Abstract: With the rapid growth of financial service sector and past experience of distress of financial service companies in Sri Lanka, this study motivates to investigate the relationship between the corporate governance structure and performance of 59 listed financial service companies in Colombo Stock Exchange during the period of 2014-2017. Tobin’s Q and Return on Assets are used as financial performance measures. Our findings show that managerial ownership is significantly associated with the market performance measure but not with accounting performance measure.