Maldives Transport and Contracting Company (MTCC) has invited applications for a position on its Board of Directors representing public shareholders, with interested candidates given until 24 November to submit their applications.
The publicly listed company announced the vacancy on Monday, seeking candidates to fill one of the two board seats reserved for shareholders outside the government’s appointed representatives.
Under Article 57 of MTCC’s Articles of Association, the company’s board comprises seven directors, five appointed by the government and two elected by public shareholders.
Nasrath Mohamed and Mohamed Imran Adnan were the most recent directors serving as public shareholder representatives on the board.
MTCC said applicants must either hold shares in the company or be nominated by a corporate shareholder. Candidates are also expected to have a sound understanding of the company’s operations and the industries in which it operates, along with the ability to assess financial statements and reports.
The eligibility requirements also exclude individuals who have been declared bankrupt by a court or have proven outstanding debts in default, whether in the Maldives or overseas.
Applicants must not be involved in businesses that create conflicts of interest with MTCC’s commercial activities and must satisfy the relevant requirements established by the Capital Market Development Authority (CMDA).
The company has particularly encouraged women to apply, in line with the capital market regulator’s guidelines aimed at improving female representation on corporate boards.
Applications will undergo an eligibility review before the details of qualified candidates are submitted to MTCC’s Board of Directors.
Subject to the board’s decision, information about the candidates will be made public ahead of the company’s Annual General Meeting (AGM), allowing shareholders to review those seeking election.
MTCC said the election of public shareholder representatives would take place at the AGM for the 2025 financial year.
As a publicly listed company, MTCC is required to maintain a governance structure that provides representation for both its controlling government shareholder and public investors.
The company is one of the Maldives’ major infrastructure and transport service providers, with operations spanning harbour construction, land reclamation, road development, dredging and marine transport.
Its board is responsible for overseeing the company’s strategic direction, corporate governance and management accountability, making the public shareholder positions an important channel for investor representation.
The latest recruitment process provides eligible shareholders with an opportunity to seek a role in the governance of one of the country’s longstanding state-controlled listed companies.
