratulations!

The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for

the excellent performance of its students during the July 2019 assessment session.

The following statement(s) of commendation have been issued by the Awarding Body: 2101 Integrated Communications The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for

the excellent standard of results achieved for assessments submitted in the July 2019 assessments session

for the Integrated Communications module of the Certificate in Professional Marketing.

2201 Mastering Metrics The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


for the Mastering Metrics module of the Diploma in Professional Marketing.

2203 Digital Strategy The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


for the Digital Strategy module of the Diploma in Professional Marketing.

2305 Corporate Digital Communications The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


for the Corporate Digital Communications unit of the CIM Postgraduate Diploma in Professional Marketing.

12 March 2019

Nanduni Nishima Dahanayaka

Sri Lanka Institute of Marketing (SLIM) No 94, Ananda Rajakaruna

Mawatha, Colombo 10 Sri Lanka

01000

Dear Nanduni,

Letter of commendation

Congratulations!

The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for the excellent performance of its students during the December 2018 assessment session.

The following statement(s) of commendation have been issued by the Awarding Body:

2100 Marketing The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for

the excellent standard of results achieved for assessments submitted in the December 2018 assessments

session for the Marketing module of the Certificate in Professional Marketing.

2102 Customer Experience The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


session for the Customer Experience module of the Certificate in Professional Marketing.

2200 Strategic Marketing The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


session for the Strategic Marketing module of the Diploma in Professional Marketing.

2201 Mastering Metrics The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


session for the Mastering Metrics module of the Diploma in Professional Marketing.

2203 Digital Strategy The Awarding Body at The Chartered Institute of Marketing (CIM) has commended SLIM Business School for


session for the Digital Strategy module of the Diploma in Professional Marketing.

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Action Learning Marketing

Our Action Learning Marketing (ALM) sessions are purposefully conducted to provide our students with real life insights into their areas of interest and inspire them to pursue success with passion and commitment.

Dr Lasantha Malawige shared his experience with SLIM Entrepreneurial Marketing students on the topic ‘Lessons from Entrepreneurs’.

Darshan Pathirane presented his insights and findings into effective methods of ‘Navigating Markets Abroad’ to SLIM Managing Global Dynamics students.

Atty. Laxman Premasiri spoke on the subject ‘Law for Entrepreneurs’ to SLIM Entrepreneurial Marketing Students.

Shyamen De Silva - Training Manager of Softlogic Restaurant Pvt Ltd. Manager Training for Asia Pacific

Regional countries under Burger King Brand, shared her extensive experience with SLIM Service Marketing students on the topic, “Improve Your Customer Service’.

Fazal Fausz – Managing Director of Avarna Ventures (RAINCO Group) and Indi Samarajiva Co-Founder and Director of Yamu (Pvt) Ltd shared their experience with SLIM Entrepreneurial Marketing students at a panel discussion. The event was themed ‘Build Your Own Brand lessons from Sri Lankan Entrepreneurs.’

Sithari Jayasundara – Chief Legal Officer, Board Secretary & Compliance Officer of HNB Assurance PLC discussed about the legal framework in Sri Lanka related to the businesses in Sri Lanka for the SLIM students.

Celebrity musician Santhush Weeraman shared his experience in the music industry with SLIM junior marketers.


Resource Personnel Get-together and Awards Ceremony

We recognised and felicitated our resource personnel at an event held in August. The event was an opportune platform for resource personnel to network and receive commendation for their dedication and hard work. Two of the most senior resource personnel Prasanna Perera and G S Sylvester received recognition at the event for 20 years of service at SLIM.

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Resource Personnel Training

In line with our consistent approach to creating an evolving, innovative learning opportunities for our students, we organised a resource personnel training event in August. Prof. Arosha Adhikaram was the main facilitator at the event while Dr Asoka Jindasa joined him to discuss new teaching techniques and adult learning tools with the participants. During the event, we introduced the new code of conduct to SLIM resource personnel.


SLIM Matara Branch - Events of the Year

SLIM Matara reinforced the second phase of ‘Gamata Marketing’ with a series of events and workshops to provide guidance to aspiring entrepreneurs. SLIM Matara partnered the Faculty of Agriculture – University of Ruhuna, the Institute for Development of Community Strengths (INDECOS) and the Small Entrepreneur Development Division to carry out this series of workshops and special events. SLIM Matara also initiated a Diploma in Professional Selling to cater to Business Owners in the district.

In line with the organisation’s focus on Digital Marketing, SLIM Matara organised a Digital Marketing training session for students from the Advanced Technological Institute in Tangalle.

SLIM considers networking to be an integral part of marketing. Hence, Sales professionals across the Southern province took part in the ‘INFINITY Night’ networking evening organised by SLIM Matara to strengthen communication and create a platform for experience sharing. Moreover, Infrastructure development too was a key part of the agenda at SLIM Matara in 2019.

SLIM Matra branch together with the Matara Student Association organised a beach clean up to create a positive impact on our environment. This event was a stepping stone to create awareness and encourage the public to build a sustainable environment.

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SLIM Kandy Branch – Events of the Year

SLIM Kandy celebrated its 20th anniversary with a gala event organised at the Regents Hotel Kandy on February 23, 2019, with the participation of corporate stakeholders, senior management of SLIM and staff.

Aiming to encourage women entrepreneurs succeed, SLIM Kandy organised a session on balancing home care whilst pursuing business success. Held on Women’s Day, the session was for members of the ‘Vanitha Ekamuthuwa (Women United) association.

SLIM Kandy took part in the Kandy Job Fair organised by the Kandy District Secretariat to educate participants on marketing and how to pursue a career in the field. Taking a leading role in helping youth and school children to forge their way ahead, SLIM Kandy organised a series of career

guidance events as well as marketing sessions targeting government and private universities and institutes as well as 12 schools in the district.

Aiming to encourage entrepreneurs, students and professionals to enhance their knowledge and skills through digital marketing tools, SLIM Kandy organised a one-day Digital Marketing session conducted by Omey Void.

Sales Professionals in Kandy enjoyed a networking session when SLIM Kandy took initiative to organise a ‘Paduru Party’. Further, SLIM Kandy student association planted trees at the Doramandalawa Forest and has dedicted themselves to continue to care for the saplings.

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Board of Study

Prof. Sampath AmarathungaChairman Chairman of the University Grants Commission Sri Lanka

Mr. Dehan SenevirathnePast President SLIM, Marketing/Management Consultant

Prof. Sarath KodithuwakkuHead - Department of Agricultural Economics Business management, Coordinator MBA, University of Peradeniya, President - Institute of Management of Sri Lanka

The Board of Study (BoS) evaluates and provides strategic direction for SLIM Education and is the foremost authority on all educational programmes at SLIM.

Prof. J.A.S.K. JayakodyAssociate Professor in Management & Organisation Studies at the Department of Management & Organisation Studies, Faculty of Management and Finance, University of Colombo, Sri Lanka

Prof. Ajantha DharmasiriProfessor in Management, Director and the Chairman of the Board of Management of the Postgraduate Institute of Management, University of Sri Jayewardenepura, Sri Lanka

Prof. Nalin AbeysekeraProfessor in Management Studies, Department of Management Studies, Open University of Sri Lanka.

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Education Reforms Committee

Prof. Arosha S. AdikaramChairmanProfessor of HRM, University of Colombo, Sri Lanka

Mr. Ramal JasingheDirector - Institutional Business, Fairfirst Insurance Limited

Dr. Dinesh SamarasingheHead - Department of Management of Technology, University of Moratuwa, Sri Lanka

Mr. Nuwan WimalanaBusiness Consultant, Independent Director & Visiting Lecturer

The Education Reforms Committee (ERC) ensures service excellence and student satisfaction at SLIM. The Committee also contributes to raising awareness and building confidence about SLIM marketing education among the business community in Sri Lanka

Mr. G.S. SylvesterConsultant, Trainer & Tutor

Mr. Deepal AbeysekeraCEO, People’s Insurance PLC

Dr. (Mrs.) A.T.P. SilvaPresident, Sri Lanka Association of Artificial Intelligence

EventsHighlights of the Year

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SLIM Brand Excellence

Guiding brands, brand custodians and entrepreneurs to nurture and develop exceptional brands that capture the hearts and minds of consumers, SLIM Brand Excellence rewarded and recognised exceptional brands in 2019. Brand Excellence awards is an effective tool to foster economic growth through encouraging brands to craft exceptional brand strategies. Moreover, the task of propelling local brands into the international arena has become the ultimate goal of the SLIM Brand Excellence Awards campaign following the revamp that the program underwent in 2018. The 2019 Brand Excellence theme, ‘Catapult your brand…beyond’, illustrated our far sighted focus on economic growth and global reach.

In a testimony to the magnitude of the event, we received a total of 101 entries this year including 40 in the SME sector. Prior to the award ceremony, SLIM held a special workshop to educate participants. The judging panel for this year’s awards was headed by Thilan Wijesekara

laying the foundation for a transformative platform for SMEs to reach the global arena, SLIM Brand Excellence 2019 campaign guided and elevated SME players through workshops and consultancy. Each year, we add more value to Brand Excellence Awards and strengthen its purpose. This year in particular, we seamlessly connected SLIM Brand Excellence with our strategic drive to promote entrepreneurship, branding and export development. As such, we concluded our Brand Week ahead of Brand Excellence Awards and partnered entities such as the Export Development Board and Industrial Development Board to steer our agenda for SME development.

SLIM Brand Excellence 2019 concluded in November, heralding a new era in the nation’s branding arena. The ceremony was held at Shangri-La Hotel with Amal Kabral as the Chief Guest and Aravinda De Silva as the Special Guest of the occasion. The event contributed LKR 4.8 Mn.


People’s Awards

Since 2006, SLIM has been recognising and appreciating brands and people that have truly won the hearts of people through their endeavours in the respective categories at People’s Awards. Conducted in partnership with Nielsen Company Lanka, People’s Awards reflect general public’s perception of brands and personalities. Nielsen Company Lanka conducted a survey, covering all 25 districts of the country to best appraise the opinion of the general public about brands and personalities. Nielsen captured the data through a structured questionnaire given to randomly selected people between the ages of

18 to 50 during face-to-face interviews. People’s Award categories covered more than 40 segments and awards, including People’s Brand of the Year, FMCG Brand of the Year, Household Care Brand of the Year, Beverage Brand of the Year, Food Brand of the Year, Television Channel of the Year, Advertisement of the Year, Film of the Year, Television Program of the Year, Male and Female Singers of the Year, Actor and Actress of the Year, Sports Person of the Year, and Youth Brand of the Year. The 13th edition of People’s Awards was held on 5th March 2019 with Prof. J.B. Dissanayake as the Chief Guest at Waters Edge.

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NASCO

Themed ‘Excel, Engage, Ensure – Beyond all Limits’, SLIM NASCO 2019 illustrated the call to action for sales professionals to operate in a challenging environment through excelling, nurturing relations and being accountable to enhance customer value. As Sri Lanka’s most respected and credible sales awards, NASCO has become a badge of honour for sales professionals. NASCO 2019, witnessed the highest number of entries since inception at 685 SLIM NASCO 2019 has truly become a benchmarking process for companies who can test the quality of their sale personnel against the best of the best

in the industry. The eight panel judging process in 2019 was made even more challenging given the high calibre and performance of sales professionals who participated in the awards. The panel was headed by Ravi Dadlani. The star-studded, awards ceremony took place at the BMICH on 15th October 2019 bringing in a noteworthy profit of LKR 8.5 Mn. Mr. Ajith Gunawardena, Chairman/ Chief Executive Officer at Ceylinco Insurance PLC, graced the event as the Chief Guest.


EFFIE Awards

SLIM conducts EFFIE Awards as franchising partner of EFFIE Global to promote effective communication in marketing and shine under the spotlight on marketing strategies that work. The Effie network collaborates with leading research and media organisations across the globe to garner and present profound insights into successful marketing communication strategies. The New York Marketing Association launched Effie Awards in 1968 to recognise effective advertising efforts. In 2019, SLIM EFFIE Awards introduced new submission categories under Environment Goods, Disease Awareness and Educational Advertising, Data Driven and Media Content

Partnership sectors under Media EFFIES and, Influencers and Youth Segment under Speciality audiences.

Industry experts Tharanga Gunasekara & Gamika De Silva headed the two panel judging rounds at this closely contested competition. The head of Jury was Ahamed Irfan. The event concluded bringing in a profit of LKR 2.6 Mn. The Chief Guest was Imal Fonseka Group CEO Fairway Holding, Former Head of Jury Effie Awards 2016, International Effie Juror grace the occasion. SLIM Effie Awards contributed LKR 2.6 Mn profit to the year.

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SLIM Brand Week 2019

SLIM Brand Week 2019 was an inspiring, insightful five day symposium held for the second consecutive year. A premier national event, SLIM Brand Week explores new developments in branding and brand building. In 2019, SLIM Brand Week focused on the ‘Importance of Branding’. Held at BMICH in November, SLIM Brand Week 2019 featured illustrious experts in various fields including entrepreneurs and corporate leaders who shared their personal experiences and discussed branding in depth and how to apply effective branding tactics in an evolving market.

Managing Director at Brand Finance Sri Lanka Ruchi Gunewardene commenced the Brand Week with his session on ‘Brand as an asset’. Jetwing Symphony PLC and the Lighthouse Hotel PLC Chairman Hiran Cooray discussed the topic ‘Brand Supremacy through Service Excellence’. Entrepreneur, Sales Coach and Marketing Educator, Strategy

College Co-founder, Spinner Founder Yasas Hewage spoke on the topic of ‘Brand story’. John Keells IT, Head of Marketing and Alliances Rohan Jayaweera explored the theme on ‘Emerging Business Intelligence from Big Data for Today’s Businesses’. SLIM Brand Week 2019 wrapped up on a high note with a CXO forum with the involvement of Dinesh Weerakkody, Chairman – HNB Bank, Kasthuri Wilson, Managing Director Hemas Pharmaceuticals (Pvt) Ltd. Hemas Surgical & Diagnostics (Pvt) Ltd, Hemas Logistics and Maritme Cluster, Mr. Charitha Subasinghe, President Retail Sector - John Keells Group, Shiran Fernanado, Chief Economist - Chamber of commerce and Wickum Nawagamuwage, Founder/CEO - Santani Hotel and spa. SLIM Brand Week succeeded in stirring up a conversation around conceptualising and applying experiences and solutions to achieve brand excellence.


SLIM Digis

In line with digital transformations that continues to shape the future, SLIM introduced Digis aiming to award recognition to the digital marketing work in Sri Lanka. The independent judge panel for the award ceremony was headed by Imal Fonseka together with leading business leaders, marketers, digital practitioners, agency strategists, and other experts in the field of digital marketing. This gala event took place at Waters Edge Hotel Colombo with Harin Fernando, Cabinet Minister of Telecommunication, Digital Infrastructure Facilities graced the occasion as the Chief Guest.

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Young Marketers

Sri Lanka Institute of Marketing together with Metal Factor, and IAA organised the national competition for Cannes Lions Young Marketer. The competition was organised for the 08th consecutive year with the purpose of discovering two outstanding young marketers to represent Sri Lanka at the Cannes Lions International Festival 2019 to be held in France.

After a meticulous evaluation process, three teams emerged victorious at the local Young Lions Competition. This year’s Young Marketer’s Competition was bagged by Ashane Ranabahu and Tharusha Malshan Hettiarachchi from Fonterra Brands Lanka, 2nd place by Junia Srikandam and Sarath Perera from Board PAC (Pvt) Ltd while the 3rd place was won by Anchana Ramalingam and Sulakshana Dias Amarathunga from Nestle Lanka (Pvt) Ltd.

MembershipHighlights of the Year

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The first Experience Sharing Forum (ESF) for the year 2019, Ms Kasthuri Wilson, Managing Director of Hemas Pharmaceuticals and Hemas Logistics and Maritime Sector of Hemas Holdings PLC discuss her take on ‘Engaging Teams Together in Tough Times’. The first ESF was held on 11th February at the Marino Beach Hotel. ESFs provide opportune platforms for SLIM members to learn from experiences of veterans in the field. The first ESF of 2019, concluded with an eventful evening of fellowship for marketers.

Experience Sharing Forum and Member’s NightMs Kasthuri Wilson


Experience Sharing ForumMr. Nuwan Chinthana

At the second SLIM ESF for 2019 Mr Nuwan Chinthana, Director and Founder - Music.lk shared his experience on the topic ‘Journey of a Digital Entrepreneur’. His penchant as a trainer and digitally savvy marketer, offered the audience with an inspiring tale from which to garner valuable insights.

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Past President’s Dinner

The annual Past President’s Dinner was held in March at Move ‘N’ Pick Hotel Colombo. Over 20 Past Presidents were present at the intimate dinner. Current President Mr Suranjith Swaris welcomed guests and delivered a speech in appreciation of the gargantuan service that all Past presidents had provided to fuel growth. As SLIM steps in to its 50th milestone year, the current President revealed plans for the future. The evening continued with cocktails and dinner.


Marketer’s Quiz

SLIM Marketer’s Quiz 2019 was held on 19th September at Marino Beach Hotel. Themed ‘The Battle of Brain Champs’, the marketer’s quiz took place for the second consecutive year with 20 teams contesting for the title. The quiz rounds tested its participants’ wider knowledge and recalling ability on multiple subjects such as marketing, strategy, branding and general knowledge, among other allied topics. Open for corporate entities across the island, Marketer’s Quiz strive to encourage young marketers to actively seek information about latest developments

and future trends in marketing strategies and practices. The competition was made up of 5 rounds with 10 questions on topics such as marketing concepts, consumer behavior, brand fundamentals, international marketing and economics, business highlights, strategic thoughts, general knowledge and international affairs presented during each round. South Asia Gateway Terminals Pvt Ltd emerged Champions while Hemas Manufacturing Pvt Ltd and AMW – Team Blue became First and Second runner ups.

