Corporate code amended to increase female board members

The Capital Development Market Authority has today announced amendments to the Corporate Governance Code, mandating all publicly listed companies to have at least two female board members.

Local media has reported that just three of the seven companies currently listed on the Maldives Stock Exchange have any female board member, with just two of these having the required number.

The governance code had also been amended to include a Comply or Explain clause which requires all boards to have one third female board members