ee 5| SRI LANKA MANAGEMENT NEWS The Magazine of the Institute of Management of Sri Lanka Membe as Fello in tion of thei remarkable Empowerin service Z Invigorating UAL GENERAL MEETING of the OF MANAGEMENT OF SRI = pul Lc) The 36” Annual General Meeting of the Institute of Management of Sri Lanka was held on the 26" June 2014 in its full glory attended by a large gathering at the Grand Oriental Hotel Colombo. This year's AGM marked the handing over of the Presidency of the institute from Mr. Anver Dole to. Major General Upul Perera. Mr. Dole held the prestigious leadership for the last six years. The new President Major General Upul Perera, a former Deputy Chief of Staff of the Sri Lanka Army and an expert logistician and automotive engineer by profession will now provide the leadership to the much admired professional body.ee Twenty three new office bearers were elected at this year's Annual General Meeting including a ten member executive committee. Key office bearers elected for the year 2014-2015 included Major General Upul Perera (President), Mr. Anver Dole (Immediate Past President), Mr. Saroj lama Hewa (Secretary), Mr. Errol Smith (Treasurer) and Mr. Prasad Wijesurya (Director of Studies). Dr. Wijaya Jayathilake, Prof. Sarath Kodithuwakku, Mr. Rohitha Mendis, and Mr. Patrick Rodrigo were elected as Vice Presidents, The newly elected President Major General Upul Perera stressed the importance of professionals in the field of management getting organized in order to build up the nation. He iterated the significance of IMSL in developing Sri Lankan businesses and industries and ensured the continued efforts from IMSL to support it. The outgoing president Mr, Anver Dole thanked the membership for the support rendered to him for the past six years and ensured his support to the Institute even in the future,ee INSTITUTE OF MANAGEMENT OF SRI LANKA too stressed the importance of collective efforts by the management professionals in achieving a better future for the country. Recognizing the yeomen services rendered to the IMSL, the Immediate Past President was honored with a memento by the new President. Mr. emarkable role in bringing up Dole played a eon meen IMSL to its current standards. The 2014 AGM, witnessed the ordination of four distinguished personalities who rendered remarkable service to the IMSL and the profession of organizational management being elevated as Fellows of the institute. The four members elevated to become Fellows were Mr. Shemal liyanage, Mr. Piyal Karunasena Hettiarachchi annual apex event was also graced by a number of distinguished personalities including the past presidents Mrs. Rohini Nanayakkara, Colonel Faiz ur-Rahman and a wide spectrum of IMSL_membership Mr. Prasad Wijesuriya, Pathmanatha end Mr. The Lituc7AaasstersS eB 6a29 6550e qOdo aE HEED. SOS: Sen, HEdOS, 96 Ee, ero gabe SESS elo SEO SaD a ecesee BES SO aso> acBeo.The “IMSL Public Lecture Series" on contemporary and current management topics, conducted by the Institute of Management of Sri Lanka has gained momentum in the recent past, judging from the attendance at these lecturers A Memorandum of Understanding (MOU) was signed between the Institute of Management of Sri Lanka and the Sri Lanka Foundation, to conduct Evening Presentations in the Public Lecture Series, once in two months at the SLF Auditorium, Free-of Charge This is an unique programme where Synergy is displayed with ‘The Management Club - Kalutara” joining hands and supporting our lecture series as a sponsor, providing refreshments and tea to all the participants, ete. We have been successfully conducting these interactive lectures regularly on current topics of interest for our members as well as the guests who are prospective applicants. The speakers are usually well known personalities who are specialists in the relevant subjects.IMSL lecture series is a part of our Education and Knowledge Development programme, aimed at sharing and developing knowledge on best practices in Management issues of timely interestKindly contact the IMSL Secretariat and register for details of the next programme,eee ed Young Managers Pasan Perera -YMP 2012 2 Q ‘Ahmed ur- Rahman - YMP 2013. @ aim . ‘Sanath Wijesinghe - YMP 2013 Theme of YMP As the current role of manager, we must learn faster to overcome the challenges in the future, the main theme of Young Managers’ Program is to gather the young managers from AAMO member countries and explore a new way to better face the leadership challenges in the future Through the learning circle of engaging, involving, empowering and invigorating, the psychological readiness of young managers group will be enhanced and deep conversation will be brought out through group workshops AIM and purpose of YMP Engaging As a manager, lead