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Marketer’s Dance

Marketer’s Dance 2019 was held on 22nd of November 2019 at Marino Beach Hotel with the participation of a host of invitees including professional marketers and SLIM members. Other invitees including Council of Management, Members of Executive Committee of SLIM and staff of SLIM along with graduated students of the Graduation Ceremony 2019 joined in the celebrations. Marians and Taxi serenaded the night’s festivities with their music.


Launch of Sri Lankan Marketer Magazine

SLIM Membership launched the 15th edition of the Marketer Magazine Sri Lanka concurrently at the James Taylor Live in Sri Lanka event which took place on 6th November 2019.

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SLIM IGNITE 2020

SLIM Membership organised SLIM IGNITE 2020 on 25th July at the BMICH to inspire corporates, business leaders and entrepreneurs in the nation to rise up following the tragic Easter Sunday attacks and unite to pursue growth for the years to come. Themed ‘Unite and Act’, IGNITE 2020 invited marketers to abandon the ‘wait and see’ approach and actively steer change towards prosperity. The key note speech was made by Army Commander, Lieutenant General Mahesh Senananyake. The paneslist at the event included the distinguished former National

Cricket Captain- Deshabandu Roshan Mahanama, Chairman/Group CEO of Laugfs Holdings - Deshabandu W K H Wegapitiya, Chairman and Managing Director of Mount Lavinia Hotel (Pvt) Ltd and Ceylon Hotels Ltd, Mr. Sanath Ukwatte, Chairman of Global Strategic Corporate Sustainability (Pvt) Ltd, Dr. Ravi Fernando and Business Strategy & amp; Social Research Consultant and Chairperson of Mother Sri Lanka Trust Dr. Janaki Kuruppu. The session was moderated by Mr. Graham Marshall- CEO of CIC Holdings.

TrainingsHighlights of the Year

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Aiming to promote creativity and innovation within Sri Lanka’s marketing arena, SLIM presented James Taylor Live in Sri Lanka on 6th November at Waters Edge. James Taylor is an entrepreneur, author, trainer and the winner of the ‘Icon of the Year Award’ presented by the United Nations Foundation towards fashioning super creative organisations. His workshop on Creativity in Business, Innovation, and Artificial Intelligence titled, ‘How to survive and thrive in the age of Artificial Intelligence’ was well received by the audience. James Taylor Live in Sri Lanka was part of SLIM’s focus on helping the Sri Lankan business community and marketers in particular to find inspiration to work towards a better future in the aftermath of the April 21st attack.

James Taylor Live In Sri Lanka


Marketers Summit

Parallel to James Taylor Live in Sri Lanka, SLIM Marketers Summit was held on 7th November at Waters Edge. Aiming to motivate Sri Lanka’s marketers and share valuable insights into marketing trends, local and international speakers presented their success stories on “Driving business through creativity and innovation’ at the summit. The event featured 6 eminent speakers; Ms. Alyna Haji Omar – CEO of Wunderman Thompson, Mr. Hasitha Abeyawardena - Country Manager of Microsoft, Mr. Madu Ratnayake - Group CIO of Virtusa, Dr. Ravi Fernanado – CEO of Global Strategic Corporate Sustainability, Mr. Gustin Low - Adult Education Consultant and Mr. Liang Thow Ming – CSMO of Port City Colombo.

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Effective Channel and Distribution Management and Better ROI

SLIM Training conducted a public workshop on Effective Channel and Distribution Management & Better ROI through Social Media Advertising on 22nd and 23rd May 2019. Neville Perera, Founder & CEO - Neville Perera Consultancy Services and Sanjeewa Samarasinghe, Senior General Manager - Emerging Business at Dialog Axiata PLC shared their knowledge and experience on Effective Channel and Distribution Management. Entrepreneur, Dulith Herath who is the Founder & Chairman of Kapruka.com, Umair Wolid Digital Marketer, Former Head of Digital Marketing at Daily Mirror and Safwaan Hussain, CEO at Trumps Digital Ventures discussed on the topic of Better ROI through Social Media Advertising.

SLIM Corporate Solutions custom design educational and training programmes to meet specific requirements of corporate entities. Begun in 2010, SLIM Corporate Solutions has been crafting effective programmes that have contributed to improved performances within companies in number of sectors including finance, banking, investments and insurance. In 2019, Corporate Solutions embarked on a fresh journey, providing marketing education to less-privileged communities. With an impressive year-on-year growth of SLIM, Corporate Solution arm, plays a vital role in shaping marketing education in the corporate sector. The programmes are conducted at both Certificate, Diploma levels and professional qualification and tailor made in-house solutions.

Corporate Solutions


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Seeking to sharpen skill sets of their sales force, AIA partnered SLIM to provide professional qualification in Life Insurance marketing to their top three tier insurance sales staff. Over 250 insurance sales staff received in depth training in sales and marketing, specifically designed for the Life Insurance industry. The curriculum offered practical sessions, reflective learning sessions and assessments. As such, AIA’s gold, platinum and supreme club members underwent rigorous training to help them unleash their own innate capabilities to sell and market Life Insurance products.

AIA Graduation


Continuing the highly effective marketing qualification designed for the sales force of Sadaharitha Plantations, SLIM trained top performing sales professionals from the Company. The programme provided professional qualification in marketing to Sadahaitha Plantation’s sales employees that achieved the financial target of LKR 1 Bn revenue during a set financial period.

Sadaharitha Plantations PLC

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Providing a platform for Union Assurance sales staff to refine and enhance their skills, SLIM Corporate Solutions custom designed a professional development programme for 25 Bancassurance sales personnel. As such, top performing Bancassurance sales personnel of Union Assurance benefitted from this opportunity to further strengthen their skills through the Certificate in Professional Selling (CPS).

Union Assurance PLC


Dreamron Lanka tied up with SLIM Corporate Solutions to sharpen the sales skills of 35 sales personnel. This Certificate in Professional Sales Management (CPSM) provides a stepping stone qualification in Sales Management for working and aspiring sales and marketing personnel. The programme content focused on coordinating sales operations and implementing sales techniques that allow a business to consistently hit, and even surpass, its sales targets.

Dreamron Lanka (Pvt) Ltd

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Entering a new phase in providing professionally groomed work force in the country, SLIM Corporate Solutions partnered with the Merrill J. Fernando (MJF) Charitable Foundation to offer custom designed professional qualifications in sales for low income youth in the country, in obtaining a recognised sales management qualification free of charge. Programme content seek to improve sales knowledge among youth who are poised to enter the workforce through assisting participants to learn fundamentals of selling. Moreover, the programme content facilitates confidence building amongst participants and ultimately provides them with a pathway to enter the sales force with various corporate entities. At present, SLIM Corporate Solutions is conducting sessions for 25 selected candidates.

Empowering Less Privileged Youth with Dilmah’s Merrill J. Fernando


Hemas Pharmaceuticals tied up with SLIM Corporate Solutions to reinforce the Company’s sales force with a Preliminary Certificate in Marketing (PCM) for 72 sales personnel. The tailor-made programme explores sales aspects in the pharmaceutical industry including buyer behavior, personal selling approaches and successful communication strategies.

Hemas Pharmaceuticals (Pvt) Ltd

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Astron Limited tied up with SLIM Corporate Solutions to offer the Company’s sales team professional knowledge (Certificate in Professional Selling) in sales to enhance their performance. The programe content include components such as corporate culture management, consumer organisation and understanding buyer behavior.

Astron Limited


Unilever partnered SLIM Corporate Solutions to upgrade the skills of the organisations merchandising staff. This custom-designed programme explored visual merchandising tactics with Unilever’s merchandising staff.

Unilever Sri Lanka

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Continuing the partnership with Lanka Hospitals, SLIM Corporate Solutions trained LHD’s nursing staff in improving their communication, presentation and leadership skills. As part of the same programme doctors at LHD received training in refining their marketing skills. The two programmes concluded with an award ceremony.

Lanka Hospitals Diagnostics (Pvt) Ltd


SLIM Corporate Solutions conducted a multi-day programme for sales personnel at Atlas on change management and retail management. The programme content also focused on motivating employees to adapt successfully to changing tides and excel.

Atlas Axillia PLC

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SLIM Corporate Solutions continued the partnership with El-Toro Roofing Products to provide scholarships to deserving youth through the Gnanam Education Trust to follow a Certificate in Professional Marketing. The 25 candidates successfully completed their programme and received Certificates in Professional Marketing at an award ceremony.

Gnanam Education Trust Award Ceremony

OthersHighlights of the Year

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An awareness seminar was organised by SLIM in collaboration with the Export Development Board (EDB) for the applicants of the ‘Erambuma’ credit scheme to educate local entrepreneurs on marketing and essential business practices. Many speakers representing SLIM, EDB, the Ministry of Finance, People’s Bank, the Sri Lanka Institute of Textile and Apparel (SLITA), Bank of Ceylon, the Sri Lanka Tourism Promotion Bureau, Hayleys Agriculture Holdings Ltd., the University of Wayamba, and Vital Hub Innovations Labs attended the programme to share their knowledge with the audience. The introduction on the Sri Lanka Institute of Marketing was

done by Sanath Senanayake, CEO / Executive Director of SLIM while other speakers enlightened the audience of budding entrepreneurs in the morning session on areas such as entrepreneurship by Sumith De Silva- Marketing Manager, Airport and Aviation Services (Sri Lanka) Limited, Fundamentals of marketing were elaborated by Kasun Gunarathna, Marketing Manager Elephant House, Ceylon Cold Stores PLC, approaching export markets was the key topic addressed by Charaka Perera, Chief Operating Officer, Laugfs Salt & Chemicals of Laugfs Holdings Ltd and business and finance planning by Elangovan Karthik- Director/ Chief Executive Officer, Unisons Capital Leasing.

“Erambuma Credit Scheme” Awareness Programme

SLIM in a tripartite initiative, collaborated with the Post Graduate Institute of Management (PIM) and the Chartered Institute of Marketing (CIM) to commemorate and appreciate the yeoman service rendered to the marketing fraternity of Sri Lanka by the late Professor Uditha Liyanage, to organise a commemorative oration. Late Professor Uditha Liyanage redefined Sri Lanka’s marketing sphere. His ability as an eloquent speaker, communicator and a lucid thinker enabled him to reach the highest rungs of his profession. The oration was delivered by Deshamanya Dr Mahesh Amalean with an inspiring speech reminiscing his association with Prof. Liyanage. The ceremony was held at the PIM auditorium on August 9, 2019 and the event was organised by the Professor Liyanage Memorial Oration Guidance Committee.

Memorial Oration of Professor Uditha Liyanage


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SLIM with the theme ‘Smiles’ organised a New Year Festival at Stanley Janz Grounds on 10th April 2019 for the third consecutive year. The event featured a host of traditional games and activities and provided delicious and nourishing food, gifts and sport items to 60 less-privileged children at the Sri Jinanda Children’s Development Centre in Wellawatta.

Project Smile

Rewards play a huge role when it comes to staff recognition. Bearing this in mind, the HRM Team put together the ‘SLIM Star Awards 2018’ to recognise and appreciate the tremendous services rendered by our very own. This successful event took place at Raffles Colombo with the participation of the Council Members, ExCo Members and all staff members.

SLIM Star Awards 2018


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An annual company trip is a form of bonding initiative for employees to enjoy. SLIM’s annual trip for the year 2019 was a journey to Habarana Village. The day was a fun filled experience for the staff of SLIM.

Annual Trip

‘Eat Street Colombo’, a large family-friendly open-air street food festival was held at Green Path, Colombo 07 for two days consecutively from 11am to 11pm. The event featured independent vendors selling various kinds of food items, merchandise and art

Further extending its efforts on its entrepreneurial development programme ‘Gamata Marketing’, SLIM provided an opportunity to Chamila Krishani, to achieve success through its initiative, by arranging to have her products introduced to the market in ‘Eat Street Colombo. Chamila Krishani, who is an aspiring entrepreneur, offers novel seafood based food items. SLIM generously sponsored her stall, which was ceremonially opened by the SLIM President in the presence of invitees and sponsors.

SLIM Gamata Marketing Programme Showcases Successful Entrepreneur at East Street Colombo 2019


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A Memorandum of Understanding (MoU) was signed at Waters Edge Colombo, partnering SLIM together with BDO Partners who joined as the Strategic Audit Partner for Effie Awards and Brand Excellence. This initiative was taken in order to supervise and conduct a comprehensive audit for the online judging sessions, which would then enhance the transparency of the entire judging process at the Effie Awards and SLIM Brand Excellence 2019, the most prestigious honours conferred on the local marketing fraternity.

SLIM Partners with BDO Partners as the Strategic Audit Partner

for SLIM’s Effie and Brand Excellence Awards 2019

Operational Review 103Marketing & Business Development Review 110Report of the Executive Committee

Selection & Nomination Committee 112Stakeholder Engagement 113Sustainability Strategy 115Risk Management Review 116Corporate Governance 118Internal Audit Committee Report 133Remuneration Committee 134Report of Executive Committee on Affairs of the Institute 135

Management Discussion & Analysis

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Global Economy Global growth in 2019 downgraded to a mere 3% recording its slowest pace since the global financial crisis. A confluence of factors including rising trade barriers, geopolitical tensions, low productivity and aging demographics contributed to less than desirable global growth.

Broad-based slowdown in manufacturing and trade across the globe was a key contributor to sluggish growth, mainly driven by factors such as higher tariffs, volatile trade policies which in turn discouraged investment and demand for capital goods. The services sector in the globe however remained stable.

Most large emerging economies and developing economies further deteriorated due to uncertain trade and domestic policies. Growth in some large economies such as India, South Africa, Russia and Mexico experienced lackluster growth.

The International Monetary Fund recommends that countries should couple robust monetary policies with fiscal support to witness a turnaround in economic growth. Global economies should work together to implement renewed structural reforms to seek economic growth.

Sri Lankan Economy While global economic downturn negatively impacted the Sri Lankan economy, spillovers from the Easter Sunday also gravely affected the country’s major economic activities such as tourism and related services. As such, the Sri Lankan economy experienced a subdued growth of 2.6% in the first half of 2019 in comparison to the 3.9% experienced in 2018. The agricultural sector recorded a growth of 3.2%, driven mainly by improved performance in sub-sectors such as coconut, king coconut, palm oil, rice as well as animal production. Industrial activities indicated a subdued growth of 2.3%. Construction, mining and quarrying activities contributed to the growth in industrial activities. In the aftermath of the Easter Sunday attack, the services sector witnessed a serious downturn, contracting growth to a mere 2.8 in comparison to 5.1% in the corresponding period in 2018. Tourism related services such as accommodation transportation and food and beverages were negatively impacted.

Operational Review

2017 2018 2019e 2020f 2021f 2022fWorld 3.2 3 2.4 2.5 2.6 2.7

EMED 4.5 4.3 3.5 4.1 4.3 4.4

South Asia 6.7 7.1 4.9 5.5 5.9 6

East Asia and Pacific 6.5 6.3 5.8 5.7 5.6 5.6

Source – World Bank – Global Economic Prospects (2020)

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Operational Review

Unemployment Unemployment rate slightly increased to 4.8% during the first six months of 2019, when compared to the rate of 4.5 recorded in 2018. Unemployment rate among males was at 3.4 whilst unemployment rate amongst females was higher at 7.2%. Unemployment rate amongst youth between 20 to 29 years of age was the highest at 14.8%.

Inflation While core inflation experienced an elevation in January as a result of one-off adjustments in house rentals, headline inflation spiked to some extent till May 2019. This increase was the outcome of several factors including certain administratively determined prices such as formula based domestic petroleum prices, tariff revisions, rise in house rentals as well as the after-effects of sharp Rupee depreciation experienced in 2018. Later, headline inflation decreased due to declining food prices only to increase again in September driven by elevated food prices.

Exchange Rate Prior to the Easter Sunday attack, exchange rate continued to stabilise as a result of noteworthy narrowing of trade deficit and improved financial flows. The exchange rate witnessed pressure in the aftermath of the Easter Sunday attack and subsequently in August, driven by global uncertainties. Nevertheless, the exchange rate slightly stabilised by October 2019 with an appreciation of 0.6%. This was the result of improved liquidity conditions in the domestic foreign exchange markets.

The year 2020 is projected to be a challenging one for economic growth in Sri Lanka. Government intervention, policy tools and fiscal support would be required to stabilise the economy in 2020.

SLIM Operational Review In spite of the challenging economic backdrop, SLIM succeeded in implementing a strategic plan to transform the way in which we operate to connect our own activities strongly to promoting entrepreneurship, exports and branding across the nation. As the national body for marketing, we remain the linchpin of marketing to guide Sri Lankan brands to stay on par with global brands. The year 2019 was marked by strategic changes in preparation for the next phase of our journey. The results of our efforts in 2019 will carry forward to the next decade.

The unfavorable economic background that the entire country witnessed due to the negative impact of the Easter Sunday attack impacted our revenue growth which contracted 3% in comparison to the previous year. As at end of the financial year 2019, SLIM earned a revenue of Rs 324 Mn in contrast to the Rs 333 Mn recorded in 2018.

Revenue

(Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2019 2018 2017 2016 2015

324,016 332,952

277,949

203,000196,323

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Our surplus before tax stood at Rs 47 Mn while revenue per staff member slightly contracted at a rate of 13%.

Surplus Before Tax

(Rs.’000)

Year

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2019 2018 2017 2016 2015

47,487

64,931

31,420

17,057

5,629

Revenues per Employee

(Rs.’000)

Year

0

1,000

2,000

3,000

4,000

5,000

2019 2018 2017 2016 2015

3,857

4,439

4,087

3,2223,020

During the year under review, we succeeded in increasing our investment value to Rs 203 Mn recording an improvement of 10% year on year.

Short / Long Term Investment

(Rs.’000)

Year

0

50,000

100,000

150,000

200,000

250,000

2019 2018 2017 2016 2015

202,797

184,923

111,108

49,230

19,199

While the inevitable spillovers from the nation’s economic setback impacted SLIM performance in 2019, our prudent management and timely innovation in our service offering paved the path for stability and sustainable growth.

