Maldives allows politicians on financial sector boards
The central bank, Maldives Monetary Authority (MMA), has gazetted the amendments to the rules on Sunday.
The corporate governance rules of banks, insurance companies and financial companies have been amended to allow politicians to serve on the boards of banks, insurance companies and financial companies.
The central bank, Maldives Monetary Authority (MMA), has gazetted the amendments to the rules on Sunday.
With effect from the date of gazettement of the amendment, political office bearers other than cabinet ministers, heads of independent institutions and senior political party officials can be appointed to the boards of banks, insurance companies and financial services companies.
Previously, the rules prevented the following members from sitting on the boards of banks and other financial institutions:
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Any person appointed by the president to a position in any ministry
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A person appointed by the president to head any government institution
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Senior political appointees in political parties
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Heads of institutions empowered by laws
The Privatisation and Corporatisation Board (PCB) has recently sent a letter to the MMA saying that it is not a problem to amend the rules to allow policy level personnel to be appointed to government companies as they provide vital services to the people for government strategic decisions and other basic needs.
