03. Women Leaders in Sri Lankan Companies: Breaking Barriers and Shattering Glass Ceilings

 

1        Introduction

The "glass ceiling" is becoming gradually broken down by female leaders, and Sri Lanka is not an exception to this worldwide trend (Canagarajah, et al., 2009). In Sri Lanka's corporate sector, a number of aspiring and successful female leaders have established themselves, in spite of cultural and socioeconomic obstacles (International Finance Corporation, 2019). This report examines the status of women leaders in Sri Lankan companies and the strides they are making, underpinned by references.

2        Women's Presence in the Corporate Sector

One of Sri Lanka's renowned and successful business women is Kasthuri Wilson Chellaraja. She currently serves as the Group CEO of Ceyline Group, one of Sri Lanka's top conglomerates with a diverse range of interests spanning the maritime and education services, pharmaceutical, and travel industries. She was the CEO of Hemas Holdings PLC from 2020 to 2024, a prominent conglomerate in Sri Lanka (Daily News, 2023; Ceylon Today, 2023).

 

 

Source (International Finance Corporation, 2023)

 Next,  Ms. Asha De Vos, who founded Sri Lanka's first marine conservation research and education organization, Oceanswell. She is a marine scientist, ocean educator, and a pioneer in blue whale study within the Northern Indian Ocean. She is also the first Sri Lankan with a Ph.D. in marine mammals and a Fellow of the Royal Society of Arts (Oceanswell, 2024;Wight, 2019).

 

Source (LMD, 2020)

Linda Speldewinde, the creator of the Academy of Design (AOD), the brains behind the Colombo Innovation Tower (CIT) and the Sri Lanka Design Festival (SLDF), is another strong leader (EY, 2019). She proved what can be accomplished with a mind for business and a heart for art through her work with AOD, greatly influencing the nation's next generation of thinkers and designers (Daily Mirror, 2022).

 

Source (EY, 2019)

2.1       Few listed company review

Each year, the Sri Lankan corporate sector sees numerous annual reports that disclose the financial performance, strategic decisions, and leadership structures of public companies. Through these reports, show a steady rise in the number of women in leadership positions, a trend that is consistent with international efforts to promote gender equality  (de Alwis & Bombuwela, 2013). Women are still far underrepresented in senior management compared to men, even with these advancements. This section reviews the annual reports of several Sri Lankan companies to illustrate this development.

Dialog Axiata, one of the largest telecommunication service providers in Sri Lanka, provides a promising example. In its 2022 Annual Report, the company revealed that two out of their ten-member Board of Directors were women (20%) (Dialog Axiata PLC, 2022). This is a notable achievement within the technology and communication sector often criticized for its poor female representation in senior leadership roles.

Similarly, the Commercial Bank , a premier private sector commercial bank in Sri Lanka, disclosed that three out of their thirteen board members were women in their 2023 Annual Report (Commercial Bank of Ceylon PLC, 2023). These women hold key positions, contributing to strategic decisions that steer the bank's operations.

 

3        Impact of Women Leaders in Companies

Evidence suggests that having women in leadership roles leads to increased profitability (Green & Swarnodeep, 2018), productivity (Vafaei, et al., 2020), accounting quality (Lara, et al., 2017). Further study conducted in Sri Lanka has revealed that the presence of women in upper management roles significantly enhances corporate success in the country by using their abilities in empathy, adaptability, multitasking, attention to detail, and intuition. But compared to men, they usually take more risks and are less skilled at networking and negotiating. Although they are similar in their professionalism and inventiveness, their distinct viewpoints improve the board's harmony. Higher levels of resourcefulness in women are linked to knowledge, training, and successful networking. Elements including as emotional control, flexibility in embracing masculine characteristics, and a supportive work environment are critical to their advancement to top management positions (Methmalee & Gamage,2024).