Education Division

In spite of economic and social challenges which prevailed in 2019, SLIM Education division grew by 4% in 2019, recording a revenue generation of Rs 285 Mn as at end of the financial year. Our Gross Profit for the year under review in the education division remained stable at 62%.

Education Reveunes(Rs. Mn)

Year

0

50

100

150

200

250

300

2019 2018 2017 2016 2015

285.76273.69

224.47

178.81163.77

Gross Profit Magin for Education Division

Year

58%

59%

60%

61%

62%

63%

64%

65%

66%

2019 2018 2017 2016 2015

62%

65% 65%

64%

60%

During the year under review we introduced the Diploma in Digital Marketing, as a succession path of the Certificate in Digital Marketing to cater to growing educational and economic requirements. Addressing another identified requirement, SLIM launched Business and Professional English to offer marketing students added value in improving their communication skills. Such timely product offerings coupled with our long history of providing high-quality marketing education, contributed to attracting students to our education stream.

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Operational Review

Graduate Students

Product Wise

Year

0

50

100

150

200

250

PGDIP NDSM DSBM CPM MBA

2015 2016 2017 2018 2019

Certificate HoldersStudents

Year

0

500

1,000

1,500

2,000

2,500

2019 2018 2017 2016 2015

2,229

2,017

1,653

1,260

1,077

The Role of the Education Division

As the national body for marketing, SLIM plays a vital role in shaping marketing education requirements in Sri Lanka. SLIM Education Division consistently acts to design and implement educational programmes on par with global standards. To this end, both the Education Reforms Committee (ERC) and the Board of Study (BoS) contribute immensely with collective efforts from their pool of qualified and experienced professionals from different fields, universities and educational institutes.

Events Division During the year under review, contribution from our Events Division witnessed a contraction of 39%. Businesses across Sri Lanka faced a setback in the aftermath of the Easter Sunday attack, which led to a considerable period of recovery. Spillovers from this challenging yet inevitable phase in the economy, directly impacted the Events Division’s performance. However, SLIM events succeeded in attracting leading brands and prominent entities in the marketing fraternity.

Events Contribution

(Rs. Mn)

Year

0%

5%

10%

15%

20%

25%

30%

2019 2018 2017 2016 2015

15.54

25.64

14.6012.25

5.87

SLIM Brand Excellence Awards

While revenue contribution of SLIM Brand Excellence 2019 slightly contracted in 2019 when compared to the previous year, the event attracted the crème de la crème of Sri Lanka’s brands and corporate entities with the number of entries at 163, a noteworthy increase from 145 in 2018.

Brand Excellence Awards Contribution(Rs. Mn)

Year

0%

1%

2%

3%

4%

5%

6%

7%

8%

2019 2018 2017 2016 2015

4.79

6.76

4.01 3.21

2.08

EFFIE Awards

Revenue contribution from Effie Awards indicated a marginal negative growth of 25%. Even though the number of entries for Effie Awards 2019 stood at 83, a smaller number in comparison to previous year’s entries, the event took place with characteristic glamour, attracting a number of leading agencies and brands.

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Contribution Effies Awards(Rs. Mn)

Year

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2019 2018 2017 2016 2015

2.61

3.48

3.20

2.33

2.67

In face of economic challenges that prevailed across the nation during the time of the event, entry and ticket incomes from EFFIES contracted marginally.

Entry Income Effies Awards(Rs. Mn)

Year

0

1

2

3

4

5

6

2019 2018 2017 2016 2015

4.08

5.3

3.07 3.142.97

Revenue Tickets Effies Awards(Rs. Mn)

Year

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2019 2018 2017 2016 2015

2.78

3.04

2.64

2.48

2.72

National Sales Congress (NASCO) Awards

Revenue contribution from SLIM NASCO improved by 16% in 2019, when compared to the previous year. This was driven mainly by the efforts of the SLIM Events Division in engaging a large number of sponsors for SLIM NASCO 2019.

Contribution NASCO Awards(Rs. Mn)

Year

0

2

4

6

8

10

2019 2018 2017 2016 2015

8.52

7.33

6.00

5.39

1.99

While sponsorship income from SLIM NASCO recorded an increase of 16% in comparison to the previous year, number of entries dropped to 660 from 728 recorded in 2018, causing the entry income to indicate a downward trajectory, albeit a marginal one.

Sponsorship Income NASCO Awards(Rs. Mn)

Year

0

1

2

3

4

5

6

7

8

2019 2018 2017 2016 2015

6.51

5.60

4.514.72

2.90

Entry Income NASCO Awards(Rs. Mn)

Year

0

2

4

6

8

10

12

2019 2018 2017 2016 2015

9.44

10.30

6.826.44

4.24

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Operational Review

SLIM Nielsen People’s Awards

Revenue contribution from SLIM Nielsen People’s Awards contracted by 62% in 2019, in comparison to the previous year. Tickets income from the event showed a marginal reduction.

Contribution People’s Awards(Rs. Mn)

Year

0.0

0.5

1.0

1.5

2.0

2.5

2019 2018 2017 2016 2015

0.90

2.37

1.84

1.53

0.14

Tickets Income People’s Awards(Rs. Mn)

Year

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2019 2018 2017 2016 2015

2.81

3.27

2.37

2.14 2.19

The Role of the Events Division SLIM Events are renowned not only within the marketing fraternity but also the entire business community and the general public for their high standard and prestige. Annually, SLIM Events draw a large number of entries and spark interest among an even larger number of corporate entities and brands. SLIM Events Division plays a pivotal role in promoting branding, marketing and sales excellence of corporates.

Training Division

The immediate after-effects of the Easter Sunday attack negatively impacted the previously laid-out plans of the Training Division, leading to the cancellation of the programme by Tanmay Bakshi. However, the division effectively bounced back with the organisation of James Taylor Live In Sri Lanka and the SLIM Marketers summit. However, the inevitable cost of cancelled events and the economic and business uncertainty which prevailed led to a downward growth in earnings.

Revenues Training Division(Rs. Mn)

Year

0

10

20

30

40

50

2019 2018 2017 2016 2015

19.2

42.51

38.67

11.99

21.55

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The Role of the Training Division

SLIM Training Division provides an invaluable platform to refine and shape the training landscape in the marketing arena in the nation. As the national body for marketing, SLIM consistently raises the bar in training and skills development within the country’s marketing fraternity and the corporate sector.

Membership Division

SLIM continued to enrich the value that members derive from being part of the organisation through organising timely events such as IGNITE 2020, experience sharing forums as well as networking events. Accordingly, the Membership Division recorded a commendable growth in revenue generation at 14%.

Revenues Memberships Division (Rs. Mn)

Year

0

5

10

15

20

25

2019 2018 2017 2016 2015

19.06

16.76

14.58

12.1911.00

Role of the Membership Division

SLIM Membership Division facilitates a unifying platform to enable the country’s marketing professionals to seek growth and evolve with local and global requirements.

Overview and the Way Forward In what was a year of transformation, SLIM laid the foundation to pursue creating greater value for stakeholders through intensifying focus on entrepreneurship, exports and branding. We used a gamut of tools and approaches to strengthen our focus on these core aspects through forging partnerships with national bodies and educational institutes as well as our own efforts to unify the marketing fraternity. In this regard, our strategic changes far outweighed the financial performance to create a sustainable pathway for organisational growth.

Our aspirations for economic sustainability reach beyond the growth and success of SLIM to include national economic goals. As such, our efforts to enhance entrepreneurship, branding and exports throughout the nation steer our business approach and product and service offerings. Moreover, as the apex body for marketing, we remain committed to inspiring corporates and facilitating networking opportunities to pursue sustainable growth as a nation, through leveraging opportunities and prudently managing risks.

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Strengthening the SLIM brand and fortifying our presence across the nation are crucial for organisational success. As the National Body for Marketing, SLIM stands strong as the linchpin of marketing in Sri Lanka. Nevertheless, we seek to expand our presence furthermore and reinforce our position through upholding the SLIM brand as we carry out our annual activities and lead the nation’s marketing fraternity forward.

Unifying force In 2019, our strategic agenda revolved around promoting and supporting Entrepreneurship, Branding and Exports within Sri Lanka. In this regard, SLIM organised a lineup of workshops and events concurrently to the main events, seeking to involve marketers, entrepreneurs and corporate decision makers in our quest to enhance the nation’s interest in Entrepreneurship, Branding and Exports.

We succeeded in uniting the country’s corporate entities and business leaders through IGNITE 2020 to remain undaunted in the face of tragedy and overwhelming odds, following the Easter Sunday attack. IGNITE 2020 conveyed the inspiring message that it was time to abandon the ‘wait and see’ approach and adopt the more proactive ‘act and unite’ approach. This event exemplified the SLIM vision to lead the nation’s efforts towards economic prosperity.

‘James Taylor live in Sri Lanka’ was a key event in the SLIM calendar. James Taylor, a prominent figure in the global marketing arena infused much needed vigour to Sri Lanka’s marketing fraternity, which needed morale boost in the aftermath of the Easter Sunday attack.

Strategic impetus In line with our agenda to usher the country towards the digital era, SLIM unveiled the Diploma in Digital Marketing programme to help current and future marketers to gain insights into Digital Marketing practices.

In keeping with our focus on technology and the dawning digital era, SLIM Knowledge Week explored broader themes such as Artificial Intelligence (AI), the fourth industrial revolution and the importance of ‘Marketing, Academic and Data’ (MAD) for future business success.

Uniting our interest in entrepreneurship and export development, SLIM partnered entities such as the Export Development Board to assist Small and Medium Entrepreneurs (SME) to upgrade their skills in order to attract a global audience. To this end, we held a workshop targeting regional entrepreneurs. We held a series of speaker sessions featuring entrepreneurs as part of our educational offerings.

Communication tools In 2019, we sought to share our knowledge and activities with a larger audience on a regular basis. Hence, we launched SLIM DIGEST to share our news and updates with the membership on a quarterly basis. Reaching beyond our own shores, we also launched our bi-monthly magazine ‘Asian Marketer’ during this year. The magazine looks into a range of topics in the marketing arena, exploring new trends and investigating global marketing and branding developments.

In what was an eventful year, SLIM further fortified our stronghold through inspiring the business community, aligning ourselves with the way forward to develop the nation’s economy and ushering the country’s marketing fraternity towards the digital era.

Marketing & Business Development Review

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Accredited study centresThe existence of three branch locations namely in Colombo, Kandy and Matara, have indeed created a positive impact, along with the 25 Accredited study centres which dot the local landscape. The year under review witnessed due diligence been given to this area, while aligning the goals in order to manifest the Mission and Vision of the institute. Students can enroll for Marketing in Sinhala (MIS), Marketing in Tamil (MIT) and Preliminary Certificate in Marketing (PCM).

Given that a vast number of students enroll in these centers and given the fact that standards need to be maintained throughout all these courses, quarterly reviews have been introduced, which also include shared experiences. The continuation of quarterly awards and Strategy meeting is very successful to discuss strategies for the next quarter while recognising last quarter achievements.

These Accredited Study Centers remain the contact point and ‘face’ of SLIM in the region they serve and hence their presence is pivotal in order to take the essence and value of marketing to the grass root levels. In order to further enhance their presence and grow numbers, initiatives were taken by the regional study centers to create the necessary awareness in their regions, this included the construction of sign boards and hoardings in key areas and town centers. While the introduction of school campaigns was yet another venture which was embarked on by many regions. This created the necessary awareness while also enlightening students of the avenues which were available. This initiative which was carried could be deemed as a positive step in the development of the nation itself as many young people are at a cross road once their preliminary education is completed.

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The Executive Committee is responsible for scrutinising all the nominations received to ensure that all candidates and his/her proposer and seconder are members in good standing and qualified to vote and hold the membership as per the constitution of Sri Lanka Institute of Marketing

Composition of the Nomination CommitteeThe composition of the nomination committee is the executive committee Members of the Sri Lanka Institute of Marketing and Hon. Secretary of Council is functioned as Secretary of the Committee

President – Mr Suranjith Swaris

Vice President – Mr Roshan Fernando

Vice President – Ms Thilanka Abeywardena

Secretary – Mr Nuwan Hewa Gamage

Treasurer – Mr Shaminda Perera

Assistant Secretary – Mr Enoch Perera

Exco Member – Mr Manthika Ranasinghe

Exco Member – Ms Sathika Wickramasinghe

Exco Member – Mr Chinthaka Perera

Exco Member – Mr Upali Ranjith

Exco Member – Mr Gayan Perera

Exco Member – Dr Dilhan Jayatilleke

Exco Member – Mr Ahamed Aroos

Exco Member – Mr Charaka Perera

Exco Member – Mr Nuwan Thilakawardhana

Exco Member – Mr Asanka Perera

Responsibility of the Nomination

Committee • Call nominations from Members at least 30 days prior

to the Annual General Meeting or Special General Meeting

• To ensure that the nominations are received with in 14 days from the date of the notice calling for nominations.

• To Scrutinise all the nominations received to ensure that the Candidates and his/her proposer and seconder are members in good standing and qualified to vote and hold the Membership as per Constitution.

• The list of Nominations approved by the executive committee to be posted to the Members at least 7 days prior to the Annual General Meeting or Special General Meeting.

On behalf of the Nomination Committee

Mr. Nuwan Hewa GamageSecretary 2019/2020

Report of the Executive Committee Selection & Nomination Committee

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Our Key Stakeholders• Members

• Students & Resource Personnel

• Business Partners

• Employees

• Society and Environment

• Government

Our activities add value to our stakeholders, and in their actions enhance our value. Our stakeholders are an indispensable asset to us. They from an important portion of our capital. Our business model is tailored for mutual benefit.

Stakeholder Engagement

Frequency of Engagement Method of Engagement Topics Discussed

Members Annually as well as regularly

• Annual Report • Membership • News Letter • Membership Fees• Annual General Meeting • Continuing Professional Development• SLIM Website • Privileges and Benefits• Events (ESF/Networking Nights

Marketer Ball) • New Resolution

• Marketer Magazine • Knowledge Sharing• Presence in Social Media • Activities

Students & Resource

Panels

Regularly • Coaching Session • Students Activities• Workshops • Syllabus Revision • SLIM Website • Curriculum and Educational Material

Upgrading• Events/Other Engagements • Career Planning and Advice • Presence in Social Media • Scholarships• Training Programmers • Practical Training• Students Associations • Library Facilities • Exam Guidance Session • Job bank• Exam Technique Session • Products Portfolio• Graduation • Networking • Certification • Councilling• Sport Day • Retentions • Inauguration • Action Learning Meeting• Students Councilor• Students Coordinators

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Stakeholder Engagement

Frequency of Engagement Method of Engagement Topics Discussed

Employees Regularly • Performance Appraisals • Remuneration & Benefits• Staff Meetings • Staff wellness and Welfare Activities • Management Meetings • Work Life Balance • Communications via Circulars, Memos

and e-mail • Future Plans Implementation

• Staff Recreational Events, Celebrations and Religious Events

• Employer – Employees Relationship

• Strategic Planning Sessions • Employee Development• Training Programs • Strategy Development and

Implementation• SLIM Welfare Activities• SLIM Star Awards Ceremony• Breakfast Meeting

Government Regularly • Annual Report • Taxation • Submission of Special Reports • Advice on Marketing• Meetings with Government

Authorities and Departments• Policy Making

• Statutory Payments • Knowledge Sharing

Business Partners Regularly • Meetings with Suppliers • Registration of Suppliers

• Call for quotations/Estimates for General Suppliers

• Procurement Policies

• Visits made by Either Party • Procurement Opportunities• Customised Education Programmers • Sponsorships• Meeting with Accredited Centers • Job bank

• Academic Programme • Strategic Initiatives and Assessment• Performance

Society and

Environment

Regularly • General Meeting • CSR Projects• Interacting trough Community Events

and Other Corporate Events • Career Planning and Advice

• Presence in Social Media • Job Fairs• CSR Projects • Exhibitions• National Level Events • Recognitions • Marketer Magazine • Surveys

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Entrepreneurship, Branding and Export Development We leverage on our core strengths to unite the marketing arena in Sri Lanka, build lasting alliances, benchmark education standards in marketing to fuel business growth and reward business excellence of corporate entities and brands to foster growth.

Sustainability Strategy

Our aspirations for sustainable growth transcends beyond mere institute goals to seek national economic prosperity. As the national body for marketing, we believe that our growth should propel the growth of the nation. As such, we target nurturing three key goals utilising our strategic tools.

Lead the nation’s efforts towards prosperity

Establish marketing as the driving force to enhance business and national value

Building relationships

Branding

G O A L S

T O O L S

Developing the sphere of marketing

Export Development

Education and training

Entrepreneurship

We collaborate with other national bodies, educational institutes, business partners and our membership to execute our strategy. We consistently seek to refine our three pronged toolkit to, not only evolve in line with changing tides, but also lead positive change. The way we engage with all our stakeholders and provide leadership allows us to manage our economic, social and environmental impact. The resulting outcomes help us increase our ability to create value in the short, medium and long term.

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Introduction and OverviewRisk is the combination of a likelihood of an occurrence of an event and the impact that can be caused by that event. The occurrence of such an event could hamper objectives of Institute. The purpose of risk management is to identify measure and effectively manage the risks through adequate monitoring, analysis and mitigation strategies.

Risk Management Objectives;• To confirm and communicate the Institute’s

commitment to risk management to and assist in achieving its strategic and operational goals and objectives.

• To formalise and communicate a consistent approach to manage risk of all activities of the Institute and to establish a reporting protocol.

• To ensure that all significant risks to the Institute are identified, assessed and where necessary treated and reported in a timely manner to the Executive Committee & Audit Committee.

• To assign accountability to all staff for the management of risks within their areas of control. To provide a commitment to staff that risk management is a core management capability.

Risk Management Strategy There are five steps to the management of risks which are:

1. Identifying the risks to achieving strategic and operational objectives

2. Determining the owner of the risk

3. Determining and assessing the existing controls in place

4. Assessing the impact and likelihood of the risk

5. Determining further control improvements to mitigate the risk and indicate the impact to net risk when they are fully implemented.

