MMA Amends Regulation to Allow Political Appointees on Financial Institution Boards

The central bank, Maldives Monetary Authority (MMA) has gazetted amendments to the ‘Regulation on Corporate Governance for Banks, Insurance Companies and Finance Companies (2024/R-65)’, allowing political appointees to serve on their boards.

Previously, political appointees of the President were barred from serving on these boards.

The second amendment, gazetted on August 8, 2024, now allows individuals who are not leaders of political parties or senior officials in State institutions to hold board positions. This means that State Ministers and other political appointees can now serve on these boards. The MMA made these changes based on the recommendation of the Privatization and Corporatization Board.

Source: The Edition