STO announces Board Directorship opportunity

State Trading Organization (STO) on Sunday evening, has announced application for the corporation's Board Directorship is now open.

According to STO, the Board Directorship is open for the period 2024 to 2025, as per its Memorandum of Association (MOA).

STO's MOA specifies the appointment of one director to represent general shareholders, and six directors to represent the state or main shareholders. The corporation encourages all interested applicants should possess sufficient education, knowledge and experience in business management and commerce.

Besides this, STO encourages female applicants to submit their applications as aligned with the Corporate Governance Code by Capital Market Development Authority (CMDA), and added the is aimed towards increasing gender inclusiveness.

The minimum requirements of eligible directors;

• Should be either a registered shareholder or a nominee from a company that is a shareholder of STO (a nominee from a company must be approved by said company through its board resolution)
• Should be a Maldivian national
• Should be 30 years and above
• Should possess the characteristics/prerequisites set under Act No: 7/2023 (Companies Act) and the Corporate Governance Code and Fit and Proper Guidelines of Capital Market Development Authority (CMDA)
• Should possess a minimum of First Degree in business or related-fields from any university or academic institution accepted by the Maldives Qualification Authority (MQA) with five years of work experience in business or related-fields, or should possess a Diploma qualification with 10 years of work experience
• Should be familiarize with business and business activities of the company
• Should be able to analyze financial reports
• Should be able to attend Board Director meetings
• Should not be a Board Director of more than one company listed in the Maldives Stock Exchange (MSE)
• Should be an independent individual (should conform to the prerequisites set under the 'Independent Director' section of the Corporate Governance Code by the CMDA)

Besides this, STO has listed out other characteristics under the eligibility criteria for applicants.

Eligible applicants are encouraged to submit the application form along with all the necessary supporting documents via email at [email protected] before 14:00hrs on April 08th, 2024. The application form can be downloaded from STO's website, while the eligibility criteria has been listed on its public announcement.

The directors will be elected during the next Annual General Meeting (AGM) of STO.