Risk ModelThe Institute uses a risk model to define the likelihood and impact.

• Impact is the potential severity or effect of the risk.

• Likelihood is the frequency or probability of a risk occurrence.

• The ratings given to impact and likelihood produce an evaluation of risk.

• Both the adequacy of existing controls and net risk are denoted by a traffic light system.

• Any risks in the red will require explicit review and approval by the Council of management.

Risk Scoring MatrixThe Risks identified are scored / rated against the impact and likelihood of the risk using a Risk scoring matrix (Figure

1)

The impact is assessed under Financial, Reputational, Operational and Escalated, where it is rated under five categories such as Moderate, Significant, Major, Critical and Catastrophic.

The Likelihood is a frequency based assessment where the risks will be rated according to the probability of the risk occurrence.

Risk Management Review

3 x 3 RISK MATRIX

Lik

elih

oo

d

Highly

Likely

MED HIGH HIGH

Possible LOW MED HIGH

Unlikely LOW LOW MED

Negligible Moderate Severe

Impact

(Figure 1)

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Type of Potential Risk and Approach to Mitigating Key Risk

Risk Corporate Impact Mitigation Action Risk RatingProfitability Risk Restriction in confidence to

expand and make Investments

Attractive membership offer, Increased Products Portfolio and Events, expand Channel Development, Enhance the Cash cow Products

High

Product Quality Loss of Confidence Quality control systems, ISO Standards, Regular Monitoring, Consultant Input

High

Inaccurate Information and Breakdown in Financial and Other Systems

Loss of Confidence, Loss of Corporate Reputations

Backup systems, Policies and Procedures

High

Loss of Market Share Possible Loss of Profitability New Distribution Channels, Expansions of Channel Development

High

Credit Risk Students Drop outs and Bad Debits Resulting Loss of Profits

Student Loan, Credit Card Payments, Settlements in Installment, Incentive, Discounts for Full Payments.

Moderate

Operational Risk Fraud, Theft, Human Error and Natural Disaster Concealing Information

Standard Operation Process, Audit Committees, Consultative Committees, Internal Audit Function, Management Meeting,

Moderate

Interest Rate Risk Loss of Interest Income due to Interest Rate Fluctuations

Prudent Investments, Treasury function, Investment distribution

Moderate

Brand Loyalty Loss of Market due to New Entrants and Change in Students Behaviors.

Increased Products Portfolio and Events, Expansions of Channel Development, Increasing Market Awareness, Brand Audit and Brand Positioning

Moderate

Information Technology Risk Financial Implication Operational Inefficiencies and Hampered Services Delivery

Information Technology Policy, System Backups Implementation a Firewall Security System, Day to Day Monitoring of Institute’s System and Network

Moderate

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Lanka Code Reference

Corporate Governance Principles Compliance Status

SLIM Level of Compliance

A.1 Executive committee

Principle A.1

The Institute should be headed by an effective Executive Committee [ExCo], which should direct, lead and control the Institute.

A.1.1 The Committee should meet regularly. Executive Committee meetings should be held at least nine times in a financial year, in order to effectively execute the Executive Committee’s responsibilities, while providing information to the Executive Committee on a structured and regular basis.

Compliant The Executive Committee has held fifteen Meetings during the year. These meetings ensured that prompt action were taken to achieve the expectations of all stakeholders of SLIM Refer number of meetings held and its attendance on page 136.

A.1.2 “The Executive Committee’s role is to provide entrepreneurial leadership to the Institute within a framework of prudent and effective controls which enables risk to be assessed and managed. In performing its role, the Executive Committee should be responsible for matters.”

Compliant The Executive Committee is collectively responsible for the success of the Institue. Executive Committee formulated the 5 year strategy plan form 2017 to 2021 and ensures that the CEO/Executive Director and Management team possess the skills experience and knowledge to implement the strategies. it also ensures that effective systems are in place to secure integrity of the information, internal control, risk management and compliance with all applicable laws and regulations

A.1.3 The Executive Committee collectively and Executive Committee members individually, must act in accordance with the laws of the Country, as applicable to the Institute. There should be a procedure agreed to by the Executive Committee members, to obtain independent professional advice where necessary, at the Institute’s expense.

Compliant The Executive Committee collectively as well as individually recognises its duty to comply with laws of the country which are applicable to the Institute.Procedures have been placed for the Executive Committee to seek independent professional advice in furtherance of its duties at the Institute’s expense. In-addition, the Executive Committee is assisted by several Special committees on various matters.

A.1.4 All Executive Committee members should have access to the advice and services of the Institute Secretary, who is responsible to the Executive Committee in ensuring that Executive Committee procedures are followed and that applicable rules and regulations are complied with. Any question of the removal of the Institute Secretary should be a matter for the Executive Committee as a whole. The role of Institute Secretary is given in Constitution.

Compliant As per the constitution, responsibilities are vested with the Hon.Secretary.The Executive Committee members have access to the Hon.Secretary to ensure that proper board procedures are followed and all applicable rules and regulations are complied with.

A.1.5 All Executive Committee members should bring independent judgment to bear on issues of strategy, performance, resources (including key appointments) and standards of business conduct.

Compliant As per the minutes, all Executive Committee Members had brought independent judgment on issues of strategy,performance, resources and standard of business conducted.Further,the Executive Committee members had served the institute at honorary capacity

Corporate Governance

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A.1.6 Every Executive Committee member should dedicate adequate time and effort to matters of the Executive Committee and the Institute, to ensure that the duties and responsibilities owed to the Institute are satisfactorily discharged. It must be recognised that Executive Committee members have to dedicate sufficient time before a meeting to review papers and call for additional information and clarification, and after a meeting to follow up on issues consequent to the meeting. This should be supplemented by a time allocation for familiarisation with business changes, operations, risks and controls.

Compliant Executive Committee members have dedicated sufficient time to obtain clarifications regarding matters via e-mails both before and after the Executive Committee meetings to ensure that the duties and responsibilities are discharged accordingly.In addition,the Executive Committee had attended Special Committees including the Board of Study,Education Reforms Committee, and Audit Committee

A.1.7 Every Executive Committee member should receive appropriate training when first appointed to the Executive Committee of the Institute and subsequently as necessary. Training curricular should encompass both general aspects of being an Executive Committee member and matters specific to the particular industry/institute concerned. An Executive Committee member must recognise that there is a need for continuous training and an expansion of the knowledge and skills required to effectively perform his duties as an Executive Committee member. The Executive Committee should regularly review and agree the training and development needs of the Executive Committee members.

Compliant There was an orientation carried out for the Executive Committee members by the Council of Management.and Traning was organised by Council of Management on Coporate Goverance conducted by the Institute of directors.

A.2 President and Chief Executive Officer (CEO)

Principal A.2

There are two key tasks at every Institute conducting of the business of the ExCo, and facilitating executive responsibility for management of the Institute’s business. There should be a clear division of responsibilities at the head of the Institute, which will ensure a balance of power and authority, such that no one individual has unfettered powers over decision making.

A.2.1 “A decision to combine the posts of President and CEO in one person should be justified and highlighted in the Annual Report.”

Compliant The role of the President and CEO/Executive Director are not same.The President is elected and serves at honorary capacity while the CEO/Executive Director serves as an Executive Director of the Institute and a full time employee

A.3 President’s role

Principle A.3

The President’s role in preserving good Corporate Governance is crucial. As the person responsible for running the Executive Committee, the President should preserve order and facilitate the effective discharge of Committee functions.

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A.3.1 The President should conduct Executive Committee proceedings in a proper manner and ensure, inter-alia.

Compliant The President’s main role is to lead and manage the Executive Committee and ensures effectiveness in all aspects.The President’s role encompasses

• The views of Executive Committee Members on issues under consideration are ascertained,

• All Executive Committee Members are encouraged to make effective Contribution within their professional capacity for the benefit of the Institute

• Representing the views of the Executive Committee to the public.

• Provide guidance and direction collectively to the CEO/Executive Director and staff.

A.4 Financial Acumen

Principle A.4

The Executive Committee should ensure the availability within it of those with sufficient financial acumen and knowledge to offer guidance on matters of finance.

Compliant According to the qualifications of Executive Committe members, there was sufficient financial knowladge associated with members to offer guidance on matters on finance. Executive Committee Profiles are given on pages from 32 to 45.

A.5 Board [EXCO] Balance

Principle A.5

It is preferable for the Board to have a balance of Executive and Non-Executive Directors such that no individual or small group of individuals can dominate the Board’s decision taking.”

A.5.1 The Executive Committee should include Members [not involved in management] of sufficient caliber and number for their views to carry significant weight in the ExCo decisions.

Compliant The Executive Committee Consists of professionals in Marketing, Human Resource, Management, Accounting, Finance and Information Technology. The Executive Committee Members possess the skills,experience and knowledge complemented with a high sense of integrity and independent judgment. The Executive Committee Profiles are given on pages from 32 to 45.

The Executive Committee should include at least two Non-Executive Committee or such number of Non-Executive Committee Members equivalent to one third of total number of Executive Committee Members, whichever is higher. In the event the President and CEO is the same person, Non-Executive Committee Members should comprise a majority of the Executive Committee.

Not applicable

The President and CEO/Executive Director are not the same as per the Constitution of Sri lanka Institute of Marketing. The members of the Executive Committee are serving at honorary capacity and are independent.

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“The total number of Executive Committee members is to be calculated based on the number as at the conclusion of the immediately preceding Annual General Meeting. Further, any change occurring to this ratio should be rectified within 90 days from the date of the change.”

Not applicable

The number of members of the Executive Committee is specified by the constitution.

A.5.2 “Where the constitution of the Executive Committee Members includes only two Non-Executive Committee Members, both such Non- Executive Committee Members should be ‘independent’. In all other instances two or one third of Non-Executive, Executive Committee Members appointed to the Executive Committee whichever is higher should be ‘independent’.”

Not applicable

All the members of the Executive Committee are serving at honorary capacity and all Executive Committee Members are independent.

A.5.3 For an Executive Committee Member to be deemed ‘independent’ such Executive Committee Member should be independent of management and free of any business or other relationship that could materially interfere with or could reasonably be perceived to materially interfere with the exercise of their unfettered and independent judgment.

Compliant All the members of the Executive Committee are serving at honorary capacity and all Executive Committee Members are independent,

A.5.4 Each Executive Committee Member should submit a signed and dated declaration annually of his/her independence or non-independence.

Compliant The Executive Committee Members of the Institute have made written submissions with regard to their independence.

A.5.5 “The Executive committee should make a determination annually as to the independence or non-independence of each Executive Committee Member based on such a declaration made of decided criteria and other information available to the ExCo. The ExCo should determine whether the EXCO Member is independent in character and judgment and whether there are relationships or circumstances which are likely to affect, or could appear to affect, the ExCo Members judgment. The ExCo should specify the criteria not met and the basis for its determination in the annual report,if it determines that a ExCo Member is independent not with standing the existence of relationships or circumstances which indicate the contrary and should set out in the Annual Report the names of Directors determined to be ‘independent’. An Executive Committee member would not be independent if he/she:

Compliant All Executive Committee Members of the Institute have made written submissions with regard to their independence. And all Executive Committee Members are serving at honorary capacity. Refer the Profiles of the Executive Committee given on pages from 32 to 45.

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A.5.6 “If an alternate ExCo member is appointed by a Non-Executive Committee Member such alternate ExCo member should not be an executive of the Institute. If an alternate ExCo member is appointed by an independent Director, the person who is appointed also should meet the criteria of independence and the provision on minimum number of independent directors also should be satisfied.”

Not applicable

All the members of the Executive Committee are serving at honorary capacity and all Executive Committee Members are independent.

A.5.7 “In the event the President and CEO is the same person,the Executive committee should appoint one of the independent Non-Executive Committee Member to be the “Senior Independent Executive Committee Member ” (SIECM) and disclose this appointment in the Annual Report”.

Not applicable

The President and the CEO are two separate persons.

A.5.7 “The Senior Independent Director should make himself available for confidential discussions with other directors who may have concerns which they believe have not been properly considered by the Board as a whole and which pertain to significant issues that are detrimental to the Company.”

Not applicable

Refer Comment above

A.5.9 “The President should hold meetings with the Non-Executive Committee Members only,without the Executive committee Members being present, as necessary and at least once each year.”

Compliant All the members of the Executive Committee are serving at honorary capacity and all Executive Committee Members are independent.

A.5.10 Where Executive Committee Members have concerns about the matters of the Institute which cannot be unanimously resolved, they should ensure their concerns are recorded in the Executive Committee Meeting Minutes.

Complaint There were no evidences to verify of matters which couldn’t be unanimously resolved for this year however such matters if at all would be recorded in minutes of ExCo meetings.

SUPPLY OF INFORMATION

Principle A.6

The Executive Committee should be provided with timely information in a form and of a quality appropriate to enable it to carry out its duties.

A.6.1 Management has an obligation to provide the Executive Committee with appropriate and timely information, but information volunteered by management may not be enough in all circumstances and Executive committee members should make further inquiries where necessary. The President should ensure all Executive Committee members are properly briefed on issues arising at Executive Committee meetings.

Compliant The senior management and council of management meet at COMAT meeting to discuss the Performance of SLIM.The matters were discussed in the COMAT meeting and important elements were presented to the Executive Committee for ratification.

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A.6.2 The minutes, agenda and papers required for an Executive Committee Meeting should ordinarily be provided to Executive Committee members at least Fourteen (14) days before the meeting, to facilitate its effective conduct.

Compliant As per the constitution there should be at least 14 days prior notice for meetings.The meetings are scheduled for the entire year and the Secretary to Council & CEO/ED sends out reminders 14 days prior.

A.7 APPOINTMENTS TO THE EXCO

Principle A.7

There should be a formal and transparent procedure for the election of new Executive Committee members to the Executive Committee in compliance with the Act.

A.7.1 A Nomination Committee should be established to make recommendations to the Executive Committee on all new Executive Committee appointments. As per the constitution the Council will function as the Nomination Committee. Terms of Reference for Nomination Committees are set in the Constitution. The Chairman of the Nomination Committee should be identified in the Annual Report.

Compliant The composition of the Nomination Committee is the Executive Committee members of the Sri Lanka Institute of Marketing as per the constitution and Hon.Secretary functions as Secretary of the Committee.

A.7.2 The Nomination Committee or in the absence of a nomination committee, the Executive Committee as a whole should annually assess Executive Committee - composition to ascertain whether the combined knowledge and experience of the Executive Committee matches the strategic demands facing the Institute. The findings of such assessment should be taken into account when new Executive Committee appointments are considered and when incumbent executive members come up for re-election.

Compliant The Executive Committee is responsible in scrutinising the nominations received to ensure that the Candidates and his/her proposer and seconder are members in good standing and qualified to vote and to hold Membership as per the constitution of sri lanka institute of Marketing

A.7.3 Upon the appointment of a new Executive Committee member to the Executive Committee, the Institute should forthwith disclose to members:

Compliant when the new Executive Committee was appointed,the required Information was published in newspapers,website and personalised letters sent for the information of stakeholders.

A.8 RE-ELECTION

Principle A.8

“All Exco members should be required to submit themselves for re-election at regular intervals and at least once in every three years.”

A.8.1 Executive Committee members should be appointed for specified terms subject to re -election and to the provisions in the Institute’s Act relating to the removal of an Executive Committee member.

Compliant The Executive Committee Members themselves are required to submit their nominations every year to be elected.

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A.8.2 “All Exco members including the President, should be subject to election by Members at the first opportunity after their appointment, and to re-election thereafter at intervals of no more than three years. The names of Executive Committee submitted for election or re-election should be accompanied by a resume minimally as set out in paragraph A.7.3 above, to enable Members to make an informed decision on their election”

Compliant Refer Comment above.

A.9 Appraisal of exco performance

Principle A.9

Executive Committee should periodically appraise their own performance in order to ensure that the Executive Committee responsibilities are satisfactorily discharged.

A.9.1 The Executive Committee should annually appraise itself on its performance in the discharge of its key responsibilities.

Compliant The Executive Committee annually evaluates its performance against the annual objectives set at the beginning of the year.

A.9.2 “The Executive Committee should also undertake an annual self- evaluation of its own performance and that of its Committees.”

Compliant Refer Comment above.

A.9.3 The Executive Committee should state how such performance evaluations have been conducted, in the Annual Report.

Compliant Refer the page number 136.

A.10 Disclosure of information in respect of executive committee members

Principle A.10

Members should be kept advised of relevant details in respect of Executive Committee members.

A.10.1 The Annual Report of the Institute should set out the following information in relation to each Executive Committee member:

Compliant Details of the Executive Committee are given in this Annual Report refer pages from 32 to 45.

A.11 Appraisal of chief executive officer (CEO)

Principle A.11

The Executive Committee should be required, at least annually, to assess the performance of the CEO.

A.11.1 At the commencement of every fiscal year, the Executive Committee in consultation with the CEO, should set, in line with the short, medium and long-term objectives of the Institute, reasonable financial and non-financial targets that should be met by the CEO during the year.

Compliant CEO/Executive Director’s performance objectives are aligned with the business sustainability of the Institute.The performance targets for the CEO/Executive Director are set at the commencement of every financial year by the Executive Committee which are in line with the medium and long term objectives of the Institute.CEO/Executive Director’s performance are discussed at the Council meeting and appraised annually.

A.11.2 The performance of the CEO should be evaluated by the Executive Committee at the end of each fiscal year to ascertain whether the targets set by the Executive Committee have been achieved and if not, whether the failure to meet such targets was reasonable in the circumstances.

Compliant There is an ongoing process to discusses the performance of the CEO/Executive Director against the financial and non financial targets set as described above which is followed by a formal annual review by the Executive Committee.

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Section Application of SLIM according to CA best practice

Compliance Status

SLIM Level of compliance

B Senior Managment’s Remuneration

B.1 Remuneration Procedure

Principle B.1

The Institute should establish a formal and transparent procedure for developing policy on management remuneration and for fixing the remuneration packages of senior management. No member of the senior management should be involved in deciding his/her own remuneration.

