The Corporate Governance Code was published by CMDA in 2008.
CMDA’s objective for introducing the code is to ensure companies listed on the Maldives Stock Exchange are well governed, upholding the core principles (responsibility, accountability, fairness & transparency) of corporate governance in conducting business, which would prepare them to be globally competitive, and maintain and promote investor confidence both locally& internationally.
Applicability of the CG code
The code applies to all companies listed on the Maldives Stock Exchange.
All companies, especially those that intent to be listed on the Maldives Stock Exchange can voluntarily adopt the code under the assistance of CMDA.
Amendments to CG Code
New amendments were proposed to section 1.3, 1.6 and section 10 of the CMDA Corporate Governance Code in 2014.
The new amendments were proposed to increase female representation of women on Boards of companies and to encourage sustainable business activities through a voluntary compliance provision introducing sustainable reporting in the Corporate Governance Code.