STO Announces Opening for Board Directorship

The State Trading Organization (STO) announced on Sunday that applications are now open for a position on the corporation’s Board of Directors. The directorship term will run from 2024 to 2025 in accordance with STO’s Memorandum of Association (MOA).

The MOA outlines the appointment of seven directors: one to represent general shareholders and six to represent the state or main shareholders. STO is encouraging interested individuals who have the necessary education, knowledge, and experience in business management and commerce to apply.

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In alignment with the Corporate Governance Code by the Capital Market Development Authority (CMDA), STO is especially encouraging female applicants in an effort to increase gender inclusiveness.

Eligibility Requirements

To be eligible for the position, applicants must meet the following criteria:

  • Be a registered shareholder or nominee from a shareholder company (nominees require board resolution approval)
  • Be a Maldivian national
  • Be at least 30 years of age
  • Comply with the Companies Act and the Corporate Governance Code and Fit and Proper Guidelines of the CMDA
  • Hold a minimum of a First Degree in a business-related field with five years of relevant experience, or a Diploma with 10 years of experience
  • Have knowledge of business and STO’s business activities
  • Possess the ability to analyze financial reports
  • Be available to attend Board Director meetings
  • Not currently serve as a Board Director for another company listed on the Maldives Stock Exchange (MSE)
  • Qualify as an independent individual under the CMDA’s Corporate Governance Code

Additional eligibility factors have been outlined by STO.

Interested candidates should submit the application form and supporting documents to by 2:00 PM on April 8th, 2024. Forms and eligibility details can be found on the STO website. Election of new directors will take place at the next Annual General Meeting (AGM) of STO.

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