B.1.1 “To avoid potential conflicts of interest, the Executive Committee should set up a Remuneration Committee to make recommendations to the Executive Committee within agreed terms of reference, on the Institute’s framework of remunerating the senior management. (These also include Post-Employment Benefits as well as Terminal Benefits). Terms of Reference for Remuneration Committees are set out in Schedule C.”

Compliant SLIM has formed a Remuneration Committee.

B.1.2 The Remuneration Committee should consist exclusively of independent ExCo members, and should have a Chairman, who should be appointed by the Executive Committee. The Chairman of the Committee should be independent Non-ExCo Member.

Compliant The chairman of the remuneration committee is an independent and Non-Executive Committee member.

B.1.3 The Chairman and members of the Remuneration Committee should be listed in the Annual Report each year.

Compliant Details disclosed in page 134.

B.1.4 The Remuneration Committee should consult the President and CEO about its proposals relating to the remuneration of staff members and have access to professional advice from within and outside the Institute, in discharging their responsibilities.

Compliant The proposals are referred to the President,Executive committee and CEO.

B.2 The Level and Make up of Remuneration

Principal B.2

Levels of remuneration of the Senior Management should be sufficient to attract and retain staff needed to run the Institute successfully. A proportion of the senior management’s remuneration should be structured to link rewards to corporate and individual performance.

B.2.1 to B.2.8

Level and make up of the remuneration Compliant The Remuneration committee is mindful of the packages required to attract and retain senior management whilst taking into account market conditions.An industry analysis was done to rectify anomalies and considered a performance based systems in structuring remuneration.

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Compliance Status


B.2.9 “Levels of remuneration for Non-Executive Directors should reflect the time commitment and responsibilities of their role,taking into consideration market practices.Remuneration for Non-Executive Directors should not normally include share options.If exceptionally options are granted,shareholder approval should be sought in advance and any shares acquired by exercise of the options should be held until at least one year after the Non-Executive Director leaves the Board.Holding share options could be relevant to the determination of a Non executive Director’s independence.(as set out in provision A.5.5)”

Not Applicable

Not Applicable

B.3 Disclosure of remuneration

Principal B.3

The Institute’s Annual Report should contain a Statement of Remuneration Policy and details of remuneration of the senior management as a whole. Refer Schedule D for Specimen Remuneration Committee Report

B.3.1 “The Annual Report should set out the names of members (or persons in the parent company’s committee in the case of a group company) comprising the remuneration committee, contain a statement of remuneration policy and set out the aggregate remuneration paid to Executive and Non-Executive Directors”.

Compliant SLIM has formed the Remuneration Committee and the names of the committee members are given on page 134.

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Compliance Status


C Relations With Members

C.1 Constructive Use of The Annual General Meeting (AGM) And Conduct of General Meetings.

Principle C.1

The Executive Committee should use the AGM to communicate with Members and should encourage their participation

C.1.1 “Companies should count all proxy votes and should indicate the level of proxies lodged on each resolution, and the balance for and against the resolution and withheld, after it has been dealt with on a show of hands, except where a poll is called.”

Not applicable

There is no process for proxy votes and the mechanism of voting is indicated in the Constitution of the Sri Lanka Institute of Marketing.

C.1.2 The Institute should propose a separate resolution at the AGM on each substantially separate issue and should in particular propose a resolution at the AGM relating to the adoption of the report and accounts.

Compliant Separate resolutions are proposed for all separate issues at the AGM for ratification.The annual report together with the fianace are adopted at the Annual General meeting.

C.1.3 The President of the Executive Committee should arrange for the Chairmen of the Audit, Remuneration and Nomination Committees to be available to answer questions at the AGM if so requested by the President.

Compliant President of the Institute ensures that chairmen of all committees are present at the AGM to answer any questions under their purview.

C.1.4 The Institute should arrange for the Notice of the AGM and related papers to be sent to members as determined by statute, before the meeting.

Compliant The notices of AGM including the copy of the final accounts are circulated to Members as per the Constitution of SLIM.

C.1.5 The institute should circulate with every Notice of General Meeting, a summary of the procedures governing voting at General Meetings.

Compliant A summary of the procedures governing voting at General Meetings were circulated as per the Constitution of SLIM.

C.2 Communication With Members

Pricipal C.2 The Executive Committee should implement effective communication with members.

C.2.1 There should be a channel to reach all members of the Institute in order to disseminate timely information.

Compliant The Institute has implemented the relevant communication channels to share the timely information.

C.2.2 The Institutes Should disclose the policy and Methodology for communication with Members.

Compliant Refer comment above.

C.2.3 The Institute should disclose how they implement the above policy and methodology.


C.2.4 The Institute should disclose the contact person for such communication.


C.2.5 There should be a process to make all Executive Committee members aware of major issues and concerns of members, and this process has to be disclosed by the Institute.

Compliant Refer comment above

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C.2.6 The Institute should decide the person to contact in relation to Members’ matters. The relevant person with statutory responsibilities to contact in relation to members’ matters is the Institute Secretary or in his/her absence should be an Executive Committee member of the Executive Committee.

Compliant The contact poerson for members amtters is the Secretary of the Executive Committee

C.2.7 The process for responding to member matters should be formulated by the Executive Committee and disclosed.

Compliant Refer the comment of C.2.1

C.3 Major And Material Transactions

Principal C.3

“Further to complying with the requirements under the Companies Act, Securities and Exchange Commission law and Colombo Stock Exchange regulations; as applicable, Directors should disclose to shareholders all proposed material transactions, which if entered into,would materially alter/vary the Company’s net assets base or in the case of a Company with subsidiaries, the consolidated group net asset base.”

C.3.1 “Prior to a Company engaging in or committing to a ‘Major related party transaction’ with a related party, involving the acquisition, sale or disposition of greater than one third of the value of the Company’s assets or that of a subsidiary which has a material bearing on the Company and/or consolidated net assets of the Company, or a transaction which has or is likely to have the effect of the Company acquiring obligations and liabilities, of greater than one third of the value of the Company’s assets,Directors should disclose to shareholders the purpose and all material facts of such transaction and obtain shareholders’ approval by ordinary resolution at an extraordinary general meeting. It also applies to transactions or series of related transactions which have the purpose or effect of substantially altering the nature of the business carried on by the Company.”

Not Applicable

During the year there were no major trasactions as defined by section 185 of the Companies act no 07 of 2007

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D ACCOUNTABILITY AND AUDIT

D.1 FINANCIAL REPORTING

Principle D.1

The Executive Committee should present a balanced and understandable assessment of the Institute’s financial position, performance and prospects.

D.1.1 The Executive Committee’s responsibility to present a balanced and understandable assessment extends to reports to regulators as well as to information required to be presented by statutory requirements.

Compliant SLIM reported a true and fair view of its financial position and performance for the year ended 31st December 2019. Further SLIM Prepared and presented the financial Statements in accordance with the sri lanka accounting standard for small and medium sized entities.

D.1.2 The Executive Committee members’ Report which forms part of the Annual Report, should contain declarations by the Executive Committee members to the effect that

Compliant The Executive Committee’s report is given in this Annual Report and covers all areas of this section.Refer pages from 32 to 45.

D.1.3 The Annual Report should contain a statement setting out the responsibilities of the Executive Committee for the preparation and presentation of financial statements, together with a statement by the Auditors about their reporting responsibilities. Further, the Annual Report should contain a Report/Statement on Internal Control.

Compliant The Statement of Executive Committee’s responsibility on financial reporting and auditors report is given in this annual report.Refer page 140.

D.1.4 The Annual Report should contain a “Management Discussion & Analysis”, discussing, among other issues:

Compliant The Management Discussion and Analysis is given in this Annual Report Refer pages from 103 to 109.

D.1.5 The Executive Committee members should report that the business is a going concern, with supporting assumptions or qualifications as necessary. The matters to which the Executive Committee should give due consideration when adopting the going concern assumption are set out in this Code.

Compliant This is given in the Annual Report of the Executive Committee on page 140.

D.1.6 In the event the net assets of the Institute fall below 50% of the value of the Institue’s Members’ funds, the Executive Committee shall forthwith summon an extraordinary general meeting of the Institue to notify Members of the position and of remedial action being taken

Compliant Likelihood of such occurrence is remote however should the situation arise an EGM will be called for and Members will be notified

D.1.7 The Executive Committee should adequately and accurately disclose the related party transactions in its Annual Report

Compliant There were no related party transactions during the year and disclosed in the financial statement on page 155.

D.2 INTERNAL CONTROL

Principle D.2

The Executive Committee should have a process of risk management and a sound system of internal control to safeguard the Institute’s assets. Broadly, risk management and internal control is a process, affected by a the Institute’s Executive Committee members and management, designed to provide reasonable assurance regarding the achievement of Institute’s objectives.

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Compliance Status


D.2.1 The Executive Committee members should, at least annually, conduct a review of the risks facing the Institute and the effectiveness of the system of internal controls, so as to be able to report to members as required in D.1.3. This could be made the responsibility of the Audit Committee.

Compliant The Institute has estabilished a comprehensive framework of policies and procedures for risk management and internal Control which are regulary reviewed and updated.The Institute’s Audit committee ensures that there is an effective internal control and financial reporting system.

D.2.2 The Institute should have an internal audit function.

Compliant Institute has an internal audit function. The Internal Audit function of the Institute is carried out by BDO partners.

D.2.3 The Executive Committee should require the Audit Committee to carry out reviews of the process and effectiveness of risk management and internal controls, and the Executive Committee should take the responsibility for the disclosures on internal controls.

Compliant The Audit Committee carries out reviews on the processes,effectivness of the risk management, internal controls and report it to the Executive Committee on a regular basis

D.2.4 The schedule K to this document contains guidance on the responsibilities of Executive committee members in maintaining a sound system of internal control and the contents of the statement of internal control

Compliant The Institute has estabilished a comprehensive framework on policies and procedures for risk management and internal Control which are regulary reviewed and updated.The Institute’s Audit committee ensures that there is an effective internal control and financial reporting system.

D.3 AUDIT COMMITTEE

Principle D.3

The Executive Committee should establish formal and transparent arrangements for considering how they should select and apply accounting policies, financial reporting and internal control principles and maintaining an appropriate relationship with the Institute’s Auditors.

D.3.1 The Chairman of the Committee should be an independent member.

Compliant The Institute’s Audit Committee is Consists of three Members, all of whom are non executive Independent Members.The Committee operates within Clearly defined term of referance. Mr. R.M.P. Dayawansa is the chairman of the audit committee.

D.3.2 The duties of the Audit Committee should include keeping under review the scope and results of the external audit and its effectiveness, and the independence and objectivity of the Auditors. Where the Auditors also supply a substantial volume of non-audit services to the Institute, the Committee should keep the nature and extent of such services under review, seeking to balance objectivity, independence and value for money.

Compliant The Committee maintains an appropriate relationship with the External Auditors,KPMG(Chartered Accountants) to ensure their objectivity and independence.The Payments to external Auditors for the Audit and Non Audit services are disclosed in the Annual Report.In addition,the Institute has established an internal audit function which operates independently.the external Auditors do not have any relatioship and any interest in the Institute.

D.3.3 The Audit Committee should have a written Terms of Reference, dealing clearly with its authority and duties. The Audit Committee’s written Terms of Reference must address:

Compliant Institute has a written term of reference for the audit committee

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Compliance Status


D.3.4 Disclosures Compliant Name of the Members of the Audit committee are given in this annual report under the Audit Committee Report.Refer page 133.

D.4 CODE OF BUSINESS CONDUCT & ETHICS

Principle D.4

Institute must adopt a Code of Business Conduct & Ethics for Executive Committee members, and Key Management Personnel and must promptly disclose any waivers of the Code for Executive Committee members or others.

D.4.1 The Institute must disclose whether they have a Code of Business Conduct & Ethics for Executive Committee members and Key Management Personnel and if they have such a Code, make an affirmative declaration in the Annual Report that all Executive Committee members and Key Management Personnel have declared compliance with such Code, and if unable to make that declaration, state why they are unable to do so. The Institute may determine its own policies in the formulation of such a Code, The Institutes should address the following important topics in their respective Codes:

Compliant Institute has developed a code of Ethics and professional standards for all its memebers.

D.4.2 The President must affirm in the Institute’s Annual Report that he is not aware of any violation of any of the provisions of the Code of Business Conduct & Ethics.

Compliant Refer the President’s Statement in the Annual Report for details. Refer pages from 20 to 23.

D.5 CORPORATE GOVERNANCE DISCLOSURES

Principle D.5

Executive Committee members should be required to disclose the extent to which the Institute adheres to established principles and practices of good Corporate Governance.

D.5.1 The Executive Committee members should include in the Institute’s Annual Report a Corporate Governance Report, setting out the manner and extent to which the Institute has complied with the principles and provisions of this Code.

Compliant This requirement is met by including the corporate governance report in this annual report.

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SECTION 2: MEMBERS

E. INSTITUTIONAL MEMBERS

E.1 MEMBER VOTING

Principle E.1

Institutional members have a responsibility to make considered use of their votes and should be encouraged to ensure their voting intentions are translated into practice.

E.1.1 The Institute should conduct a regular and structured dialogue with Members based on a mutual understanding of objectives. Arising from such dialogue the President should ensure the views of Members are communicated to the Executive Committee as a whole.

Compliant Annual General Meeting is used to have an effective dialogue with the Members on the Matters which are relevant and of concern to the general membership

E.2 EVALUATION OF GOVERNANCE DISCLOSURES

Principle E.2

When evaluating the Institutes’ governance arrangements, particularly those relating to the Executive Committee structure and composition, institutional members should be encouraged to give due weight to all relevant factors drawn to their attention.

Compliant The composition of the Executive Committee is determined by the constitution. Notice is circulated to members to nominate members to the Executive Committee and the memebers are involved in electing the Executive Committe at the AGM


Compliance Status


F Other Investors

F.1 INVESTING/ DIVESTING DECISION

Principle F.1 Individual shareholders, investing directly in shares of companies should be encouraged to carry out adequate analysis or seek independent advice in investing or divesting decisicion

Not applicable

Not applicable

F.2 MEMBER VOTING

Principle F.2 Members eligible to vote should be encouraged to Participate in General Meetings of Institutes and exercise their voting rights.

Compliant Individual Members are encouraged to participate at General Meetings and exercise their Voting rights


Compliance Status

Degree of compliance

Sustainability Reporting

Principle G.1

Sustainability is a business approach that creates longterm stakeholder value by embracing opportunities and managing risks derived from economic, environmental and social developments and their potential implications and impacts on the business activities of the Institute. Sustainability reporting is the practice of recognising, measuring, disclosing and being accountable to internal and external stakeholders for organisational performance towards the goals of sustainable development in the context of the overall business activities and strategy of the entity and be directed to the target stakeholders, usually, employees, consumers, society and Government.

G.1.1 to 1.7 Principles of Sustainability Reporting Compliant The Institute has adopted relevant principles and Procedures of the Code to develop a sustainable business environment and disclosures are made in the Annual Report

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Internal Audit Committee Report

COMMITTEE REPORTComposition of the Audit Committee

The Audit and Compliance Committee conducts its proceedings in accordance with the terms of reference approved by the Council of Management.

The Committee comprises of 3 Members, who are independent. The Chairman of the Committee, Mr. R M P Dayawansa is an independent member.

The table below shows the list of members of the Audit and Compliance Committee of the Institute during the year under review and their attendance.

Audit Committee Members Meetings Attended/ Meetings conducted

Mr. R.M.P.Dayawansa - Chairman 3 out of 3

Mr. Taslim Rahaman - Alternate Chairperson

3 out of 3

Mr. Sanjaya Bandara - Council Member of CA Sri Lanka

2 out of 3

The Role of the Audit and Compliance Committee

The Committee assists the Council of Management of SLIM in carrying out its responsibilities in relation to assessment of internal controls. The roles and responsibilities of the Committee are defined in the “Committee Terms of Reference” which has been approved by the Executive Committee.

The Committee among other functions, performs the following key tasks;

• Review the operations and effectiveness of the SLIM’s Internal Control Systems.

• Recommend appointment or reappointment of the External Auditors for an Audit Service to be provided in compliance with the relevant statutes.

• Monitor the effectiveness of the SLIM’s Internal Audit function.

• Review the scope of the Internal Audit, timely submission of Internal Audit Report and ensuring that appropriate actions are taken on the findings and recommendations by the Internal Auditors.

• Ensure that the Internal Control and Risk Management Procedures of the SLIM are adequate.

Meetings

The Audit Committee met three times during the year under review

The CEO, Partner of BDO Chartered Accountants (Internal Auditors) in charge of reviewing and signing of the Internal Audit Report.

Risks and Internal Controls

The Internal Controls within SLIM are designed to provide reasonable but not absolute assurance to the members of the Council of Management and assists them to monitor the Processes and procedures.

Internal Audit

During the year under review, the Audit Committee reviewed the findings of the Internal Audits completed. These reviews also included the Internal Auditor’s evaluation of the Internal Control Systems Processes and Procedures. The Committee also reviewed the adequacy of the Internal Audit Plan and accordingly made recommendations.

Conclusion

The Committee is of the view that adequate controls and procedures are in place whilst marking recommendations to provide reasonable assurance that assets of SLIM are safeguarded and Processes and Procedures of SLIM are well monitored.

On behalf of the Audit Committee

R.M.P. Dayawansa

Chairman – Audit Committee

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Remuneration Committee

Composition

The Committee Comprised of 3 members and it was effective from 1st January 2019 to 31st December 2019. The Members were as follows;

Mr R M P Dayawansa - Chairman

Mr Dulip Wijayathilaka

Mr Nuwan Hewa Gamage

Mr Sanath Senanayake

Mandate and Responsibilities

This Committee was established to review and advise on the pursue staff recruitment, remuneration management, training & development, disciplinary procedure, employee retention and retirement.

Activities for the year

• In order to nurture a performance driven culture and give due recognition for high performing employees, Key Performance Indicators (KPI’s) were introduced for all staff to achieve its corporate objectives. This was commenced in the preceding year and used successfully and effectively which attributed to the results achieved. Incentive payment were made based on the achievement of the KPI’s.

