Board Composition

The Board of Directors comprises of five nominees from the shareholders; the Government of Maldives, HDFC Investments Ltd., (India), the Asian Development Bank and the International Finance Corporation. Each of the shareholders are represented by one Nominee Director with the exception of the Government of Maldives which has two Nominee Directors in the Board. The shareholders also have the right to nominate Alternative Directors who may participate in the Board Meetings but can only exercise the right to vote in the absence of the Nominee representing the shareholder. The Chairman to the Board of Directors is appointed on rotation, and with a non-voting managing director responsible for policy implementation and on-going operations.

Board Meetings

The Board meets at least once every three months to discuss pending matters and performance of the Company. The Annual General Meeting of Shareholders requires a quorum comprising of shareholders holding a majority of shares of the Company. The financial statements of the previous year is approved and adopted at the Annual General Meeting.