The MSPS was one of the first Provident Funds to be set up in Sri Lanka and was inaugurated by the Ceylon Chamber of Commerce on the 20th December 1939. Thus, the formation of the MSPS was a pioneering move by the Ceylon Chamber of Commerce, for the greater welfare of Private sector employees. The trustee of MSPS is Ceylon Chamber of Commerce which was established in 1839.
The MSPS is an approved Provident Fund by the Commissioner General of Labour and the Commissioner of Inland Revenue.
MSPS is governed by a set of rules and regulations approved by both the Commissioner of Labour and the Commissioner General of Inland Revenue. Under the rules of MSPS the Ceylon Chamber of Commerce remain the custodians of MSPS. It has a committee of management and the Chairman is appointed by the Ceylon Chamber of Commerce and the Vice Chairman and the Deputy Vice Chairman of the Ceylon Chamber of Commerce are members of the Management Committee. The other two members of the management committee is also appointed by the Ceylon Chamber of Commerce as per MSPS Rule 7 (i) (c) whilst four members are elected by the MSPS members at the Annual General Meeting.
The funds of MSPS are managed by the Secretary and the Administrative Staff. Currently there are twelve employees headed by a CEO overlooking the activities such as investments, payment for retired members, loans, insurance etc.
There are sufficient internal controls to ensure that the funds of the Society are properly managed, invested and administrated. The rules of the Society dictate the agreed investments of the funds whilst the Committee also lays down policy for investments. The Share Portfolio of investment is managed by an outside Fund Manager. All cheques are signed by a partner of Ernst & Young (Chartered Accountants) as first signatory and a member of the Management Committee appointed by the Chamber as a second signatory. The processing and the maintaining of member balances and repayments including loans are handled by an outside bureau service in order to maintain a certain level of independence from the administration staff of MSPS.
The Rules of the MSPS provide the way the Society should be governed. These Rules have been approved by the general membership, the Commissioner of Labour and the Commissioner General of Inland Revenue (CGIR). Any amendments to the Rules have to be approved by the general membership, the Commissioner of Labour and the CGIR. In addition all private provident funds such as the MSPS are governed under the provisions of the Employees Provident Fund Act (EPF Act) and any regulations issued under the Act and to such other regulations issued by the CGIR under the Inland Revenue Act. The Committee is empowered to make policies within the Rules for the day to day management of the Fund. The Rules of the MSPS and the EPF Act along with other regulations issued are available on this site.
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Under the Rules of MSPS the Ceylon Chamber of Commerce remains the Trustee of MSPS. As mentioned above it has a management Committee and the Chairman and the Secretary are appointed by the Ceylon Chamber of Commerce. The Vice Chairman and the Deputy Vice Chairman of the Ceylon Chamber of Commerce are members of the management Committee. The other two members of the management Committee are also appointed by the Ceylon Chamber of Commerce whilst four members are elected by the employees.
The funds of MSPS are managed by the Secretary and the administrative staff. Currently there are twelve employees headed by a CEO overlooking the day to day activities such as investments, payment for retired members, loans, insurance etc.
| Name | Designation | Appointed Under MSPS Rules |
|---|---|---|
| Mr. D.S.T.H. Mudalige | Chairman | Rule 7 (i) (a) |
| . S.S.H. Wijayasuriya | Member of Committee | Rule 7 (i) (b) |
| Mr. V. Govindasamy | Member of Committee | Rule 7 (i) (b) |
| Mr. D.A. Cabraal | Member of Committee | Rule 7 (i) (c) |
| Mr. E.A.P. Ekanayake | Member of Committee | Rule 7 (i) (c) |
| Mr. C.L.T.P. Rupasinghe | Member of Committee | Rule 7 (i) (d) |
| Ms. E. Sirimanne | Member of Committee | Rule 7 (i) (d) |
| Mr. H.D.D. Gunasekara | Member of Committee | Rule 7 (i) (d) |
| Mr. V. Manathunga | Member of Committee | Rule 7 (i) (d) |
| Mr. D.K. Hulangamuwa | Secretary |
| Mr. A. Goonetilleke | Chief Executive Officer |