New criteria for CFO, CIO appointments in SOEs

The Privatisation and Corporatisation Board (PCB) has introduced new eligibility criteria for the appointment of Chief Financial Officers (CFOs) and Chief Internal Auditors (CIOs) at state-owned enterprises (SOEs) in the Maldives.

According to a circular issued by the PCB on Monday, the revised rule is intended to expand the pool of eligible candidates for these posts. The circular outlines a new set of minimum requirements that applicants must meet.

In addition to the revised qualifications, the PCB has also developed a new procedure for both the appointment and dismissal of CFOs and CIOs. The objective, according to the Board, is to ensure that appointed personnel possess the necessary education and experience to fulfil their responsibilities to the company, its shareholders, and other stakeholders.

The PCB stated that the regulation was introduced under the mandate to strengthen the governance framework of government-owned companies, government holding companies, and commercial state entities.

The rule came into force upon its issuance, thereby repealing the previous eligibility criteria for the position of Chief Internal Auditor at SOEs. The new framework will apply to all relevant appointments going forward.