ant Final Assessment of MGT 2303 - Group A Question 33 Not yet answered and out of 20.00 Pag question Super Asia Leisure (SAL) was founded in 2008 with the visionary leadership of Mr. Chandana Jayasinghe and his wife Ms.Mihiri Kulathunga. The company grew well over the years and became a PLC in 2018. Super Asia Leisure PLC became a group of companies dominating the Hotel sector in the country. Mr. Jayasinghe is the current chairman and chief executive officer of the group. Mihiri is also a director who is involved in the direct management of the company. Mr.Kamal Ranasinghe and Mr.Ashoka Kulathunga were appointed as board members. Kamal is a professional architect and involved in SAL hotel planning, conceptualisation, design, product development, operating standards and service delivery. Ashoka is a professional photographer and he is the brother of Mihiri. Ashoka did not involve in the direct management of the company. There were 3 other directors in the board of whom two(2) were executive directors. The remaining director was a non-executive independent director. Three board committees namely audit committee, nominations committee and remuneration committee were set up in earty 2018. Mihiri, Kamal and Ashoka were members of all three committees. Ashoka chaired the audit committee, Kamal chaired the nominations committee and Mr.Jayasinghe chaired the remuneration committee. However, the performance of the hotel chain failed to meet the expectations and company continued to incur continuous losses. Further, borrowings started becoming overdue, the banks were pressing the company and company continued face cash flow issues. Further, Company failed to submit quarterly financial reports on time hence got listed to Watch list in CSE. As a person having a good knowledge on the Code of best practice on corporate governance in Sri Lanka, you are required to write a report critically evaluating the governance practices of Super Asia Leisure PLC. Also, provide appropriate suggestions as per the code of best practice, BE ant Final Assessment of MGT 2303 - Group A Question 33 Not yet answered and out of 20.00 Pag question Super Asia Leisure (SAL) was founded in 2008 with the visionary leadership of Mr. Chandana Jayasinghe and his wife Ms.Mihiri Kulathunga. The company grew well over the years and became a PLC in 2018. Super Asia Leisure PLC became a group of companies dominating the Hotel sector in the country. Mr. Jayasinghe is the current chairman and chief executive officer of the group. Mihiri is also a director who is involved in the direct management of the company. Mr.Kamal Ranasinghe and Mr.Ashoka Kulathunga were appointed as board members. Kamal is a professional architect and involved in SAL hotel planning, conceptualisation, design, product development, operating standards and service delivery. Ashoka is a professional photographer and he is the brother of Mihiri. Ashoka did not involve in the direct management of the company. There were 3 other directors in the board of whom two(2) were executive directors. The remaining director was a non-executive independent director. Three board committees namely audit committee, nominations committee and remuneration committee were set up in earty 2018. Mihiri, Kamal and Ashoka were members of all three committees. Ashoka chaired the audit committee, Kamal chaired the nominations committee and Mr.Jayasinghe chaired the remuneration committee. However, the performance of the hotel chain failed to meet the expectations and company continued to incur continuous losses. Further, borrowings started becoming overdue, the banks were pressing the company and company continued face cash flow issues. Further, Company failed to submit quarterly financial reports on time hence got listed to Watch list in CSE. As a person having a good knowledge on the Code of best practice on corporate governance in Sri Lanka, you are required to write a report critically evaluating the governance practices of Super Asia Leisure PLC. Also, provide appropriate suggestions as per the code of best practice, BE
