Page last modified on Sep 17, 2009
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Upon the request of the CMDA, the World Bank Group is undertaking a ROSC (Reports on the Observance of Standard Codes) assessment in Maldives on Corporate Governance.
Corporate governance has been adopted as one of twelve core best-practice standards by the international finance community. The World Bank is the assessor for the application of the OECD principles of Corporate Governance. Its assessments are part of the World Bank and International Monetary Fund (IMF) program on ROSC.
The goal of the ROSC initiative is to identify weakness that may contribute to a country's economic and financial vulnerability. Each Corporate Governance ROSC assessment reviews the legal and regulatory framework, as well as practices and compliance of listed firms, and assesses the framework relative to an internationally accepted benchmark.
The progress of ROSC Assessemt :
1.The first phase of the assessment, collect information about the local Corporate Governance framework is complete.
2. The first draft of the report is completed.
3. A mission of the World Bank visited CMDA to discuss the ROSC in May.
4. Draft ROSC is now received by CMDA.
5. The final report will be available towards the end of the year.
The initial findings states that the framework for corporate governance in the Maldives compares favorably to other countries in South Asia with smaller capital markets.