the team and get through challenges are priorities. Learning to share the vision, focus the strategy and establish priorities are the keys and these will provide a clear direction Involving Better collaboration and high commitment are also the competency that young managers must equip to face the challenges. Through visit learning, delegates will have a better psychological readiness on involving people Empowering Learning the capebilities of empowering and apply into daily work will greatly help building a high speed execution culture and make continuous improvement Invigorating Innovation is a key factor of leadership, and experience of participants will be shared among all which will enhance both personal and organizational development. IMSL has sent one youngmanagerin 2012, two young managers in 2013, & already selected two more nominees for the forthcoming programme scheduled in November 2018. All nominees should be below 35 years in age and holda management position to be eligible for YMP which is a scholarship offered by Macau National Management Organization, another NMO affiliated to AAMO, that includes accommodation, mesls, inland transport in Macau and China and all otherexpenses duringthestayAsian Azcociation of Management Orga conceived on March 2 1960 in Melsoure,Ai need for management institutes and profession: ‘Asia Pacific Region tocome together to share experience: promote the cause of managementin the reg Reta) Pee Pecceccraesee aafootprints revisited bo Mallory Evan Wijesinghe The Institute of Management of Sri Lanka (IMSL) was the brain-child of Mr. Mallory E. Wijesinghe (1918 ~ 2002) one of the most illustrious business personalities of Sri Lanka in the 20” Century. An. influential business personality, Mr. Wijesinghe was instrumental in establishing the Sri Lanka Management Association in 1978 which was the predecessor of the IMSL. When IMSL was incorporated by way of an Act of Parliament in 1988, he was elected as its founder President. Mr. Wilesinghe held the reigns of IMSL forthenext sixconsecutiveyears, Some authors describe Mr. Wijesinghe as the “Godfather” of the Sri Lankan private sector in the last century. He was that influential to the leaders of the country and also was recognized as leading authority in businessmanagement inSri Lanka. It was his major influence that pushed the Sri Lankan lawmakers to incorporate the IMSL in 1998 inorder Founder President's to provide more recognition to the profession of management. Mr. Wijesinghe also provided the leadership to establish relationships with the Asian Association of Management Organizations (AMO) inearly 1980s. He was the first Chairman appointed for the Colombo Stock Exchange (CSE). He became Chairman and President of many other professional organizations and business chambers in Sri Lanka in addition to the various senior managerial and board positions of reputed private organizations. Being a business leader in many of these organizations, Mr. Wijesinghe was able to nurture and coach a wide spectrum of managers as his subordinates and was even able to influence his contemporaries in ‘managerial thinking One of the most interesting facts about Mr. Wijesinghe is the finest scholastic ability he possessed. He wrote two very influential books, the critical “The Economy of Sri Lanka 1948-1975” which he published in 1976 and the insightful “Sri Lanka's Economic Thrust” in 1981 soon after the Sti Lankan Economy was opened. His eminent leadership paved the path to the first ever National Management Conference which was held by IMSL in 1984. While recollecting the yeomen service rendered by this great man, IMSLwill hold this year (2014) National Management Conference on 30" September2014. Mr. Wijesinghe was also admired by many for his humanistic and generous thinking and action. He was deeply admired by his family, colleagues and the subordinates for those gentlemanly qualities of him. Nevertheless, he nurtured his two sons to follow his footsteps into the business world to carry forward the business empire he built up. This legend of the yesteryeer was an active radical in many business forums until the very latter part of his He passed away on 27” December 2002 at the age of 84, leaving behind his beloved wife, two sons and the daughter, Mr. Mallory Evan Wijesinghe is remembered forever by the Institute of Management of Sri Lanka as its beloved forefather, life. DA. E tt Steel & Hardware Merchants, Estate Suppliers, Proprietary Planters 192, 0.5. Senenayake Veediya, Kandy Tel / Fax : 081-2232651, 2236339 Fax : 081-2205883 Email : daepakandy@gmail.com Web: www.daepaandsonsitd.com pa & Sons (Pvt) Ltd me 3Volume | sve ot | suty-Semtmber2024 | Website: wine E 9 ACCOUNTING — Accounting, as practiced are inclined to setting a