PCB formulates unified corporate governance code

Privatisation and Corporatisation Board (PCB) is working on formulating a unified corporate governance code for, the parent body of state-owned enterprises told a parliamentary committee on Tuesday.

Speaking at the parliament's state-owned enterprises committee, PCB president Asim Mohamed said the corporate code of governance was formulated and implemented in May 2019. He, however, added that companies have complaints.

"For example, a listed company, if it's a bank, if it's BML, you have to follow three codes. These are the PCB's code, MMA's code and CMDA's code. It's going to be very stressful for the companies," he said.

Asim said that they have decided to formulate a single unified corporate governance code called the Corporate Governance Code of Maldives.

Asim said he was in talks with the central bank, Maldives Monetary Authority (MMA) and Capital Market Development Authority (CMDA) to discuss the issue.