Regulatory Alerts2025-10-28
Regulation on Corporate Governance for Banks, Insurance Companies and Finance Companies
The Maldives Monetary Authority issued Regulation 2020/R-59 to establish minimum corporate governance standards for licensed banks, insurance companies, and finance companies. The regulation mandates specific board composition requirements, including a majority of non-executive directors, independent directors, and a Maldivian member, while defining strict fit and proper criteria for appointments. It further outlines detailed responsibilities for the Board of Directors and Senior Management, covering strategic oversight, risk management frameworks, committee structures, and conflict of interest protocols.
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