Interview with Ms. Stasshani Jayawardena (Chairperson/ Chairman) and Dr. Parakrama Dissanayake (Deputy Chairman and Managing Director), Aitken Spence PLC, Sri Lanka

22 Oct Interview with Ms. Stasshani Jayawardena (Chairperson/ Chairman) and Dr. Parakrama Dissanayake (Deputy Chairman and Managing Director), Aitken Spence PLC, Sri Lanka

The group recently lost its visionary leader, the late Chairman. How do you view his legacy, and how is it guiding the company’s strategy today?

The late Harry Jayawardena was a towering figure whose transformative leadership helped shape Aitken Spence into one of Sri Lanka’s most respected and diversified conglomerates. But, more than simply a visionary entrepreneur, he was deeply committed to empowering people and uplifting communities; principles that earned him national and international recognition, including the title of Deshamanya, Sri Lanka’s highest honour, and a knighthood from Her Majesty Queen Margrethe II of Denmark.

Known for his hands-on approach and meticulous attention to detail, his leadership instilled a strong sense of responsibility, discipline, and accountability across the Group. He was also a pioneer in embedding sustainability into core business strategies, long before it became a global imperative, ensuring that our growth strategy was both responsible and inclusive.

Perhaps, most enduring of all was his belief in people. He had a unique ability to identify potential, encouraging cross-functional exposure, and fostering a culture of ownership. This focus on talent development empowered individuals to grow alongside the company and contribute meaningfully to its long-term success.

Today, his values of resilience, integrity, community engagement, and long-term thinking define our organisation’s ethos and continue to shape the way we lead and grow.

Aitken Spence has been part of Sri Lanka’s private sector story for over 150 years. Looking back, what defining moments shaped its transformation into a diversified conglomerate?

Aitken Spence has always embraced change. Our 157-year journey is a legacy of continuous transformation, built on innovation, strategic foresight, and a deep commitment to national development. Each phase of our evolution has been marked by bold decisions, whether pioneering new industries or expanding Sri Lankan enterprise beyond our shores.

We were among the first to recognise the potential of tourism in Sri Lanka, opening the country’s first five-star beach resort, Triton Hotel (now Heritance Ahungalla) in 1981. In 1993, we became the first Sri Lankan hotel operator to expand overseas with the acquisition of Bathala Island Resort in the Maldives; marking a milestone in our journey as a regional hospitality leader. Perhaps still more critically, the concept and design of Heritance Kandalama arguably redefined sustainable tourism standards, setting a global benchmark for eco-friendly, responsible tourism.

Aitken Spence’s ventures in port management also positioned the Group as the first Sri Lankan company to enter international public-private partnerships in maritime services. In 2013, the sector marked a key milestone, joining with the Fiji Ports Corporation to oversee the repair and operation of the Suva and Lautoka ports. This proved to be a mutually defining moment, transforming the ports’ operations, driving productivity and boosting efficiency through the implementation of global best practices.

Indeed, we’ve consistently been catalysts for change, building the world’s first LEED Gold certified hotel outside of the USA, launching the region’s first carbon-neutral green printing facility, and developing Sri Lanka’s first and only waste-to-energy power plant. This last initiative, in particular, articulates Aitken Spence’s evolving focus on progress through innovation and development. Solid waste in Colombo and the Western province, home to over six million people, has been a perennially dangerous issue, ultimately proving fatal in Meethotamulla, in 2017, when a collapsed waste mound claimed 32 lives. Built in the aftermath of that tragedy, the waste-to-energy power plant now safely incinerates 600 to 800 metric tons of municipal solid waste every day; waste that would have otherwise ended up in landfills, polluting vital ecosystems, spoiling groundwater, and poisoning people in one of the country’s most densely populated regions.

More than just a technical achievement, this project has improved the quality of life across Colombo, making communities cleaner and safer for future generations, while generating vital power for the national grid.

Such milestones reflect more than just innovation—they speak to a mindset that’s always looking ahead, backed by strong governance and a culture of collaboration. As the only company to be ranked among Sri Lanka’s Top 10 Corporate Citizens for 19 consecutive years, our transformation into a diversified conglomerate has been defined not just by commercial success, but by a long-standing commitment to sustainability and inclusive growth.

Diversification has long been a hallmark of Aitken Spence. How do you decide which sectors to expand into, and how do you balance risk across such a wide portfolio?

For Aitken Spence, diversification is not just a strategic choice, it’s embedded in our DNA. With operations across 12 countries and over 40% of our consolidated revenue generated from overseas markets, geographic and sectoral diversification have become key strengths, enabling us to remain agile and resilient in the face of shifting economic, national, or geopolitical challenges.

