Abstract: This study endeavored to identify the nexus between the characteristics of director board and performance of corporations listed in Colombo Stock Exchange, Sri Lanka. The rationale for this study was firstly, the increasing concerns led towards the director board characteristics in corporate governance framework and secondly, the mix and controversial findings reported on the context of board characteristics of corporations and financial performance. Thus, the current study was conducted with the hypothesis of a significant relationship to be existed between board characteristics and financial performance of listed companies in Sri Lanka. Three characteristics; the board size, composition and CEO duality as the independent variables and two accounting measures, return on Assets, and Return on Equity and a market measure, Tobin’s Q as the dependent variables were considered in this study.