Changes in the Requirements of Directors Report by Economic Ministry

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The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors Report of Private Companies incorporated under the Companies Act of the Maldives.

Prior to this guideline, Section 66 of the Companies Act required the preparation of the Directors Annual Report with information prescribed under Section 66(b). The published guideline now requires private companies to provide additional information such as employment details of the employees, any cases brought against the companies in the courts, any changes brought to the Articles of Association and Memorandum of Association and any other information indicated under the 12 points under section 1 of the Guideline.

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The Guideline on preparing the Directors Report can be found under the announcements section of the website of the MED.

by: CTL Strategies

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