STO Opens Applications for Board Directorship

State Trading Organization (STO) has announced that applications for the corporation’s Board Directorship are now being accepted, opening avenues for potential candidates to serve for the period 2024 to 2025, in accordance with its Memorandum of Association (MOA).

STO has provided detailed eligibility criteria on its public announcement and urges eligible applicants to submit their completed application forms, along with supporting documents, via email to cs@sto.mv before 14:00hrs on April 8th, 2024. The application form can be downloaded from STO’s website.

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As outlined in STO’s MOA, the Board Directorship entails the appointment of one director to represent general shareholders, and six directors to represent the state or main shareholders. STO underscores the importance for all interested applicants to possess adequate education, knowledge, and experience in business management and commerce.

Furthermore, STO is actively promoting gender inclusiveness by encouraging female applicants to apply, aligning with the Corporate Governance Code established by the Capital Market Development Authority (CMDA).

The eligibility criteria for potential directors include being either a registered shareholder or a nominee from a company that holds shares in STO, with approval required from the respective company’s board resolution. Additionally, applicants must be Maldivian nationals aged 30 years and above, and meet the prerequisites outlined in Act No: 7/2023 (Companies Act), as well as the Corporate Governance Code and Fit and Proper Guidelines of CMDA.

Prospective directors are required to possess at least a First Degree in business or related fields from an institution recognized by the Maldives Qualification Authority (MQA), along with relevant work experience. They should also demonstrate familiarity with the company’s business activities, proficiency in financial analysis, and the ability to attend Board Director meetings. 

Moreover, candidates should not hold directorship positions in more than one company listed on the Maldives Stock Exchange (MSE), and must meet the criteria for independence as specified in the Corporate Governance Code.