• On a monthly basis the Committee reviewed the statutory payments such as EPF, ETF and Gratuity obligations of employees, to ensure correct and timely payments.

• In order to see career progression for existing employees the Committee decided to consider internal promotion in a transparent manner. As a results, staff members have been promoted to Executive and above levels consequent to annual appraisals.

• The Committee views Training & Development as a very important aspect to develop employees hence all staff members took part in different training and development programs as per the T & D plan for the year 2019. Also the Committee offered three opportunities for three selected high-performance employees to an attractive study tours.

• In order to improve the performance, introduced performance based bonus scheme for 2019.

On behalf of the Remuneration Committee

.R.M.P. Dayawansa

Chairman


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Report of Executive Committee on Affairs of the InstituteThe Executive Committee has the pleasure in presenting to the Members, the Annual Report of the Sri Lanka Institute of Marketing for the year ended 31st December 2019.

This report contains information required by Section 168 of the Companies Act No. 7 of 2007 and other necessary information required by the Listing Rules of the Colombo Stock Exchange.

Principal ActivitiesThe principal activities of the Institute were to provide membership to those who are engaged in the profession of marketing, to provide the study of the theory and practice of marketing in all its aspects, to register, educate and train any person who is contemplating to become a member of the institute and to conduct the examinations and grant membership to those who have passed all the examinations and as per the constitution of the Sri Lanka Institute of Marketing.

Changes to the Nature of BusinessThere were no significant changes to the principle activities for the year ended 31st December 2019 as set out in this Annual Report.

Financial StatementsThe Financial Statements for the year ended 31st December 2019 are set out in the Annual Report.

Auditors’ ReportThe Auditors of the Company Messrs KPMG, Chartered Accountants have carried out an audit on the Financial Statements prepared for the year ended 31st December 2019 which is set out in this Annual Report.

Executive Committee’s Responsibility for the Financial StatementsThe Executive Committee is responsible for the preparation and fair presentation of these Financial Statements in accordance with the Sri Lanka Accounting Standard for small and medium size enterprises (“SLFRS for SMEs”). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

The Executive Committee is satisfied that the Financial Statements give a true and fair view of the state of affairs of the Institute as well as the surplus for the year then ended.

Accounting PoliciesThe accounting policies adopted in the preparation of the Financial Statements are given in this Annual Report under Notes to the Financial Statements. The Executive Committee considers that, in preparing these Financial Statements, suitable accounting policies have been used which are applied consistently and supported by reasonable and prudent judgement and that all applicable accounting standards have been followed. The Financial Statements are prepared on a Going Concern basis.

Corporate GovernanceA description of the Institute’s Corporate Governance practices are set out in this Annual Report.

Executive Committee The names of the Executive Committee as at date are as follows;

President – Mr Suranjith Swaris

Vice President – Mr. Roshan Fernando

Vice President – Ms. Thilanka Abeywardena

Secretary – Mr. Nuwan Hewa Gamage

Treasurer – Mr. Shaminda Perera

Assistant Secretary – Mr. Enoch Perera

Executive Committee – Mr. Manthika Ranasinghe

Executive Committee – Ms. Sathika Wickramasinghe

Executive Committee – Mr. Chinthaka Perera

Executive Committee – Mr. Upali Ranjith

Executive Committee – Mr. Gayan Perera

Executive Committee – Dr. Dilhan Jayatilleke

Executive Committee – Mr. Ahamed Aroos

Executive Committee – Mr. Charaka Perera

Executive Committee – Mr. Nuwan Thilakawardhana

Executive Committee – Mr. Asanka Perera

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Executive Committee Attendance

Name No of Meetings Attended

No of Meetings Eligible to Attended

1 Mr Suranjith Swaris 15 15

2 Mr Roshan Fernando 12 15

3 Ms Thilanka Abeywardena

11 15

4 Mr Nuwan Hewa Gamage 14 15

5 Mr Shaminda Perera 09 15

6 Mr Enoch Perera 09 15

7 Mr Manthika Ranasinghe 09 09

8 Ms Sathika Wickramasinghe

07 15

9 Mr Chinthaka Perera 11 15

10 Mr Upali Ranjith 09 15

11 Mr Gayan Perera 14 15

12 Dr Dilhan Jayatilleke 13 15

13 Mr Ahamed Aroos 11 15

14 Mr Charaka Perera 11 15

15 Mr Nuwan Thilakawardhana

12 15

16 Mr Asanka Perera 14 14

Performance Evaluation of the Executive CommitteeThe success of the Institute ultimately depends on the capacity of its Executive Committee to provide the Vision and Direction needed not only to survive but to develop and prosper. Having recognised this there is a performance evaluation procedure at SLIM where the performance of the Executive Committee is evaluated by the President.

During the year the President conducted the appraisal of Executive Committee Members. The Appraisal covered the areas such as Skills and Experience, Proceedings and Expectation of the Meeting and activities, Contribution etc. The Objective of this Appraisal is to assess the achievement of the goals set at the beginning of the year and for their own improvement.

Subcommittees of the Institutes The following Subcommittees have been established by the Institutes.

Audit Committee

Mr R M P Dayawansa - Chairman

Mr Taslim Rahaman - Alternate Chairperson

Mr Sanjaya Bandara

Mr Shaminda Perera


Mr R M P Dayawansa – Chairman

Mr Dulip wijethilaka

Mr Nuwan Hewa Gamage


Integrated Risk Management Committee

Ms Mihirini Fonseka –Chief Risk Officer


Mr Chinthaka Wanasinghe

Mr Chamil Wickramasinghe

Mr W M S Bandara

Mr Sachith Karunarathna

Mr Pragith Dharamaraja

Ms Naduni Dahanayaka

Ms Randima Malmi

Board of Studies • Prof. Sampath Amarathunga - Chairman of the

University Grants Commission Sri Lanka

• Prof. J.A.S.K. Jayakody - Associate Professor in Management & Organisation Studies at the Department of Management & Organisation Studies, Faculty of Management and Finance, University of Colombo, Sri Lanka

• Mr. Dehan Senevirathne - Past President SLIM, Marketing/Management Consultant

• Prof. Ajantha Dharmasiri - Professor in Management, Director and the Chairman of the Board of Management of the Postgraduate Institute of Management, University of Sri Jayewardenepura, Sri Lanka

• Prof. Sarath Kodithuwakku - Head - Department of Agricultural Economics Business Management, Coordinator MBA, University of Peradeniya, President - Institute of Management of Sri Lanka

• Prof. Nalin Abeysekera - Professor in Management Studies, Department of Management Studies, Open University of Sri Lanka, Sri Lanka

Report of Executive Committee on Affairs of the Institute

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Education Reform Committee • Prof. Arosha S. Adikaram – Chairman Professor of

HRM, University of Colombo, Sri Lanka

• Mr. G.S. Sylvester - Consultant, Trainer & Tutor

• Mr. Ramal Jasinghe - Director - Institutional Business, Fairfirst Insurance Limited

• Mr. Deepal Abeysekera - CEO, People’s Insurance PLC

• Dr. Dinesh Samarasinghe - Head - Department of Management of Technology, University of Moratuwa, Sri Lanka

• Dr. (Mrs.) A.T.P. Silva - President, Sri Lanka Association of Artificial Intelligence

• Mr. Nuwan Wimalana - Business Consultant, Independent Director & Visiting Lecturer

Council of Education• Mr. Suranjith Swaris - Presidents – SLIM

• Mr. Roshan Fernando - Vice President - SLIM

• Ms. Thilanka Abeywardena - Vice President - SLIM

• Mr. Sanath Senanayake - CEO/Executive Director - SLIM

• Dr. Maduka Udunuwara – Consultant Education - SLIM

• Ms. Nanduni Nishima Dahanayaka – Manager, Education - SLIM

Consultative Committee• Mr. Nimal Gunewardena (Past President 1990/91) -

Chairman

• Mr. Mahen Perera (Past President 1994/95)

• Mr. Dehan Seneviratne (Past President 1996/97)

• Mr. Taslim Rahaman (Past President 2002/03)

• Mr. R M P Dayawansa (Past President 2008/09)

Executive Committee Members’ Fees and EmolumentsAll Executive Committee Members are in service to Sri Lanka Institute of Marketing on an honorary capacity.

Property, Plant & EquipmentThe details of the Property, Plant & Equipment of the Institute’s additions during the year and the depreciation charges for the year are shown in Notes to the Financial Statements. The Executive Committee considers the cost of the Property, Plant & Equipment as at 31 December 2019.

Statutory Payments The Executive Committee, to the best of its knowledge and belief are satisfied that all statutory payments in relation to the Government are up- to- date.

Post Balance Sheet EventsThere were no material events occurring after the reporting date which require to be disclosure in the Financial Statement

ComplianceWe certify that the Institute complies with the prudent requirements, regulations, laws and internal controls and are taking measures to rectify any non-compliance.

AuditorsThe Financial Statements for the period under review have been audited by Messrs KPMG chartered Accountants. A Sum of LKR 559,886/- has been paid as the Audit Fee and Consultancy fee

A resolution re- appointing Messrs KPMG Chartered Accountant as the Auditors of the Institute and authorising the Executive Members to determine their remuneration will be proposed at the Annual General Meeting.

Auditors’ Relationship with the InstituteMessrs KPMG out Sourcing also provided non Audit service to the Institute to the value of LKR 260, 251.39 during the year ended 31st December 2019.

By Order of the Executive Committee

Mr Suranjith Swaris

President Sri Lanka Institute of Marketing

Mr Shaminda Perera

Treasurer Sri Lanka Institute of Marketing

Financial Calendar 139Statement of Executive Committees’ Responsibilities for Financial Reporting 140Executive Committee Statement of Internal Control Over Financial Reporting 141Independent Auditors’ Report 142Statement of Financial Position 143Statement of Profit or Loss 144 Statement of Changes in Accumulated Fund 145Statement of Cash Flows 146Accounting Policies 147Notes to the Financial Statements 149

FinancialReports

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Financial Calendar

Authorisation for issue of Audited financial Statements for 2018

Held 49th Annual General Meeting

Submit the Monthly Financial Statement to Executive Committee

Circulating Financial Statements to Members for 2018

Submit the Financial Statement for 2018 to Department of Inland Revenue

Annual Inventory Verification

March 2019

March 2019

Following Month

March 2019

September 2019

December 2019

15th

29th

15th

21st

30th

31st

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Statement of Executive Committees’ Responsibilities for Financial ReportingExecutive Committees’ Responsibilities for the Preparation of Financial StatementsThis statement of Executive Committees’ Responsibilities is to be read in conjunction with the Auditor’s Report and is made to distinguish the respective responsibilities of the Executive Committee and of the Auditors in relation to the Financial Statements contained in this Annual Report.

The Executive Committee is responsible for the preparation and fair presentation of these financial statements in accordance with the Sri Lanka Accounting Standard for small and medium size enterprises (“SLFRS for SMEs”). This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

The Executive Committee confirms that the Financial Statements of the Institute for the year ended 31st December 2019 presented in this Annual Report have been prepared in accordance with the Sri Lanka Accounting Standard for small and medium size enterprises (“SLFRS for SMEs”). In preparing the Financial Statements, the Executive Committee has selected the appropriate accounting policies and has applied them consistently. Reasonable and prudent judgments and estimates have been followed and the Financial Statements have been prepared on a going concern basis.

The Executive Committee is of the view that adequate funds and other resources are available within the Institute to continue in its operation in the foreseeable future.

The Executive Committee has taken all reasonable steps expected of them to safeguard the assets of the Institute and to establish appropriate systems of internal controls in order to prevent, deter and detect any fraud, misappropriation or other irregularities. The Executive Committee has also taken all reasonable steps to ensure that the Institute maintains adequate and accurate accounting books of record which reflect the transparency of transactions and provide an accurate disclosure of the Institute’s financial position.

The Executive Committee is required to provide the Auditors with every opportunity to take whatever steps and undertake whatever inspections they consider appropriate for the purpose of enabling them to give their Audit Report. The Executive Committee is of the view that they have discharged their responsibilities in this regard.

Compliance ReportThe Executive Committee to the best of its knowledge, all taxes payable by the Institute and all contributions, taxes payable on behalf of the employees of the Institute, and all other known statutory obligations as at the balance sheet date have been paid or provided for in the Financial Statements.

By order of the Executive Committee

Mr Shaminda Perera

Treasurer

Sri Lanka Institute of Marketing

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Executive Committee Statement of Internal Control over Financial ReportingThe Executive Committee is responsible for the adequacy and effectiveness of the Internal Control mechanism in place at the Sri Lanka Institute of Marketing

The Executive Committee has established an ongoing process for identifying, evaluating and managing the significant risks faced by the Institute and this process includes the Standard Operating Procedure over Financial Reporting. The process is regularly reviewed by the Executive Committee.

The Executive Committee is of the view that the systems of Internal Control over Financial Reporting in place are sound and adequate to provide reasonable assurance regarding the reliability of Financial Statements for the external purposes are in accordance with relevant accounting principles and regulatory requirements.

The Institute adopted the Sri Lanka Accounting Standards for small and medium size enterprises (“SLFRS for SMEs”). Accounting Standards were further strengthened during the year 2019 based on the feedback received from the External Auditors, and the Audit Committee.

ConfirmationBased on the above processes, the Executive Committee confirms that the Financial Reporting system of the Institute has been designed to provide reasonable assurance regarding the reliability of Financial Reporting and preparation of Financial Statements for external purposes and has been done in accordance with the Sri Lanka Accounting Standards for small and medium size enterprises (“SLFRS for SMEs”).

By order of the Executive Committee

Mr Suranjith Swaris

President


Mr Shaminda Perera

Treasurer


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Independent Auditors’ Report

TO THE MEMBERS OF SRI LANKA INSTITUTE OF MARKETING

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Sri Lanka Institute of Marketing (“the Institute”) which comprise the statement of financial position as at 31 December 2019, and statement of profit or loss, statement of changes in accumulated fund, statement of cash flows for the year then ended and notes to the financial statements including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Institute as at 31 December 2019, and its financial performance and cash flows for the year then ended in accordance with Sri Lanka Accounting Standard for Small and Medium-sized Entities (“SLFRS for SMEs”).

Basis for Opinion

We conducted our audit in accordance with Sri Lanka Auditing Standards (SLAuSs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by CA Sri Lanka (Code of Ethics) and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The Council is responsible for other information. These Financial statements do not comprise other information.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Responsibilities of the Council and Those Charged with Governance for the Financial Statements

The Council is responsible for the preparation of financial statements that give a true and fair view in accordance with SLFRS for SMEs and for such internal control as the Council determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Council is responsible for assessing the Institute’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Institute’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SLAuSs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of the auditor’s responsibilities for the audit of the financial statements is located at Sri Lanka Accounting and Auditing Standards website at: http://slaasc.com/auditing/auditorsresponsibility.php. This description forms part of our auditor’s report.

CHARTERED ACCOUNTANTSColombo, Sri Lanka 13 March 2020

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Statement of Financial Position

As at 31 December, Note 2019 2018

Rs. Rs.

Assets

Non-current assets

Property, plant and equipment 2 67,247,244 66,364,580

Intangible assets 3 6,250,245 7,354,936

Total non-current assets 73,497,489 73,719,516

Current assets

Inventories 4 8,163,000 6,704,241

Trade and other receivables 5 50,831,306 42,878,302

Deposits and prepayments 6 30,889,446 21,120,239

Cash and cash equivalents 7 204,700,377 186,082,673

Total current assets 294,584,129 256,785,455

Total assets 368,081,618 330,504,971

Funds and liabilities

Accumulated fund 262,283,612 218,257,434

Total fund 262,283,612 218,257,434

Non-current liabilities

Employee benefit obligation 8 10,070,669 7,734,945

Provision for land 18,678,743 18,678,743

Total non-current liabilities 28,749,412 26,413,688

Current liabilities

Accrued expenses and other payables 9 17,515,354 31,260,228

Advance received 10 38,111,650 35,572,980

Current tax liability - 7,751,843

Deferred tax liability 1,108,321 1,970,171

Bank overdraft 7 20,313,269 9,278,627

Total current liabilities 77,048,594 85,833,849

Total liabilities 105,798,006 112,247,537

Total fund and liabilities 368,081,618 330,504,971

The financial statements are to be read in conjunction with the related notes, which form as an integral part of these financial statements of the Institute.

The Council Members are responsible for the preparation and presentation of these financial statements in accordance with SLFRS for SMEs.

Approved and signed for and on behalf of the Council :

Hon. President Hon. Treasurer

Executive Director/CEO Head of Finance

13 March 2020Colombo

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Statement of Profit or Loss

For the year ended 31 December, Note 2019 2018

Rs. Rs.

Revenue 11 324,015,992 332,952,039

Direct cost 12 (130,908,762) (129,788,990)

Contribution 193,107,230 203,163,049

Other income 13 15,972,804 26,975,814

Administrative expenses 14 (168,026,446) (175,655,359)

Other operating expenses 15 (9,797,597) (4,092,241)

Net finance income/(expense) 16 16,231,471 14,539,920

Surplus for the year before tax 47,487,462 64,931,183

Income tax expense 17 (3,461,284) (12,247,912)

Surplus for the year after tax 44,026,178 52,683,271


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Statement of Changes in Accumulated Fund

For the year ended 31 December, Accumulated

fund Total

Rs. Rs.

Balance as at 01 January 2018 166,988,770 166,988,770

Surplus for the year after tax expense 52,683,271 52,683,271

Deferred tax effect on revaluation surplus on land (1,414,607) (1,414,607)

Balance as at 31 December 2018 218,257,434 218,257,434

Surplus for the year after tax expense 44,026,178 44,026,178

Deferred tax effect on revaluation surplus on land - -

Balance as at 31 December 2019 262,283,612 262,283,612


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Statement of Cash Flows

For the year ended 31 December, 2019 2018

Rs. Rs.