4        Conclusion

While female business leaders in Sri Lanka are still establishing themselves, more needs to be accomplished to provide fair and broader access to leadership opportunities. Sri Lankan women possess the capacity to motivate and uplift the upcoming generation of female leaders by their demonstrated tenacity and flexibility driving the country towards a future in which gender roles are distributed more equally in the corporate sector.

5        References

Canagarajah, R., Patriarchal, F. & Christopher, L., 2009. Breaking the glass ceiling? The paradox of female leadership in Sri Lanka., s.l.: s.n.

Ceylon Today, 2023. Kasturi Chellaraja to step down as CEO from Hemas. [Online]
Available at: https://ceylontoday.lk/2023/10/07/kasturi-chellaraja-to-step-down-as-ceo-from-hemas/
[Accessed 30 03 2024].

Commercial Bank of Ceylon PLC, 2023. Annual Report, Colombo: s.n.

Daily Mirror, 2022. Linda Speldewainde. [Online]
Available at: https://www.dailymirror.lk/weekend-online/the_weekend_online/LINDA-SPELDEWINDE/426-230932
[Accessed 30 03 2024].

Daily News, 2023. Kasturi Chellaraja Wilson resigns as GCEO Hemas. [Online]
Available at: https://www.dailynews.lk/2023/10/06/business/155760/kasturi-chellaraja-wilson-resigns-as-gceo-hemas/
[Accessed 30 03 2024].

de Alwis, A. & Bombuwela, P., 2013. Effects of Glass Ceiling on Women Career Development in Private Sector Organizations – Case of Sri Lanka. Journal of Competitiveness, 5(2), pp. 3-19.

Dialog Axiata PLC, 2022. Annual Report, Colombo: Dialog Axiata PLC.

EY, 2019. Back to Entrepreneurial Winning WomenTM Asia-Pacific Class of 2019. [Online]
Available at: https://www.ey.com/en_eg/entrepreneurial-winning-women-asia-pacific/class-of-2019/linda-speldewinde-
[Accessed 30 03 2023].

Green, C. & Swarnodeep, H., 2018. Female directors, board committees and firm performance. European Economic Review, Volume 102, pp. 19-38.

International Finance Corporation, 2019. The Case for Gender Diversity Among Sri Lanka’s Business Leadership, Washington: International Finance Corporation.

International Finance Corporation, 2023. Unapologetically a Woman, Mother, and Leader. [Online]
Available at: https://www.ifc.org/en/stories/2023/unapologetically-a-woman-mother-and-leader
[Accessed 30 03 2024].

Lara, J., Osma, B., Mora, A. & Mariano, S., 2017. The monitoring role of female directors over accounting quality. Journal of Corporate Finance, Volume 45, pp. 651-668.

LMD, 2020. Marine Reasearch Oceans' Champ. [Online]
Available at: https://lmd.lk/110481-2/
[Accessed 30 03 2024].

Methmalee, Y. & Gamage, U., 2024. How Adding Women to the Top Management Team Contributes to the Company’s Strategy and Performance:A Qualitative Study of Sri Lankan Corporate Sector.

oceanswell, 2024. Meet the board. [Online]
Available at: https://oceanswell.org/who-we-are
[Accessed 30 03 2024].

Vafaei, A. et al., 2020. Board diversity: female director participation and corporate innovation. International Journal of Accounting & Information Management, 29(2), pp. 247-279.

Wight, A., 2019. What’s It Like To Be Sri Lanka’s First Whale Biologist?. [Online]
[Accessed 30 03 2024].

 

 

 


Comments

  1. Krishanthiny KrishnarajMarch 30, 2024 at 10:31 AM

    Your introduction beautifully captures the transformative journey of female leaders in Sri Lanka, highlighting their resilience in overcoming cultural and socioeconomic barriers. It sets the stage for an inspiring exploration of women's presence in the corporate sector.

    ReplyDelete
  2. KUMARA WELEGEMarch 30, 2024 at 12:11 PM

    The article impression and fitting to the correct context of Sri Lanka, it concludes the important of diversity, outstanding work.

