PCB Review Ranks Island Aviation Top as State Firms' Governance Compliance Rises to 78 Percent
The Privatization and Corporatization Board's review of 21 state-owned companies found that nine had not prepared their 2024 annual reports, and that only 45% of the information they must publish was on their websites.
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Island Aviation Services followed more of the governance code for state-owned enterprises (SOEs) than any other state company last year, scoring 98%, according to a review published by the Privatization and Corporatization Board (PCB) on 10 November.
The Corporate Governance Compliance Review 2025 assessed 21 SOEs against the PCB's 2019 Code of Corporate Governance and related circulars, using data as at 31 December 2025. On average, the companies followed 78% of the code's provisions, up from 68% in the 2023 review, which covered 24 companies.
The PCB said it also reviewed the sector in 2024, but did not publish that review, mainly because of resource constraints and ongoing reforms.
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Maldives Ports Limited was second at 97%, followed by Aasandha Company at 93% and Maldives Innovation and Digital Company (MINDCo) at 90%. Malé Water and Sewerage Company scored 89%, STELCO 88% and Maldives Post 87%. Visit Maldives Corporation and Maldives Airports Company each scored 85%.
The Development Bank of Maldives scored lowest, at 45%. The Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation scored 50%, Addu International Airport 64% and FENAKA 68%. Housing Development Corporation scored 72%, nine points lower than in 2023.
The company scores leave out board composition, because the PCB, not the companies, appoints directors. Of the 18 companies assessed in both reviews, 15 improved. Maldives Post rose by 33 points, MINDCo by 30 and Island Aviation by 10.
The PCB found disclosure and transparency to be the weakest areas. On average, 45% of the information SOEs must publish was on their websites, up from 29% in 2023. Some websites had sections for mandatory disclosures with missing documents or broken links.
Nine SOEs had not prepared their 2024 annual reports by the end of 2025. Of the 12 that had completed their 2024 external audits, 11 held an annual general meeting, and only four did so before 31 May. The report said delayed audits were the main reason meetings were not held.
Using Auditor General's Office data as at 5 November 2026, the report lists nine companies with 19 audits still pending at the end of 2025. Business Center Corporation, Public Service Media, Road Development Corporation and Waste Management Corporation each had audits outstanding for 2022, 2023 and 2024. Several of these audits were completed during 2026.
Step Back
The 21 companies had 124 directors at the end of 2025, of whom 29 were women. Three boards had no women, and only five SOEs had fully constituted boards. All directors had completed the Capital Market Development Authority's training programme at 10 companies, and had completed their asset declarations at seven.
Two SOEs had no internal audit function, and two had not set up risk management in any form. Nineteen had a chief financial officer, and 16 of those met the PCB's requirements. Seven companies had no annual business plan, and six had no long-term strategic plan.
Companies listed on the Maldives Stock Exchange and companies set up during the year were not assessed. Fahi Dhiriulhun Corporation was left out because it did not submit its assessment on time.
The PCB said the scores were based mainly on self-assessments completed by company secretaries, and that it could verify only a limited portion of the information.
