Pension office publishes new regulation for board appointments

The Maldives Pension Administration Office (MPAO) has gazetted a new regulation setting out the procedure for appointing members to its board.

According to the Pension Office, the regulation is intended to ensure that board appointments are carried out through an independent, fair and transparent process and that appointees meet the required qualifications.

Under the regulation, a Nomination Committee will assess applicants and determine whether they satisfy the eligibility criteria before recommending candidates to the President for appointment.

The committee will be formed each time a board vacancy arises and will consist of:

The regulation states that each member of the Nomination Committee will receive a sitting allowance of MVR 1,500 for every meeting attended.

The regulation also sets out timelines and procedures for filling vacancies.

Applications for the positions of Board Chairperson and private sector representatives must be publicly announced at least two months before the expiry of a member's term. Where a member resigns or a vacancy arises for another reason, applications must be opened within seven days.

For the positions of Board Chairperson and private sector representatives, the Nomination Committee must submit a minimum of two and a maximum of three candidates for each post to the President.

In the case of members nominated by government ministries, the committee will assess the nominees and forward at least one name from each ministry for consideration.

The regulation further assigns the Securities Market Regulator responsibility for verifying that candidates recommended by the Nomination Committee meet all legal requirements.

The new regulation came into effect on Monday.