    ReplyDelete
  3. Sachini HithakshikaMarch 30, 2024 at 10:07 PM

    Well described the importance of having female leadership in a organization.

    ReplyDelete
  4. Gowri PereraMarch 31, 2024 at 8:56 AM

    You have presented a timely topic and explained it well

    ReplyDelete
  5. Shehan PriyashanthaMarch 31, 2024 at 10:35 AM

    "Delve into the inspiring journey of women leaders in Sri Lankan companies as they break barriers and shatter glass ceilings in this empowering blog. Gain valuable insights into their triumphs, challenges, and the impact they're making in driving diversity and inclusion in the workplace. A must-read for anyone passionate about gender equality and leadership!"

    ReplyDelete
  6. Chathuranga BasnayakeApril 2, 2024 at 2:08 AM

    I found this blog to be very engaging and well-executed.

    ReplyDelete
  7. Tharuka LiyanaarachchiApril 5, 2024 at 7:33 AM

    This insightful report sheds light on the progress of women leaders in Sri Lankan companies, highlighting their remarkable achievements despite cultural and socioeconomic challenges. It underscores the importance of promoting gender equality in the corporate sector and acknowledges the significant contributions of women leaders to organizational success and societal progress.

    ReplyDelete
  8. Tharuka LiyanaarachchiApril 5, 2024 at 8:19 AM

    This report provides a comprehensive overview of the progress and challenges faced by women leaders in Sri Lankan companies, showcasing notable figures and examining the impact of their leadership. It underscores the importance of further efforts to promote gender equality and empower women in the corporate sector. Additionally, it highlights the potential for women leaders to inspire and mentor the next generation, fostering a more inclusive and equitable business environment in Sri Lanka.

    ReplyDelete
  9. Gowri PereraApril 8, 2024 at 7:27 AM

    Even though there are still few female business leaders in Sri Lanka, more work must be done to give them equitable and wider access to leadership opportunities. Sri Lankan women can inspire and encourage the next generation of female leaders with their proven resilience and adaptability,

    ReplyDelete
  10. priyaApril 11, 2024 at 9:40 AM

    Interesting blog post.

    ReplyDelete
  11. Amina MahmoodApril 12, 2024 at 11:34 PM

    This blog provides valuable insights of the having female leadership in the organisation. Being a female personally I felt very interested in this topic.

    ReplyDelete
  12. Sakvithi SenadeeraApril 13, 2024 at 5:44 AM

    Women leaders in Sri Lankan companies are challenging norms and driving change. By breaking barriers and shattering glass ceilings, they bring diverse perspectives, innovation, and inclusivity, fostering a more dynamic and successful corporate landscape.

    ReplyDelete
  13. Tharushi ElikewelaApril 14, 2024 at 6:28 AM

    Clear and well description regarding Women Leaders in Sri Lanka

    ReplyDelete
  14. Dhanushka PathiranaApril 14, 2024 at 10:31 PM

    This post serves as a powerful reminder of the importance of gender diversity in leadership and the tremendous potential of women leaders to drive meaningful change and innovation in the workplace.

    ReplyDelete
  15. Rusky AhamedApril 15, 2024 at 10:17 AM

    Indeed, the advancement of women in corporate leadership in Sri Lanka is noteworthy, but much more needs to be done to guarantee that women have equitable and fair access to these chances. Sri Lankan women have proven to be incredibly resilient and adaptable, which is an encouragement to the next wave of female leaders.

    ReplyDelete
  16. Wasantha Bandara BloggerApril 15, 2024 at 1:51 PM

    Well organized content

    ReplyDelete
  17. sudarshiApril 16, 2024 at 12:30 AM

    Sri Lankan women have the ability to inspire and encourage the next generation of female leaders with their proven resilience and adaptability, guiding the nation toward a future where gender responsibilities in the business sector are more evenly distributed. Very interesting topic

    ReplyDelete

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