MTCC opens nominations for two public shareholder director seats

Maldives Transport and Contracting Company Plc (MTCC) has opened nominations for public shareholders to contest two director positions on the company’s Board of Directors.

Under Article 57 of the company’s Articles of Association, which sets out the composition of the board, the government, as majority shareholder, appoints five directors, while public shareholders elect two directors to the board.

MTCC also noted that, in line with the Corporate Governance Code of the Capital Market Development Authority (CMDA), it strongly encourages the participation of women candidates for board director positions.

Eligibility criteria

Candidates seeking a board director position must meet the requirements set out in Article 67 of the company’s Articles of Association, which include, among other things:

• Being a Maldivian citizen

• Being a shareholder of the company, or a nominee approved through a board resolution of a company that is itself a shareholder

• Being at least 30 years of age

• Having a clean “Records Check Form” submitted with the application

• Being familiar with the company’s business and industry

• Having the capability to review financial reports

• Not being declared bankrupt by any court, and not having any established unpaid debt judgment in the Maldives or elsewhere

• Being able to dedicate adequate time to board meetings and company matters

• Not having been disqualified or suspended from board membership duties at the company within the past five years

• Not currently holding any position of employment at the company as of the date of this announcement

• Not being legally or judicially barred from holding a directorship, or otherwise failing to meet legal requirements for the role

• Neither the candidate nor an immediate family member (as defined under the Board Candidacy Policy) currently being employed at the company, or having served as Managing Director or in senior management within the past year

• Neither the candidate nor an immediate family member having entered into any significant financial transaction with the company within the past year (including salary, commissions, fees, or benefits from business dealings with the company)

• Meeting the “Independent Director” criteria set out under CMDA’s Corporate Governance Code

• Meeting the requirements of CMDA’s “Fit and Proper” guidelines

• Not currently serving on the board of more than two companies listed on the Maldives Stock Exchange

• Not being involved in work that conflicts with the company’s business interests, and not having served as a director or employee of such a company within the past year

• Having at least 10 years of experience serving on the board of a public or government company, or holding a management-level or higher position at a public, government, or private company

• Holding at least a Bachelor’s degree in a business-related field from a university recognised by the Maldives Qualification Authority, along with five years of practical experience, or a Diploma-level qualification with at least 10 years of practical experience

Preference will be given to candidates with higher education and experience in corporate governance, business development, law, finance, or fields related to the company’s business.

Selection process

Applications received within the specified deadline will be assessed by the Board’s Nomination and Remuneration Committee in accordance with the company’s Board Candidacy Policy and CMDA’s Corporate Governance Code and Fit and Proper Guidelines. Nominee information will then be submitted to the Board of Directors, and details of all candidates will be publicly announced to shareholders ahead of the Annual General Meeting. The two director positions will be filled through election at the 2025 Annual General Meeting.

How to apply

Eligible candidates can submit applications through the company’s Shareholders Online Portal (sop.mtcc.com.mv) by 14:00 on 24 September 2026.

Further information can be obtained by emailing agm2025@mtcc.com.mv or calling 3001106 / 3001107.