Our approach to expansion is grounded in a rigorous evaluation framework that considers both opportunity and long-term value creation. We look closely at where we can build on our core strengths, whether that’s in logistics, hospitality, power, or services, while ensuring alignment with national priorities and global sustainability goals. For instance, our entry into the Maldives during a period of local instability was both a strategic response and a defining moment that highlighted our ability to identify growth beyond borders.

We also employ comprehensive tools like PESTEL analysis to assess the external environment before entering new markets or sectors. But, just as importantly, we rely on the experience and insight of a diverse leadership team, supported by strong governance structures and a proactive risk management framework.

Risk is managed through robust internal controls, led by industry experts in finance, audit, and operations. This includes continuous monitoring, scenario planning, and adaptive strategies that allow us to respond effectively to emerging risks while pursuing long-term growth.

Ultimately, diversification at Aitken Spence is about building sustainable value—balancing opportunity with discipline, and ambition with responsibility.

Renewable energy has become increasingly central to your strategy. Could you share how Aitken Spence is investing in solar, hydropower, or waste-to-energy projects, and their importance for both sustainability and profitability?

Investing in renewable energy is key to our long-term strategy, both from a sustainability and profitability standpoint. Today, all of Aitken Spence’s power operations are in the renewable sector, following our strategic exit from thermal energy through the disposal of Ace Power Embilipitiya, a 100 MW thermal power plant.

Our current renewable energy portfolio spans solar, hydropower, wind, and waste-to-energy projects across Sri Lanka, generating over 117.7 GWh annually to the national grid. In FY 2024/25 alone, we contributed 645,523 GJ of green energy through a combined 22.1 MW renewable capacity, reinforcing our commitment to clean energy transition.

One of Aitken Spence’s flagship initiatives is Sri Lanka’s first and only waste-to-energy power plant, which not only produces renewable energy but also addresses a critical environmental challenge. In the past year, it diverted over 178,000 metric tons of municipal solid waste away from landfills, helping to protect vital wetland ecosystems around Colombo. The project was recognised as an ‘Impact Story’ at the UN Global Compact’s Forward Faster Now: Asia & Oceania conference, underscoring its wider relevance.

As we look ahead, our focus remains on scaling clean energy solutions that reduce carbon emissions, align with national sustainability goals, and deliver long-term value to our stakeholders.

Sustainability is a declared priority for Aitken Spence, with commitments such as net-zero by 2030. How are ESG goals integrated into your operations across sectors, and what progress have you achieved so far?

Sustainability has long been a priority at Aitken Spence, guided by our Integrated Sustainability Policy. Its implementation framework balances Group-wide consistency with sector-specific flexibility, enabling each business to act on what is most material to its operations. Over time, supported by leadership commitment, robust management systems and cross-functional teams, this has allowed us to embed sustainability into day-to-day decisions and build maturity across our diverse portfolio.

With this foundation in place, we are now moving to the next level through global commitments such as the Science Based Targets initiative (SBTi), aligning our climate ambitions with the 1.5°C pathway.

Our direction is shaped by the Spence IMPACT strategy — focusing on Inclusive Development, Mitigation of adverse impacts, Partnerships for progress, Accountability, Community development, and Transformation through sustainability — and reinforced by alignment with the UN Global Compact, Women’s Empowerment Principles, and seven priority SDGs. These frameworks ensure our progress is not only credible but also aligned with global standards, while strengthening our ability to contribute meaningfully to both local and international development priorities.

In recognition of our commitment to sustainability, Aitken Spence was honoured with the prestigious Grand Slam Award and inducted into the Hall of Fame, for winning the Best Corporate Citizen Sustainability Award five times, by the Ceylon Chamber of Commerce.

Across such diverse sectors, what do you see as Aitken Spence’s main competitive advantages—what makes you consistently succeed in each industry you enter? 

Our strength comes from deep local knowledge, global partnerships, and a culture of operational excellence. Whether in tourism, logistics, or energy, we leverage talent, technology and trust to deliver consistent results. Our ability to adapt, innovate, and lead responsibly sets us apart in every industry we enter.

Indeed, perhaps the key element of our success, across such a broad spectrum of diversified interests, lies in a realisation of the vital advantage afforded by our multi-generational teams. Aitken Spence is, at its core, a melting pot, embodying five generations of dedicated professionals. As a Group, our critical competitive edge comes from harnessing these different perspectives and insights, recognising the invaluable resource that they represent, rather than perceiving them as a dissonant challenge to overcome.

Building a future-ready, corporate culture requires exactly such a mindset, and at Aitken Spence we pride ourselves on attracting, retaining, and developing talent. In many ways this is our unique selling point. Our staff are the foundation of our excellence and, as such, we have placed our focus on uplifting them, nurturing their talents through cross-exposure training, and fostering a spirit of cultural transformation, so that everyone is given a platform. Whether it is through professional training programmes, Human Resource led surveys, open forum workshops, or dedicated steering committees, we prioritise giving our people a voice and the opportunity to grow. This, in essence, is what sets us apart as an organisation.