Cash flows from operating activities

Surplus for the year before tax 47,487,462 64,931,183

Adjustments for non-cash income and expenses:

Depreciation of property, plant and equipment 5,225,107 11,348,743

Amortisation of intangible assets 1,104,692 1,104,693

Provision for retiring gratuity 2,335,724 2,209,503

Interest income on investments (18,336,805) (16,406,952)

Provision for impairment of trade receivable (4,851,404) (550,989)

Provision for non-moving inventory item (594,564) (16,597)

Provision for land - 18,678,743

Interest expenses (2,105,334) 1,867,032

Operating surplus before working capital changes 30,264,878 83,165,359

Changes in;

Inventories (1,458,759) (2,044,203)

Trade and other receivables and prepayments (17,722,211) (19,709,775)

Accrued expenses and advance received (11,206,204) 11,667,318

Cash generated from operations (122,296) 73,078,699

Gratuity paid during the year (105,415) (102,010)

Interest paid during the year 2,105,334 (1,867,032)

WHT and ESC paid during the year (6,523,595) (3,940,505)

Net cash (used in)/generated from operating activities (4,645,972) 67,169,152

Cash flows from investing activities

Purchases of property plant and equipment (6,107,771) (8,673,862)

Interest received 2,413,057 1,287,706

Reinvested interest income 15,923,748 15,119,239

Net cash generated from investing activities 12,229,034 7,733,083

Net increase in cash and cash equivalents 7,583,062 74,902,235

Cash and cash equivalents at the beginning of the year 176,804,046 101,901,811

Cash and cash equivalents at the end of the year (Note 7) 184,387,108 176,804,046

Analysis of cash and cash equivalents at the end of the year

Cash in hand 634,898 240,518

Cash in bank 1,267,489 919,494

Bank overdraft (20,313,268) (9,278,627)

Short term investment 202,797,989 184,922,661

Cash and cash equivalents at the end of the year (Note 7) 184,387,108 176,804,046

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Accounting Policies

1. Accounting policies

1.1 Reporting entity

Sri Lanka Institute of Marketing, (“the Institute”) was incorporated under Parliament Act No. 41 of 1980. The Institute is domiciled in Sri Lanka and the registered address is No. 94, Ananda Rajakaruna Mawatha, Colombo 10.

Principal activities

The principal activities of the Institute are as follows:

y To provide membership to those people engaged in the profession of marketing;

y To provide the study of the theory and practice of marketing in all its aspects;

y To register, educate and train any person who is contemplating to become a member of the Institute; and

y To conduct examinations and to grant membership to those who have passed all the examinations and complied with practical training requirements.

1.2 Basis of preparation

(a) Statement of compliance

The financial statements have been prepared in accordance with Sri Lanka Accounting Standards for Small and Medium sized Entities (SLFRS for SMEs).

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position:

y Short term investments are measured at amortised cost.

(c) Functional and presentation currency

These financial statements are presented in Sri Lankan Rupees, which is the Institute’s functional and presentation currency.

(d) Use of estimates and judgments

The preparation of financial statements in conformity with Sri Lanka Accounting Standards for Small and Medium sized Entities (SLFRS for SMEs) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgment about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only the financial year or in the period of the revision and future periods if the revision affects both current and future financial years.

1.3 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Foreign currency

i. Foreign currency transactions

Transactions in foreign currencies are translated in to reporting currency at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at rate of exchange prevailing at that date. Foreign currency gain or loss on monetary items exchange differences arising on translation are recognised in the income statement.

(b) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturity of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value, and are used by the Institute in the management of its short-term commitments.

Cash flow statement

Cash flow statement has been prepared using the indirect method.

(c) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following:

y cost of materials and direct labour;

y any other costs directly attributable to bringing the assets to a working condition for their intended use; and

y When the group of asset to obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs.

Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Any gains and losses on disposal of an item of property, plant and equipment is recognised in profit or loss.

(ii) Subsequent expenditure

Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Institute incurred.

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Accounting Policies

1.3 Significant accounting policies (Continued)

(c) Property, plant and equipment (Continued)

(iii) Depreciation

Items of property, plant and equipment are depreciated on a straight- line basis in statement of profit or loss and accumulated fund over the estimated useful lives of each component.

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.

The estimated useful lives for the current and comparative periods are as follows:

Years

Motor vehicles 4

Office equipment 4

Furniture and fittings and office partitions 5

Computer equipment 2

Network accessories 5

Electrical equipment 1 3

Electrical equipment 2 4

Steel cupboard 10

Building 20

All assets are depreciated from the month of the asset is available for use up to the month of disposal.

(iv) Intangible assets

Amortisation is charged to the income statement on the straight-line basis over the estimated useful life of the items of intangible assets. The amortisation rate is 10% for all types of intangible assets.

(d) Employee benefits

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions in to a separate entity and has no legal constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered services by employees.

Defined benefit plan

Gratuity is a defined benefit plan. The Institute is liable to pay gratuity in terms of the relevant statute. In order to meet this liability, a provision is carried forward in the statement of financial position, equivalent to an amount calculated based on a half month’s salary of the last month of the financial year of all employees for each completed year of service, commencing from the first year of service.

Provision is made for retirement gratuity for all employees, from in respect of gratuity payable under the payment of gratuity act No 12 of 1983. The provision is not invested in a fund outside the Institute. No actuarial valuation has been made.

1.3 Significant accounting policies (Continued)

(e) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Institute and the revenue can be reliably measured on an accrual basis. Revenue is measured at the fair value of the consideration received or receivable. The following specific criteria are used for the purpose of recognition of revenue.

i) Course fees

Course fees are accounted for on time accrual basis.

ii) Membership fees and other charges

Membership fees recognised on cash basis and other charges are recognised on an accrual basis when the service has been provided.

iii) Income from programmes

Income from programmes is recognised on the completion of such programme.

g) Expenses

All expenditure incurred in the operations of the business and in maintaining the capital assets in a state of efficiency have been charged to income in arriving at the Institute’s surplus/(deficit) for the year.

h) Finance income and expenses

Finance income comprises gross interest income on funds invested. Interest income is recognised as it accrues in the income statement.

i) Taxation

(i) Income taxation

The provision for current taxation has been computed in accordance with the Inland Revenue Act No. 24 of 2017 and its amendments thereto.

Taxation for the current and previous periods to the extent unpaid is recognised as a liability in the financial statements. When the amount of taxation already paid in respect of current and prior periods exceed the amount due for those periods the excess is recognised as an asset in the financial statements.

j) Events occurring after the reporting date

All material events after the reporting date have been considered and where appropriate adjustments or disclosures have been made in notes to the financial statements

k) Commitments and contingencies

Contingencies are possible assets or obligations that arise from a past event and would be confirmed only on the occurrence or non-occurrence of uncertain future events, which are beyond the Institute’s control.

Contingent liabilities and commitments are disclosed in notes to the financial statements.

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2. Property, plant and equipment

Land Building Furniture

and fittings Computer

equipment Electrical

equipment Motor bikes

Total 2019

Total 2018

Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.

Cost/revaluation

Balance as at 1 January 56,104,337 37,169,339 29,081,734 13,675,977 25,742,456 1,430,200 163,204,043 154,530,182

Additions during the year - - 2,078,803 3,565,607 463,361 - 6,107,771 8,673,862

Disposals/transfers during the year - - - - - -

Balance as at 31 December 56,104,337 37,169,340 31,160,537 17,241,584 26,205,817 1,430,200 169,311,815 163,204,044

Accumulated depreciation

Balance as at 1 January - 37,169,340 23,929,589 11,306,288 23,586,120 848,127 96,839,464 85,490,721

Charge for the year - - 1,692,798 2,331,480 987,874 212,955 5,225,107 11,348,743

Depreciation on disposals - - - - - - - -

Balance as at 31 December - 37,169,340 25,622,387 13,637,768 24,573,994 1,061,082 102,064,571 96,839,464

Carrying amount

As at 31 December 2019 56,104,337 74,338,680 5,538,150 3,603,816 1,631,823 369,118 67,247,244

As at 31 December 2018 56,104,337 - 5,152,145 2,369,689 2,156,336 582,073 66,364,580

Sri Lanka Institute of Marketing (SLIM) has agreed to transfer 10.97 perches out of their 32.95 perches land located at No. 94, Ananda Rajakaruna Mawatha, Colombo 10 to Colombo Municipal Council (CMC). SLIM has made a provision amounting to Rs. 18,678,743 /- in respect of the 10.97 perches of land.

3. Intangible assets

Website development

and others ERP system Total

Rs. Rs. Rs.

Cost

Balance as at 01 January 2019 5,535,029 5,304,365 10,839,394

Additions - - -

Disposals - - -

Balance as at 31 December 2019 5,535,029 5,304,365 10,839,394

Accumulated amortisation

Balance as at 01 January 2019 2,467,787 1,016,670 3,484,457

Amortisation for the year 574,256 530,436 1,104,692

Depreciation on disposals - - -

Balance as at 31 December 2019 3,042,043 1,547,106 4,589,149

Carrying amount

As at 31 December 2019 2,492,986 3,757,259 6,250,245

As at 31 December 2018 3,067,242 4,287,695 7,354,937

4. Inventories

As at 31 December, 2019 2018

Rs. Rs.

Text books 8,314,421 6,595,420

Sundry stocks 1,142,999 2,183,022

Stationery stock 2,033,342 658,996

11,490,762 9,437,438

Less: Provision for inventory (3,327,762) (2,733,197)

8,163,000 6,704,241

Notes to the Financial Statements

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5. Trade and other receivables


Rs. Rs.

Trade receivables (Note 5.1) 23,799,055 18,259,781

Other receivables 249,658 248,058

Income tax receivable 1,480,524 27,040

VAT receivables 292,104 -

Credit card receivable 96,828 87,239

Receivable for the EXCO Projects 24,246,078 24,044,015

Staff loans and advances 667,059 212,169

50,831,306 42,878,302

5.1 Trade receivables 33,174,762 22,785,584

Trade receivables (9,375,707) (4,525,803)

Less: Provision for trade receivables 23,799,055 18,259,781

6. Deposits and prepayments


Rs. Rs.

Prepayments 19,831,446 10,714,239

Deposit for the Kandy building 450,000 450,000

Deposit for the Kithulwatta building 6,000,000 6,000,000

Deposit for the SLIM building 3,300,000 3,300,000

Deposit for the Matara building 1,258,000 656,000

Refundable Deposit - Caravan Fresh 50,000 -

30,889,446 21,120,239

7. Cash and cash equivalents


Rs. Rs.

Short term investments (Note 7.1) 202,797,989 184,922,661

Cash at bank 1,267,490 919,494

Cash in hand 634,898 240,518

204,700,377 186,082,673

Bank overdraft

Cash and cash equivalents as per statement of cash flows (20,313,269) (9,278,627)

184,387,108 176,804,046

7.1 Short term investments

Fixed deposits 193,785,768 179,266,811

Saving deposits 9,012,221 5,655,850

202,797,989 184,922,661


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8. Employee benefit obligation


Rs. Rs.

Obligation as at 01 January 7,734,945 5,627,452

Provision for the year 2,441,139 2,209,503

Payments made during the year (105,415) (102,010)

Balance as at 31 December 10,070,669 7,734,945

9. Accrued expenses and other payables


Rs. Rs.

Trade creditors 8,726,574 25,221,474

Lecture and examiner payments 4,426,701 2,907,626

EPF/ETF 1,678,456 768,761

Audit fee and professional charges 559,886 804,744

PAYE tax - 1,907

Salary payable 3,972 -

NBT payable 12,342 14,796

VAT payable - 49,324

Staff welfare society 72,650 -

Bonus payable 1,845,033 327,196

Other accruals 179,740 1,164,400

Graduation Refundable Deposit 10,000 -

17,515,354 31,260,228

10. Advance received


Rs. Rs.

Event advance 245,413 1,903,457

Education division 37,866,237 33,669,523

38,111,650 35,572,980

Advance received from education division comprises money received from students in relation to the professional courses conduct by the Institute, which revenue is to be recognised as the course is conducted.

11. Revenue


Rs. Rs.


Membership division 19,061,228 16,762,610

Training division 19,195,316 42,501,106

324,015,992 332,952,039

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12. Direct cost


Rs. Rs.


Membership division 7,602,627 6,880,901

Training division 14,768,011 27,520,286

130,908,762 129,788,990

13. Other income


Rs. Rs.

Excess on EXCO project (Note 13.1) 15,545,634 25,644,731

Sundry income 427,170 1,331,083

15,972,804 26,975,814

13.1 Excess on EXCO projects includes the net income from various events conducted by the Executive Committee of the Institute.

Brand excellence 4,792,541 6,756,484

NASCO 8,521,116 7,335,730

Peoples award 893,938 2,368,213

CANNE advertising 46,955 42,202

Effies award 2,606,176 3,480,464

Others (1,315,093) 5,661,638

15,545,634 25,644,731

14. Administrative expenses


Rs. Rs.

Staff and staff development costs (Note 14.1) 97,512,889 83,144,827

Rent expense 29,379,475 26,232,701

Depreciation on property, plant and equipment 5,225,106 11,348,743

Electricity 5,633,426 5,341,398

Telephone 4,871,309 4,623,443

Repairs and maintenance 4,503,389 5,898,356

Printing and stationery 3,335,627 3,703,639

Insurance 20,832 137,809

Sundry expenses 376,028 1,156,825

AGM and annual reports 3,872,327 3,248,428

House keeping 2,531,250 2,352,631

Security charges 2,758,212 2,147,201

Travelling charges 2,055,986 1,607,033

Water 594,470 683,732

Courier charges 935,606 743,216

Professional charges 1,124,695 -

Internal audit fee 392,370 1,009,342

Audit fee 639,822 665,060

Amortisation of intangible assets 1,104,692 1,104,692

Balance carried down 166,867,511 155,149,076


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14. Administrative expenses (Contd.)


Rs. Rs.

Balance brought forward 166,867,511 155,149,076

News papers and periodicals 46,277 53,150

Nation Building Tax 270,768 671,470

VAT 660,310 868,555

Provision for land - 18,678,743

Stamp duty expenses 181,580 234,365

168,026,446 175,655,359

14.1 Staff and staff development costs

Salaries 50,490,002 42,139,974

EPF 12% 6,054,237 4,940,351

ETF 3% 1,519,904 1,235,088

Overtime payments 8,310,729 6,927,925

Bonus 5,665,649 5,781,316

Vehicle allowances 12,209,839 10,290,100

Staff development costs 5,522,671 5,186,455

Provision for gratuity 2,441,139 2,209,503

Staff insurance 2,369,987 2,075,878

Staff welfare 2,173,897 2,358,237

Annual leave encasement 754,835 -

97,512,889 83,144,827

15. Other operating expenses


Rs. Rs.

Travelling 1,957,702 2,553,629

Other operating expenses 852,938 527,391

Provision for impairment of trade receivable 4,851,404 (550,989)

Provision for inventory 594,564 (16,597)

Expenses for the past presidents dinner 497,950 738,960

Exco meetings 1,043,039 839,847

9,797,597 4,092,241

16. Net finance income


Rs. Rs.

Finance income

Interest income on investments 18,336,805 16,406,952

18,336,805 16,406,952

(Less)

Bank charges (2,105,334) (1,801,990)

Finance cost (2,105,334) (1,801,990)

Net finance income 16,231,471 14,604,962

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17. Tax expenses


Rs. Rs.

Income tax expenses for the year (Note 17.1) 5,543,888 11,692,348

Reversal of over provision (1,220,753) -

(Reversal)/origination of deferred tax (861,851) 555,564

3,461,284 12,247,912

17.1 Income tax expense

Tax reconciliation statement

Profit before taxation 47,487,462 64,931,183

Adjustment relating to disallowed expenses 17,927,651 31,335,416

Adjustment relating to allowed expenses (7,479,105) (7,186,879)

Adjustment relating to deductible income - (16,406,952)

Adjustment relating to exempt income (18,336,805) (8,212,438)

Adjusted Business Profit for the Year 39,599,203 64,460,330

Income from other sources

Interest on fixed deposits income - 16,406,952

Total Statutory Income 39,599,203 80,867,282

Less

Tax free allowance - -

Total taxable income 39,599,203 80,867,282

Interest on fixed deposits @ 28% - 741,856

Tax on balance taxable income @ 14% (Note 17.2) 5,543,888 10,950,492

Income tax expense for the year 5,543,888 11,692,348

Less : Tax credits

Economic service charges (1,277,419) (3,046,289)

Income Tax Paid on Self Assessment Basis (5,746,994)

Withholding tax on interest - (894,216)

Balance tax payable (1,480,524) 7,751,843

17.2 The Institute is liable for income tax on its taxable income at the rate of 14%. The provision for income tax is based on the elements of the above mentioned income and expenditure reported in the financial statements as adjusted for disallowable items, and computed in accordance with the provisions of the Inland Revenue Act No. 24 of 2017 and its amendments thereto.


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18. Related party transactions and key management disclosure

18.1 Transactions with key management personnel

The Institute considers its Council of Management as the key management personnel of the Institute. Compensation paid to key management personnel of the Institute is as follows:


Rs. Rs.

Short term employee benefits Nil Nil

Post employment benefits Nil Nil

19. Commitments and contingencies

There were no material commitments or contingencies which require adjustment disclosure in the financial statements.

20. Events occurring after the reporting date

There were no material events occurring after the reporting date which require adjustments to or disclosures in the financial statements.

21. Litigation and claims

There are no litigations and claims against the Institute as at the reporting date.

22. Approval of financial statements

These financial statements were approved by the Council of Management and authorised for issue on 13 March 2020.

Five Year Summery 157

Notice of Meeting 160

Corporate Information 161

SupplementaryInformation

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Five Year SummeryStatement of Profit or Loss and Accumulated Funds

For the year ended 31st December 2019 2018 2017 2016 2015

Rs. Rs. Rs. Rs . Rs.

