MTCC to cut down number of Board members

Maldives Transport and Contracting Company (MTCC) is set to vote on reducing the number of directors on its Board from 10 to 7.

MTCC’s regulations currently dictates that the company should have 10 directors; 6 government-appointed directors, and four directors elected by ordinary shareholders.

A proposal has been made to amend MTCC’s regulations so that the legal number of directors on its Board is cut to seven directors; one director to represent every 14.29 percent of its shares.

Out of MTCC’s shares; 47.8 percent are owned by the Maldivian government, 7.5 percent by Maldives National Shipping Line (MNSL), and 44.7 percent by the general public.

The amendment and the makeup of MTCC’s ownership means that the company will have 4 government-appointed directors (including the Managing Director), and three directors elected by ordinary shareholders.

MTCC has scheduled an Extraordinary General Meeting for May 15 at Hotel Jen where it will be voting on reducing number of Board members as well as multiple other amendments to its regulations.

Other amendments tables for vote include reducing the face value of its shares, passing the decree by the Board to change company regulations to issue rights, passing decrees by Board through circulars, and reducing the number of shareholders who can use proxies during annual general meetings from 500 to 100 shareholders.