lesssophisticationresultsin ASA currently in most standard forthe accounting poor decisions owing to companies, is more an systems that come within inadequate information SOCIAL PRACTICE institutional practice than a their purview. However, on while more sophistication company-widefunctionthat the contrary, dominant gives rise to information develops an information professional groups from overload and accompanying system to facilitate decision other disciplines such as excessive operating costs. making by different engineering or marketing it is imperative that top stakeholders, According to could disregard the use of management is cognizant of Hamilton (1932), accounting practices. the role played by institutional practices are 2 Accounting systems may institutional forces in their wayofthoughtand actionof also be the outcome of companies. Although, in a some prevalence and mimicking the accounting theoretical sense, the permanence which is practices adopted by high accounting function should embedded in the habits ofa performing companies or evolve in response to group or the customs of what is in vogue, the fads organizational factors, People. They come to stay and frils. Thisis commonly development of accounting. as rule-bound and standard evident in companies that systems is entirely in the social practices devoid of are newcomers to industry hands of people who are logic or reason. The or are facing under social animals working mechanisms of institutional uncertainty. individually and in groups practices are many, but Taking a more rational acting in their own peculiar there are at least three approach,onewouldexpect ways. This may result in worth mentioning here. the nature and accounting systems which sophistication of the may not meet the required ‘Our accounting systems are accounting system to level of sophistication. It is often the outcome of emerge in consequence to the dutyof top management coercion, pressure exerted the nature of the external to examine whether such by external agencies. and internal factors of the discrepancies exist in their Examples are accounting company. For example, a companies and take standards stipulated by highly uncertain appropriate action to regulatory bodies for environment, a tall remedythem. compliance and accounting organization structure, formats and procedures complex processes and a Sources: specified by parent large organization may companies for subsidiaries require more information DiMaggio, Piand Powell, W and branches to abide by, for decision-making and W (1983), The iron cage The accountant has no hence a sophisticated revisited: institutional choice but to comply with accounting system and vice Somorphism and collective the instructions thrust upon versa. But it does not “ationality in organizational the company. In another happen this way as fields. ‘American arena, members of the institutional forces seem to Seci2losical Review, Vol. 48, accounting fraternity of overshadow logic and 7? 140-180. different professional reason. This results in sub- bodies take pride in optimization where the Slogonce te tte choron tes sophiiened or more onns0n, A (EGS-), y Institution Encyclopedia of disciplines through the sophisticated than what the sivin/ Science. Vol 73-4 extensive use of modern organizational factors accounting practices. Driven demand. These are by a normative urge, they extremes to be avoided as Prof. Mangala Fonseka Hamilton, W H, (1932), In: Seligman, E R A andEmotional Intelligence : An Effective Workplace Stress Reliever (By: Jeanne Segal, Melinda Smith, Lawrence Robinson, and Robert Segal ) 10 Even if you're in 2 Job where the environment has grown increasingly stressful, you can retain large measure of self-control and self-confidence by understanding and practicing emotional intelligence. Emotional intelligences the ablity to manage anduse your ‘emotions in positive and constructive ways. When it comes to satisfaction and success at work, emotional intelligence mattersjust as much as intellectual ability. Emotional intelligence is about communicating with others in ways that draw people to you, overcome differences, repair wounded feelings, and defuse tension and tress, Emotional intelligence in the workplace has four major components: ‘= Self-awareness - The ability to recognize your emotions and their impact while using gut feelings to guide your decisions, = Selfemanaigement—The abilityto control your emotions and behaviour and adaptto changing circumstances. = Social awareness — The ability to sense, understand, and react to other's emotions and feel comfortable socially ‘© Relationship management—The ability to inspire, influence, and connect to others and manageconifict. ‘Thefive key killsof emotionalinteligence. ‘There are five