Revenues 324,015,992 332,952,039 277,949,091 203,000,127 196,323,448

Direct cost (130,908,762) (129,788,990) (107,778,157) (79,482,090) (82,224,105)

Contributions 193,107,230 203,163,049 170,170,934 123,518,037 114,099,343

Other income 15,972,804 26,975,814 15,521,958 15,052,327 8,906,163

Administrative expenses (168,026,446) (175,655,359) (150,512,655) (112,116,855) (101,872,369)

Other operating expenses (9,797,597) (4,092,241) (10,936,566) (10,591,420) (11,760,371)

Finance income/(expenses) 16,231,471 14,539,920 6,141,406 1,195,059 (3,742,900)

Surplus for the year before tax 47,487,462 64,931,183 30,385,077 17,057,148 5,629,866

Taxation (3,461,284) (12,247,912) - - 189,179

Surplus for the year after tax 44,026,178 52,683,271 30,385,077 17,057,148 5,819,045

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Statement of Financial Position

As at 31st December 2019 2018 2017 2016 2015

Rs. Rs. Rs. Rs . Rs.

Assets

Non-current assets

Property, plant and equipment 67,247,244 66,364,580 69,039,461 91,404,220 99,020,428

Intangible assets 6,250,245 7,354,936 8,459,629 4,215,753 4,163,549

Total Non-current assets 73,497,489 73,719,516 77,499,090 95,619,973 103,183,977

Current assets

Inventories 8,163,000 6,704,241 4,643,439 4,254,326 4,740,736

Trade and other receivables 50,831,306 42,878,302 29,333,447 29,180,434 22,985,226

Deposits and prepayments 30,889,446 21,120,239 14,404,325 11,858,035 11,749,271

Cash and cash equivalents 204,700,377 186,082,673 116,053,908 51,554,213 19,811,408

Total current assets 294,584,129 256,785,455 164,435,119 96,847,008 59,286,641

Total assets 368,081,618 330,504,971 241,934,209 192,466,981 162,470,618

Accumulated fund, reserves and liabilities

Accumulated fund and reserves

Accumulated fund 262,283,612 218,257,434 166,988,770 136,603,692 119,546,544

Total accumulated fund and reserves 262,283,612 218,257,434 166,988,770 136,603,692 119,546,544

Non-current liabilities

Term loan - - - 600,300

Defined benefit plan 10,070,669 7,734,945 5,627,452 4,650,873 4,508,439

Provision for land 18,678,743 18,678,743 - - -

Total non-current liabilities 28,749,412 26,413,688 5,627,452 4,650,873 5,108,739

Current liabilities

Accrued and other payables 17,515,354 31,260,228 16,965,461 14,196,092 4,316,228

Advance received 38,111,650 35,572,980 38,200,429 27,563,072 11,539,516

Term loan - - - - 313,200

Deferred tax liability 1,108,321 1,970,171 - - -

Bank overdraft 20,313,269 9,278,627 14,152,097 9,453,252 21,646,391

Income Tax Payable - 7,751,843 - - -

Total current liabilities 77,048,594 85,833,849 69,317,987 51,212,416 37,815,335

Total Liabilities 105,798,006 112,247,537 74,945,439 55,863,289 42,924,074

Total accumulated fund, reserves and liabilities 368,081,618 330,504,971 241,934,209 192,466,981 162,470,618

Five Year Summery

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Cash Flow Statement

For the year ended 31 December, 2019 2018 2017 2016 2015

Rs. Rs. Rs. Rs. Rs.

Cash flow from operating activities

Surplus for the year before tax 47,487,462 64,931,183 30,385,077 17,057,148 5,629,866

Adjustment for non-cash income and expenses:

Depreciation on property, plant and equipment 5,225,107 11,348,743 26,107,580 9,438,535 9,152,019

Amortisation of intangibles 1,104,692 1,104,693 1,060,489 556,806 594,554

Provision for retiring gratuity 2,335,724 2,209,503 1,634,852 966,212 2,248,064

Interest income on investment (18,336,805) (16,406,952) (7,943,397) (2,769,670) (843,284)

Interest expenses (2,105,334) 1,867,032 6,141,406 1,574,611 2,812,249

Interest on term loan - - - -

Prior year adjustment - - - 723,314

Provision for impairment of trade receivable (4,851,404) (550,989) 2,749,796 1,495,128 -

Provision for non-moving inventory items (594,564) (16,597) 1,317,882 1,431,914 -

Provision for land - 18,678,743 - - -

Write of intangible assets - - - 508,189 -

Gain on disposal of property, plant and equipment - - (92,503) - (891,581)

Operating profit before working capital changes 30,264,878 83,165,359 61,361,182 30,258,873 19,425,201

Changes in,

Decrease/(Increase) in inventories (1,458,759) (2,044,203) (1,706,995) (945,504) 2,402,842

Increase in trade, other receivable and prepayment (17,722,211) (19,709,775) (5,449,098) (7,799,100) 9,403,270

(Increase)/decrease in accrued and other payables (11,206,204) 11,667,318 13,406,726 25,903,420 (4,359,174)

Cash flow generated from operating activities (122,296) 73,078,699 67,611,815 47,417,689 26,872,139

Gratuity paid during the year (105,415) (102,010) (658,273) (823,778) -

Interest paid during the year 2,105,334 (1,867,032) (6,141,406) (1,574,611) (2,812,249)

WHT and ESC paid during the year (6,523,595) (3,940,505) - - -

Net cash generated from operating activities (4,645,972) 67,169,152 60,812,136 45,019,300 24,059,890

Cash flow from investing activities

Proceeds from sale of equipment - 92,503 - 25,220,000

Purchase of property plant and equipment (6,107,771) (8,673,862) (3,742,821) (1,822,326) (2,006,726)

Acquisition of intangible assets - - (5,304,365) (1,117,200) (2,963,429)

Interest received 2,413,057 1,287,706 7,943,397 2,769,670 76,507

Reinvested interest income 15,923,748 15,119,239 - - -

Net cash used in investing activities 12,229,034 7,733,083 (1,011,286) (169,856) 20,326,352

Cash flows from financing activities

Loan obtained during the year - - - - -

Repayment of term loan - - - (913,500) (24,521,533)

Repayment of lease - - - - -

Net cash generated from/(used in)financing activities - - - (913,500) (24,521,533)

Net increase/(decrease) in cash and cash equivalents 7,583,062 74,902,235 59,800,850 43,935,944 19,864,709

Cash and cash equivalent at the beginning of the year 176,804,046 101,901,811 42,100,961 (1,834,983) (21,699,692)

Cash and cash equivalent at the end of the year 184,387,108 176,804,046 101,901,811 42,100,961 (1,834,983)

Analysis of cash and cash equivalents at the end of the year

Cash in hand 634,898 240,518 1,874,293 1,686,840 543,980

Cash in bank 1,267,489 919,494 1,676,198 637,352 67,951

Bank overdraft (20,313,268) (9,278,627) (14,152,097) (9,453,252) (21,646,391)

Short term investment 202,797,989 184,922,661 112,503,417 49,230,021 19,199,477

Cash and cash equivalents at end of the year (Note 7) 184,387,108 176,804,046 101,901,811 42,100,961 (1,834,983)

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Notice of Meeting

10th June 2020

Dear Member,

The 50th Annual General meeting of The Sri Lanka Institute of Marketing

We sincerely trust that you and your family are well and safe.

We would like to bring to your kind notice that we have scheduled the Annual General Meeting having it postponed for two times due to the Pandemic. The meeting has now been rescheduled complying to the guidelines issued by the Government and Health Authorities. The details of the meeting are as follows;

Date : 26th June 2020 (Friday)

Time : 6.00 p.m.

Venue : Marino Beach Hotel

As we are compelled to abide by the health guidelines, we would only be able to accommodate up to hundred (100) members on a “first come, first served” basis. However, we will make arrangements for others to join the meeting via online through MS Teams.

If you wish to physically participate in the SLIM AGM, kindly register by sending us the following details:

1. Name : ...............................................................................................................................................................................................................................................

2. Membership No. : ...............................................................................................................................................................................................................................................

3. NIC/Passport No. : ...............................................................................................................................................................................................................................................

4. Vehicle No. : ...............................................................................................................................................................................................................................................

You may either email or WhatsApp the details to the following contact details:

[email protected] - 0703334494

[email protected] - 0702216216

We look forward to hearing from you at your earliest and shall inform you of any further developments on the AGM via email and SMS.

Yours Faithfully,SRI LANKA INSTITUTE OF MARKETING

Chinthaka PereraSecretary 2020/2021

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Name of the Institute


Legal Form

Incorporated by act 41 of 1980 of the Parliament of the Democratic Socialistic Republic of Sri Lanka in 1980

Registered Office

No. 94, Ananda Rajakaruna Mawatha, Colombo 10Telephone : +94 112 675 000Fax : +94 112 681 660Web Site : www.slim.lk

Branches

SLIM Business School Colombo No. 50, Kitulwatta Road, Colombo 08 Telephone : +94 114 722 522 E-mail : [email protected]

SLIM Business School Kandy No. 524/1, Peradeniya Road, Kandy Telephone : +94 812 203 006 E-mail : [email protected]

SLIM Business School Matara No. 213, First Floor, Anagarika Dharmapala Mawatha, Matara Telephone : +94 412 227 900 E-mail : [email protected]

Council of Management

Mr. Suranjith Swaris - President

Mr. Roshan Fernando – Vice President

Ms. Thilanka Abeywardena – Vice President

Mr Nuwan Gamage-Secretary

Mr. Shaminda Perera – Treasurer

Mr. Enoch Perera - Assistant Secretary

Mr. Sanath Senanayake - CEO/Executive Director

Mr. Pradeep Edward - Immediate Past President

Executive Committee:

Mr. Manthika Ranasinghe

Ms. Sathika Wickramasinghe

Mr. Chinthaka Perera

Mr. Upali Ranjith

Mr. Gayan Perera

Dr. Dilhan Jayatilleke

Mr. Ahamed Aroos

Mr. Charaka Perera

Mr. Nuwan Thilakawardhana

Mr. Asanka Perera

Lawyers of the Institute

CHAMPIKA COREA (Nee PERERA)Attorney-at-Law & Notary Public

Company Auditors

KPMG

Bankers & Financial Institutes

Hatton National Bank PLC

People’s Bank

Seylan Bank PLC

Pan Asia Banking Corporation PLC

Sampath Bank PLC

Union Bank PLC

National Development Bank PLC

Citizens Development Business Finance PLC

Lanka Orix Leasing Company PLC

Siyapatha Finance PLC

Commercial Credit & Finance PLC

Unisons Capital Leasing Ltd.

Audit Committee

Mr. R.M.P. Dayawansa - Chairman

Mr. Taslim Rahaman - Alternate Chairperson

Mr. Sanjaya Bandara

Mr. Shaminda Perera


Risk management Committee

Ms. Mihirinie Fonseka - CRO


Mr. Chinthaka Wanasinghe

Mr. Chamil Wickremasinghe

Mr. Saman Bandara

Mr. Sachith Karunarathna

Mr. Prageeth Dharmaraja

Ms. Nanduni Dhanayaka

Ms. Randima Malmi


Mr. R.M.P. Dayawansa

Mr. Dulip Wjietilleke

Mr. Nuwan Gamage

Mr. Sanatha Senanayake

Ms. Randima Malmi

Company Information

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Consultative Committee

Mr. Nimal Gunewardena (Past President 1990/91) - Chairman

Mr. Mahen Perera (Past President 1994/95)

Mr. Dehan Seneviratne (Past President 1996/97)

Mr. Taslim Rahaman (Past President 2002/03)

Mr. R.M.P. Dayawansa (Past President 2008/09)

Board of Study

Prof. Sampath Amarathunga - ChairmanChairman of the University Grants Commission Sri Lanka

Prof. J.A.S.K. JayakodyAssociate Professor in Management & Organisation Studies at the Department of Management & Organisation Studies, Faculty of Management and Finance, University of Colombo, Sri Lanka

Mr. Dehan SenevirathnePast President SLIM, Marketing/Management Consultant

Prof. Ajantha DharmasiriProfessor in Management, Director and the Chairman of the Board of Management of the Postgraduate Institute of Management, University of Sri Jayewardenepura, Sri Lanka

Prof. Sarath KodithuwakkuHead - Department of Agricultural Economics Business management, Coordinator MBA, University of Peradeniya, President - Institute of Management of Sri Lanka

Prof. Nalin AbeysekeraProfessor in Management Studies, Department of Management Studies, Open University of Sri Lanka, Sri Lanka

Education Reforms Committee

Prof. Arosha S. Adikaram – ChairmanProfessor of HRM, University of Colombo, Sri Lanka

Mr. G.S. SylvesterConsultant, Trainer & Tutor

Company Information

Mr. Ramal JasingheDirector - Institutional Business, Fairfirst Insurance Limited

Mr. Deepal AbeysekeraCEO, People’s Insurance PLC

Dr. Dinesh SamarasingheHead - Department of Management of Technology, University of Moratuwa, Sri Lanka

Dr. (Mrs.) A.T.P. SilvaPresident, Sri Lanka Association of Artificial Intelligence

Mr. Nuwan WimalanaBusiness Consultant, Independent Director & Visiting Lecturer

Council of Education

Mr. Suranjith Swaris Presidents – SLIM

Mr. Roshan Fernando Vice President - SLIM

Ms. Thilanka Abeywardena Vice President - SLIM

Mr. Sanath Senanayake CEO/Executive Director - SLIM

Dr. Maduka Udunuwara Consultant Education - SLIM

Ms. Nanduni Nishima Dahanayaka Manager, Education - SLIM

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Island wide SLIM Accredited Study Centres

1. Anuradhapura Accredited SLIM Study Centre Anuradhapura District Chamber of Commerce

Industry and Agriculture No. 75, Gunasekara Building, Main Street, Anuradhapura. T.P. 0252 226 964, 0716 631 801, 0711 473 677

2. Galle Accredited SLIM Study Centre Galle Chamber Academy Sri Gnanobhasha Mawatha, Oruppuwatta, Galle. T.P. 0917 396 140

3. Batticaloa Accredited SLIM Study Centre ABS College No. 16, Thamaraikerni Road, Batticaloa. T.P. 0777 696 168, 0719 584 802

4. Jaffna Accredited SLIM Study Centre IIS City CAMPUS No. 200, Sivan Pannai Road, Jaffna. T.P. 0777 570 038

5. Kurunegala Accredited SLIM Study Centre ETS Training Center (Pvt) Ltd. No. 56, Mihindu Mawatha, 3rd Floor, Town Centre Building, Colombo Road, Kurunegala. T.P. 0377 200 215, 0766 240 850

6. Rathnapura Accredited SLIM Study Centre Sabaragamuwa Business School 1/8, Bandaranayke Mawatha, Rathnapura. T.P. 0452 230 283, 0718 666 326

7. Kalmunai Accredited SLIM Study Centre E BEST Campus No. 170/1, Batticolo Road, Kalmunai. T.P. 0773 429 577

8. Trincomalee Accredited SLIM Study Centre Royal International College No. 07 Church Road, Trincomalee. T.P. 0773 799 462, 0766 999 488, 0262 225 488

9. Polonnaruwa Accredited SLIM Study Centre Inspire Business Academy No. 4/626, Dharmasiri Building, Main Street, Kaduruwela. T.P. 0763 067 719

10. Hambantota Accredited SLIM Study Centre Hambantota District Chamber of Commerce Old Tangalle Road, Hambantota. T.P. 0779 008 218

12. Puttalam Accredited SLIM Study Centre Hallam City Campus, 128, Mannar Road, Puttalam. T.P. 071 7 64 0 411, 0777 899 493

13. Negombo Accredited SLIM Study Centre Ramford Institute of Business Management (Pvt) Ltd. 187 3/1, Thaladuwa Road, Negombo. T.P. 0334 550 145, 077 6145 451

14. Wattala Accredited SLIM Study Centre Edge Academy, No. 212/2, Kerawalapitiya Road,

Hendala, Wattala. T.P. 0777 296 299, 0113 679 796

15. Kalutara Accredited SLIM Study Centre SLHS ACADEMY No. 628, 1-A, Galle Road, Kalutara South. T.P. 0711 802 740

16. Horana Accredited SLIM Study Centre SS S EDU Technology (Pvt) Ltd. No. 165/26, Anguruwatota Road, Horana. T.P. 0777 773 425 / 0773 333 272

17. Nuwara Eliya Accredited SLIM Study Centre E Best Campus (Science Academy) 109, Kandy Road, Nuwara Eliya. T.P. 0773 919 497

18. Gampaha Accredited SLIM Study Centre Business Study Center – Gampaha (BSC-Gampaha) No. 200, Ward City, Gampaha. T.P. 0773 133 597, 0777 187 822

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19. Kegalle Accredited SLIM Study Centre Shasthri Higher Education Center, No. 16 /A, Main Street, Kegalle. T.P. 0760 160 954

20. Badulla Accredited SLIM Study Centre Star Gate education Centre No. 315, Viharagoda, Badulla. T.P. 0702 559 669

21. Wellawatta Accredited SLIM Study Centre Institute of Management & Leadership No. 40-3/1, Galle Road, Colombo 06 T.P. 0760 586 868, 117 040 140, 0768 545 962

22. Kuliyapitiya Accredited SLIM Study Centre Excellences Business School EBS 2A Spring Field, Kuliyapitiya T.P. 0703 357 000

23. Nawalapitiya Accredited SLIM Study Centre American College of Higher Studies No. 14, Gampola Back Lane, Nawalapitiya. T.P. 0752 993 001, 0711 106 363 [email protected]

24. Bandarawela Accredited SLIM Study Centre BOOKBRIDGE Lanka 120E, Haputale Road, Bandarawela, T.P. 0572 221 490, 0701 910 940

25. Mahiyanganaya Accredited SLIM Study Centre Shilpa Education Centre, Miyugunagama, Mahiyanganaya. T.P. 0702 559 669

Island wide SLIM Accredited Study Centres

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SRI LANKA INSTITUTE OF MARKETING | ANNUAL REPORT 2019 · 2020-07-06 · In the 1970s when we commenced operaions, we crossed the boundaries of convenional academic pursuits providing