Sunday
8th Sep 2024
Dhivehi Edition
News
Privatisation and Corporatisation Board Introduces Awards to Enhance Governance in State-Owned Companies
Privatisation and Corporatization Board.
The Privatisation and Corporatisation Board (PCB) has introduced a policy to award state-owned companies in five distinct areas to enhance governance and operational effectiveness. These awards aim to recognize and promote excellence in governance and management within these entities.
The five award categories introduced by the PCB are:
- Excellence in Governance
- Outstanding Progress
- Outstanding Board Chairman
- Outstanding Managing Director
- Outstanding Company Secretary
According to the PCB, the awards are designed to motivate state-owned companies to fully comply with the principles outlined in the Code of Corporate Governance. "The purpose of the award is to encourage all state-owned companies to adhere strictly to the Code of Corporate Governance and to recognize those companies and individuals who exemplify these principles," the PCB stated.
The specific awards for Outstanding Board Chairman, Outstanding Managing Director, and Outstanding Company Secretary will be awarded one year after the implementation of the rules. Nominations for these awards will be made by state-owned companies in accordance with the Code of Corporate Governance for State-Owned Enterprises.
The PCB also clarified that companies that have not published their annual reports, have not held their annual general meetings, or have had corrective actions imposed by the PCB will not be eligible for nomination. The winners of the five awards will be selected by the corporate governance awards committee.