Accordingly, in conjunction with the Group’s emphasis on empowering human capital, is the strength and longevity of our strategic partnerships. We have consciously aligned with leading global companies, such as TUI, OTIS, RIU, Western Union, Hapag-Lloyd, and Singapore Airlines – many of these partnerships have indeed lasted for decades. Because, these relationships are built on a foundation of trust, shared values, and a consistent focus on delivering long-term value. For instance, our partnership with Lloyd’s of London, has been ongoing since 1876, which highlights our ability to cultivate enduring relationships that stand the test of time and adapt through changing market landscapes.

Indeed, we are deliberate in selecting partners who uphold the same principles we do: integrity, long-term thinking, and responsible growth. That critical alignment not only strengthens our collaborations but also enhances the value that we deliver to our stakeholders. It is this consistency in values and execution that has made Aitken Spence one of the most trusted and respected brands in Sri Lanka and the wider region, and that trust, in turn, gives us a distinct competitive advantage wherever we operate.

By collaborating with partners who share our standards and aspirations, we are able to maintain consistently high levels of execution across all markets, accelerate innovation, and respond more effectively to emerging global challenges. It also reinforces the trust that stakeholders place in us, be they customers, governments, or investors, solidifying our reputation as a dependable and principled business leader.

This trust has become a key source of our competitive advantage. It allows us to enter new sectors and geographies with credibility, attract top-tier talent and partners, and build long-term stakeholder relationships that endure through market cycles. In an increasingly complex and interconnected world, we believe that trust, earned through consistency, value alignment, and performance, is among the most powerful differentiators a company can have.

For potential foreign and domestic investors looking at Sri Lanka, why is Aitken Spence an attractive partner?

At a moment in which Sri Lanka is experiencing a robust economic rebound, Aitken Spence stands out as a uniquely attractive partner, offering a unique blend of stability, transparency, and long-term growth potential.

With a diversified portfolio spanning key sectors such as tourism, logistics, energy, and plantations, we provide investors with broad exposure to both established and emerging industries. Our deep roots in Sri Lanka’s economy are complemented by an entrenched regional presence, offering our partners strategic access to dynamic regional markets and high-growth sustainable ventures.

At the core of our appeal is our unwavering commitment to strong governance and integrity. We have built a reputation for maintaining the highest standards of business ethics, regulatory compliance, and transparency, all of which underpin investor confidence. Moreover, we are pioneers in embedding sustainability into our business model, leading corporate responsibility initiatives that align profitability with positive social and environmental impact.

In essence, Aitken Spence is a company that has not only stood the test of time but continues to evolve with resilience and foresight. For investors looking to engage with Sri Lanka’s vibrant economy, partnering with us means collaborating with a trusted, forward-thinking organisation, dedicated to creating sustainable value and shared success.

Looking ahead, what are your strategic priorities for the next five to ten years, and how do you see Aitken Spence contributing to Sri Lanka’s broader economic recovery and growth?

Looking ahead, Aitken Spence is entering a pivotal period of transformation; one that positions us to meet the evolving demands of the future while reinforcing our longstanding commitment to sustainable growth and responsible corporate stewardship.

Over the next five to ten years, our foremost strategic priority is to become Sri Lanka’s first diversified conglomerate to achieve net-zero emissions. This ambition reflects not only our commitment to environmental responsibility but also our belief that long-term business resilience is inextricably linked to sustainable practices. At the same time, we are focused on deepening our presence across emerging Asian markets, where we see considerable potential for value creation and impact. The lasting success of the organisation is, in no small part, built upon our willingness to seek opportunities beyond our own shores.

However, we are also keenly aware that we have a vital role to play in Sri Lanka’s economic recovery. The enduring resilience of Aitken Spence, the trust that we have earned over the course of our 157-year history and, yes, our regional footprint positions us to serve as a catalyst for national development, creating meaningful employment opportunities, championing innovation, and supporting critical infrastructure development. This will necessitate harnessing Sri Lanka’s natural comparative advantages, such as the strategic maritime positioning of our ports and the vibrant potential of our tourism sector, to drive investment and spur long-term growth.

Through our international partnerships, remittance platforms such as Western Union, and our expanding overseas operations, we are working to channel foreign exchange and investment back into the country, helping to ease trade and fiscal imbalances, while generating returns that benefit both our shareholders and the broader economy.

Ultimately, our vision is aligned with the national agenda: to build a resilient, inclusive, and sustainable future. As we move forward, we remain committed to creating long-term value for our stakeholders and uplifting the communities we operate in, at home and across the region.