CMDA states that government will cooperate to appoint more females to boards of directors

The Capital Market Development Authority (CMDA) has had confirmation it will receive complete government support in its initiative to appoint more females to the boards of directors of various companies.

The CMDA stated that in meetings with its CEO President Abdulla Yameen has agreed to support the authority’s initiative to introduce changes to the Corporate Governance Code, making it obligatory that 30 percent of all company boards registered with the authority by 2016 must be female.

The development authority further stated that 24 percent of participants in the director training and corporate governance awareness programmes held to date are female. Thereby, the authority is confident that there are a high number of qualified and capable female professionals in the country.

The authority further revealed that it has plans to conduct training to increase female participation in company boards.