The Capital Market Development Authority of Maldives have come up with a Corporate governance Code for Maldives.
I had the privilege of attending a workshop organised by the CMDA to make the enterprises aware of this code. The participants had the opportunity to give their feedback and contribute to the contents of this code. As mentioned by the CEO of CMDA, Fathimath Shafeeqa, and agreed by the participants this code is not complete yet and this will be a developing code and will be continuously reviews and as and when the corporate culture changes it could be strengthen by means on legislation.
Shafeeqa and her Teams effort has to be appreciated in a time when Maldives is hitting the headlines as many public enterprises has been accused of fraud and non- compliance to corporate governance.
Famous Cases include the the bankruptcy of Air Maldives and also scandals of insider trading in STO, MIFCO and MTCC. This is a hurdle to develop capital market in Maldives.
The first Public Limited Company listed in Maldives to do Tourism Business, Maldives Tourism development Company - MTDC, is been Accused of so many fraud and lack of good governance at all. This is a serious issue and Maldivian Public Companies and Public enterprises need to be more transparent and the Authorities need to take such scandals seriously if they want to develop capital market in Maldives.
Please find the CMDA Corporate Governance Code in the following link and send me your comments on this blog.
http://www.cmda.gov.mv/Images/Documents/Cgov/CGCode20070423ENG.pdf
I had the privilege of attending a workshop organised by the CMDA to make the enterprises aware of this code. The participants had the opportunity to give their feedback and contribute to the contents of this code. As mentioned by the CEO of CMDA, Fathimath Shafeeqa, and agreed by the participants this code is not complete yet and this will be a developing code and will be continuously reviews and as and when the corporate culture changes it could be strengthen by means on legislation.
Shafeeqa and her Teams effort has to be appreciated in a time when Maldives is hitting the headlines as many public enterprises has been accused of fraud and non- compliance to corporate governance.
Famous Cases include the the bankruptcy of Air Maldives and also scandals of insider trading in STO, MIFCO and MTCC. This is a hurdle to develop capital market in Maldives.
The first Public Limited Company listed in Maldives to do Tourism Business, Maldives Tourism development Company - MTDC, is been Accused of so many fraud and lack of good governance at all. This is a serious issue and Maldivian Public Companies and Public enterprises need to be more transparent and the Authorities need to take such scandals seriously if they want to develop capital market in Maldives.
Please find the CMDA Corporate Governance Code in the following link and send me your comments on this blog.
http://www.cmda.gov.mv/Images/Documents/Cgov/CGCode20070423ENG.pdf
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