The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), the Sri Lanka Institute of Directors (SLID), and KPMG, recently hosted a successful Family Business Forum themed “Building a Lasting Family Legacy: A Strategic Approach to Growth and Continuity”.
The event brought together family business owners, industry leaders, and experts to explore critical topics including planning for the inevitable change within family businesses, ownership and management succession, the separation and long-term planning of family wealth and business wealth, governance frameworks that contribute to business longevity, and strategic pathways to public listing. The forum engaged close to 150 participants and provided valuable insights for unlisted family-owned businesses seeking long-term sustainability and growth.
Guest speaker at the forum, Senior Prof. D.B.P.H. Dissabandara, Chairman of the SEC, stated, “We need to shift the country’s mindset from one focused on savings to one that refocuses more on investment, which is essential for long-term economic growth. Increasing our investment-to-GDP ratio and creating real value are critical to this transformation”.
He went on to say, “Encouraging and supporting business listings play a crucial role, as the Capital Market not only provides access to funding but also fuels value creation and promotes sustainable growth. This approach will undoubtedly unlock the country’s full economic potential and foster lasting growth”.
“SMEs constitute 70% of the economy, employing, innovating, investing, and driving the long-term progress of this nation. Sustained growth cannot be achieved without your contribution. Yet, one of your most critical challenges is financing. Without adequate financing, the growth we envision cannot be realized. Capital formation is essential, and the capital market stands ready to support you. The regulatory framework has been strengthened, a robust new Act is in place, and mechanisms have been established to safeguard investors,” said Prof. Dissabandara.
In closing, he mentioned, “There is no need to fear loss of control, your visionary leadership will be preserved. Allow others to participate, grow with transparency, and move forward with confidence. The future of Sri Lanka’s economy depends significantly on your contribution, and we are committed to supporting and facilitating your advancement.”
Delivering the keynote address, Mr. Daniel Trimarchi, Director at KPMG Australia and Global Managing Director of KPMG Private Enterprise’s Centre of Excellence for Family Business, emphasized the importance of redefining success, building fit-for-purpose governance, and navigating succession in a way that reflects each family’s unique values and circumstances.
He said, “When we change the scorecard in terms of what success looks like, we set the family up for success in how they define it. These are different measures of success that don’t hold financial metrics, but in many families, they hold very significant meaning. It’s about defining shared purpose, enabling continuity, and managing wealth in a way that aligns with the family’s values, because ultimately, the solution each family needs will be unique. It’s not about fixing what worked before, but evolving towards what fits for the future, structured, intentional, and human at its core.”
The forum also featured a panel discussion with distinguished speakers including, Mr. Dilshan Wirasekara, Former Chairman of the Colombo Stock Exchange; Mr. Imthiaz Esufally, Group Director of Hemas Holdings PLC; Mr. Senaka Kakiriwaragodage, CEO of NDB Capital Holding Limited; Mr. Daniel Trimarchi; Mr. Prakash Schaffter, Executive Deputy Chairman of Janashakthi Insurance PLC and Deputy Chairman of Janashakthi Group; and Mr. Rushanka Silva, Deputy Chairman of Sampath Bank PLC and Managing Director of Indra Traders (Pvt) Ltd. The session was moderated by Ms. Thamali Rodrigo, Partner, Head of Restructuring, Enterprise Advisory and Corporate Governance of KPMG in Sri Lanka and Maldives.
An interactive Q&A session allowed attendees to engage with the panelists and deepen their understanding of the challenges and opportunities in family business governance, while also providing actionable insights to help them navigate generational transitions more effectively.
This initiative reflects the collaborative efforts of CSE, SEC, SLID, and KPMG to empower family-owned enterprises with knowledge, frameworks, and growth pathways. It underlines the potential of capital markets to support generational transitions while enabling businesses to access long-term, sustainable financing options.
