State Trading Organization (STO) has achieved the highest corporate governance compliance score among listed companies in the Maldives, with 97.5 per cent, a review by the Capital Market Development Authority (CMDA) has found.

The review reported that overall compliance with the Corporate Governance Code rose to 92.9 per cent, up from 88 per cent in 2024 and 86 per cent in 2023.

The CMDA highlighted STO’s annual re-election of its board of directors, detailed disclosure of director training expenses and regular governance newsletters. STO spent MVR 1.03 million on eight director training programmes and published 12 governance newsletters during the year.

The report also recognised STO’s internal audit arrangements and preparations for sustainability reporting. However, it noted that the company’s Audit and Risk Committee did not meet the requirement for two members with financial expertise.

The review assessed eight listed companies that published their financial statements for the previous year by 30 June 2026. Maldives Tourism Development Corporation (MTDC) recorded the lowest score, at 88.6 per cent. Maldives Transport and Contracting Company (MTCC) and Centurion Public Limited were excluded because their annual reports had not been published.

All companies fully complied with four of the six areas assessed, covering remuneration and benefits, shareholder rights, disclosure and grievance mechanisms. The review also found improved female representation on company boards, with no breaches of the code’s gender representation requirements identified.

Of the 83 provisions assessed, all companies fully complied with 65.