State Trading Organization (STO) has the strongest record of corporate governance compliance among companies listed on the Maldives Stock Exchange, according to the 2025 Corporate Governance Review that the Capital Market Development Authority (CMDA) released.
STO scored a compliance rate of 97.5% in the review. CMDA prepared the report on companies that published their 2025 annual reports and audited financial statements by 30 June 2026.
The companies in the review averaged a compliance rate of 93%.
CMDA highlighted several areas where STO showed a high level of transparency. The review noted that STO’s directors completed training programmes in 2025, with the company spending around MVR 1 million on them. CMDA said this was the most comprehensive disclosure on director training in the market.
The report also pointed to STO’s internal audit structure, and named STO as the only company that fully met the requirement for one-third of its board to stand for re-election every year.
The Maldives Sustainability Reporting Framework becomes mandatory from the 2026 reporting cycle. The report noted that STO is one of the only two companies already publishing sustainability information in line with the framework.