The Privatisation and Corporatization Board (PCB) has announced the creation of a pool of Non-Executive Directors (NEDs) for State-Owned Enterprises (SOEs). This initiative aims to enhance the governance and oversight of SOEs by appointing highly qualified individuals to the Accounting and Finance positions on their Boards of Directors.
Responsibilities and Duties
The main responsibilities and duties of the appointed directors will align with the stipulations of the Company Act, the Articles of Association of the respective companies, and the Corporate Governance Code. These roles come with significant responsibilities and liabilities, ensuring that the appointed directors uphold the highest standards of corporate governance and contribute effectively to the strategic direction and oversight of SOEs.
Selection Criteria
Directors will be selected from the pool based on their educational background and professional experience. The “Rules on the Appointment and Removal of Government Representatives by the Privatisation and Corporatization Board” will guide this selection process. This rigorous process ensures that only the most qualified and experienced individuals are appointed to these critical roles, thereby enhancing the overall governance framework of SOEs.
Application Process
Interested candidates must submit their applications by completing the online form provided in the notice. Submissions must be sent to the board’s email, info@pcb.gov.mv, no later than 15 July 2024 at 13:00. This deadline is crucial for ensuring that the PCB can review all applications thoroughly and make timely appointments.
Enhancing Corporate Governance
This move by the PCB illustrates its commitment to strengthening the corporate governance structures within SOEs. By creating a pool of highly skilled Non-Executive Directors, the PCB aims to bring in fresh perspectives and robust oversight, which are essential for the effective functioning and accountability of these enterprises.
The PCB encourages qualified professionals with a background in accounting and finance to apply and contribute to the governance of SOEs. This initiative not only aims to strengthen the governance of SOEs but also to ensure that these enterprises operate with the highest standards of accountability and transparency.
For more information, please visit the gazette link or reach out to them via email at info@pcb.gov.mv.
