Corporate Governance Regulation on banks and financial institutes has been amended to now allow political appointees on their boards.
Corporate Governance Regulation on banks and financial institutes has been amended to now allow political appointees on their boards.
An amendment published by the central bank Maldives Monetary Authority states that board positions can be filled by persons who are not leaders of a political party or a senior official at a State institution.
The regulations previously said that political appointees of the President cannot serve on the boards of financial institutes.
With this recent change, now State Ministers and other political appointees can serve on the boards of such institutions.
It has been reported that MMA brought these changes on the recommendation of the Privatization and Corporatization Board.
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