key sills that youneed to master in order to raise youremotional intelligence andmanage stress at work. = Realize when you're stressed, Recognize your particular stress response, and become familiar with sensual cues that ‘can rapidly calm and energize you. The best way to reducestress quickly is through the senses: through sight, sound, smell, taste, and touch. But each person responds cifferentlyto sensory input, so you need tofind things that are soothing to you, = Stay connected to your internal emotional experience. So you can appropriately manage your own emotions. Your ‘moment-to-moment emotions influence your thoughts and actions, so pay attention to your feelings and factor them into ‘your decision makingat work. If you ignore your emotions youwon't beable to fully understand your own motivations and needs, or to communicateeffectively with others. + __ Recognize and effectively use nonverbal cues and body language. In many cases, what we say is less important than how we say tor the other nonverbal signals we send out, such as eye contact, facial expression, tone of voice, posture, gestureand touch. Your nonverbal messagescaneither produce. senseof interes, trust, end desirfor connection-orthey cangenerate confusion, distrust, and stress. You alsonéec to be able to accurately read and respond tothe nonverbal cues thatother peoplesend you at work = __Developthe capacity to meet challenges with humour. There sno better strass buster than a hearty laugh and nothing reduces stress quicker in the workplace than mutually shared humour, But, if the laugh is at someone else's expense, you may end up with morerather than less stress. = _ Resolve confit positively. Resolving conflict n healthy, constructive ways can strengthen trust between people and relieve workplace stress and tension. When handling emotionally-charged situations, stay focused in the present by distegarding old hurts and resentments, connect with your emotions, and hear both the words and the nonverbal cues being used. fa conflict can't beresolved, choose to.end the argument, even fyoustil disagree, “Best Compliments from.. Grakk Computer Forms (Pvt) Ltd”1" July-September 2014 Message from Immediate Past President | am pleased to see the release of a Magazine Initiated by our dynamic new President Major General Upul Perera. A Magazine is an effective communication too! and helps IMSL members to keep abreast of changes and developments made by the IMSL Council. This year the National Management Conference 2014 willbe staged in September, and following that it is imperative that we launch our education programme as a matter of urgency. GenUpul Pererais brimming with new ideas and we have several new Council members whoareenthusiastically waiting to assist, to take IMSLto the next level T.Anver Dole wish the new Presidentand Council of Management. very fruitful and successful year ahead "Best compliments from... Galle Electrical Agencies (Pvt) Ltd. Dealers in Modern Electrical & Electronic Spares Magnetic Contractors, Relays Moulding Machine Elements Boiler Elements & Spares D.S.S. 71, Yatinuwara Veediya, Kandy. Tel : 0812224473 Fax : 081-2237051 Polesack (Pvt) Ltd Email : galleelectrical71@gmail.com baa #012 "Lam looking forward to contributing to the continued success of the IMSL" ‘Maj Gen Upul Perera (rtd) Whilst thanking the members of IMSL. for keeping confidence in me to elect me as the President, itis with great pride and honour I announce that 1 am well aware of the great responsibility that the membership placed on me and indeed the higher expectations from various stakeholders. IMSL. has comes long way right fromits beginning in 1978 and has already received much recognition and won ‘many laurels. Lam, therefore,compelled to confess that I am thrilled and tremendously proud to have been elected to Jead stich an important and prestigious institute. I have identified Membership Development, Education and Ethics as the key areas to focus during the next year. As the President, | am looking: forward to contributing to the continued success of the IMSL and cagerly looking forward to working with the newly elected members of the Council For frte deta pleas contac and the rest of membership to develop and implement plans that wil shape the future of IMSL. Caen 208 — Present, IM. = resident, MBA Alun Associaton, RUOSL Vee Presid, nse Automate renee Srivana ~ Drectr Gane Jaint Pring ans Ferce Development, oft of Chie of Defence sit poly Cie of tf Lanka Ay = Qsarter Marter Garera ania Army - Drectos Herical 8 Mechanica Engiseting SLArmy, - President, sri tanka amateur Saseballs, Seftoall Ascation ‘casei uattetins &e Memberships ‘MBs, PED in CP, Pn Ne, iw 5) AE a, (UH, sna IMSL@ 2010 2008 2006 2005 2007 Become a member of ional organization