Achievement
Starting in 2002, the Maldives has successfully introduced many of the laws and institutions required for fully functioning capital markets. In 2006, the Capital Market Development Authority (CMDA) was formed as an independent institution, key laws have been enacted, and a new code of Corporate Governance has been launched. There are now four active listed companies, who comply with good practice in a number of areas and produce high quality annual reports. These reforms reflect the government’s longer term goal of attracting foreign listings and foreign capital to Maldivian companies both through the Maldives Stock Exchange and listing abroad. They also underpin other key reform efforts, including SOE performance management and privatization, and the introduction of the new pension system.
