The Minister of Finance Ibrahim Ameer has said that the Maldives government is monitoring the compliance of all state-owned enterprises (SOEs).
The minister in a written response to a question from parliament member Ibrahim Rasheed said the state is monitoring if all SOEs were compliant with the Corporate Governance Code.
Minister Ameer further explained that the government implements the policies through a “Comply or Explain” approach and regularly monitors the compliance level of SOEs. He said that the Ministry of Finance publishes an annual report detailing reviews of the SOEs and their adherence to the policies.
Currently, there are a total of 32 SOEs operating in various economic segments in the Maldives. These SOEs include fully state-owned and partially-owned companies.
While some of the major SOEs generate significant annual profits, such as the State Trading Organization (STO), Maldives Transport and Contracting Company (MTCC), and Maldives Airports Company Limited (MACL), a few of them conclude their fiscal years with low profit margins.