TM Releases Corporate Governance Transparency Index

The vast majority of State Owned Enterprises (SOEs) in the Maldives have failed to disclose corporate governance mechanisms on their website in 2023, Transparency Maldives (TM) revealed.

The NGO revealed findings of Corporate Governance Transparency Index – a study of 32 SOEs listed under Ministry of Finance for the year ended on 31st December 2022.

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Corporate Governance Transparency Index (CGTI) is a tool developed by TM that evaluates the level of disclosure of corporate governance mechanisms of State-Owned Enterprises (SOEs).

Based on international best practices, the framework scores & rates 38 variables against 6 indicators that measure the quality of information, accessibility, reliability, completeness, & timeliness.

According to TM, more than 20 of the 32 SOEs scored below 40 percent and none scored over 80 percent or was rated as excellent.

Some of the observations highlighted by TM include:
Lack of disclosure on key governance documents and operational and anti corruption policies
Lack of timely disclosure of annual and financial reports
No uniformity in disclosed information and limited options to verify timeliness of information.

The Index and assessment reports published by TM is part of a project called “Maldives: Enhancing Practices of Business Integrity” – a project supported by a grant from the Center for Intenational Prviate Enterprises in Washington, DC.