State Trading Organisation (STO) has recorded the highest corporate governance compliance rate among companies listed on the Maldives Stock Exchange, according to the 2025 Corporate Governance Review released by the Capital Market Development Authority (CMDA).

STO achieved a compliance rate of 97.5 percent, compared with an average of 93 percent among the companies reviewed. STO leads listed companies in corporate governance review

The review covers companies that had published their 2025 annual reports and audited financial statements as of 30 June 2026.

CMDA highlighted STO’s disclosure of its director training programme, which had trained eight directors by 2025. The authority said STO had provided the most comprehensive information on director training among the companies reviewed.

The report also noted that STO was the only company to achieve full compliance with the internal audit framework and the requirement for three-quarters of its board of directors to be elected annually.

The review further noted that the Maldives Sustainability Reporting Framework will become mandatory for the 2026 reporting cycle.