‘Putting the Horse Before the Cart’
Professional Perceptions – by Ms. Fathimath Shafeega
The start of a formal corporate governance framework and the followed activities that happened around the initiative more than a decade ago and the efforts to inculcate a culture of good corporate governance to Maldives was perceived by the stakeholders at the start of the process as ‘putting the horse before the cart’ initiative.
The magnitude and the impact of the ‘horse before the cart action and policies implemented then are now taking fruition. More importantly it has left an imprint or a mark in the minds of the corporate decision makers which has lead to the start of a democratization and transformation process. Looking at mindset we know it was too late even then, as the earlier we start the better the results.
The progression of the work that started in 2007 is still at a nascent stage of implementation as more in ‘form than in substance’ in many instances. However, it has laid the normal foundation to the start of a good governance system in the Maldives.
The Maldives Monetary Authority, the Capital Market Development Authority, Ministry of Economic Development and other regulatory institutions are working hand in hand with the private sector institutions and stakeholders towards implementation of an effective corporate governance framework in the Maldives. Having a cadre of trained directors, Corporate Governance Awards, the past and present training and awareness work undertaken is signaling towards very good prospects for a successful governance system in the Maldives